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View All NewsVolt revenue falls 13%
Net revenue at Volt Information Sciences Inc. (NYSE MKT: VISI) fell 13.3 percent in its fiscal third quarter ended Aug. 3 to $437.0 million. The New York-based company reported its staffing services segment experienced lower demand primarily from enterprise customers and to a lesser extent at retail customers, as well as an initiative to reduce exposure to customers with unfavorable business terms.
The company reported a net loss of $480,000 compared to net income of almost $2.1 million in the year-ago quarter.
Volt, a provider of information technology and engineering staffing, ranks as the 12th-largest U.S. staffing firm.
Shares in Volt fell 2.78 percent to $9.0 in early afternoon trading today and Volt has a market cap of approximately $189.84 million, according to Yahoo!
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“We continued to take the necessary steps to deliver on our long-term goals of returning the company to profitability,” President and CEO Ron Kochman said. “We are also pleased to have delivered on our commitment to relist on the NYSE MKT after more than three years of trading on the OTC, as this provides our shareholders with enhanced market maker support, improved liquidity and greater visibility.”
Revenue
| Q3 2014 (000s) | Q3 2013 (000s) | % growth | |
| Net revenue | $436,971 | $504,213 | -13.3% |
Revenue by segment
| Q3 2014 (000s) | Q3 2013 (000s) | % growth | |
| Staffing Services | $396,979 | $455,848 | -12.9% |
| Computer Systems | $14,322 | $15,500 | -7.6% |
| Other | $25,670 | $32,865 | -21.9% |
Operating income
| Q3 2014 (000s) | Q3 2013 (000s) | % growth | |
| Operating income (loss) | $1,329 | $2,339 | -43.2% |
Net loss
| Q3 2014 (000s) | Q3 2013 (000s) | |
| Net loss | $480 | $2,056 |
Share price and market cap
Shares in Volt fell 2.78 percent to $9.0 in early afternoon trading today and Volt has a market cap of approximately $189.84 million, according to Yahoo!