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Volt staffing revenue falls about 9%

August 08 2013

Volt Information Sciences Inc. (OTCBB: VISI) reported revenue in its staffing services segment decreased approximately $45 million to $473 million in its fiscal second quarter ended April 28, 2013 compared to the same period in the previous year, according to preliminary information released by the company. The numbers are estimates and may change upon the completion of the audit of the company's fiscal 2013, 2012 and 2011 annual financial statements.

The second quarter of 2012 included recognition of approximately $12 million of previously deferred revenue, net of current period deferrals.

Volt in April issued restated earnings for its 2008 fiscal year with the U.S. Securities and Exchange Commission; it had not filed quarterly or annual reports with the SEC since August 2009, after it received an inquiry from the agency over accounting for certain revenue transactions.

The company attributed the second-quarter revenue decrease to its strategic initiative to review customer accounts for profitability and renegotiate or exit unprofitable customer accounts.

Volt also announced an extension to Dec. 31, 2013, of the financing facility and the requirement to provide audited financial statements for its fiscal years 2011 and 2012 under its short-term financing program, which provides for borrowing secured by receivables related to its staffing services business. The underlying borrowing agreement expiration date was also extended to Dec. 31, 2014, from July 31, 2014.

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