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Volt Information Science Inc.'s (NYSE: VOL) reported net sales in its staffing services division rose 11.1% to $557.3 million in its fiscal fourth quarter ended Nov 2. But the division's operating profit fell 20% to $16.9 million after a $4.9 million impairment charge based on recent operating results and the general business outlook of the economy.
The company said sales in the technical placement portion of its staffing services division benefited from an extra week in the fourth quarter and increased volume from existing customers. Operating profit in the administrative and industrial segment fell in the fourth quarter because of a decrease in higher margin permanent placement sales and an increase in workers' comp expense.
Fourth-quarter revenue for the entire company, including nonstaffing divisions, rose 7.6% to $650.6 million.
Volt's Net income surged to $70.1 million from $23.1 million in the same period last year. Volt said the fourth-quarter included a gain of $93.0 million on the sale of its telephone directory business. In addition, the company had an impairment charge of $46.4 million.
Full-year 2008 revenue rose 6.2% to $2.43 billion from $2.29 billion in the previous year. Full-year 2008 net income rose 63.3% to $64.2 million. Net income includes the $93.0 million gain on the sale of its telephone directory business and the $46.4 million impairment charge.
Volt Information Sciences Inc. (NYSE: VOL)
For the fourth quarter ended Nov. 2, 2008, compared with the same period in the previous year.
Revenue: $650.6 million, +7.6%
Net income: $70.1 million, +203.5%
For the fiscal year ended Nov. 2, 2008, compared with the previous year.
Revenue: $2.43 billion, +6.2%
Net income: $64.2 million, +63.3%