IT Staffing Report: July 10, 2014
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Volt’s Q2 revenue falls, but net loss shrinks
Volt Information Sciences Inc. (OTCBB: VISI) revenue fell 13.1 percent year over year in its fiscal second quarter ended May 4 to $451.5 million. However, net loss narrowed to $3.5 million from $17.5 million in the same quarter in the previous year. The New York-based company cited lower demand for traditional staffing services from a number of enterprise customers, but said operating income benefited from its sale of Procurestaff, the reorganization of its traditional staffing business and work to reduce unprofitable business.
Volt also reported restructuring costs fell to $598,000 from $948,000, and costs related to restatement, investigations and remediation fell to $593,000 from $7.4 million in the year-ago quarter.
Volt also exited its telecommunication government solutions business during the quarter.
Revenue
|
| Q2 2014 (000s)
| Q2 2013 (000s)
| % growth
|
| Revenue
| $451,485
| $519,724
| -13.1%
|
Revenue by segment
|
| Q2 2014 (000s)
| Q2 2013 (000s)
| % growth
|
| Staffing Services
| $406,733
| $476,729
| -14.7%
|
| Computer Systems
| $15,405
| $18,752
| -17.8%
|
| Other
| $29,347
| $24,243
| 21.1%
|
Operating income
|
| Q2 2014 (000s)
| Q2 2013 (000s)
|
| Operating income (loss)
| $645
| -$16,938
|
Net income
|
| Q2 2014 (000s)
| Q2 2013 (000s)
|
| Net loss
| -$3,495
| -$17,461
|
