Volt revenue falls 19%, net income rises, CFO steps down

Volt Information Sciences Inc. (NYSE MKT: VISI) reported net revenue fell 18.6% to $429.7 million in its fiscal fourth quarter ended Nov. 3. However, net income rose 27.2%, and gross margin improved. Also announced was the departure of CFO James Whitney Mayhew for personal reasons, effective March 20.

The company reported net revenue in the fourth quarter included restructuring costs of $700,000, losses from discontinued operations of $2.4 million and a $1.0 million cost in workers’ compensation program related to multiple years.

In December, Volt sold its computer systems segment to NewNet Communication Technologies LLC, a Skyview Capital portfolio company, in order to focus on its staffing business. A year ago, Volt sold its Procurestaff VMS division to IQNavigator.

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“I was hired to help the company complete its restatement process, strengthen the company's financial controls, build a strong finance team, and partner with [President and CEO Ron Kochman] in establishing and executing on the strategic plan,” CFO James Whitney said in a conference call with analysts. “We have achieved many of the most critical milestones in this process over the past year and we have also made significant progress in improving Volt’s profitability and focusing the business for long-term success. It’s now time for me to look for a new challenge, but I am committed to ensuring a successful transition.”