IT Staffing Report: Feb. 13, 2014

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Volt posts net income for Q4 but loss for year

Volt Information Sciences Inc. (OTCBB: VISI), the fifth-largest U.S.-based IT staffing firm, reported net income of $1.6 million in its fiscal fourth quarter ended Nov. 3 compared to a net loss of $2.0 million in the fourth quarter of last year. The New York-based staffing provider reported a net loss of $30.9 million for the full year compared to a net loss of $13.6 million in the previous year.

The full year included restatement and associated investigation expenses of $24.8 million, restructuring costs of $4.7 million and recognition of previously deferred software systems revenue and costs of $7.9 million.

Volt had completed a restatement of Securities and Exchange Commission filings last April.

Net revenue fell 4.3 percent year over year in its fiscal fourth quarter ended Nov. 3 to $546.8 million. Full-year net revenue fell 6.9 percent to $2.09 billion.

Full-year staffing services net revenue fell 6.3 percent to approximately $1.90 billion.

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