Achieved full-year positive Adjusted
EBITDA
Expect continued improvement in
profitability for 2020
Volt Information Sciences, Inc. (“Volt” or the “Company”)
(NYSE-AMERICAN: VOLT), a global provider of staffing services,
today announced financial results for the fourth quarter and year
ended November 3, 2019.
Fourth Quarter Results
- Revenue decreased 2.4% year over year to $258.4 million;
Adjusted Revenue* decreased 5.7%.
- Gross margin was 16.6%, unchanged versus the comparable quarter
in 2018.
- GAAP operating income improved by $3.0 million year over year
to $933,000; Adjusted Operating Income improved by $2.9 million
year over year to $669,000.
- Adjusted EBITDA increased $98,000 year over year to $4.8
million.
Fiscal 2019 Results
- Revenue decreased 4.0% year over year to $997.1 million;
Adjusted Revenue* decreased 3.5%.
- Gross margin improved 50 basis points year over year to
15.3%.
- GAAP operating loss improved year over year by $18.6 million to
($9.8) million; Adjusted Operating Income (loss) improved by $20.3
million to ($8.1) million.
- Adjusted EBITDA improved by $14.1 million year over year to
$1.0 million.
* Adjusted Revenue - excludes the
extra operating week in the fourth quarter and year ended November
3, 2019, businesses exited, and the effect of foreign currency
translation. A reconciliation is shown in the tables at the end of
this press release.
“I am proud of the progress our team has made in transforming
the business. During this past year, we attracted top industry
veterans for leadership roles across the organization and began the
deliberate process of changing to a performance-based culture. We
exited or de-emphasized less profitable businesses, while placing a
greater focus on growing business with attractive margin profiles.
We did this while implementing significant cost savings,
organizational changes, process changes, and updates to our
systems,” said Linda Perneau, President and Chief Executive
Officer. “The positive results of these changes are just beginning
to manifest in the form of improved financials. During fiscal 2019,
we improved gross margin by 50 basis points, reduced adjusted
SG&A expense by nearly $19 million and produced positive annual
Adjusted EBITDA for the first time since 2016.”
Fourth Quarter Results
North American Staffing revenue for the quarter was $216.6
million as compared to $220.5 million for the fourth quarter of
fiscal 2018. Adjusted Revenue, which is a non-GAAP measure, for
this segment decreased approximately 8.7 percent year over year to
$200.8 million. The decrease is primarily attributable to continued
workforce adjustments at certain larger clients specifically
related to their businesses, partially offset by business wins with
new clients.
International Staffing revenue increased 12.0 percent over the
prior year to $30.6 million. Adjusted Revenue was $28.4 million, an
increase of approximately 8.8 percent year over year. The increase
is primarily due to stronger results in Belgium and improvement
within the U.K. business.
North American MSP revenue for the fourth quarter was $11.7
million, a 42.0 percent increase over the prior year. Adjusted
Revenue from this segment increased approximately 31.0 percent year
over year to $10.7 million. The increase is attributable to
expansion within existing clients and new wins for managed service
programs and payroll services.
Gross margin for the quarter was 16.6 percent of revenue,
unchanged from the fourth quarter of fiscal 2018. The prior-year
quarter includes a $2.2 million California FUTA credit, which
positively impacted gross margin by approximately 80 basis points.
The exclusion of the extra operating week had no meaningful impact
to gross margin. The revenue mix shift towards the higher-margin
International Staffing and North American MSP segments contributed
positively towards gross margin in the fourth quarter of fiscal
2019.
SG&A expense for the fourth quarter was $39.9 million, which
includes approximately $2.6 million related to the extra operating
week. Excluding the fourteenth week and business exited during the
quarter, SG&A expense decreased by $3.7 million, or 8.9 percent
on a year-over-year basis. The reduction is primarily attributable
to the Company’s strategic approach to optimize resources and
greater productivity across the organization.
Adjusted EBITDA, which is a non-GAAP measure, for the fourth
quarter of fiscal 2019 was $4.8 million, compared to $4.7 million
in the prior-year quarter. The prior-year quarter includes the
benefit of the $2.2 million California FUTA credit mentioned above.
The increase is primarily attributable to a smaller GAAP net loss
and higher other income, which more than offset the adjustment for
restructuring and severance costs in the fourth quarter of fiscal
2018.
Fiscal 2019 Results
North American Staffing revenue for the year was $830.9 million
as compared to $860.5 million for fiscal 2018. Adjusted Revenue for
this segment decreased approximately 5.1 percent year over year to
$814.5 million. The decrease is primarily attributable to
significant workforce adjustments at certain larger clients
specifically related to their businesses, partially offset by
business wins with new clients. Operating Income for the year was
$18.0 million or an increase of approximately 48.4 percent from
$12.1 million for fiscal 2018. Adjusted Operating Income for this
segment, which is a non-GAAP measure, increased by approximately
42.1 percent to $17.2 million.
International Staffing revenue for fiscal 2019 decreased 2.5
percent from the prior year to $114.4 million. Adjusted Revenue in
the International Staffing segment increased by approximately 1.3
percent to $112.2 million, primarily due to stronger results in
Belgium. Operating Income for the year was $2.9 million or an
increase of approximately 20.7 percent from $2.4 million from
fiscal 2018. Adjusted Operating Income for this segment increased
by approximately 5.0 percent to $2.7 million.
North American MSP revenue increased 30.1 percent over the prior
year, to $39.0 million. Adjusted Revenue for the segment increased
approximately 27.1 percent year over year to $38.1 million. The
increase is attributable to expansion within existing clients and
new wins for managed service programs and focused growth of payroll
service solutions during the year. Operating Income for the year
was $5.0 million or an increase of approximately 208 percent from
$1.6 million from fiscal 2018. Adjusted Operating Income for this
segment increased by approximately 194 percent to $4.8 million.
Gross margin for fiscal 2019 increased by 50 basis points to
15.3 percent of revenue. The increase is primarily attributable to
a revenue mix shift towards higher-margin business, particularly in
the North American MSP segment.
SG&A expense for fiscal 2019 was $157.1 million, compared to
$173.3 million in the prior year. Excluding the expense associated
with the 53rd operating week, adjusted SG&A expense decreased
by $18.9 million, or 10.9 percent on a year-over-year basis. The
decrease is attributable to the Company’s strategic approach to
optimize resources, greater productivity across the organization,
and real estate consolidation of under-utilized regional and
corporate offices.
Adjusted EBITDA for fiscal 2019 was $1.0 million, compared to
($13.1) million in the prior-year. The improvement is primarily
attributable to a smaller GAAP net loss and an increase in other
income, which more than offset the adjustments for restructuring
and severance costs and share-based compensation in fiscal
2018.
“We are confident that our strategies are working and will
result in continued improvement in profitability for the full-year
of fiscal 2020. Nevertheless, we expect variability in quarterly
comparisons throughout the year. During the first quarter, we are
up against a difficult comparison with a strong first quarter of
2019 and expect to show a decrease in year-over-year revenue,”
commented Ms. Perneau. “As part of our ongoing focus to reduce
costs, we plan to transition certain back office functions to
Arctern, a Volt company based in Bangalore, India. We expect this
transition, combined with additional strategic cost reductions to
yield approximately $3.0 million in savings in fiscal 2020, and
approximately $10.0 million in cost reductions in fiscal 2021.
Overall, we expect to show continued profitability improvement for
the next several years, through a combination of higher-margin
business, improved efficiencies and greater operating leverage
across our organization.”
Amendment to Financing Program
On January 14, 2020, the Company amended the DZ Financing
Program. The modifications to the agreement were to: (1) extend the
Amortization Date, as defined, from January 25, 2021 to January 25,
2023, and extend the Facility Maturity Date, as defined, from July
25, 2021 to July 25, 2023; and (2) revise an existing covenant to
maintain positive net income in any fiscal year ending after 2020.
All other terms and conditions remain unchanged.
2019 Earnings Conference Call and Webcast
Volt Information Sciences, Inc. will conduct a conference call
on Wednesday, January 15, 2020, at 5:00 p.m. Eastern Time, to
review the financial results for the fourth quarter and fiscal year
ended November 3, 2019. Investors interested in participating on
the live call can dial 1-877-407-9039 within the U.S. or
1-201-689-8470 from abroad. The conference call, which may include
forward-looking statements, is also being webcast and will be
available via the investor relations section of the Company’s
website at www.volt.com. A replay of the webcast will be archived
on Volt’s investor relations website for 90 days.
Forward-Looking Statements
This press release contains forward-looking statements,
including the Company’s revenue outlook for the first quarter of
fiscal 2020 and cost reductions in fiscal 2020 and 2021, as well as
profitability in 2020 and in future periods, that are subject to a
number of known and unknown risks, including, among others, general
economic, competitive and other business conditions, the degree and
timing of customer utilization and rate of renewals of contracts
with the Company, and the degree of success of business improvement
initiatives that could cause actual results, performance and
achievements to differ materially from those described or implied
in the forward-looking statements. Information concerning these and
other factors that could cause actual results to differ materially
from those in the forward-looking statements are contained in
company reports filed with the Securities and Exchange Commission
(SEC), including our Report on Form 10-K for the year ended
November 3, 2019. You are cautioned not to place undue reliance on
such statements and to consult our SEC filings for additional risks
and uncertainties that may apply to our business and the ownership
of our securities. Our forward-looking statements are presented as
of the date made, and we disclaim any duty to update such
statements unless required by law to do so.
Note Regarding the Use of Non-GAAP Financial Measures
The Company has provided certain Non-GAAP financial information,
which includes adjustments for special items and certain line items
on a constant currency basis, as additional information for its
segment revenue, Adjusted Revenue consolidated net income (loss),
segment operating income (loss) and Adjusted EBITDA. These measures
are not in accordance with, or an alternative for, generally
accepted accounting principles (“GAAP”) and may be different from
Non-GAAP measures reported by other companies.
The Company believes that the presentation of Non-GAAP measures
on a constant currency basis, eliminating special items and the
impact of businesses sold or exited provides useful information to
management and investors regarding certain financial and business
trends relating to its financial condition and results of
operations because they permit evaluation of the results of the
Company without the effect of currency fluctuations, special items
or the impact of businesses sold or exited that management believes
make it more difficult to understand and evaluate the Company’s
results of operations. Special items include impairments,
restructuring and severance as well as certain income or expenses
which the Company does not consider indicative of the current and
future period performance and are more fully disclosed in the
tables.
Adjusted Revenue is defined as revenue excluding the extra
operating week in the fourth quarter and for the year ended
November 3, 2019, businesses exited, and the effect of foreign
currency translation.
The Company believes the presentation of Adjusted Revenue is
relevant and useful for investors because it provides a more
comparable basis to evaluate performance results and analyze trends
from period to period in a manner similar to the method used by
management.
Adjusted EBITDA is defined as earnings or loss before interest,
income taxes, depreciation and amortization (“EBITDA”) adjusted to
exclude share-based compensation expense as well as the special
items described above.
Adjusted EBITDA is a performance measure rather than a cash flow
measure. The Company believes the presentation of Adjusted EBITDA
is relevant and useful for investors because it allows investors to
view results in a manner similar to the method used by
management.
Adjusted EBITDA has limitations as an analytical tool and should
not be considered in isolation from, or as a substitute for,
analysis of the Company’s results of operations and operating cash
flows as reported under GAAP. For example, Adjusted EBITDA does not
reflect capital expenditures or contractual commitments; does not
reflect changes in, or cash requirements for, the Company’s working
capital needs; does not reflect the interest expense, or the cash
requirements necessary to service the interest payments, on the
Company’s debt; and does not reflect cash required to pay income
taxes.
Adjusted Operating Income is defined as operating income
excluding the extra operating week in the fourth quarter and for
the year ended November 3, 2019 and businesses exited. The Company
believes the presentation of Adjusted Operating Income is relevant
and useful for investors because it provides a more comparable
basis to evaluate performance results and analyze trends from
period to period in a manner similar to the method used by
management.
The Company’s computation of Adjusted Revenue, Adjusted EBITDA
and Adjusted Operating Income may not be comparable to other
similarly titled measures computed by other companies because all
companies do not calculate these measures in the same fashion.
About Volt Information Sciences, Inc.
Volt Information Sciences, Inc. is a global provider of staffing
services (traditional time and materials-based as well as
project-based). Our staffing services consist of workforce
solutions that include providing contingent workers, personnel
recruitment services, and managed staffing services programs
supporting primarily administrative, technical, information
technology, light-industrial and engineering positions. Our managed
staffing programs involve managing the procurement and on-boarding
of contingent workers from multiple providers. Volt services global
industries including aerospace, automotive, banking and finance,
consumer electronics, information technology, insurance, life
sciences, manufacturing, media and entertainment, pharmaceutical,
software, telecommunications, transportation, and utilities. For
more information, visit www.volt.com
Results of Operations (in thousands, except per share
data) Three Months Ended Twelve Months Ended
November 3, 2019 July 28, 2019 October 28,
2018 November 3, 2019 October 28, 2018
Net revenue
$
258,408
$
233,176
$
264,805
$
997,090
$
1,039,170
Cost of services
215,449
197,528
220,797
844,527
885,492
Gross margin
42,959
35,648
44,008
152,563
153,678
Selling, administrative and other operating costs
39,908
38,395
41,261
157,052
173,337
Restructuring and severance costs
1,856
2,017
4,512
4,656
8,242
Impairment charges
262
79
351
688
506
Operating income (loss)
933
(4,843
)
(2,116
)
(9,833
)
(28,407
)
Interest income (expense), net
(723
)
(714
)
(627
)
(2,882
)
(2,592
)
Foreign exchange gain (loss), net
(360
)
(151
)
491
(612
)
403
Other income (expense), net
(292
)
(184
)
(252
)
(881
)
(1,131
)
Loss before income taxes
(442
)
(5,892
)
(2,504
)
(14,208
)
(31,727
)
Income tax provision
307
165
382
978
958
Net loss
$
(749
)
$
(6,057
)
$
(2,886
)
$
(15,186
)
$
(32,685
)
Per share data: Basic: Net loss
$
(0.04
)
$
(0.29
)
$
(0.14
)
$
(0.72
)
$
(1.55
)
Weighted average number of shares
21,157
21,157
21,072
21,119
21,051
Diluted: Net loss
$
(0.04
)
$
(0.29
)
$
(0.14
)
$
(0.72
)
$
(1.55
)
Weighted average number of shares
21,157
21,157
21,072
21,119
21,051
Segment data: Net revenue: North
American Staffing
$
216,587
$
193,641
$
220,540
$
830,947
$
860,544
International Staffing
30,574
28,728
27,289
114,377
117,351
North American MSP
11,659
9,555
8,208
39,010
29,986
Corporate and Other
187
1,856
9,708
15,320
35,228
Eliminations
(599
)
(604
)
(940
)
(2,564
)
(3,939
)
Net revenue
$
258,408
$
233,176
$
264,805
$
997,090
$
1,039,170
Operating income (loss): North American Staffing
$
7,167
$
4,365
$
8,197
$
17,963
$
12,103
International Staffing
1,619
342
1,000
2,893
2,397
North American MSP
1,838
1,120
844
5,023
1,633
Corporate and Other
(9,691
)
(10,670
)
(12,157
)
(35,712
)
(44,540
)
Operating income (loss)
$
933
$
(4,843
)
$
(2,116
)
$
(9,833
)
$
(28,407
)
Work days
69
63
64
256
251
Condensed Consolidated Statements of Cash Flows
(in thousands) Twelve Months ended November 3,
2019 October 28, 2018 Cash, cash equivalents
and restricted cash beginning of the period
$
36,544
$
54,097
Cash used in all other operating activities
(8,797
)
(25,525
)
Changes in operating assets and liabilities
16,165
14,790
Net cash provided by (used in) operating activities
7,368
(10,735
)
Purchases of property, equipment, and software
(9,053
)
(3,565
)
Net cash provided by all other investing activities
211
331
Net cash used in investing activities
(8,842
)
(3,234
)
Net draw-down of borrowings
5,000
-
Debt issuance costs
(783
)
(1,469
)
Net cash used in all other financing activities
(318
)
(271
)
Net cash provided by (used in) financing activities
3,899
(1,740
)
Effect of exchange rate changes on cash, cash equivalents
and restricted cash
(525
)
(1,844
)
Net increase (decrease) in cash, cash equivalents and
restricted cash
1,900
(17,553
)
Cash, cash equivalents and restricted cash end of the
period
$
38,444
$
36,544
Cash paid during the period: Interest
$
3,156
$
2,765
Income taxes
$
1,194
$
3,341
Reconciliation of cash, cash equivalents and restricted
cash end of the period: Current Assets: Cash and cash
equivalents
$
28,672
$
24,763
Restricted cash included in Restricted cash and short term
investments
9,772
11,781
Cash, cash equivalents and restricted cash, at end of period
$
38,444
$
36,544
Condensed Consolidated Balance Sheets (in
thousands, except share amounts) November 3, 2019
October 28, 2018 ASSETS CURRENT ASSETS: Cash
and cash equivalents
$
28,672
$
24,763
Restricted cash and short-term investments
12,794
14,844
Trade accounts receivable, net of allowances of $117 and $759,
respectively
135,950
157,445
Other current assets
7,252
7,444
TOTAL CURRENT ASSETS
184,668
204,496
Other assets, excluding current portion
7,446
7,808
Property, equipment and software, net
25,890
24,392
TOTAL ASSETS
$
218,004
$
236,696
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT
LIABILITIES: Accrued compensation
$
21,507
$
27,120
Accounts payable
36,341
.
33,498
Accrued taxes other than income taxes
11,244
15,275
Accrued insurance and other
24,654
23,335
Income taxes payable
1,570
1,097
TOTAL CURRENT LIABILITIES
95,316
100,325
Accrued insurance and other, excluding current portion
12,029
13,478
Deferred gain on sale of real estate, excluding current portion
20,270
22,216
Income taxes payable, excluding current portion
289
600
Deferred income taxes
17
510
Long-term debt
53,894
49,068
TOTAL LIABILITIES
181,815
186,197
Commitments and contingencies
STOCKHOLDERS'
EQUITY Preferred stock, par value $1.00; Authorized - 500,000
shares; Issued - none
-
-
Common stock, par value $0.10; Authorized - 120,000,000 shares;
Issued - 23,738,003 shares; Outstanding - 21,367,821 and 21,179,068
shares, respectively
2,374
2,374
Paid-in capital
77,688
79,057
(Accumulated deficit) retained earnings
(10,917
)
9,738
Accumulated other comprehensive loss
(6,801
)
(7,070
)
Treasury stock, at cost; 2,370,182 and 2,558,935 shares,
respectively
(26,155
)
(33,600
)
TOTAL STOCKHOLDERS' EQUITY
36,189
50,499
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
218,004
$
236,696
GAAP to Non-GAAP Reconciliations (in
thousands) Three Months Ended November 3,
2019 October 28, 2018 Reconciliation of GAAP net loss
to Non-GAAP net income: GAAP net loss
$
(749
)
$
(2,886
)
Selling, administrative and other operating costs
(486
)
(a)
(486
)
(a)
Restructuring and severance costs
1,856
4,512
Impairment charge
262
(b)
351
(c)
Non-GAAP net income
$
883
$
1,491
Three Months Ended November 3, 2019 October
28, 2018 Reconciliation of GAAP net loss to Adjusted
EBITDA: GAAP net loss
$
(749
)
$
(2,886
)
Selling, administrative and other operating costs
(486
)
(a)
(486
)
(a)
Restructuring and severance costs
1,856
4,512
Impairment charge
262
(b)
351
(c)
Depreciation and amortization
1,828
1,694
Share-based compensation
413
753
Total other (income) expense, net
1,375
388
Provision for income taxes
307
382
Adjusted EBITDA
$
4,806
$
4,708
Special item adjustments consist of the following: (a)
Relates to the amortization of the gain on the sale of the Orange,
CA facility, which is included in Selling, administrative and other
operating costs. (b) Relates to closing of certain offices and
software no longer in use. (c) Relates to software no longer in
use.
GAAP to Non-GAAP Reconciliations (in
thousands) Twelve Months Ended November 3,
2019 October 28, 2018 Reconciliation of GAAP net loss
to Non-GAAP net loss: GAAP net loss
$
(15,186
)
$
(32,685
)
Selling, administrative and other operating costs
(1,944
)
(a)
(1,944
)
(a) Restructuring and severance costs
4,656
8,242
Impairment charges
688
(b)
506
(c) Income tax benefit
-
(1,052
)
(d) Non-GAAP net loss
$
(11,786
)
$
(26,933
)
Twelve Months Ended November 3, 2019
October 28, 2018 Reconciliation of GAAP net loss to
Adjusted EBITDA: GAAP net loss
$
(15,186
)
$
(32,685
)
Selling, administrative and other operating costs
(1,944
)
(a)
(1,944
)
(a) Restructuring and severance costs
4,656
8,242
Impairment charges
688
(b)
506
(c) Depreciation and amortization
6,955
7,209
Share-based compensation
499
1,270
Total other (income) expense, net
4,375
3,320
Provision (benefit) for income taxes
978
958
Adjusted EBITDA
$
1,021
$
(13,124
)
Special item adjustments consist of the following: (a)
Relates to the amortization of the gain on the sale of the Orange,
CA facility, which is included in Selling, administrative and other
operating costs. (b) Relates to exit of customer care solutions
business and the closing of other offices. (c) Relates to
previously purchased software module that is no longer in use. (d)
Relates to a discrete tax benefit resulting from the expiration of
uncertain tax positions in Q1 2018.
GAAP to Non-GAAP
Reconciliations
(in thousands)
Three Months Ended November 3,
2019
Three Months Ended October 28,
2018
As Reported
14th week
Business Exited
Adjusted
As Reported
FX impact
Business Exited
Adjusted
Revenue North American Staffing
$
216,587
$
(15,770
)
$
-
$
200,817
$
220,540
$
-
$
(520
)
$
220,020
International Staffing
30,574
(2,214
)
-
28,360
27,289
(1,225
)
-
26,064
North American MSP
11,659
(910
)
-
10,749
8,208
-
-
8,208
Corporate and Other
187
(11
)
-
176
9,708
-
(9,529
)
179
Eliminations
(599
)
43
-
(556
)
(940
)
-
520
(420
)
Total Revenue
$
258,408
$
(18,862
)
$
-
$
239,546
$
264,805
$
(1,225
)
$
(9,529
)
$
254,051
Twelve Months Ended November
3, 2019
Twelve Months Ended October
28, 2018
As Reported
53rd week
Business Exited
Adjusted
As Reported
FX impact
Business Exited
Adjusted
Revenue North American Staffing
$
830,947
$
(15,770
)
$
(692
)
$
814,485
$
860,544
$
-
$
(1,853
)
$
858,691
International Staffing
114,377
(2,214
)
-
112,163
117,351
(5,980
)
(698
)
110,673
North American MSP
39,010
(910
)
-
38,100
29,986
-
-
29,986
Corporate and Other
15,320
(11
)
(14,593
)
716
35,228
-
(34,415
)
813
Eliminations
(2,564
)
43
692
(1,829
)
(3,939
)
-
1,853
(2,086
)
Total Revenue
$
997,090
$
(18,862
)
$
(14,593
)
$
963,635
$
1,039,170
$
(5,980
)
$
(35,113
)
$
998,077
GAAP to Non-GAAP
Reconciliations
(in thousands)
Three Months Ended November 3,
2019
Three Months Ended October 28,
2018
As Reported
14th week
Business Exited
Adjusted
As Reported
Business Exited
Adjusted
Operating Income (Loss) North American Staffing
$
7,167
$
(759
)
$
-
$
6,408
$
8,197
$
-
$
8,197
International Staffing
1,619
(220
)
-
1,399
1,000
4
1,004
North American MSP
1,838
(224
)
-
1,614
844
-
844
Corporate and Other
(9,691
)
502
437
(8,752
)
(12,157
)
(79
)
(12,236
)
Total Operating Income (Loss)
$
933
$
(701
)
$
437
$
669
$
(2,116
)
$
(75
)
$
(2,191
)
Twelve Months Ended November
3, 2019
Twelve Months Ended October
28, 2018
As Reported
53rd week
Business Exited
Adjusted
As Reported
Business Exited
Adjusted
Operating Income (Loss) North American Staffing
$
17,963
$
(759
)
$
17,204
$
12,103
$
12,103
International Staffing
2,893
(220
)
19
2,692
2,397
166
2,563
North American MSP
5,023
(224
)
4,799
1,633
1,633
Corporate and Other
(35,712
)
502
2,462
(32,748
)
(44,540
)
(116
)
(44,656
)
Total Operating Income (Loss)
$
(9,833
)
$
(701
)
$
2,481
$
(8,053
)
$
(28,407
)
$
50
$
(28,357
)
GAAP to Non-GAAP
Reconciliations
(in thousands)
Three Months Ended November 3,
2019
Three Months Ended October 28,
2018
As Reported
14th week
Business Exited
Adjusted
As Reported
Business Exited
Adjusted
Operating Income (Loss) Gross Margin
$
42,959
$
(3,311
)
$
-
$
39,648
$
44,008
$
(428
)
$
43,580
Selling, administrative and other operating costs
39,908
(2,610
)
(34
)
37,264
41,261
(338
)
40,923
Restructuring and severance costs
1,856
-
(403
)
1,453
4,512
(15
)
4,497
Impairment charges
262
-
-
262
351
-
351
Total Operating Income (Loss)
$
933
$
(701
)
$
437
$
669
$
(2,116
)
$
(75
)
$
(2,191
)
Twelve Months Ended November
3, 2019
Twelve Months Ended October
28, 2018
As Reported
53rd week
Business Exited
Adjusted
As Reported
Business Exited
Adjusted
Operating Income (Loss) Gross Margin
$
152,563
$
(3,311
)
$
(523
)
$
148,729
$
153,678
$
(1,669
)
$
152,009
Selling, administrative and other operating costs
157,052
(2,610
)
(569
)
153,873
173,337
(1,565
)
171,772
Restructuring and severance costs
4,656
-
(2,087
)
2,569
8,242
(154
)
8,088
Impairment charges
688
-
(348
)
340
506
-
506
Total Operating Income (Loss)
$
(9,833
)
$
(701
)
$
2,481
$
(8,053
)
$
(28,407
)
$
50
$
(28,357
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200115005828/en/
Investor Relations Contacts: Volt Information Sciences,
Inc. voltinvest@volt.com
Joe Noyons Three Part Advisors jnoyons@threepa.com
817-778-8424
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