Volt Information Sciences, Inc. Reports Fourth Quarter and Fiscal 2021 Financial Results

Rhea-AI Summary

Volt Information Sciences, Inc. (NYSE-AMERICAN: VOLT) reported a 7.9% increase in fourth quarter revenue, totaling $227.8 million, compared to the same period in 2020. The company achieved positive GAAP net income of $2.3 million, a significant improvement from a loss of $13.8 million in the prior year. Fiscal 2021 revenue rose by 7.7% to $885.4 million, while GAAP EPS improved to $0.06 from a loss of $1.56 in 2020. The company looks forward to continued growth and improved profitability in 2022.

Positive

• Fourth quarter revenue increased by 7.9% year over year, totaling $227.8 million.
• Fourth quarter GAAP operating income improved significantly to $2.3 million compared to a loss of $13.8 million in the prior year.
• Fiscal 2021 revenue rose to $885.4 million, a 7.7% increase from 2020.
• GAAP EPS improved to $0.06 per diluted share, up from a loss of $1.56 in fiscal 2020.
• Adjusted EBITDA for fiscal 2021 was $17.8 million, compared to a loss of $0.1 million in the prior year.

Negative

• SG&A expenses increased by $4 million in the fourth quarter, totaling $34.7 million.
• Despite revenue growth, North American MSP segment operating income decreased to $2.1 million from $3.1 million in the prior year.

Reports Year-Over-Year Revenue Growth and Positive Net Income for both the 4^th Quarter and Fiscal Year 2021

ORANGE, Calif.--(BUSINESS WIRE)-- 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 fiscal year ended October 31, 2021.

Fourth Quarter 2021 Summary

• Revenue was $227.8 million, a 7.9% increase compared to the fourth quarter of fiscal 2020; Adjusted Revenue* increased 7.7%.
• Gross Margin increased 60 basis points year over year to 16.8%.
• GAAP Operating Income was $2.3 million, a $13.8 million improvement compared to the prior-year quarter; Adjusted Operating Income*, excluding impairment and restructuring charges, was $3.5 million.
• GAAP EPS improved to $0.06 per diluted share, compared to a loss of $0.58 per share in the fourth quarter of fiscal 2020; Adjusted EPS* was $0.11 per diluted share.
• Adjusted EBITDA* was $6.2 million, an increase of $0.3 million year over year.

Fiscal 2021 Summary

• Revenue was $885.4 million, a 7.7% increase compared to fiscal 2020; Adjusted Revenue* increased 7.1%.
• Gross Margin improved 60 basis points year over year to 16.2%.
• GAAP Operating Income was $4.8 million, a $34.2M improvement compared to the prior fiscal year; Adjusted operating income, excluding impairment and restructuring charges, was $8.1 million in fiscal 2021 compared to an operating loss of $9.8 million in fiscal 2020.
• GAAP EPS improved to $0.06 per diluted share, compared to a loss of $1.56 per share in fiscal 2020; Adjusted EPS* was $0.21 per diluted share.
• Adjusted EBITDA was $17.8 million compared to ($0.1) million in the prior year.

* Adjusted Revenue, Adjusted Operating Income (Loss), Adjusted EPS and Adjusted EBITDA are Non-GAAP measures described and defined below.

“Our performance in the fourth quarter and fiscal 2021 reflects the successful and continued execution of our strategic initiatives. Achieving year-over-year revenue growth each quarter and for the full year, combined with expanding our gross margin and reducing SG&A expense, we reported meaningful increases in both net income and Adjusted EBITDA,” said Linda Perneau, President and Chief Executive Officer.

Ms. Perneau added, “Although we continue to experience COVID-related business disruptions, I applaud every Volt colleague across the globe who is forging ahead with the necessary agility to address the ebbs and flows of client demand and the broader labor market. The work we have done over the last two years, including the implementation of new technologies, has provided us with a strong footing going forward. We remain confident that we will continue to see an improvement in full-year profitability in fiscal 2022.”

Fourth Quarter Results

North American Staffing revenue was $190.9 million, as compared to $178.6 million in the prior-year quarter. Revenue for this segment increased 6.9 percent year over year. The increase is primarily attributable to business wins in a combination of retail and mid-market clients, combined with the expansion of business within existing clients.

International Staffing revenue was $26.8 million, compared to $23.0 million in the prior-year quarter. Adjusted Revenue increased 13.9 percent year over year due to the expansion of business with existing clients in France and Belgium, as well as increased direct hire business in the U.K. and Singapore.

North American MSP revenue was $10.0 million, compared to $9.4 million in the prior-year quarter. The increase is primarily attributable to increased demand in its payroll service business.

Gross margin was 16.8 percent of revenue, a 60 basis-point increase from the prior-year quarter. The increase is primarily attributable to improved margins and higher direct hire revenue in our North American and International Staffing segments.

SG&A expense was $34.7 million or 15.2% of revenue, a $4.0 million increase from the prior-year quarter. The increase was primarily attributable to incentives on higher sales volume, as well as higher labor and medical expenses.

Adjusted EBITDA, which is a Non-GAAP measure, was $6.2 million for the fourth quarter of fiscal 2021, compared to $5.9 million in the prior-year quarter.

Fiscal 2021 Results

North American Staffing revenue was $738.8 million as compared to $689.1 million for fiscal 2020. Adjusted Revenue for this segment increased 7.5 percent. The increase is primarily attributable to business wins in a combination of retail and mid-market clients, combined with the expansion of business within existing clients. Operating Income for the year was $33.0 million compared to $14.3 million for fiscal 2020. Adjusted Operating Income for this segment, excluding impairment and restructuring charges, which is a Non-GAAP measure, was $33.0 million compared to $17.1 million in the prior year.

International Staffing revenue was $107.0 million compared to $95.3 million. Adjusted Revenue in the International Staffing segment in fiscal 2021 increased 4.9 percent. Operating Income for the year was $4.1 million compared to $1.4 million from fiscal 2020. Adjusted Operating Income, excluding impairment and restructuring charges, for this segment was $4.3 million, compared to $1.7 million in fiscal 2020.

North American MSP revenue increased 3.7 percent from the prior year, to $39.3 million. Adjusted Revenue for the segment increased 3.5 percent year over year. Operating Income for the year was $2.1 million compared to $3.1 million in the prior year. Adjusted Operating Income excluding impairment and restructuring charges, for this segment was $2.2 million compared to $3.1 million in fiscal 2020.

Gross margin increased by 60 basis points to 16.2 percent of revenue. The increase is primarily attributable to improved margins and an increase in direct hire revenue in our North American and International Staffing segments.

SG&A expense was $135.4 million, a decrease of $2.2 million, or 1.6%, from $137.7 million in the prior year. The decrease is primarily attributable to lower facility-related costs due to consolidation of the Company’s real estate footprint, as well as lower software and travel expenses.

Adjusted EBITDA was $17.8 million, compared to a loss of $0.1 million in the prior year.

2021 Earnings Conference Call and Webcast

The Company will conduct a conference call on January 12, 2022, at 5:00 p.m. Eastern Time, to review the financial results for the fourth quarter and fiscal year ended October 31, 2021. A presentation supplementing the call can be accessed through the investor relations portion of the website. 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 that are subject to a number of known and unknown risks. Such risks include, among others, general economic, competitive and other business conditions (including the potential impact of the strain of coronavirus known as COVID-19 and related government actions on our operations as well as the operations of our customers), the degree and timing of customer utilization and renewal rate for 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 the “Risk Factors” and other sections of the Company reports filed with the Securities and Exchange Commission (“SEC”). 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, including Adjusted Revenue, Adjusted Operating Income (Loss), Adjusted EPS and Adjusted EBITDA, which include adjustments to our GAAP financial results. 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, including on a constant currency basis and eliminating (a) the impact of businesses sold or exited, (b) the impact from the migration of certain clients from a traditional staffing model to a managed service model and (c) special items 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 businesses exited and the effect of foreign currency translation. The Company has also migrated certain clients from a traditional staffing model to a managed service model, resulting in the Company now managing a greater percentage of such clients’ business under its North American MSP. This shift provides increased opportunity for the Company with the relevant clients. However, due to the structure of MSP arrangements, revenue is recognized on a net basis, thereby reducing revenues on a comparative period basis. Beginning in the first quarter of 2020, the Company includes such delivery model shifts within the Adjusted Revenue measurement, as it provides a more comparable basis for evaluating performance results from period to period and reflects the method used by management to evaluate performance. A reconciliation is shown in the tables at the end of this press release.

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 (Loss) is defined as operating income (loss) excluding businesses exited.

The Company believes the presentation of Adjusted Operating Income (Loss) 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 EPS is defined as earnings per share excluding impairment and restructuring charges. The Company believes that the presentation of Adjusted EPS is useful for investors since it removes certain special items which the Company does not consider indicative of the current and future period performance.

The Company’s computation of Adjusted Revenue, Adjusted EBITDA, Adjusted Operating Income (Loss) and Adjusted EPS 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 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.

Investor Relations Contacts:
Volt Information Sciences, Inc.
voltinvest@volt.com

Joe Noyons
Three Part Advisors
jnoyons@threepa.com
817-778-8424

Financial Tables Follow

Results of Operations
(in thousands, except per share data)
	Three Months Ended												Year Ended
	October 31, 2021				August 1, 2021				November 1, 2020				October 31, 2021				November 1, 2020
Net revenue	$	227,809			$	217,534			$	211,073			$	885,393			$	822,055
Cost of services		189,648				181,334				176,844				741,871				694,204
Gross margin		38,161				36,200				34,229				143,522				127,851
Selling, administrative and other operating costs		34,691				34,039				30,735				135,427				137,666
Restructuring and severance costs		1,123				489				438				2,839				2,641
Impairment charges		20				112				14,518				424				16,913
Operating income (loss)		2,327				1,560				(11,462	)			4,832				(29,369	)
Interest income (expense), net		(416	)			(445	)			(431	)			(1,768	)			(2,219	)
Foreign exchange gain (loss), net		39				(34	)			(62	)			318				(85	)
Other income (expense), net		(150	)			(152	)			(291	)			(605	)			(869	)
Income (loss) before income taxes		1,800				929				(12,246	)			2,777				(32,542	)
Income tax provision		474				314				271				1,403				1,045
Net income (loss)	$	1,326			$	615			$	(12,517	)		$	1,374			$	(33,587	)
Per share data:
Basic:
Net income (loss)	$	0.06			$	0.03			$	(0.58	)		$	0.06			$	(1.56	)
Weighted average number of shares		21,981				21,968				21,607				21,884				21,507
Diluted:
Net income (loss)	$	0.06			$	0.03			$	(0.58	)		$	0.06			$	(1.56	)
Weighted average number of shares		22,811				22,651				21,607				22,609				21,507
Segment data:
Net revenue:
North American Staffing	$	190,875			$	179,381			$	178,603			$	738,767			$	689,095
International Staffing		26,814				28,256				23,033				106,963				95,308
North American MSP		10,021				9,790				9,365				39,312				37,915
Corporate and Other		99				121				135				456				674
Eliminations		-				(14	)			(63	)			(105	)			(937	)
Net revenue	$	227,809			$	217,534			$	211,073			$	885,393			$	822,055
Operating income (loss):
North American Staffing	$	9,064			$	8,319			$	8,956			$	33,029			$	14,322
International Staffing		1,419				1,180				278				4,078				1,399
North American MSP		706				571				885				2,118				3,074
Corporate and Other		(8,862	)			(8,510	)			(21,581	)			(34,393	)			(48,164	)
Operating income (loss)	$	2,327			$	1,560			$	(11,462	)		$	4,832			$	(29,369	)
Work days		64				63				64				251				251

Condensed Consolidated Statements of Cash Flows
(in thousands)
	Year Ended
	October 31, 2021				November 1, 2020
Cash, cash equivalents and restricted cash beginning of the period	$	56,433			$	38,444
Cash provided by all other operating activities		20,323				964
Changes in operating assets and liabilities		3,544				17,190
Net cash provided by operating activities		23,867				18,154
Purchases of property, equipment, and software		(3,112	)			(5,268	)
Net cash provided by all other investing activities		52				639
Net cash used in investing activities		(3,060	)			(4,629	)
Net draw-down of borrowings		-				5,000
Debt issuance costs		(166	)			(343	)
Net cash used in all other financing activities		(414	)			(77	)
Net cash provided by (used in) financing activities		(580	)			4,580
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(51	)			(116	)
Net increase in cash, cash equivalents and restricted cash		20,176				17,989
Cash, cash equivalents and restricted cash end of the period	$	76,609			$	56,433
Cash paid during the period:
Interest	$	1,806			$	2,297
Income taxes	$	587			$	1,979
Reconciliation of cash, cash equivalents and restricted cash end of the period:
Current Assets:
Cash and cash equivalents	$	71,373			$	38,550
Restricted cash included in Restricted cash and short term investments		5,236				17,883
Cash, cash equivalents and restricted cash, at end of period	$	76,609			$	56,433

Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
	October 31, 2021				November 1, 2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	71,373			$	38,550
Restricted cash and short-term investments		8,729				20,736
Trade accounts receivable, net of allowances of $137 and $219, respectively		127,211				121,916
Other current assets		6,229				7,058
TOTAL CURRENT ASSETS		213,542				188,260
Property, equipment and software, net		17,482				22,167
Right of use assets - operating leases		22,496				25,107
Other assets, excluding current portion		6,584				6,311
TOTAL ASSETS	$	260,104			$	241,845
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accrued compensation	$	22,629			$	18,357
Accounts payable		36,544				31,221
Accrued taxes other than income taxes		31,112				12,983
Accrued insurance and other		16,298				15,908
Operating lease liabilities		6,775				7,144
Income taxes payable		956				891
TOTAL CURRENT LIABILITIES		114,314				86,504
Accrued payroll taxes and other, excluding current portion		21,832				30,081
Operating lease liabilities, excluding current portion		33,558				38,232
Long-term debt		59,307				59,154
TOTAL LIABILITIES		229,011				213,971
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 22,099,246 and 21,729,400 shares, respectively		2,374				2,374
Paid-in capital		80,062				79,937
Accumulated deficit		(32,208	)			(29,793	)
Accumulated other comprehensive loss		(6,249	)			(6,458	)
Treasury stock, at cost; 1,638,757 and 2,008,603 shares, respectively		(12,886	)			(18,186	)
TOTAL STOCKHOLDERS' EQUITY		31,093				27,874
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	260,104			$	241,845

GAAP to Non-GAAP Reconciliations
(in thousands)
		Three Months Ended
		October 31, 2021			November 1, 2020
Reconciliation of GAAP net income (loss) to Non-GAAP net income (loss):
GAAP net income (loss)		$	1,326		$	(12,517	)
Restructuring and severance costs			1,123	(a)		438		(c)
Impairment costs			20	(b)		14,518		(d)
Non-GAAP net income (loss)		$	2,469		$	2,439
		Three Months Ended
		October 31, 2021			November 1, 2020
Reconciliation of GAAP net income (loss) to Adjusted EBITDA:
GAAP net income (loss)		$	1,326		$	(12,517	)
Restructuring and severance costs			1,123	(a)		438		(c)
Impairment costs			20	(b)		14,518		(d)
Depreciation and amortization			1,918			2,097
Share-based compensation expense			807			303
Total other (income) expense, net			527			784
Provision for income taxes			474			271
Adjusted EBITDA		$	6,195		$	5,894

Special item adjustments consist of the following:
(a)		Primarily relates to actions taken by the Company as part of its continued efforts to reduce costs and on-going costs related to facilities exited in fiscal 2020.
(b)		Relates to impairment of capitalized software costs.
(c)		Relates to actions taken by the Company as part of its continued efforts to reduce costs and to offset COVID-19 related revenue losses.
(d)		Relates to consolidating and exiting certain leased office locations throughout North America where we could be fully operational and successfully support our clients and business operations remotely.

GAAP to Non-GAAP Reconciliations
(in thousands)
		Year Ended
		October 31, 2021			November 1, 2020
Reconciliation of GAAP net income (loss) to Non-GAAP net income (loss):
GAAP net income (loss)		$	1,374		$	(33,587	)
Restructuring and severance costs			2,839	(a)		2,641		(c)
Impairment costs			424	(b)		16,913		(d)
Non-GAAP net income (loss)		$	4,637		$	(14,033	)
		Year Ended
		October 31, 2021			November 1, 2020
Reconciliation of GAAP net income (loss) to Adjusted EBITDA:
GAAP net income (loss)		$	1,374		$	(33,587	)
Restructuring and severance costs			2,839	(a)		2,641		(c)
Impairment costs			424	(b)		16,913		(d)
Depreciation and amortization			7,560			7,981
Share-based compensation expense			2,101			1,736
Total other (income) expense, net			2,055			3,173
Provision for income taxes			1,403			1,045
Adjusted EBITDA		$	17,756		$	(98	)

Special item adjustments consist of the following:
(a)		Primarily relates to actions taken by the Company as part of its continued efforts to reduce costs and on-going costs related to facilities exited in fiscal 2020.
(b)		Relates to impairment of capitalized software costs.
(c)		Primarily relates to the strategic initiative costs to offshore a significant number of identified roles to our staffing operations in India as well as continued efforts to reduce costs and to offset COVID-19 related revenue losses.
(d)		Primarily relates to consolidating and exiting certain leased office locations throughout North America where we could be fully operational and successfully support our clients and business operations remotely.

GAAP to Non-GAAP Reconciliations
(in thousands)
		Three Months Ended October 31, 2021				Three Months Ended November 1, 2020
		As Reported				As Reported				FX Impact			MSP Delivery Model Shift				Adjusted
Revenue
North American Staffing		$	190,875			$	178,603			$	-		$	-			$	178,603
International Staffing			26,814				23,033				513			-				23,546
North American MSP			10,021				9,365				-			-				9,365
Corporate and Other			99				135				-			-				135
Eliminations			-				(63	)			-			-				(63	)
Total Revenue		$	227,809			$	211,073			$	513		$	-			$	211,586
% change																		7.7	%
		Year Ended October 31, 2021				Year Ended November 1, 2020
		As Reported				As Reported				FX Impact			MSP Delivery Model Shift				Adjusted
Revenue
North American Staffing		$	738,767			$	689,095			$	-		$	(2,072	)		$	687,023
International Staffing			106,963				95,308				6,643			-				101,951
North American MSP			39,312				37,915				-			52				37,967
Corporate and Other			456				674				-			-				674
Eliminations			(105	)			(937	)			-			-				(937	)
Total Revenue		$	885,393			$	822,055			$	6,643		$	(2,020	)		$	826,678
% change																		7.1	%

GAAP to Non-GAAP Reconciliations
(in thousands)
		Three Months Ended October 31, 2021											Three Months Ended November 1, 2020
		As Reported				Business Exited			Adjusted				As Reported				Business Exited				Adjusted
Operating Income (Loss)
North American Staffing		$	9,064			$	-		$	9,064			$	8,956			$	-			$	8,956
International Staffing			1,419				-			1,419				278				-				278
North American MSP			706				-			706				885				-				885
Corporate and Other			(8,862	)			-			(8,862	)			(21,581	)			-				(21,581	)
Total Operating Income (Loss)		$	2,327			$	-		$	2,327			$	(11,462	)		$	-			$	(11,462	)
		Year Ended October 31, 2021											Year Ended November 1, 2020
		As Reported				Business Exited			Adjusted				As Reported				Business Exited				Adjusted
Operating Income (Loss)
North American Staffing		$	33,029			$	-		$	33,029			$	14,322			$	-			$	14,322
International Staffing			4,078				-			4,078				1,399				-				1,399
North American MSP			2,118				-			2,118				3,074				-				3,074
Corporate and Other			(34,393	)			5			(34,388	)			(48,164	)			(27	)			(48,191	)
Total Operating Income (Loss)		$	4,832			$	5		$	4,837			$	(29,369	)		$	(27	)		$	(29,396	)

GAAP to Non-GAAP Reconciliations
(in thousands)
		Three Months Ended October 31, 2021										Three Months Ended November 1, 2020
		As Reported			Business Exited				Adjusted			As Reported				Business Exited				Adjusted
Operating Income (Loss)
Gross Margin		$	38,161		$	-			$	38,161		$	34,229			$	-			$	34,229
Selling, administrative and other operating costs			34,691			-				34,691			30,735				-				30,735
Restructuring and severance costs			1,123			-				1,123			438				-				438
Impairment charges			20			-				20			14,518				-				14,518
Total Operating income (Loss)		$	2,327		$	-			$	2,327		$	(11,462	)		$	-			$	(11,462	)
		Year Ended October 31, 2021										Year Ended November 1, 2020
		As Reported			Business Exited				Adjusted			As Reported				Business Exited				Adjusted
Operating Income (Loss)
Gross Margin		$	143,522		$	-			$	143,522		$	127,851			$	-			$	127,851
Selling, administrative and other operating costs			135,427			-				135,427			137,666				-				137,666
Restructuring and severance costs			2,839			(5	)			2,834			2,641				27				2,668
Impairment charges			424			-				424			16,913				-				16,913
Total Operating Income (Loss)		$	4,832		$	5			$	4,837		$	(29,369	)		$	(27	)		$	(29,396	)

GAAP to Non-GAAP Reconciliations
(in thousands, except per share data)
		Three Months Ended October 31, 2021
		As Reported			Restructuring and Impairment Costs			Adjusted
Earnings per Share
Net income		$	1,326		$	1,143		$	2,469
Per share data:
Basic:
Net income		$	0.06					$	0.11
Weighted average number of shares			21,981						21,981
Diluted
Net income		$	0.06					$	0.11
Weighted average number of shares			22,811						22,811
		Year Ended October 31, 2021
		As Reported			Restructuring and Impairment Costs			Adjusted
Earnings per Share
Net income		$	1,374		$	3,263		$	4,637
Per share data:
Basic:
Net income		$	0.06					$	0.21
Weighted average number of shares			21,884						21,884
Diluted
Net income		$	0.06					$	0.21
Weighted average number of shares			22,609						22,609

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220112005693/en/

Investor Relations Contacts:

Volt Information Sciences, Inc.

voltinvest@volt.com

Joe Noyons

Three Part Advisors

jnoyons@threepa.com

817-778-8424

Source: Volt Information Sciences, Inc.

FAQ

What were Volt's earnings for the fourth quarter of 2021?

Volt reported earnings of $2.3 million for the fourth quarter of 2021, a significant improvement from the previous year's loss.

How did Volt's revenue perform in fiscal year 2021?

Volt's revenue for fiscal year 2021 was $885.4 million, marking a 7.7% increase compared to fiscal 2020.

What is the GAAP EPS for Volt in fiscal 2021?

The GAAP EPS for Volt in fiscal 2021 improved to $0.06 per diluted share, recovering from a loss of $1.56 in the previous year.

What factors contributed to Volt's revenue growth in 2021?

Volt's revenue growth was driven by business wins in retail and mid-market clients, as well as expansion within existing clients.

When will Volt discuss their financial results for the fourth quarter?

Volt will conduct a conference call on January 12, 2022, at 5:00 p.m. Eastern Time to discuss their financial results.