Volt Information Sciences, Inc. (“Volt” or “the Company”)
(NYSE-AMERICAN: VISI), an international provider of staffing
services and managed service programs, today reported results for
its fiscal 2017 fourth quarter and full year ended October 29,
2017. Key highlights include:
- Fourth quarter net revenue of $288.5
million, down 15.5% year-over-year; on a same-store basis, net
revenue declined 11.3% year-over-year excluding net revenue
contributed from businesses sold or exited during the past year and
the effect of foreign exchange rate fluctuations; full-year net
revenue of $1,194.4 million, down 10.5% year-over-year and down
6.6% year-over-year on a same-store basis
- Fourth quarter gross margin percentage
of 16.5%, down 14 basis points year-over-year; full-year gross
margin percentage of 15.7% increased 52 basis points
year-over-year
- Completed the sale of the quality
assurance business of the Technology Outsourcing Services and
Solutions segment, a non-core business, which resulted in net cash
proceeds of $66.8 million
- Received $5 million in net cash as part
of early payment of note and a settlement agreement with NewNet
Communications Technologies, LLC
- Reduced debt balance by $50.0 million
from the prior quarter, ending the year with a total debt balance
of $50.0 million
Commenting on Volt’s performance, Michael Dean, President and
CEO, said, “Volt’s full year results showed continued evidence of
improvement in several key financial and operational metrics. I am
pleased our focus on higher margin business resulted in expanding
our gross margins by 52 basis points year-over-year to 15.7%. In
addition, our ongoing focus on achieving operational efficiencies
and cost containment has continued to deliver lower selling,
administrative and other operating costs.”
Mr. Dean continued, “The turnaround strategy that we have
executed over the past two years has successfully helped us address
many of Volt’s operational challenges and we have a strong
foundation from which we continue to build. During this time, we
have dramatically simplified our operating structure through the
sale of non-core assets, which has strengthened our balance sheet
and liquidity position. At the same time, we have also been
successful in streamlining our cost structure and gross margins
continue to improve. While much has been accomplished, we now must
ensure our efforts and investments convert to topline growth, as
well as continue to explore a broad range of opportunities to
enhance shareholder value. I look forward to overcoming Volt’s
remaining challenges and emerging as a stronger company.”
Fiscal 2017 Fourth Quarter Results
Total revenue for the fiscal 2017 fourth quarter was $288.5
million, down $53.1 million, or 15.5%, compared to $341.6 million
in the fourth quarter of fiscal 2016. On a same-store basis, net
revenue declined 11.3% year-over-year excluding net revenue
contributed from businesses sold or exited during the past year and
the effect of currency fluctuations.
North American Staffing revenue, which provides a broad spectrum
of contingent staffing, direct placement, recruitment process
outsourcing and other employment services, was $224.2 million, a
$31.0 million, or 12.1% decrease compared to North American
Staffing revenue of $255.2 million in the fourth quarter of fiscal
2016. The decline was primarily driven by lower demand from
customers in both professional and commercial job families, as well
as customers experiencing decreased demand for their services and
changes in their staffing models.
International Staffing revenue, which includes the Company’s
contingent staffing, direct placement and managed service programs
businesses in Europe and Asia, was $30.2 million, a $1.5 million,
or 4.9% decrease compared to $31.7 million from the fourth quarter
of fiscal 2016, primarily as a result of softening economic demand
in the United Kingdom.
Technology Outsourcing Services and Solutions revenue, which
provides quality assurance, business intelligence and analytics and
customer service support for companies in a variety of industries,
was $26.4 million, down $4.1 million, or 13.7%, compared to $30.5
million in the prior year period, primarily due to lower volume in
quality assurance testing services, which was sold at the end of
the quarter. While the overall segment was down year-over-year, the
remaining call center business experienced sequential revenue
growth in the fourth quarter as well as year-over-year revenue
growth in fiscal 2017.
Corporate and Other revenue, which now primarily consists of the
Company’s North American managed service business, was $9.7
million, down $17.9 million, or 65.0%, compared to $27.6 million in
the fourth quarter of fiscal 2016. The year-over-year revenue
decline was primarily driven by the impact from the sale of
Maintech, which occurred early in the second quarter of 2017. On a
same-store basis, excluding businesses sold or exited of $17.6
million, Corporate and Other revenue decreased $0.3 million, or
3.6%, year-over-year.
Selling, administrative and other operating costs in the fourth
quarter of fiscal 2017 decreased $0.5 million, or 1.0%, to $50.1
million from $50.6 million in the fourth quarter of fiscal 2016.
This decrease was primarily due to ongoing cost reductions
throughout the business as well as the sale of Maintech. These
decreases were partially offset by higher depreciation and software
license expenses related to completion of the first phase of the
upgrade of the Company’s back-office financial suite and
information technology tools.
Income from continuing operations of $39.8 million in the fourth
quarter of fiscal 2017 increased $37.0 million from $2.8 million in
the fourth quarter of fiscal 2016. The increase was primarily due
to the aforementioned gain on the sale of the Company’s quality
assurance testing division of the Technology Outsourcing Services
and Solutions segment for $48.0 million.
Adjusted EBITDA, which is a Non-GAAP measure, was $0.1 million
in the fiscal 2017 fourth quarter, down $7.9 million from $8.0
million (Non-GAAP) in the year ago period. Adjusted EBITDA excludes
the impact of special items, interest expense, income taxes,
depreciation and amortization expense, other income/loss and
share-based compensation expense. For a reconciliation of the GAAP
and Non-GAAP financial results, please see the tables at the end of
this press release.
Fiscal 2017 Full Year Results
Total revenue for the full year of fiscal 2017 was $1,194.4
million, down $140.3 million, or 10.5%, compared to total revenue
of $1,334.7 million for the full year of fiscal 2016. On a
same-store basis, net revenue declined 6.6% year-over-year
excluding net revenue contributed from businesses sold or exited
during the past year and the effect of currency fluctuations.
North American Staffing revenue was $919.3 million, down $75.0
million, or 7.6%, compared to $994.3 million for the full year of
fiscal 2016. International Staffing revenue was $119.8 million,
down $11.7 million, or 8.9%, from $131.5 million in the prior year
period.
Technology Outsourcing Services and Solutions revenue was $100.8
million, down $5.8 million, or 5.4%, from $106.6 million for the
full year of fiscal 2016. Corporate and Other revenue was $61.0
million, down $53.8 million, or 46.8%, from $114.8 million in the
prior year period. The year-over-year revenue decline was primarily
driven by the sale of Maintech. On a same-store basis, excluding
businesses sold or exited, Corporate and Other revenue decreased
$5.3 million, or 12.4%, year-over-year.
Selling, administrative and other operating costs of $197.1
million for the full year of fiscal 2017 decreased $6.8 million, or
3.3%, from $203.9 million for the full year of fiscal 2016. The
decrease was primarily due to ongoing cost reductions in all areas
of the business, the sale of Maintech and the release of a reserve
related to the dissolution of the Employee Welfare Medical Trust.
These decreases were partially offset by higher depreciation and
software license expenses related to completion of the first phase
of the upgrade of the Company’s back-office financial suite and
information technology tools.
Income from continuing operations of $28.8 million for the full
year of fiscal 2017 increased by $43.4 million from a loss of $14.6
million for the full year of fiscal 2016. Net income included $3.1
million of restructuring and severance costs and settlement
charges, offset by a $52.0 million gain on the sale of Maintech, a
non-core business, and the sale of the quality assurance business
of the Technology Outsourcing Services and Solutions segment.
Adjusted EBITDA, which is a Non-GAAP measure, was a negative
$0.9 million for the full year of fiscal 2017, down $6.9 million,
from a positive $6.0 million (Non-GAAP) in the year ago period.
Adjusted EBITDA excludes the impact of special items, interest
expense, income taxes, depreciation and amortization expense, other
income/loss and share-based compensation expense. For a
reconciliation of the GAAP and Non-GAAP financial results, please
see the tables at the end of this press release.
Liquidity
As of January 5, 2018, the Company had $87.4 million of global
liquidity as compared to $94.8 million at October 29, 2017.
Corporate Developments
During the fourth quarter, the Company completed the sale of its
quality assurance business, a part of its Technology Outsourcing
Services and Solutions segment, which resulted in net cash proceeds
of $66.8 million. The Company recognized a gain of $48.0 million in
connection with the sale and utilized tax loss carryforwards to
eliminate all federal income tax.
On October 27, 2017, the Company entered into a settlement
agreement with NewNet Communication Technologies, LLC (“NewNet”)
and the Company’s affiliate Volt Delta Resource Holdings, Inc.
(“Volt Delta”). The settlement related to the Company’s December
2014 sale of its Computer Systems segment, Volt Delta, to NewNet.
The net result is the Company received cash from NewNet of $5.0
million on October 27, 2017, as well as a $1.0 million promissory
note maturing no later than January 31, 2018.
Conference Call and Webcast
A conference call and simultaneous webcast to discuss the fiscal
2017 fourth quarter and full year financial results will be held
today at 1:00 p.m. Eastern Time / 10:00 a.m. Pacific Time. Volt’s
President and CEO Michael Dean and CFO Paul Tomkins will host the
conference call. Participants may listen in via webcast by visiting
the Investor & Governance section of Volt’s website at
www.volt.com. Please go to the website at least 15 minutes early to
register, download and install any necessary audio software. The
conference call can also be accessed by dialing 877-407-9039
(201-689-8470 for international callers) and reference the “Volt
Information Sciences Earnings Conference Call.”
Following the call, an audio replay will be available beginning
Friday, January 12, 2018 at 4:00 p.m. Eastern Time through Friday,
January 26, 2018 at 11:59 p.m. Eastern Time. To access the replay,
dial 844-512-2921 (412-317-6671 for international callers) and
enter the Conference ID # 13674642. A replay of the webcast will
also be available for 90 days upon completion of the call,
accessible through the Company's website
at www.volt.com in the Investors & Governance
section.
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) and managed staffing service programs. Our staffing
services consist of workforce solutions that include providing
contingent workers, personnel recruitment services, and managed
services programs supporting primarily professional administration,
technical, information technology, light-industrial and engineering
positions. Our managed staffing service programs involve managing
the procurement and on-boarding of contingent workers from multiple
providers. Our technology outsourcing services consisted primarily
of customer care services and quality assurance services; however,
only the call center services will remain following the sale of the
quality assurance business on October 27, 2017. Our complementary
businesses offer customized talent and supplier management
solutions to a diverse client base. 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.
Forward-Looking Statements
This press release contains forward-looking statements 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. Copies of the
Company’s latest Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q, as filed with the Securities and
Exchange Commission, are available without charge upon request to
Volt Information Sciences, Inc., 1133 Avenue of the Americas, New
York, New York 10036, Attention: Shareholder Relations. These and
other SEC filings by the Company are also available to the public
over the Internet at the SEC’s website at http://www.sec.gov and at
the Company’s website at http://www.volt.com in the Investor &
Governance section.
Results of
Operations (in thousands, except per share data)
Three Months Ended Twelve Months Ended October 29,
2017 July 30, 2017 October 30, 2016 October
29, 2017 October 30, 2016 Net revenue $
288,483 $ 289,924 $ 341,578 $ 1,194,436 $ 1,334,747 Cost of
services 240,816 244,205 284,651
1,007,041 1,132,253
Gross
margin 47,667 45,719 56,927 187,395
202,494 Expenses: Selling, administrative and
other operating costs 50,138 46,931 50,636 197,130 203,930
Restructuring and severance costs 307 249 1,181 1,379 5,752
Settlement and impairment charges 1,404 - 364 1,694 364 Gain from
divestitures (48,033 ) - -
(51,971 ) (1,663 )
Total expenses 3,816
47,180 52,181 148,232 208,383
Operating income (loss) 43,851 (1,461 )
4,746 39,163 (5,889 ) Interest
income (expense), net (1,026 ) (976 ) (813 ) (3,751 ) (3,159 )
Foreign exchange gain (loss), net (218 ) (1,730 ) (565 ) (1,637 )
(1,803 ) Other income (expense), net (375 ) (277 )
(443 ) (1,562 ) (1,544 )
Income (loss)
before income taxes 42,232 (4,444 )
2,925 32,213 (12,395 ) Income tax
provision 2,458 1,074 138
3,388 2,175
Income (loss) from
continuing operations 39,774 (5,518 )
2,787 28,825 (14,570 ) Loss from
discontinued operations (1,693 ) - -
(1,693 ) -
Net income (loss)
$ 38,081 $ (5,518 )
$ 2,787 $ 27,132 $
(14,570 ) Per share data: Basic:
Income (loss) from continuing operations $ 1.90 $ (0.26 ) $ 0.13 $
1.38 $ (0.70 ) Loss from discontinued operations (0.08 )
- - (0.08 ) - Net
income (loss) $ 1.82 $ (0.26 ) $ 0.13 $ 1.30 $
(0.70 ) Weighted average number of shares 20,967 20,963 20,852
20,942 20,831
Diluted: Income (loss) from continuing
operations $ 1.90 $ (0.26 ) $ 0.13 $ 1.37 $ (0.70 ) Loss from
discontinued operations (0.08 ) - -
(0.08 ) - Net income (loss) $ 1.82
$ (0.26 ) $ 0.13 $ 1.29 $ (0.70 ) Weighted
average number of shares 20,982 20,963 21,762 21,017 20,831
Segment data: Net revenue: North American
Staffing $ 224,219 $ 229,372
$ 255,160 $ 919,260 $ 994,346 International Staffing 30,163 29,018
31,730 119,762 131,496 Technology Outsourcing Services and
Solutions 26,354 24,323 30,533 100,847 106,585 Corporate and Other
9,654 9,042 27,571 61,025 114,772 Eliminations (1,907 )
(1,831 ) (3,416 ) (6,458 ) (12,452 )
Net revenue $ 288,483 $
289,924 $ 341,578 $
1,194,436 $ 1,334,747
Operating income (loss): North American Staffing $ 5,526 $
5,741 $ 10,615 $ 17,153 $ 23,170 International Staffing 944 731 785
2,848 2,357 Technology Outsourcing Services and Solutions 2,321 972
3,087 5,954 5,498 Corporate and Other (12,973 ) (8,905 ) (9,741 )
(38,763 ) (38,577 ) Gain from divestitures 48,033
- - 51,971 1,663
Operating income (loss) $ 43,851
$ (1,461 ) $ 4,746
$ 39,163 $ (5,889 )
Work days 64 63 64 251
251
Effective in the first quarter of fiscal
2017, in an effort to simplify and refine our internal reporting,
the Company modified its intersegment sales structure between North
American Staffing and Technology Outsourcing Services and Solutions
segments. Accordingly, all prior periods have been recast to
reflect the current segment presentation.
Condensed Consolidated
Statements of Cash Flows (in thousands)
Twelve Months
Ended October 29, 2017 October 30, 2016
Cash and cash equivalents, beginning of the period $
6,386 $ 10,188 Cash used in all other
operating activities (9,586 ) (8,687 ) Changes in operating assets
and liabilities 14,155 1,076
Net
cash provided by (used in) operating activities
4,569 (7,611 ) Proceeds
from divestitures 81,102 36,648 Net cash used in all other
investing activities (8,436 ) (17,808 )
Net cash
provided by investing activities 72,666
18,840 Repayment of long-term debt -
(7,295 ) Net repayment of borrowings (47,050 ) (2,950 ) Net cash
provided by (used in) all other financing activities (1,240
) (1,141 )
Net cash used in financing activities
(48,290 ) (11,386 )
Effect of exchange rate changes on cash and cash
equivalents 1,746 (3,645 ) Net
increase (decrease) in cash and cash equivalents
30,691 (3,802 ) Cash
and cash equivalents, end of the period $ 37,077
$ 6,386 Cash paid during the
period: Interest $ 3,840 $ 3,305 Income taxes $ 3,521 $ 4,316
Condensed Consolidated
Balance Sheets (in thousands, except share amounts)
October 29, 2017 October 30, 2016
ASSETS CURRENT ASSETS: Cash and cash equivalents $
37,077 $ 6,386 Restricted cash and short-term investments 20,544
13,948 Trade accounts receivable, net of allowances of $1,249 and
$801, respectively 173,818 193,866 Recoverable income taxes 1,643
16,979 Other current assets 11,755 11,806 Assets held for sale
- 17,580
TOTAL CURRENT ASSETS
244,837 260,565 Other assets, excluding current
portion 10,851 25,767 Property, equipment and software, net
29,121 30,133
TOTAL ASSETS $
284,809 $ 316,465
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT
LIABILITIES: Accrued compensation $ 24,504 $ 29,147 Accounts
payable 36,895 32,425 Accrued taxes other than income taxes 20,467
22,791 Accrued insurance and other 30,282 34,306 Short-term
borrowings 50,000 2,050 Income taxes payable 808 - Liabilities held
for sale - 5,760
TOTAL CURRENT
LIABILITIES 162,956 126,479 Accrued insurance and
other, excluding current portion 10,828 9,999 Deferred gain on sale
of real estate, excluding current portion 24,162 26,108 Income
taxes payable, excluding current portion 1,663 6,777 Deferred
income taxes 1,206 3,137 Long-term debt -
95,000
TOTAL LIABILITIES 200,815
267,500 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 - 21,026,253 and 20,917,500 shares,
respectively 2,374 2,374 Paid-in capital 78,645 76,564 Retained
earnings 45,843 21,000 Accumulated other comprehensive loss (5,261
) (10,612 ) Treasury stock, at cost; 2,711,750 and 2,820,503
shares, respectively (37,607 ) (40,361 )
TOTAL
STOCKHOLDERS' EQUITY 83,994
48,965 TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 284,809 $ 316,465
GAAP to Non-GAAP Reconciliations
(in thousands) Three Months Ended October
29, 2017 October 30, 2016 Reconciliation of GAAP
income from continuing operations to Non-GAAP net income (loss)
from continuing operations: GAAP income from continuing
operations $ 39,774 $ 2,787 Selling, administrative and other
operating costs (486 ) (a) (486 ) (a) Restructuring and severance
costs 307 (b) 1,181 (b) Settlement and impairment charges 1,404 (c)
364 (e) Gain from divestitures (48,033 ) (d) -
Non-GAAP income (loss) from continuing operations $ (7,034 ) $
3,846
Three Months Ended October 29,
2017 October 30, 2016 Reconciliation of GAAP income
from continuing operations to Adjusted EBITDA: GAAP income from
continuing operations $ 39,774 $ 2,787 Selling, administrative and
other operating costs (486 ) (a) (486 ) (a) Restructuring and
severance costs 307 (b) 1,181 (b) Settlement and impairment charges
1,404 (c) 364 (e) Gain from divestitures (48,033 ) (d) -
Depreciation and amortization 2,407 1,428 Share-based compensation
expense 644 808 Total other (income) expense, net 1,619 1,821
Provision for income taxes 2,458 138
Adjusted EBITDA $ 94 $ 8,041
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 primarily to Company-wide cost reduction plan
implemented in the first quarter of fiscal 2016. (c) Relates to the
settlement charge associated with the early payment of the NewNet
note. (d) Relates to the gain on the sale of the quality assurance
division of the Technology Outsourcing Services and Solutions
segment. (e) Relates to impairment of capitalized software.
GAAP to Non-GAAP Reconciliations (in
thousands) Twelve Months Ended October 29,
2017 October 30, 2016 Reconciliation of GAAP income
from continuing operations to Non-GAAP net income (loss) from
continuing operations: GAAP income from continuing operations $
28,825 $ (14,570 ) Selling, administrative and other operating
costs (1,944 ) (a) (317 ) (f) Restructuring and severance costs
1,379 (b) 5,752 (b) Settlement and impairment charges 1,694 (c) 364
(g) Gain from divestitures (51,971 ) (d) (1,663 ) (h) Income tax
benefit (1,283 ) (e) - Non-GAAP income (loss)
from continuing operations $ (23,300 ) $ (10,434 )
Twelve
Months Ended October 29, 2017 October 30, 2016
Reconciliation of GAAP income from continuing operations to
Adjusted EBITDA: GAAP income from continuing operations $
28,825 $ (14,570 ) Selling, administrative and other operating
costs (1,944 ) (a) (317 ) (f) Restructuring and severance costs
1,379 (b) 5,752 (b) Settlement and impairment charges 1,694 (c) 364
(g) Gain from divestitures (51,971 ) (d) (1,663 ) (h) Depreciation
and amortization 8,025 5,969 Share-based compensation expense 2,755
1,828 Total other (income) loss, net 6,950 6,506 Provision for
income taxes 3,388 2,175 Adjusted
EBITDA $ (899 ) $ 6,044
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 primarily to Company-wide cost reduction plan
implemented in the first quarter of fiscal 2016. (c) Relates to the
settlement charge associated with the early payment of the NewNet
note and impairment of previously purchased software module no
longer in use. (d) Relates to the sale of Maintech, a non-core
business and the sale of the quality assurance division of the
Technology Outsourcing Services and Solutions segment. (e)
Relates to a discrete tax benefit
resulting from the resolution of uncertain tax positions upon the
completion and effective settlement of the IRS audit of the
Company's fiscal 2004 through 2010 federal tax and associated state
tax audits.
(f) Relates primarily to the amortization of the gain on the sale
of the Orange, CA facility partially offset by consultants and
professional fees incurred to attract world class executive talent
and implementing a pay for performance annual incentive plan. (g)
Relates to previously purchased software module that is no longer
in use. (h) Relates to the gain on the sale of the San Diego, CA
facility.
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, 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 and eliminating 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
or special items 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 not indicative of the Company’s
current or future period performance and are more fully disclosed
in the tables.
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.
The Company’s computation of Adjusted EBITDA 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180112005147/en/
Investor Contacts:Volt Information Sciences,
Inc.voltinvest@volt.comorAddo Investor RelationsLasse Glassen,
424-238-6249lglassen@addoir.com
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