Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - VOLT INFORMATION SCIENCES, INC. | ss408126_8k.htm |
| EX-99.3 - PRO-FORMA FINANCIAL STATEMENTS - VOLT INFORMATION SCIENCES, INC. | ss408126_ex9903.htm |
| EX-2.1 - MEMBERSHIP INTEREST PURCHASE AGREEMENT - VOLT INFORMATION SCIENCES, INC. | ss408126_ex0201.htm |
| EX-99.1 - PRESS RELEASE - VOLT INFORMATION SCIENCES, INC. | ss408126_ex9901.htm |
|
VOLT INFORMATION SCIENCES, INC. AND SUBSIDIARIES
|
|
Unaudited Non-GAAP Consolidated Statements of Operations
|
|
For the nine months ended August 3, 2014
|
|
(in thousands, except per share amounts)
|
|
As Reported
|
Proforma Adjustment
|
Proforma
|
Non-GAAP
Adjustment |
Non-GAAP Proforma
|
||||||||||||||||
|
REVENUE:
|
||||||||||||||||||||
|
Staffing service revenue
|
$ | 1,195,981 | $ | - | $ | 1,195,981 | $ | (2,452 | ) | $ | 1,193,529 | |||||||||
|
Other revenue
|
129,623 | (45,247 | ) | 84,376 | (138 | ) | 84,238 | |||||||||||||
|
NET REVENUE
|
1,325,604 | (45,247 | ) | 1,280,357 | (2,590 | ) | 1,277,767 | |||||||||||||
|
EXPENSES:
|
||||||||||||||||||||
|
Direct cost of staffing services revenue
|
1,026,063 | - | 1,026,063 | - | 1,026,063 | |||||||||||||||
|
Cost of other revenue
|
111,824 | (41,307 | ) | 70,517 | - | 70,517 | ||||||||||||||
|
Selling, administrative and other operating costs
|
192,378 | (14,537 | ) | 177,841 | - | 177,841 | ||||||||||||||
|
Amortization of purchased intangible assets
|
754 | (598 | ) | 156 | - | 156 | ||||||||||||||
|
Restructuring costs
|
2,396 | (599 | ) | 1,797 | - | 1,797 | ||||||||||||||
|
Restatement, investigations and remediation
|
5,261 | - | 5,261 | - | 5,261 | |||||||||||||||
|
TOTAL EXPENSES
|
1,338,676 | (57,041 | ) | 1,281,635 | - | 1,281,635 | ||||||||||||||
|
OPERATING LOSS
|
(13,072 | ) | 11,794 | (1,278 | ) | (2,590 | ) | (3,868 | ) | |||||||||||
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OTHER INCOME (EXPENSE), NET
|
||||||||||||||||||||
|
Interest income (expense), net
|
(2,449 | ) | (1 | ) | (2,450 | ) | - | (2,450 | ) | |||||||||||
|
Foreign exchange gain (loss), net
|
(1,645 | ) | 1,268 | (377 | ) | - | (377 | ) | ||||||||||||
|
Other income (expense), net
|
134 | 136 | 270 | - | 270 | |||||||||||||||
|
TOTAL OTHER INCOME (EXPENSE), NET
|
(3,960 | ) | 1,403 | (2,557 | ) | - | (2,557 | ) | ||||||||||||
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LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
(17,032 | ) | 13,197 | (3,835 | ) | (2,590 | ) | (6,425 | ) | |||||||||||
|
Income tax provision (benefit)
|
4,017 | 45 | 4,062 | - | 4,062 | |||||||||||||||
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LOSS FROM CONTINUING OPERATIONS
|
(21,049 | ) | 13,152 | (7,897 | ) | (2,590 | ) | (10,487 | ) | |||||||||||
|
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES
|
- | (13,152 | ) | (13,152 | ) | - | (13,152 | ) | ||||||||||||
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NET LOSS
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$ | (21,049 | ) | $ | - | $ | (21,049 | ) | $ | (2,590 | ) | $ | (23,639 | ) | ||||||
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PER SHARE DATA:
|
||||||||||||||||||||
|
Basic:
|
||||||||||||||||||||
|
Loss from continuing operations
|
$ | (1.01 | ) | $ | - | $ | (0.38 | ) | $ | (0.12 | ) | $ | (0.50 | ) | ||||||
|
Loss from discontinued operations
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- | (0.63 | ) | (0.63 | ) | - | (0.63 | ) | ||||||||||||
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Net loss
|
$ | (1.01 | ) | $ | (0.63 | ) | $ | (1.01 | ) | $ | (0.12 | ) | $ | (1.13 | ) | |||||
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Weighted average number of shares
|
20,859 | 20,859 | 20,859 | 20,859 | 20,859 | |||||||||||||||
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Diluted:
|
||||||||||||||||||||
|
Loss from continuing operations
|
$ | (1.01 | ) | $ | - | $ | (0.38 | ) | $ | (0.12 | ) | $ | (0.50 | ) | ||||||
|
Loss from discontinued operations
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- | (0.63 | ) | (0.63 | ) | - | (0.63 | ) | ||||||||||||
|
Net loss
|
$ | (1.01 | ) | $ | (0.63 | ) | $ | (1.01 | ) | $ | (0.12 | ) | $ | (1.13 | ) | |||||
|
Weighted average number of shares
|
20,859 | 20,859 | 20,859 | 20,859 | 20,859 | |||||||||||||||
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VOLT INFORMATION SCIENCES, INC. AND SUBSIDIARIES
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|
Unaudited Non-GAAP Consolidated Statements of Operations
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|
For the year ended November 3, 2013
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|
(in thousands, except per share amounts)
|
|
As Reported
|
Proforma Adjustment
|
Proforma
|
Non-GAAP
Adjustment |
Non-GAAP
|
||||||||||||||||
|
REVENUE:
|
||||||||||||||||||||
|
Staffing service revenue
|
$ | 1,899,723 | $ | - | $ | 1,899,723 | $ | (6,297 | ) | $ | 1,893,426 | |||||||||
|
Other revenue
|
191,214 | (73,465 | ) | 117,749 | - | 117,749 | ||||||||||||||
|
NET REVENUE
|
2,090,937 | (73,465 | ) | 2,017,472 | (6,297 | ) | 2,011,175 | |||||||||||||
|
EXPENSES:
|
||||||||||||||||||||
|
Direct cost of staffing services revenue
|
1,634,365 | - | 1,634,365 | - | 1,634,365 | |||||||||||||||
|
Cost of other revenue
|
160,199 | (65,680 | ) | 94,519 | - | 94,519 | ||||||||||||||
|
Selling, administrative and other operating costs
|
294,034 | (24,314 | ) | 269,720 | - | 269,720 | ||||||||||||||
|
Amortization of purchased intangible assets
|
1,369 | (858 | ) | 511 | - | 511 | ||||||||||||||
|
Restructuring costs
|
4,726 | (3,945 | ) | 781 | - | 781 | ||||||||||||||
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Restatement, investigations and remediation
|
24,828 | - | 24,828 | - | 24,828 | |||||||||||||||
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TOTAL EXPENSES
|
2,119,521 | (94,797 | ) | 2,024,724 | - | 2,024,724 | ||||||||||||||
|
OPERATING LOSS
|
(28,584 | ) | 21,332 | (7,252 | ) | (6,297 | ) | (13,549 | ) | |||||||||||
|
OTHER INCOME (EXPENSE), NET
|
||||||||||||||||||||
|
Interest income (expense), net
|
(2,957 | ) | (2 | ) | (2,959 | ) | - | (2,959 | ) | |||||||||||
|
Foreign exchange gain (loss), net
|
1,104 | (735 | ) | 369 | - | 369 | ||||||||||||||
|
Other income (expense), net
|
31 | (10 | ) | 21 | - | 21 | ||||||||||||||
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TOTAL OTHER INCOME (EXPENSE), NET
|
(1,822 | ) | (747 | ) | (2,569 | ) | - | (2,569 | ) | |||||||||||
|
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
(30,406 | ) | 20,585 | (9,821 | ) | (6,297 | ) | (16,118 | ) | |||||||||||
|
Income tax provision (benefit)
|
469 | 2,231 | 2,700 | - | 2,700 | |||||||||||||||
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LOSS FROM CONTINUING OPERATIONS
|
(30,875 | ) | 18,354 | (12,521 | ) | (6,297 | ) | (18,818 | ) | |||||||||||
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LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES
|
- | (18,354 | ) | (18,354 | ) | - | (18,354 | ) | ||||||||||||
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NET LOSS
|
$ | (30,875 | ) | $ | - | $ | (30,875 | ) | $ | (6,297 | ) | $ | (37,172 | ) | ||||||
|
PER SHARE DATA:
|
||||||||||||||||||||
|
Basic:
|
||||||||||||||||||||
|
Loss from continuing operations
|
$ | (1.48 | ) | $ | - | $ | (0.60 | ) | $ | (0.30 | ) | $ | (0.90 | ) | ||||||
|
Loss from discontinued operations
|
- | (0.88 | ) | (0.88 | ) | - | (0.88 | ) | ||||||||||||
|
Net loss
|
$ | (1.48 | ) | $ | (0.88 | ) | $ | (1.48 | ) | $ | (0.30 | ) | $ | (1.78 | ) | |||||
|
Weighted average number of shares
|
20,826 | 20,826 | 20,826 | 20,826 | 20,826 | |||||||||||||||
|
Diluted:
|
||||||||||||||||||||
|
Loss from continuing operations
|
$ | (1.48 | ) | $ | - | $ | (0.60 | ) | $ | (0.30 | ) | $ | (0.90 | ) | ||||||
|
Loss from discontinued operations
|
- | (0.88 | ) | (0.88 | ) | - | (0.88 | ) | ||||||||||||
|
Net loss
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$ | (1.48 | ) | $ | (0.88 | ) | $ | (1.48 | ) | $ | (0.30 | ) | $ | (1.78 | ) | |||||
|
Weighted average number of shares
|
20,826 | 20,826 | 20,826 | 20,826 | 20,826 | |||||||||||||||
|
VOLT INFORMATION SCIENCES, INC. AND SUBSIDIARIES
|
|
Unaudited Non-GAAP Consolidated Statements of Operations
|
|
For the year ended October 28, 2012
|
|
(in thousands, except per share amounts)
|
|
As Reported
|
Proforma Adjustment
|
Proforma
|
Non-GAAP
Adjustment |
Non-GAAP
|
||||||||||||||||
|
REVENUE:
|
||||||||||||||||||||
|
Staffing service revenue
|
$ | 2,027,601 | $ | - | $ | 2,027,601 | $ | (18,359 | ) | $ | 2,009,242 | |||||||||
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Other revenue
|
218,526 | (99,679 | ) | 118,847 | - | 118,847 | ||||||||||||||
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NET REVENUE
|
2,246,127 | (99,679 | ) | 2,146,448 | (18,359 | ) | 2,128,089 | |||||||||||||
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EXPENSES:
|
||||||||||||||||||||
|
Direct cost of staffing services revenue
|
1,738,933 | - | 1,738,933 | - | 1,738,933 | |||||||||||||||
|
Cost of other revenue
|
163,853 | (68,281 | ) | 95,572 | - | 95,572 | ||||||||||||||
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Selling, administrative and other operating costs
|
310,847 | (26,897 | ) | 283,950 | - | 283,950 | ||||||||||||||
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Amortization of purchased intangible assets
|
1,382 | (859 | ) | 523 | - | 523 | ||||||||||||||
|
Gain on building
|
(4,418 | ) | - | (4,418 | ) | - | (4,418 | ) | ||||||||||||
|
Restatement, investigations and remediation
|
42,906 | - | 42,906 | - | 42,906 | |||||||||||||||
|
TOTAL EXPENSES
|
2,253,503 | (96,037 | ) | 2,157,466 | - | 2,157,466 | ||||||||||||||
|
OPERATING LOSS
|
(7,376 | ) | (3,642 | ) | (11,018 | ) | (18,359 | ) | (29,377 | ) | ||||||||||
|
OTHER INCOME (EXPENSE), NET
|
||||||||||||||||||||
|
Interest income (expense), net
|
(3,072 | ) | 23 | (3,049 | ) | - | (3,049 | ) | ||||||||||||
|
Foreign exchange gain (loss), net
|
(131 | ) | 509 | 378 | - | 378 | ||||||||||||||
|
Other income (expense), net
|
(633 | ) | (1 | ) | (634 | ) | - | (634 | ) | |||||||||||
|
TOTAL OTHER INCOME (EXPENSE), NET
|
(3,836 | ) | 531 | (3,305 | ) | - | (3,305 | ) | ||||||||||||
|
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
(11,212 | ) | (3,111 | ) | (14,323 | ) | (18,359 | ) | (32,682 | ) | ||||||||||
|
Income tax provision (benefit)
|
2,391 | (689 | ) | 1,702 | - | 1,702 | ||||||||||||||
|
LOSS FROM CONTINUING OPERATIONS
|
(13,603 | ) | (2,422 | ) | (16,025 | ) | (18,359 | ) | (34,384 | ) | ||||||||||
|
INCOME FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES
|
- | 2,422 | 2,422 | - | 2,422 | |||||||||||||||
|
NET INCOME (LOSS)
|
$ | (13,603 | ) | $ | - | $ | (13,603 | ) | $ | (18,359 | ) | $ | (31,962 | ) | ||||||
|
PER SHARE DATA:
|
||||||||||||||||||||
|
Basic:
|
||||||||||||||||||||
|
Loss from continuing operations
|
$ | (0.65 | ) | $ | - | $ | (0.77 | ) | $ | (0.88 | ) | $ | (1.65 | ) | ||||||
|
Income from discontinued operations
|
- | 0.12 | 0.12 | - | 0.12 | |||||||||||||||
|
Net income (loss)
|
$ | (0.65 | ) | $ | 0.12 | $ | (0.65 | ) | $ | (0.88 | ) | $ | (1.53 | ) | ||||||
|
Weighted average number of shares
|
20,813 | 20,813 | 20,813 | 20,813 | 20,813 | |||||||||||||||
|
Diluted:
|
||||||||||||||||||||
|
Loss from continuing operations
|
$ | (0.65 | ) | $ | - | $ | (0.77 | ) | $ | (0.88 | ) | $ | (1.65 | ) | ||||||
|
Income from discontinued operations
|
- | 0.12 | 0.12 | - | 0.12 | |||||||||||||||
|
Net income (loss)
|
$ | (0.65 | ) | $ | 0.12 | $ | (0.65 | ) | $ | (0.88 | ) | $ | (1.53 | ) | ||||||
|
Weighted average number of shares
|
20,813 | 20,884 | 20,813 | 20,813 | 20,813 | |||||||||||||||
|
VOLT INFORMATION SCIENCES, INC. AND SUBSIDIARIES
|
|
Unaudited Non-GAAP Consolidated Statements of Operations
|
|
For the year ended October 30, 2011
|
|
(in thousands, except per share amounts)
|
|
As Reported
|
Proforma Adjustment
|
Proforma
|
Non-GAAP
Adjustment |
Non-GAAP
|
||||||||||||||||
|
REVENUE:
|
||||||||||||||||||||
|
Staffing service revenue
|
$ | 1,957,905 | $ | - | $ | 1,957,905 | $ | 16,572 | $ | 1,974,477 | ||||||||||
|
Other revenue
|
280,204 | (165,349 | ) | 114,855 | - | 114,855 | ||||||||||||||
|
NET REVENUE
|
2,238,109 | (165,349 | ) | 2,072,760 | 16,572 | 2,089,332 | ||||||||||||||
|
EXPENSES:
|
||||||||||||||||||||
|
Direct cost of staffing services revenue
|
1,698,711 | - | 1,698,711 | - | 1,698,711 | |||||||||||||||
|
Cost of other revenue
|
166,211 | (76,022 | ) | 90,189 | - | 90,189 | ||||||||||||||
|
Selling, administrative and other operating costs
|
302,882 | (28,835 | ) | 274,047 | - | 274,047 | ||||||||||||||
|
Amortization of purchased intangible assets
|
1,347 | (855 | ) | 492 | - | 492 | ||||||||||||||
|
Restatement, investigations and remediation
|
49,193 | - | 49,193 | - | 49,193 | |||||||||||||||
|
TOTAL EXPENSES
|
2,218,344 | (105,712 | ) | 2,112,632 | - | 2,112,632 | ||||||||||||||
|
OPERATING INCOME (LOSS)
|
19,765 | (59,637 | ) | (39,872 | ) | 16,572 | (23,300 | ) | ||||||||||||
|
OTHER INCOME (EXPENSE), NET
|
||||||||||||||||||||
|
Interest income (expense), net
|
(2,889 | ) | (4 | ) | (2,893 | ) | - | (2,893 | ) | |||||||||||
|
Foreign exchange gain (loss), net
|
(569 | ) | 306 | (263 | ) | - | (263 | ) | ||||||||||||
|
Other income (expense), net
|
(1,026 | ) | 9 | (1,017 | ) | - | (1,017 | ) | ||||||||||||
|
TOTAL OTHER INCOME (EXPENSE), NET
|
(4,484 | ) | 311 | (4,173 | ) | - | (4,173 | ) | ||||||||||||
|
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
15,281 | (59,326 | ) | (44,045 | ) | 16,572 | (27,473 | ) | ||||||||||||
|
Income tax provision (benefit)
|
(348 | ) | (15,135 | ) | (15,483 | ) | - | (15,483 | ) | |||||||||||
|
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
15,629 | (44,191 | ) | (28,562 | ) | 16,572 | (11,990 | ) | ||||||||||||
|
INCOME FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES
|
- | 44,191 | 44,191 | - | 44,191 | |||||||||||||||
|
NET INCOME
|
$ | 15,629 | $ | - | $ | 15,629 | $ | 16,572 | $ | 32,201 | ||||||||||
|
PER SHARE DATA:
|
||||||||||||||||||||
|
Basic:
|
||||||||||||||||||||
|
Income (loss) from continuing operations
|
$ | 0.75 | $ | - | $ | (1.37 | ) | $ | 0.80 | $ | (0.57 | ) | ||||||||
|
Income from discontinued operations
|
- | 2.12 | 2.12 | - | 2.12 | |||||||||||||||
|
Net income
|
$ | 0.75 | $ | 2.12 | $ | 0.75 | $ | 0.80 | $ | 1.55 | ||||||||||
|
Weighted average number of shares
|
20,813 | 20,813 | 20,813 | 20,813 | 20,813 | |||||||||||||||
|
Diluted:
|
||||||||||||||||||||
|
Income (loss) from continuing operations
|
$ | 0.75 | $ | - | $ | (1.36 | ) | $ | 0.79 | $ | (0.57 | ) | ||||||||
|
Income from discontinued operations
|
- | 2.11 | 2.11 | - | 2.11 | |||||||||||||||
|
Net income
|
$ | 0.75 | $ | 2.11 | $ | 0.75 | $ | 0.79 | $ | 1.54 | ||||||||||
|
Weighted average number of shares
|
20,896 | 20,896 | 20,896 | 20,896 | 20,896 | |||||||||||||||