VOLT Volt Information Sciences Inc

Reports Year-Over-Year Revenue Growth and Positive Net Income

Volt Information Sciences, Inc. (“Volt” or the “Company”) (NYSE-AMERICAN: VOLT) a global provider of staffing services, today announced financial results for the second quarter ended May 2, 2021.

Second Quarter Summary

• Revenue was $222.1 million, a 7.1% increase compared to the second quarter of fiscal 2020; Adjusted Revenue* increased 5.9%.
• Gross margin increased 80 basis points year over year to 16.4%.
• GAAP operating income was $2.7 million, a $7.1 million improvement compared to the prior-year quarter; Adjusted Operating Income*, excluding impairment and restructuring charges, was $3.5 million.
• GAAP EPS was $0.08 per diluted share compared to a loss of ($0.25) per share in the second quarter of fiscal 2020; Adjusted EPS* was $0.12 per diluted share.
• Adjusted EBITDA* increased $7.4 million year over year to $6.0 million.

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

“I remain encouraged by our continued momentum and performance this quarter. Despite experiencing significant weather-related impacts in February of this year and the first seven weeks of operations in the prior-year quarter being pre-COVID, we reported sequential and year-over-year improvement in our operating results,” said Linda Perneau, President and Chief Executive Officer. “Thanks to the continued execution of our improved sales and delivery model, and our disciplined cost management, this quarter reflects our strongest year-over-year revenue growth in a decade, and our first positive GAAP net income in 14 quarters.”

Second Quarter Results

North American Staffing revenue for the quarter was $184.3 million, as compared to $173.4 million for the second quarter of fiscal 2020. Revenue for this segment increased approximately 6.3 percent year over year. The increase is primarily attributable to business wins with new clients and expansion of business within existing clients.

International Staffing revenue for the quarter was $27.9 million, compared to $24.3 million in the prior-year quarter. Adjusted Revenue increased 4.3 percent year over year. The increase is primarily due to increased managed service business and direct hire revenue in the United Kingdom as well as increased staffing business in France.

North American MSP revenue for the second quarter was $9.8 million, compared to $9.7 million in the prior-year quarter. The increase is primarily attributable to increased demand in its payroll service business.

Gross margin for the quarter was 16.4 percent of revenue, an 80 basis-point increase from the second quarter of fiscal 2020. The increase is primarily attributable to improved margins in our North American and International Staffing segments.

SG&A expense for the second quarter was $33.0 million, a $3.2 million reduction from the prior-year quarter. The reduction is primarily attributable to lower labor and related expenses, facility costs and professional fees.

Adjusted EBITDA, which is a Non-GAAP measure, was $6.0 million for the second quarter of fiscal 2021, compared to ($1.4) million in the prior-year quarter.

“Although the pandemic continues to present a number of challenges across our business, we have emerged as a stronger organization overall,” commented Ms. Perneau. “We remain confident in the continued execution of our strategic initiatives and our ability to remain on the current growth trajectory for fiscal 2021.”

2021 Earnings Conference Call and Webcast

Volt Information Sciences, Inc. will conduct a conference call on Tuesday, June 15, 2021, at 5:00 p.m. Eastern Time, to review the financial results for the second quarter ended May 2, 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 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.

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 Six Months Ended May 2, 2021 January 31, 2021 May 3, 2020 May 2, 2021 May 3, 2020   Net revenue

$

222,092

 

$

217,958

 

$

207,275

 

$

440,050

 

$

425,041

 

Cost of services

 

185,613

 

 

185,276

 

 

175,038

 

 

370,889

 

 

361,377

 

Gross margin

 

36,479

 

 

32,682

 

 

32,237

 

 

69,161

 

 

63,664

 

  Selling, administrative and other operating costs

 

32,950

 

 

33,747

 

 

36,189

 

 

66,697

 

 

75,686

 

Restructuring and severance costs

 

595

 

 

632

 

 

411

 

 

1,227

 

 

1,657

 

Impairment charges

 

261

 

 

31

 

 

-

 

 

292

 

 

11

 

Operating income (loss)

 

2,673

 

 

(1,728

)

 

(4,363

)

 

945

 

 

(13,690

)

  Interest income (expense), net

 

(430

)

 

(477

)

 

(621

)

 

(907

)

 

(1,321

)

Foreign exchange gain (loss), net

 

71

 

 

242

 

 

(266

)

 

313

 

 

(594

)

Other income (expense), net

 

(147

)

 

(156

)

 

(152

)

 

(303

)

 

(410

)

Income (loss) before income taxes

 

2,167

 

 

(2,119

)

 

(5,402

)

 

48

 

 

(16,015

)

Income tax provision

 

288

 

 

327

 

 

23

 

 

615

 

 

218

 

Net income (loss)

$

1,879

 

$

(2,446

)

$

(5,425

)

$

(567

)

$

(16,233

)

  Per share data: Basic: Net income (loss)

$

0.09

 

$

(0.11

)

$

(0.25

)

$

(0.03

)

$

(0.76

)

Weighted average number of shares

 

21,793

 

 

21,793

 

 

21,416

 

 

21,793

 

 

21,416

 

  Diluted: Net income (loss)

$

0.08

 

$

(0.11

)

$

(0.25

)

$

(0.03

)

$

(0.76

)

Weighted average number of shares

 

22,588

 

 

21,793

 

 

21,416

 

 

21,793

 

 

21,416

 

  Segment data:   Net revenue: North American Staffing

$

184,295

 

$

184,216

 

$

173,386

 

$

368,511

 

$

355,781

 

International Staffing

 

27,880

 

 

24,013

 

 

24,303

 

 

51,893

 

 

50,526

 

North American MSP

 

9,832

 

 

9,669

 

 

9,745

 

 

19,501

 

 

19,114

 

Corporate and Other

 

117

 

 

119

 

 

187

 

 

236

 

 

390

 

Eliminations

 

(32

)

 

(59

)

 

(346

)

 

(91

)

 

(770

)

Net revenue

$

222,092

 

$

217,958

 

$

207,275

 

$

440,050

 

$

425,041

 

  Operating income (loss): North American Staffing

$

9,471

 

$

6,175

 

$

2,576

 

$

15,646

 

$

2,675

 

International Staffing

 

1,097

 

 

382

 

 

196

 

 

1,479

 

 

570

 

North American MSP

 

309

 

 

532

 

 

491

 

 

841

 

 

1,245

 

Corporate and Other

 

(8,204

)

 

(8,817

)

 

(7,626

)

 

(17,021

)

 

(18,180

)

Operating income (loss)

$

2,673

 

$

(1,728

)

$

(4,363

)

$

945

 

$

(13,690

)

  Work days

 

65

 

 

59

 

 

65

 

 

124

 

 

124

 

    Condensed Consolidated Statements of Cash Flows (in thousands) Six Months Ended May 2, 2021 May 3, 2020   Cash, cash equivalents and restricted cash beginning of the period

$

56,433

 

$

38,444

 

  Cash provided by (used in) all other operating activities

 

9,161

 

 

(7,161

)

Changes in operating assets and liabilities

 

(7,349

)

 

10,071

 

Net cash provided by operating activities

 

1,812

 

 

2,910

 

  Purchases of property, equipment, and software

 

(1,755

)

 

(3,092

)

Net cash provided by (used in) all other investing activities

 

(40

)

 

615

 

Net cash used in investing activities

 

(1,795

)

 

(2,477

)

  Net draw-down of borrowings

 

-

 

 

5,000

 

Debt issuance costs

 

(166

)

 

(243

)

Net cash provided by (used in) all other financing activities

 

23

 

 

(6

)

Net cash (used in) provided by financing activities

 

(143

)

 

4,751

 

  Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

281

 

 

(521

)

  Net increase in cash, cash equivalents and restricted cash

 

155

 

 

4,663

 

  Cash, cash equivalents and restricted cash end of the period

$

56,588

 

$

43,107

 

  Cash paid during the period: Interest

$

917

 

$

1,382

 

Income taxes

$

142

 

$

258

 

  Reconciliation of cash, cash equivalents and restricted cash end of the period: Current Assets: Cash and cash equivalents

$

47,231

 

$

26,223

 

Restricted cash included in Restricted cash and short term investments

 

9,357

 

 

16,884

 

Cash, cash equivalents and restricted cash, at end of period

$

56,588

 

$

43,107

 

    Condensed Consolidated Balance Sheets (in thousands, except share amounts) May 2, 2021 November 1, 2020 ASSETS CURRENT ASSETS: Cash and cash equivalents

$

47,231

 

$

38,550

 

Restricted cash and short-term investments

 

12,788

 

 

20,736

 

Trade accounts receivable, net of allowances of $156 and $219, respectively

 

127,435

 

 

121,916

 

Other current assets

 

7,567

 

 

7,058

 

TOTAL CURRENT ASSETS

 

195,021

 

 

188,260

 

Property, equipment and software, net

 

20,180

 

 

22,167

 

Right of use assets - operating leases

 

23,513

 

 

25,107

 

Other assets, excluding current portion

 

6,633

 

 

6,311

 

TOTAL ASSETS

$

245,347

 

$

241,845

 

  LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accrued compensation

$

18,630

 

$

18,357

 

Accounts payable

 

24,793

 

 

31,221

 

Accrued taxes other than income taxes

 

31,828

 

 

12,983

 

Accrued insurance and other

 

17,710

 

 

15,908

 

Operating lease liabilities

 

6,817

 

 

7,144

 

Income taxes payable

 

515

 

 

891

 

TOTAL CURRENT LIABILITIES

 

100,293

 

 

86,504

 

Accrued payroll taxes and other, excluding current portion

 

21,237

 

 

29,988

 

Operating lease liabilities, excluding current portion

 

35,424

 

 

38,232

 

Income taxes payable, excluding current portion

 

90

 

 

90

 

Deferred income taxes

 

-

 

 

3

 

Long-term debt

 

59,153

 

 

59,154

 

TOTAL LIABILITIES

 

216,197

 

 

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 - 21,736,575 and 21,729,400 shares, respectively

 

2,374

 

 

2,374

 

Paid-in capital

 

80,673

 

 

79,937

 

Accumulated deficit

 

(30,505

)

 

(29,793

)

Accumulated other comprehensive loss

 

(5,367

)

 

(6,458

)

Treasury stock, at cost; 2,001,428 and 2,008,603 shares, respectively

 

(18,025

)

 

(18,186

)

TOTAL STOCKHOLDERS' EQUITY

 

29,150

 

 

27,874

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

245,347

 

$

241,845

 

    GAAP to Non-GAAP Reconciliations (in thousands)   Three Months Ended May 2, 2021 May 3, 2020 Reconciliation of GAAP net income (loss) to Non-GAAP net income (loss): GAAP net income (loss)

$

1,879

$

(5,425

)

Restructuring and severance costs

 

595

(a)

 

411

 

(c)

Impairment costs

 

261

(b)

 

-

 

Non-GAAP net income (loss)

$

2,735

$

(5,014

)

  Three Months Ended May 2, 2021 May 3, 2020 Reconciliation of GAAP net income (loss) to Adjusted EBITDA: GAAP net income (loss)

$

1,879

$

(5,425

)

Restructuring and severance costs

 

595

(a)

 

411

 

(c)

Impairment costs

 

261

(b)

 

-

 

Depreciation and amortization

 

1,951

 

2,027

 

Share-based compensation expense

 

531

 

508

 

Total other (income) expense, net

 

506

 

1,039

 

Provision for income taxes

 

288

 

23

 

Adjusted EBITDA

$

6,011

$

(1,417

)

 

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 impaired in the second half of fiscal 2020.

(b)

Relates to impairment of capitalized software costs.

(c)

Primarily relates to actions taken by the Company as part of its continued efforts to reduce costs and to offset COVID-19 related revenue losses.

  GAAP to Non-GAAP Reconciliations (in thousands)   Six Months Ended May 2, 2021 May 3, 2020 Reconciliation of GAAP net loss to Non-GAAP net income (loss): GAAP net loss

$

(567

)

$

(16,233

)

Restructuring and severance costs

 

1,227

 

(a)

 

1,657

 

(c) Impairment costs

 

292

 

(b)

 

11

 

Non-GAAP net income (loss)

$

952

 

$

(14,565

)

  Six Months Ended May 2, 2021 May 3, 2020 Reconciliation of GAAP net loss to Adjusted EBITDA: GAAP net loss

$

(567

)

$

(16,233

)

Restructuring and severance costs

 

1,227

 

(a)

 

1,657

 

(c) Impairment costs

 

292

 

(b)

 

11

 

Depreciation and amortization

 

3,656

 

 

4,000

 

Share-based compensation expense

 

757

 

 

1,019

 

Total other (income) expense, net

 

897

 

 

2,325

 

Provision for income taxes

 

615

 

 

218

 

Adjusted EBITDA

$

6,877

 

$

(7,003

)

  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 impaired in the second half of fiscal 2020, net of a lease termination gain. (b) Relates to impairment of capitalized software costs. (c) Primarily relates to the strategic initiative to offshore a significant number of identified roles to our staffing operations in India and continued efforts to reduce costs and to offset COVID-19 related revenue losses. GAAP to Non-GAAP Reconciliations (in thousands)   Three Months EndedMay 2, 2021 Three Months Ended May 3, 2020 As Reported As Reported FX Impact MSP DeliveryModel Shift Adjusted Revenue North American Staffing

$

184,295

 

$

173,386

 

$

-

$

-

 

$

173,386

 

International Staffing

 

27,880

 

 

24,303

 

 

2,432

 

-

 

 

26,735

 

North American MSP

 

9,832

 

 

9,745

 

 

-

 

-

 

 

9,745

 

Corporate and Other

 

117

 

 

187

 

 

-

 

 

187

 

Eliminations

 

(32

)

 

(346

)

 

-

 

-

 

 

(346

)

Total Revenue

$

222,092

 

$

207,275

 

$

2,432

$

-

 

$

209,707

 

% change

 

5.9

%

  Six Months EndedMay 2, 2021 Six Months Ended May 3, 2020 As Reported As Reported FX impact MSP DeliveryModel Shift Adjusted Revenue North American Staffing

$

368,511

 

$

355,781

 

$

-

$

(2,072

)

$

353,709

 

International Staffing

 

51,893

 

 

50,526

 

 

3,787

 

54,313

 

North American MSP

 

19,501

 

 

19,114

 

 

-

 

52

 

 

19,166

 

Corporate and Other

 

236

 

 

390

 

 

-

 

-

 

 

390

 

Eliminations

 

(91

)

 

(770

)

 

-

 

-

 

 

(770

)

Total Revenue

$

440,050

 

$

425,041

 

$

3,787

$

(2,020

)

$ 

426,808 

  GAAP to Non-GAAP Reconciliations (in thousands)   Three Months Ended May 2, 2021 Three Months Ended May 3, 2020 As Reported Business Exited Adjusted As Reported Business Exited Adjusted Operating Income (Loss) North American Staffing

$

9,471

 

$

-

$

9,471

 

$

2,576

 

$

-

 

$

2,576

 

International Staffing

 

1,097

 

 

-

 

1,097

 

 

196

 

 

-

 

 

196

 

North American MSP

 

309

 

 

-

 

309

 

 

491

 

 

-

 

 

491

 

Corporate and Other

 

(8,204

)

 

1

 

(8,203

)

 

(7,626

)

 

(45

)

 

(7,671

)

Total Operating Income (Loss)

$

2,673

 

$

1

$

2,674

 

$

(4,363

)

$

(45

)

$

(4,408

)

  Six Months Ended May 2, 2021 Six Months Ended May 3, 2020 As Reported Business Exited Adjusted As Reported Business Exited Adjusted Operating Income (Loss) North American Staffing

$

15,646

 

$

-

$

15,646

 

$

2,675

 

$

-

 

$

2,675

 

International Staffing

 

1,479

 

 

-

 

1,479

 

 

570

 

 

-

 

 

570

 

North American MSP

 

841

 

 

-

 

841

 

 

1,245

 

 

-

 

 

1,245

 

Corporate and Other

 

(17,021

)

 

1

 

(17,020

)

 

(18,180

)

 

(13

)

 

(18,193

)

Total Operating Income (Loss)

$

945

 

$

1

$

946

 

$

(13,690

)

$

(13

)

$

(13,703

)

  GAAP to Non-GAAP Reconciliations (in thousands)   Three Months Ended May 2, 2021 Three Months Ended May 3, 2020 As Reported Business Exited Adjusted As Reported Business Exited Adjusted Operating Income (Loss) Gross margin

$

36,479

$

-

 

$

36,479

$

32,237

 

$

-

 

$

32,237

 

Selling, administrative and other operating costs

 

32,950

 

-

 

 

32,950

 

36,189

 

 

-

 

 

36,189

 

Restructuring and severance costs

 

595

 

(1

)

 

594

 

411

 

 

45

 

 

456

 

Impairment charges

 

261

 

-

 

 

261

 

-

 

 

-

 

 

-

 

Total Operating Income (Loss)

$

2,673

$

(1

)

$

2,674

$

(4,363

)

$

(45

)

$

(4,408

)

  Six Months Ended May 2, 2021 Six Months Ended May 3, 2020 As Reported Business Exited Adjusted As Reported Business Exited Adjusted Operating Income (Loss) Gross margin

$

69,161

$

-

 

$

69,161

$

63,664

 

$

-

 

$

63,664

 

Selling, administrative and other operating costs

 

66,697

 

-

 

 

66,697

 

75,686

 

 

-

 

 

75,686

 

Restructuring and severance costs

 

1,227

 

(1

)

 

1,226

 

1,657

 

 

13

 

 

1,670

 

Impairment charges

 

292

 

-

 

 

292

 

11

 

 

-

 

 

11

 

Total Operating Income (Loss)

$

945

$

(1

)

$

946

$

(13,690

)

$

(13

)

$

(13,703

)

  GAAP to Non-GAAP Reconciliations (in thousands, except per share data)   Three Months Ended May 2, 2021 As Reported Restructuring andImpairment Costs Adjusted Earnings per Share Net income

$

1,879

 

$

856

$

2,735

  Per share data: Basic: Net income

$

0.09

 

$

0.13

Weighted average number of shares

 

21,793

 

 

21,793

  Diluted Net income

$

0.08

 

$

0.12

Weighted average number of shares

 

22,588

 

 

22,588

    Six Months Ended May 2, 2021 As Reported Restructuring andImpairment Costs Adjusted Earnings per Share Net income (loss)

$

(567

)

$

1,519

$

952

  Per share data: Basic: Net income (loss)

$

(0.03

)

$

0.04

Weighted average number of shares

 

21,793

 

 

21,793

  Diluted Net income (loss)

$

(0.03

)

$

0.04

Weighted average number of shares

 

21,793

 

 

21,793

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210615006059/en/

Investor Relations Contacts: Volt Information Sciences, Inc. voltinvest@volt.com Joe Noyons Three Part Advisors jnoyons@threepa.com 817-778-8424