NEW YORK--(BUSINESS WIRE)--Volt Information Sciences, Inc.  (NYSE-MKT: VISI), a global provider of staffing services and information technology infrastructure services, today reported results for its second quarter ended May 1, 2016. Key elements include:

• Second quarter net revenue of $335.4 million up 2.6% compared to the prior quarter and down 12.9% year-over-year
• Second quarter loss from continuing operations of $1.8 million or $2.5 million excluding special items
• During the second quarter, the Company completed a sale-leaseback transaction for its office facility in Orange, California and sold its office facility in San Diego, California with combined net proceeds totaling $29.1 million
• As of the end of the second quarter, the Company had $58.8 million of available liquidity for working capital requirements, up from $44.7 million at the end of the prior quarter and $16.9 million a year ago
• The Company strengthened its top leadership team with the addition of four experienced senior executives and one internal promotion

Commenting on Volt’s second quarter performance, Michael Dean, President and CEO, said, “Overall, the second quarter was a very productive period for Volt. Importantly, we continued to make good progress on our previously stated plan to streamline our organization and improve our operational and financial performance. Our cost structure is leaner and our actions to divest non-core assets have improved our liquidity position over the past year. The process to sell our last remaining non-core business, Maintech, is proceeding. I am also pleased to report that we are adding to our book of business with important new customer engagements. Finally, we continue to augment our already strong management team with the addition of several exceptional executives to head up key leadership and revenue driving roles within the organization.”

Mr. Dean concluded, “Since embarking on our turnaround plan late last year, I have maintained that it will take time to operationally address all of the issues we are dealing with—and even longer for the changes we are making to be reflected in our financial results. However, I can say with confidence that we are on-track to returning Volt to top and bottom line growth.”

Fiscal 2016 Second Quarter Results

Total revenue for the fiscal 2016 second quarter was $335.4 million, up $8.6 million, or 2.6% compared to total revenue of $326.8 million in the first quarter of fiscal 2016. Compared to the prior year period, total revenue decreased $49.8 million or 12.9% compared to $385.2 million in the second quarter of fiscal 2015.

Staffing Services segment revenue was $317.2 million, an $8.5 million or 2.8% increase compared to $308.7 million in the first quarter of fiscal 2016. Compared to the prior year period, Staffing Services segment revenues declined $45.0 million, or 12.4% compared to Staffing Services revenues of $362.3 million in the second quarter of fiscal 2015. Other segment revenue was $18.2 million in the second quarter of fiscal 2016, compared to $18.1 million in the first quarter of fiscal 2016 and $22.9 million in the prior year period.

Net loss of $1.8 million in the second quarter of fiscal 2016 included $2.0 million from gain on the sale of real estate, $0.8 million of restructuring and severance costs and $0.5 million in other fees. Excluding the impact of these special items, net loss for the second quarter of 2016 would have been $2.5 million on a Non-GAAP basis.

Adjusted EBITDA, which is also a Non-GAAP measure, was $2.0 million in the fiscal 2016 second quarter. Adjusted EBITDA excludes the impact of interest expense, income tax expense, 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.

Senior Leadership Update

As previously announced, the Company has hired four pivotal senior executives and promoted another, strengthening the Company’s top leadership as it moves forward on its growth and profitability strategies. Joining the company are Jorge Perez, President of Volt’s North American Staffing Business – Volt Workforce Solutions (VWS); Sue Tidswell, Senior Vice President Sales of VWS; Ann Hollins, Chief Human Resources Officer; and Chuck Sperazza, Chief Information Officer. In addition, Rhona Driggs has been promoted to President of Volt Consulting Group (VCG), Volt’s MSP service business, in addition to maintaining responsibility as Executive Vice President, Commercial Operations for VWS.

Financing

As previously mentioned, during the second quarter Maintech entered into a $10.0 million revolving credit agreement with Bank of America. The Credit Agreement was added to provide flexibility for working capital purposes. The Company expects to terminate the Credit Agreement on or before the sale of Maintech.

Liquidity

As of May 1, 2016, the Company had $58.8 million of available liquidity for working capital requirements as compared to $16.9 million in the prior year period.

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), managed service programs, technology outsourcing services and information technology infrastructure services. Our staffing services consists 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 service programs consist of managing the procurement and on-boarding of contingent workers from multiple providers. Our technology outsourcing services provide pre and post production development, testing and customer support to companies in the mobile, gaming, and technology devices industries. In addition, we provide information technology infrastructure services which provide server, storage, network and desktop IT hardware maintenance, data center and network monitoring and operations. Our complementary businesses offer customized talent, technology and consulting 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.