Printer Friendly

VOLT INFORMATION SCIENCES, INC. ANNOUNCES FISCAL YEAR AND FOURTH QUARTER 1992 RESULTS OF OPERATIONS

 NEW YORK, Jan. 5 /PRNewswire/ -- Mr. William Shaw, president of Volt Information Sciences, Inc. (NASDAQ: VOLT) announced today that the net income for the fourth quarter ended Oct. 30, 1992 was $2,327,000 or $.49 per share on revenues of $148,827,000 as compared to a net loss for the fourth quarter of fiscal 1991 of $700,000 or $.15 per share on revenues of $124,099,000.
 Mr. Shaw noted a significant improvement in the last six months of the fiscal year, with net income of $1.02 per share as compared with a net loss of $.02 per share in fiscal 1991. He said that this is a strong indication of the progress made in Volt's operations. He stated, however, that Volt's first quarter is traditionally its slowest quarter, and will show a loss.
 The net income for the fiscal year ended Oct. 30, 1992 was $1,091,000 or $.23 per share on revenues of $530,567,000 as compared to a net income for the fiscal year ended Nov. 1, 1991 of $924,000 or $.19 per share on revenues of $483,632,000. The net income for 1991 fiscal year included a pre-tax gain of $6,658,000 ($4,053,000 net of taxes of $.84 per share) on settlement of litigation.
 Volt Information Sciences, Inc. is a diversified technical services, human resources, computer systems and electronics manufacturing company.
 VOLT INFORMATION SCIENCES, INC. AND SUBSIDIARIES
 Summary of Results of Operations
 (Dollars in thousands, except per share data)
 Periods ended Fiscal year Fourth quarter
 10/30/92 11/1/91 10/30/92 11/1/91
 Revenues $530,567 $483,632 $148,827 $124,099
 Income (loss) before
 income taxes and
 extraordinary items
 --(A,B,C & D) 1,775 (1,126) 3,259 (1,469)
 Income tax provision
 (benefit) (E) 684 (1,471) 932 (728)
 Income (loss) before
 extraordinary items 1,091 345 2,327 (741)
 Extraordinary items --
 gains on the retirement
 of debt, net of income
 taxes of $359 and $42 (F) -- 579 -- 41
 Net income (loss) 1,091 924 2,327 (700)
 PER SHARE DATA
 Income (loss) before
 extraordinary items .23 .07 .49 (.16)
 Extraordinary items -- .12 -- .01
 Net income (loss) .23 .19 .49 (.15)
 Number of shares
 used in computation 4,790,381 4,848,318 4,790,381 4,790,381
 VOLT INFORMATION SCIENCES, INC. AND SUBSIDIARIES
 Summary of Results of Operations
 (Dollars in thousands)
 Periods ended Fiscal year Fourth quarter
 10/30/92 11/1/91 10/30/92 QXxi@ I&66mB;
 #i; boC+ and typesetting systems 57,486 57,772 18,158 13,23


0
 Telephone directory 70,995 60,583 26,954 17,692
 Engineering and construction 36,308 44,969 10,818 9,423
 Computer systems 38,824 36,791 8,489 9,162
 Equity in income of
 joint ventures (A) 6,807 8,146 288 279
 Gain on the settlement
 of litigation (B) -- 6,658 -- --
 Interest and other income,
 net - (C & F) 3,074 2,696 454 779
 Elimination of intersegment
 revenues (4,314) (4,268) (1,513) (728)
 Total $530,567 $483,632 $148,827 $124,099
 Income (loss) before income
 taxes and extraordinary items:
 Operating profit (loss):
 Technical services and
 Temporary personnel (D) 5,955 2,712 2,624 1,936
 Electronic publication and
 typesetting systems (B) 1,054 10,541 1,707 (776)
 Telephone directory (D) 6,544 3,120 3,827 2,273
 Engineering and construction (2,885) (6,570) (598) (1,476)
 Computer systems 2,043 934 148 433
 Eliminations (346) (941) (126) 24
 Total operating profit 12,365 9,796 7,582 2,414
 Equity in income of
 joint venture (A) 6,807 8,146 288 279
 Interest and other income,
 net (C & F) 3,074 2,696 454 779
 General corporate expenses (9,031) (9,014) (2,160) (2,008)
 Interest expense (11,569) (13,355) (2,860) (3,102)
 Foreign exchange gain - net 129 605 (45) 169
 Income (loss) before income
 taxes and extraordinary items 1,775 (1,126) 3,259 (1,469)
 (A) -- Due to a change from a partnership to a corporate joint venture in Australia, the equity in the net income of joint ventures is reduced in fiscal 1992 by Australian income tax provisions of $4,765,000 ($.65 per share) and $727,000 ($.10 per share) for the fiscal year and fourth quarter, respectively.
 (B) -- The results of fiscal 1991 include the successful settlement of a verdict awarded to the company. Net of legal expenses, the settlement favorably impacted the electronic publication and typesetting systems segment by $6,658,000.
 (C) -- The results of fiscal 1992 include gains on the sales of securities of $541,000 ($.11 per share). The results of fiscal 1991 include losses on securities of $910,000 ($.17 per share) which includes an unrealized loss of $335,000 ($.07 per share) in the fourth quarter to reduce equity investments to market value.
 (D) -- The results of fiscal 1992 include a first quarter reversal of a portion of prior year's business tax expenses which favorably impacted the operating profit of the technical services and temporary personnel segment by $1,070,000 ($.15 per share) and a fourth quarter cost of $722,000 ($.10 per share) relating to a portion of a facility no longer being utilized which reduced the operating profit of the telephone directory segment.
 (E) -- In July 1991, the Internal Revenue Service concluded its examination of the company's tax returns for the fiscal years 1980 through 1988. Accordingly, $1,473,000 ($.30 per share) included in the liability for income taxes at Nov. 2, 1990, applicable to such years in excess of the amount payable as a result of the examination, has been included as a tax benefit for the fiscal year ended Nov. 1, 1991, including $430,000 ($.09 per share) in the fourth quarter.
 (F) -- The extraordinary items are gains due to retirements, at a discount, of $3,570,000 face value of the company's 12-3/8 percent subordinated debentures for fiscal year ended Nov. 1, 1991. Other income in the 1991 fiscal year and fourth quarter includes a $288,000 gain ($.04 per share) applicable to the retirement, at a discount, of $2,330,000 face value of the company's 12-3/8 percent subordinated debentures.
 -0- 1/5/93
 /CONTACT: James J. Groberg, 212-704-2480, or Jack Egan, 212-704-7970, both of Volt Information Sciences, Inc./
 (VOLT)


CO: Volt Information Sciences, Inc. ST: New York IN: SU: ERN

TS-OS -- NY045 -- 1761 01/05/93 13:05 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 5, 1993
Words:1090
Previous Article:WINTHROP RESOURCES ANNOUNCES TWO MAJOR NEW CONTRACTS
Next Article:JURY AWARDS ASBESTOS VICTIM'S WIDOW OVER $800,000
Topics:


Related Articles
VOLT INFORMATION SCIENCES ANNOUNCES SECOND QUARTER AND SIX MONTHS 1992 RESULTS OF OPERATIONS
VOLT INFORMATION SCIENCES, INC. ANNOUNCES THIRD QUARTER AND NINE MONTHS 1992 RESULTS OF OPERATIONS
VOLT INFORMATION SCIENCES, INC. ANNOUNCES FIRST QUARTER 1993 RESULTS OF OPERATIONS
HOSPITAL STAFFING SERVICES REPORTS YEAR-END RESULTS Company Reports Fourth Quarter Pre-Tax Profits
VOLT INFORMATION SCIENCES, INC. ANNOUNCES RECORD FOURTH QUARTER AND FISCAL YEAR 1994 EARNINGS PER SHARE
VOLT INFORMATION SCIENCES, INC. ANNOUNCES RECORD FIRST QUARTER 1995 EARNINGS PER SHARE
VOLT INFORMATION SCIENCES, INC. ANNOUNCES RECORD FOURTH QUARTER 1995 EARNINGS
Volt Information Sciences, Inc. Announces Record Fourth Quarter And Fiscal Year 1996 Results
Volt Information Sciences, Inc. Announces Record Fourth Quarter and Fiscal Year 1997 Results
Volt Information Sciences, Inc. Reports Second Quarter and Six Months Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters