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 | ) | |||||||||||
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 | ) | ||||||||||||
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 | |||||||||||||||
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 | ) | ||||||||||||
NET LOSS | $ | (21,049 | ) | $ | - | $ | (21,049 | ) | $ | (2,590 | ) | $ | (23,639 | ) | ||||||
PER SHARE DATA: | ||||||||||||||||||||
Basic: | ||||||||||||||||||||
Loss from continuing operations | $ | (1.01 | ) | $ | - | $ | (0.38 | ) | $ | (0.12 | ) | $ | (0.50 | ) | ||||||
Loss from discontinued operations | - | (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 | |||||||||||||||
Diluted: | ||||||||||||||||||||
Loss from continuing operations | $ | (1.01 | ) | $ | - | $ | (0.38 | ) | $ | (0.12 | ) | $ | (0.50 | ) | ||||||
Loss from discontinued operations | - | (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 |
VOLT INFORMATION SCIENCES, INC. AND SUBSIDIARIES |
Unaudited Non-GAAP Consolidated Statements of Operations |
For the year ended November 3, 2013 |
(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 | ||||||||||||||
Restatement, investigations and remediation | 24,828 | - | 24,828 | - | 24,828 | |||||||||||||||
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 | ||||||||||||||
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 | |||||||||||||||
LOSS FROM CONTINUING OPERATIONS | (30,875 | ) | 18,354 | (12,521 | ) | (6,297 | ) | (18,818 | ) | |||||||||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | - | (18,354 | ) | (18,354 | ) | - | (18,354 | ) | ||||||||||||
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 | $ | (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 | |||||||||
Other revenue | 218,526 | (99,679 | ) | 118,847 | - | 118,847 | ||||||||||||||
NET REVENUE | 2,246,127 | (99,679 | ) | 2,146,448 | (18,359 | ) | 2,128,089 | |||||||||||||
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 | ||||||||||||||
Selling, administrative and other operating costs | 310,847 | (26,897 | ) | 283,950 | - | 283,950 | ||||||||||||||
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 |