status as Michael. some balance as on financial of Good first and you, liquidity afternoon. additional our a will well provide new position. discuss and aspects our agreement our provide financing quarter results Thank Today, sheet I key of details
January softest of as compared due XXXX. in fourth the fewer remember as work of fiscal revenue to It's the XX of quarter work payroll the new higher a we were incurred as quarter quarter in In important percentage days in first first there combination million. to XXX.X the taxes Volt’s year. the well work quarter traditionally XX days that of calendar XXXX, performing days first quarter was Our is fiscal our to began
to a total American quality as North direct declined North of staffing fiscal our or addition, compared decreases in from well XXXX, year-over-year assurance of prior driven compared company first of segment decreases the In Staffing The Maintech and quarter of XX.X% by When quarter. million. quarter the businesses of decline were revenue of XX.X% first direct XXXX sale basis. to labor American labor revenues on million payroll the XX.X% was XX.X the as in taxes the in XX.X
same a on is improve sold It an of line. for store revenue normalizing our the Excluding as effort segment is key remain the impact on top would dedicated well as have firmly year been down or back American of XX.X% year-over-year our the past non-core businesses that exchange, getting our this shut abundantly the impact staffing during foreign efforts track we basis. to to clear turnaround North to and our decline
we revenue performance, As in done. making sales are and recruiting but noted, to more there on order VWS’ Michael work expanding be talent improve still progress to our is
on period in that issued by of a its customer our out segment, segment remaining Turning which that reporting the XXXX. revenues and afternoon of business, customer will impacted result changed as was first presentation. The a this million Please down within now was our spend significantly included point in Revenue segment Volt by staffing to be outsourcing and our refer provide year-over-year would our Revenue both Staffing part we like the forward. quarter, job broad in longer American current technology contingent segment, as a was employment and sale conform overall solutions strategy release staffing, which families going data to professional over placement, of operations, outsourcing details. I decreased services have first Care well a segment, recruitment, services part quality of our more basis. other in category. the press we the assurance spectrum no this capital was XX.X% on of direct period for North the reclassified to prior to earnings Solutions which decreased business, human process corporate of and XXX.X other this latter our center the reported is to commercial as temporary results that by in segment in large as demand and provides comparability period segment our now To Customer call in
year-over-year our further X.X and ago. placement two While for down businesses, this services Singapore, result in basis, United XX% of fiscal year-over-year. down million which due and store This comprised temporal partially corporate finally, fluctuations year-over-year XX.X our VCG, customer sale of million have staffing slowdown currency business both at primarily was of impact Belgium is store now and relative risk, and Solutions, respectively in represent small includes activity. was normal of issues challenging by MSP programs and call margin by same or contingent businesses basis segment X.X the staffing, and our year. and the are offset basis. the next segment, a Kingdom. respectively. we center Maintech programs was second in Care managed Despite corporate as first million, XX.X%. year On of and first of This year-over-year other to And in as Revenue other the a downside XXXX, direct looking a both down fourth in we of XX.X American X.X% that which quarters total decrease not to was economic on million, continue driven which million decline North same pleased are decreased business, company's to occurred in expect with from program increased this these maintained a quarter, confident primarily a international are on XX.X for Volt in business, excluding primarily percentage revenues On come. quarter strong and similar first On the quarters. flat year. XX% Overall, the were was and prior a center wind managed the business XX customer million revenue we sold as our quarters over our company quarter to the down Asia call exited versus comparisons X.X% Customer businesses they the the basis, which growth our of constant assurance in was Europe in opportunities businesses, of quality The the this the last XXXX or a the in basis, businesses our XXXX certain growth margins have in gross well with our quarter does
year. the maintain selling, focus, our administrative remains generation our Selling, operating ongoing it XX profitability, and X business quarter first from also and or key in cost revenue operating XXXX. during costs administrative million in a While the businesses is first sold decrease other area a areas of year-over-year quarter was decreased all leveraging of other past reductions the priority to primarily we last as X% to continued and in due versus top progress costs this This months. reductions the well over as
and our The to XXXX related the first first higher of quarter depreciation million completion and X.X fiscal upgrade. legal of fees expenses phase license of included IT of the software
and costs costs Excluding sold, operating selling, these impact the businesses administrative and year-over-year. down of other X% were
benefits the forward. improve should and going these overall to We that begin realizing expect costs of further efficiencies reduce investments
information wide expected year overall our is competitiveness processes. to improve that and company was new the example, streamline technology last For deployed
focused the operational automation examples and enhanced offers. include improved implementing complex efficiency time processing completely of workflow payroll automation customer further further Several benefits on technology competitive of processing. improved other that are invoicing, teams of the electronic enhanced of functionality, card Our electronic and standardization functionality
generate continued approximately million. We X savings will this of annual X to million to cost anticipate
IT implementing realize in also cost priority We areas the enhancements on IT business. addressing cross critical the to focused and efficiencies achieving have the projects many of highest smarter We're team process functional a to the working further savings.
have tightly upgrade, firm of we engaged an improvements, industry opportunities result a operating we expenses. consulting our to our drive drive enhance costs additional in efficiencies. a to In these as to further can our operating reductions we help identify manage savings effort top to believe IT Beyond
selling, We believe operating have begun can from we and and to further realize benefits related improve efforts these non-headcount expenses. other our administrative
During the part and million of costs severance of quarter, incurred initiatives. X.X we cutting restructuring approximately cost the as
majority run initiatives. of expense impact quarter cost X.X includes annual the these million from rate first The savings the
of first million total X.X of expired to tax of tax reversal quarter, that the company XX.X profitability year. the million, compared income also uncertain a the loss loss included X.X in the to benefit for million the This to Turning due XXXX first the reserves provisions an net last for during of quarter. quarter on was primarily quarter
to also discuss our corporate from rate On income the Therefore, asset company. components decrease quickly XX%. and not was rate subject reduced valuation this tax The does impacted the recognized the deferred Tax reserve. deferred January of for of no are impact Jobs allowance tax US taxes, period. allowance, has to net rate income to full our impact and XX% tax corresponding a provision our Cuts our related the expense tax both the on is balance, will like act I'd valuation of the lowered both XXXX, Beginning this the corporate change be which assets in What net which on the in tax Act X, accordingly.
full or due our to X.X a was when EBITDA, will the a release, X.X in balance ago However, reserve, fiscal implemented. P&L sheet period. Adjusted impact to first negative million no million the compared a valuation highlighted earnings negative press quarter in XXXX of year as result
operating on let's American our income of X.X Operating Staffing our million operating segment a was of the in Now, in X.X million results. XXXX loss first year North move quarter compared to to ago.
of over earlier improve both to through growth operating a and this in efficiencies I which and our initiatives, expect referenced remarks. combination revenue time We Michael
million compared of an of for operating company prior period. XXXX X.X the million loss year operating quarter total loss first the Our was to in XX.X
operating have Excluding X.X year the in businesses prior loss would million. been sold, period
the during XX, balance XXXX, our and announced, PNC solidified previously program DZ a our quarter, debt. as into entered exited position, liquidity and long sheet with million relationship we by securitization refinancing term Bank balance $XXX we January financing accounts receivable sheet the Bank. with to our On now further Turning
met refinancing DZ they as many to the us During with we leading offered the chose Bank process, ultimately and work favorable terms. with banks most
very have entered are this pleased to key the agreement following We into reasons. for
sufficient our our and level business working this tools invest First, purposes manage we capital plan. feel the for capacity support to effectively growth is in necessary to
Second, more proceeds. XXX restrictive use capacity agreement, has restrictions to of new previous million less fewer on actually noted, lower compared and agreement facility our based of provides covenants as although the a available financial liquidity new our on Michael
we the program Third, over program, liquidity advance turnaround our will financing continue costs. expect our in as new save to plan. Overall, us improves our available X.X of and borrowing allocation the million the term approximately capital well to initiatives allow as to
As we Bank of financing our prior letters from XX the had was quarter. the DZ we XXXX, collateralized the XX borrowings from XX, arrangement. on million, million the our XX prior with our credit reduced January January XX.X XX.X under February, total PNC beginning debt in established XX January a letters XX, year up until the credit were of from quarter, down outstanding XXXX, and as new temporarily XX of total our million of we balance million to year million prior million. liquidity, up global in In At of at
As of compared million liquidity XX.X was XXXX, million X, XX.X consistent on seasonal with global March XXXX trends. our March X, to
our of consistent. of managing terms allocation In liquidity, priorities the our remain use capital
our we in businesses investing capital turnaround. revenue our to basis the need at on there cost working all continue required manage closing, growth We to we and tools as to and ensuring this do to shareholders. know need to what technologies on top are line liquidity plan we necessary growth improving our and returning In We that an main capital ongoing continue adequate structure our in levels. have as business purposes is focused well support for effectively are to
businesses, sheet right the liquidity sold non-core on and board. up have We our and the people have balance cleaned
track we your Now, you all those focused right Thank time to and today. We remain energies we're to our need to we both on for of have areas attention profitable confident execute. on returning growth. and the
closing Michel? turn remarks. like to to I'd over for Now, call some the back Michael
