Recent VOLT transcripts
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Lasse Glassen | IR |
Michael Dean | President and CEO |
Paul Tomkins | SVP and CFO |
Greetings and welcome to the Volt Information Sciences, Inc First Quarter 2018 Earnings Call. [Operator Instructions].
As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Lasse Glassen with Investor Relations. Please go ahead.
you XXXX us call. first thank Information for and fiscal Sciences’ quarter afternoon for today joining Volt Good earnings conference
the Senior Michael Officer is Financial call and On Executive Chief Officer. Dean, and President Vice President Tomkins, and Chief Paul today
of condition. today’s Private you some Before results Act XXXX. Securities statements more or factors. Information that the will our financial GAAP which measures today’s With Volt’s company’s projected for from Litigation in call, financial on implied to useful measures, of CEO, with included those are over results a variety Also the the and reference earnings believe to Dean. afternoon, President may refer non-GAAP issued due me be now A this future turn Actual call Volt will We Reform speakers will to today Michael? it’s forward-looking provide is investors. those Sciences’ pleasure to we let differ made the the to Michael that, XX, you the remind information SEC release XXXX. detailed and risks beginning filings and press March call, recent that impact for could certain of made under on a materially my reconciliation the of operating discussion
results, today's call. from begin joining for results our today then quarter our I’ll position. Paul along us Officer ongoing with sheet fiscal on of on Good our for update efforts. discuss quarter first including Thank Chief you Lasse. first earnings thank details our past update you, will conference our liquidity balance and afternoon an this XXXX an additional with our an call overview and about Tomkins, quarter financial turnaround Financial business
basis in XX and divested a to fluctuations our performance, the the we foreign revenue the net prior quarter, prior ago, a single was a excluding Similar XX.X% revenues segment. decreased on American quarter $XXX.X months same North over related the large in businesses exited rates. at of lower or a million of to versus portion first decline significant from currency store Staffing year Looking exchange year-over-year our customer excluding
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discuss cost as which initiatives are well will We working with technology on efficiencies underway, associated other actively reduction cost Paul our upgrade savings from as gained further.
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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
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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
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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
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generate continued approximately million. We X savings will this of annual X to million to cost anticipate
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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
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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.
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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
Board on Thank fourth and in you, growth. and team continues our company's to plan of a in the Directors again and call of value reiterated range When management options last Paul. of VMC quarter advance review year sale the senior to we October drive for announced broad both mid-January, shareholder late
opportunities appreciate management to As shares. to for you this discuss similar take communication believe significantly potential prepared again to opportunities To have you look you continue that not specific to And a stock best in with result, we fiscal look board June. our is call, in with last our while quarter accordingly or report, and second until questions buying be the for company, results call, report it remarks, and in our in after interest to earnings these speaking undervalued, our on us will but to actions I'm today we from restricted we news near today. advance. potential the is support Thank sure can further you. shareholders' shareholders future. forward your thank regarding when not we everyone the XXXX We forward joining these
concludes today's This conference.
Thank disconnect you this time. at You your may for participation. your lines
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