Volt Information Sciences Inc. (NYSE MKT:VISI) Q3 2018 Earnings Conference Call - Final Transcript

Sep 06, 2018 • 04:30 pm ET


Volt Information Sciences Inc. (NYSE MKT:VISI) Q3 2018 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Volt Information Sciences' Incorporated Third Quarter 2018 Earnings Conference Call. At this time all participants are in a listen-only mode. (Operator Instructions) As a reminder, this conference is being recorded. I'd now like to turn the conference over to your host, Lasse Glassen, IR.

Lasse Glassen

Good afternoon and thank you for joining us today for Volt Information Sciences Fiscal 2018 Third Quarter Earnings Conference Call. On the call today are Linda Perneau, Interim CEO and President of Volt Workforce Solutions; and Paul Tomkins, SVP and CFO. By now, everyone should have access to the news release, which was issued after the market close today. If you have not received the release it is available on Form 8-K with the SEC and in the Investors section of both website at www.volt.com.

In addition, as part of our efforts to improve the quarterly financial disclosures also posted in the Investors section of the website as a supplemental slide presentation accompanying today's call.

(Forward-Looking Cautionary Statements)

Also on today's call, our speakers will reference certain non-GAAP financial measures, which we believe will provide useful information for investors. A reconciliation of those measures to GAAP is included in the earnings press release issued this afternoon.

With that it's now my pleasure to turn the call over to Volt's Interim CEO and President of Volt Workforce Solutions, Linda Perneau. Linda?

Linda Perneau

Thank you, Lasse. Good afternoon, and thank you for joining us today for our fiscal 2018 third quarter earnings conference call. I'll begin today's call with a brief update on our previously announced strategic alternatives review and overview with my background and highlights of my initial observations over the last 12-weeks. Paul Tomkins, our CFO will then discuss additional details about our third quarter financial results including an update on our liquidity position. I will conclude with the detailed update on our plan to drive profitable growth.

When I first spoke to you on our earnings call last quarter, I had been with Volt for approximately one week and had been appointed Interim CEO about 24 hours earlier. During that same time period, the company announced it was fully engaged in a process to evaluate potential strategic alternatives to maximize shareholder value. The Board remains committed to this and is considering all options. My job however is to focus on running the business and return Volt to profitable growth.

To provide some background on my experience, I am a 25-year industry veteran, having worked at several of the industry's largest global companies. Throughout my career, I had a strong track record of building high performance teams that meet and exceed financial goals and expectations. I have successfully turned around several underperforming staffing businesses and consistently delivered on growth and results. Since being at Volt, I have been wearing many hats over the last 12 weeks. Interim CEO, President of VWS and leader of multiple field geography operations.

In each of these capacities I have spent a significant amount of time with a