Volt Information Sciences Inc. (NYSE MKT:VISI) Q4 2018 Earnings Conference Call - Final Transcript

Jan 09, 2019 • 04:30 pm ET


Volt Information Sciences Inc. (NYSE MKT:VISI) Q4 2018 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Volt Information Sciences, Inc. Fourth Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

I'd now like to turn the conference over to your host, Lasse Glassen. Thank you. You may begin.

Lasse Glassen

Good afternoon, and thank you for joining us today for Volt Information Sciences fiscal 2018 fourth quarter and full-year earnings conference call. On the call today are Linda Perneau, President and Chief Executive Officer; and Paul Tomkins, Senior Vice President and Chief Financial Officer.

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's available on Form 8-K with the SEC and in the Investors section of the Volt's website at www.volt.com.

Before beginning today's call, let me remind you that some of the statements made today will be forward-looking and are made under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected or implied due to a variety of factors. We refer you to Volt Information Sciences' recent filings with the SEC for a more detailed discussion of the risks that could impact the Company's future operating results and financial condition.

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 President and CEO Linda Perneau. Linda?

Linda Perneau

Thank you Lasse. Good afternoon, and thank you for joining us today for our fiscal 2018 fourth quarter earnings conference call. I'll begin today's call with an overview of our fourth quarter financial performance, along with some of the operational highlights that have me pleased with the progress we are making. Paul Tomkins, our Chief Financial Officer, will then discuss additional details about our fourth quarter financial results, including an update on our liquidity position.

I will keep my remarks fairly brief today, as many of you heard from me just four weeks ago on a call we hosted to provide investors with a better understanding of the significant changes taking place at Volt. And you had the opportunity to hear directly from some of the experienced industry executives now leading the business. If you have not yet had a chance to listen, I would highly encourage you to visit our Investor Relations website where a link to the replay is posted.

Turning to our fourth quarter results, overall, we enjoyed an extremely productive fourth quarter highlighted by improvement in same-store revenue, gross margin expansion, and careful expense management, all of which collectively resulted in significant growth in adjusted net income from continuing operations. At the top line, we are beginning to realize the benefits from changes to our