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

Mar 06, 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' First Quarter 2019 Earnings Call. At this time, all participants are in a listen only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Lasse Glassen, Investor Relations for Volt Information Sciences. Thank you, sir. You may begin.

Lasse Glassen

Good afternoon, and thank you for joining us today for Volt Information Sciences' fiscal 2019 first quarter 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. A question-and-answer session will follow their prepared remarks. By now, everyone should have access to the news release, which was issued after the market closed today. If you've not received the release, it is available on Form 8-K filed with the SEC and in the Investors section of Volt's website at www.volt.com.

Before beginning our prepared remarks, 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 2019 first quarter earnings conference call. I'll begin today's call with an overview of our first quarter financial and operational performance as well as our key strategic priorities for fiscal 2019. Paul Tomkins, our Chief Financial Officer, will then provide additional details about our first quarter financial results, including an update on our liquidity position.

We are off to a good, reassuring start in fiscal 2019 as solid execution drove improved performance in virtually every key financial and operational metric. I am pleased to report that for the first time in 26 quarters, we generated total company year-over-year growth in net sales. I attribute this growth largely to actions we initiated last year within our North American Staffing segment, all designed to improve our sales engine and strengthen service delivery.

On a same-store basis, which excludes a business exited and the impact of foreign currency fluctuations, total company revenues expanded by nearly 1%. This marks the first quarter of year-over-year growth at Volt since fiscal 2012. Considering that just one year ago, we recorded a 10.5% year-over-year revenue decline, returning Volt to a growth trajectory in Q1 after just three full quarters