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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 31, 1995
VOLT INFORMATION SCIENCES, INC.
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(Exact name of registrant as specified in its charter)
New York 1-9232 13-5658129
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(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation) Number) Identification No.)
1221 Avenue of the Americas, New York, New York 10020
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 704-2400
Not Applicable
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(Former name, former address and former fiscal year, if changed since last
report)
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Item 5. Other Events
A. Securitization Increase
On March 31, 1995, the Company increased its accounts receivable securitization
program to $45,000,000 from $25,000,000 and extended the program through March
15, 1998, although it remains subject to earlier termination on six months'
notice. Under the program, accounts receivable are sold to Omnibus Funding
Corporation and used as collateral for the issuance by Omnibus of short-term
commercial paper notes. To date, the Company has sold $10,000,000 of accounts
receivable under this program and, as discussed below, an additional
$10,000,000 will be sold to fund the redemption of a like amount of the
Company's 12-3/8% Senior Subordinated Debentures due July 1, 1998, leaving
$25,000,000 of accounts receivable available for future sale under the program
for general corporate purposes, as required. The additional receivables made
available for the program result from the continuing expansion and growth of
the Company's businesses, particularly in the Technical Services and Temporary
Personnel segment.
B. Debenture Redemption
On April 4, 1995, the Company called for the early redemption on May 8, 1995 of
$10,000,000 of its 12-3/8% Senior Subordinated Debentures, due July 1, 1998, at
par plus accrued interest. Debentures to be redeemed will be selected by lot
by BankAmerica Trust Company of New York, Trustee for the Debentures. After
giving effect to the redemption, $22,855,000 of the Debentures will remain
outstanding from the original $80,000,000 issue.
Interest on the $10,000,000 of Debentures will cease to accrue on and after May
8, 1995 and annual interest expense, net of related securitization costs, based
on current commercial paper rates, will be reduced by approximately $600,000
pretax, or $.07 per share net of taxes.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
VOLT INFORMATION SCIENCES, INC.
(Registrant)
BY /s/ Howard B. Weinreich
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April 18, 1995 Howard B. Weinreich
General Counsel
