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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): January 9, 1997
VOLT INFORMATION SCIENCES, INC.
(Exact name of registrant as specified in its charter)
New York 1-9232 13-5658129
(State or other jurisdiction Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
1221 Avenue of the Americas, New York, New York 10020
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 704-2400
Not Applicable
(Former name, former address and former fiscal year, if changed since
last report)
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Item 5. Other Events
Volt announced the sale of its interest in its Brazilian Joint Venture,
Telelistas, S.A., (Telelistas) to a Brazilian company affiliated with its Joint
Venture Partner in an all cash transaction.
Volt received approximately $3 million in excess of its carrying value in
TeleListas. Volt will continue to be a guarantor of certain TeleLista's
obligations which mature over the next twelve months aggregating approximately
$8.7 million, and, accordingly Volt has deferred recognition of any gain. The
obligations to which Volt is guarantor are secured by the accounts receivable of
Telelistas.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(a) Financial Statements:
None
(b) Pro Forma Financial Information:
None
(c) Exhibits:
99.1 Company's Press Release dated January 9, 1997
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SIGNATURE
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/JACK EGAN
--------------------------------
January 22, 1997 JACK EGAN
Vice President - Corporate Accounting
(Principal Accounting Officer)
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Exhibit Index
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Exhibit No. Description Page No.
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99.1 Company's Press Release dated January 9, 1997 5
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FOR IMMEDIATE RELEASE
Contacts: James J. Groberg, Senior Vice President Emmanuelle A. Thiney
Volt Information Sciences, Inc. Ruder Finn, Inc.
(212) 704-2400 (212) 715-1549
[email protected] [email protected]
Jack Egan, Vice President
Volt Information Sciences, Inc.
(212) 704-2400
[email protected]
VOLT SELLS INTEREST IN BRAZILIAN JOINT VENTURE
NEW YORK, NY, January 9, 1997 - Mr. William Shaw, President of Volt Information
Sciences, Inc. (NASDAQ: VOLT), announced today the sale of its interest in its
Brazilian joint venture, TeleListas, S.A., ("TeleListas"), to a Brazilian
company affiliated with its joint venture partner in an all cash transaction.
Mr. Shaw previously announced that a contract for the sale had been entered into
in a press release on December 20, 1996. TeleListas is the official publisher of
telephone directories in Rio de Janeiro for the government-owned telephone
company.
Volt received approximately $3 million in excess of its carrying value in
TeleListas. Volt will continue to be a guarantor of certain of TeleListas'
obligations which mature over the next twelve months, aggregating approximately
$8.7 million, and, accordingly, Volt has deferred recognition of any gain. The
amount deferred will be taken into income as the obligations guaranteed are
repaid. The obligations to which Volt is guarantor are secured by the accounts
receivable of TeleListas.
The income of TeleListas for the period November 1, 1996 through the date of the
sale will be reported by Volt as equity in income of joint ventures in its
quarter ended January 31, 1997.
Volt Information Sciences, Inc. operates a technical services and temporary
staffing business, provides varied services to the telecommunications industry,
and furnishes electronic prepress equipment and services to the print media
industry.
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