SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): April 15, 1998
VOLT INFORMATION SCIENCES, INC.
(Exact Name of Registrant as Specified in Its Charter)
New York 1-9232 13-5658129
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1221 Avenue of the Americas, New York, New York 10020
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(Address of Principal Executive Offices) (Zip Code)
(212) 704-2400
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On April 15, 1998, the Company issued a press release reporting that
the Company's second quarter financial results would not meet the Company's
expectations. A copy of the press release is attached to this Form 8-K as
Exhibit 99.01.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial statements of business acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
(c) Exhibits:
99.01 Volt Information Sciences, Inc. Press Release
dated April 15, 1998.
S I G N A T U R E
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 hereunto duly authorized.
VOLT INFORMATION SCIENCES, INC.
Date: April 16, 1998 By: /s/ James J. Groberg
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James J. Groberg, Senior Vice
President
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EXHIBIT INDEX
Exhibit
Number Description
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99.01 Volt Information Sciences, Inc. Press Release dated April 15,
1998.
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FOR IMMEDIATE RELEASE
CONTACTS: James Groberg Stacy Lipschitz
Senior Vice President Ruder Finn, Inc.
(212) 704-2480 (212) 583-2757
[email protected] [email protected]
VOLT INFORMATION SCIENCES, INC. SAYS SECOND QUARTER
RESULTS WILL NOT MEET COMPANY'S EXPECTATIONS
NEW YORK, NY, April 15, 1998 -- Volt Information Sciences, Inc. (NYSE: VOL),
announced today that results for the second quarter would not meet the company's
expectations and would be significantly lower than the comparable 1997 period.
William Shaw, president of Volt, said that "While overall top line growth
continues favorably, it is difficult to predict whether or not the year end
results will exceed last years'." Volt expects to announce earnings for the
second quarter ending April 30, 1998 in the last week of May or the first week
of June.
Mr. Shaw stated that a series of factors affecting several segments of the
Company will result in the lower second quarter results. Continued acquisitions
of national contracts by the Staffing Services segment has resulted in
significantly higher overhead costs, including the opening of new offices to
service those accounts prior to the build-up of revenue, and has prevented an
expected increase in operating earnings for that segment in the quarter. In
addition, the Staffing Services segment has seen a softening of the commercial
staffing business from some of its major customers, resulting partly from the
Asian economic crisis, and has incurred higher costs of recruiting because of
the low U.S. unemployment rate.
Mr. Shaw also stated that "the results of the Telecommunications Services
segment for the quarter were affected by the severe storms caused by El Nino, as
well as a slowdown in a major telecommunications project by one of the segment's
largest customers." He also noted that certain revenue that was expected by
several of Volt's other telecommunications divisions has been delayed to later
quarters.
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.
This report contains forward-looking statements which, in addition to assuming a
continuation of the degree and timing of customer utilization and rate of
renewals of contracts with the Company at historical levels, are subject to a
number of known and unknown risks that, in addition to general economic
competitive and other business conditions, could cause actual results,
performance and achievements to differ materially from those described or
implied in the forward-looking statements. Additional information concerning the
factors that could cause actual results to differ materially from those in the
forward-looking statements is contained in Company reports filed with the
Securities and Exchange Commission, such as the Company's Annual Report on Form
10-K for the fiscal year ended October 31, 1997 and Quarterly Report on Form
10-Q, which may be updated and supplemented in future SEC filings.
