Volt Information Sciences, Inc. (VISI) saw its loss narrow to $0.85 million, or $0.04 a share for the quarter ended Apr. 30, 2017. In the previous year period, the company reported a loss of $1.78 million, or $0.09 a share. On an adjusted basis, net loss for the quarter was $6.07 million, when compared with $2.50 million in the last year period. Revenue during the quarter dropped 9.71 percent to $303 million from $335.58 million in the previous year period. Gross margin for the quarter expanded 21 basis points over the previous year period to 15.55 percent. Operating margin for the quarter stood at negative 0.20 percent as compared to a positive 0.35 percent for the previous year period.
Operating loss for the quarter was $0.60 million, compared with an operating income of $1.17 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $1.91 million compared with $2.04 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 0.63 percent for the quarter compared to 0.61 percent in the last year period.
Commenting on Volts second quarter performance, Michael Dean, president and chief executive officer, said, "Volt had a productive second quarter, with progress in several key aspects of our business. I am pleased with our ongoing efforts to strengthen our balance sheet as evidenced by further reductions in total debt and improvements in our liquidity position. During the quarter, we completed the previously announced sale of our last remaining non-core business, Maintech, and also received payment from the IRS on our long-standing tax refund. We also continue to benefit from our ongoing focus on higher margin business with second quarter gross margins expanding on both a sequential quarter and year-over-year basis. In addition, we expect to improve our competitive position and operational efficiencies with new information technology that we successfully deployed in the quarter."
Operating cash flow improves significantlyVolt Information Sciences, Inc. has generated cash of $11.80 million from operating activities during the first half, up 374.05 percent or $9.31 million, when compared with the last year period. Cash flow from investing activities was $9.43 million for the first half, down 65.77 percent or $18.12 million, when compared with the last year period.
The company has spent $7.78 million cash to carry out financing activities during the first six months as against cash outgo of $15.83 million in the last year period.
Cash and cash equivalents stood at $20.74 million as on Apr. 30, 2017, down 10.48 percent or $2.43 million from $23.17 million on May 01, 2016.
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