- Volt Information Sciences down (VISI -6.9%) as Q3 earnings came in below expectations.
- Revenue declined 9.6% Y/Y to $233.2M and 7.1% on a same-store basis, however, overall gross margin improved 120bps to 15.3%, driven by improved customer pricing and lower payroll taxes.
- Posted narrower net loss of $6.1M compared to 11.4M last year and operating loss lowered to $4.8M from $8.9M
- Subsequent to quarter-end, appointed Herb Mueller as SVP & CFO and Bob Houghton as Chief Information Officer
- For Q4, the Company expects same-store revenues to be ~4%– 6% below Q4 2018; also, expects sequential and Y/Y improvement at the EBITDA line.
- Previously: Volt Information Sciences EPS misses by $0.09, misses on revenue (Sept. 5)