Additional information related to the Merger Agreement can be found within the Form 8-K filed by the Company on March 14, 2022. The merger agreement was approved by Volt’s board of directors, which recommends that Volt stockholders tender their shares in the tender offer. Vega will commence a tender offer no later than March 25, 2022, to acquire all outstanding shares of Volt for $6.00 per share in cash. This per share purchase price represents a premium of 99% to the Company’s closing stock price on March 11, 2022. (“Vega”), an affiliate of ACS Solutions, a global provider of information technology solutions and services ( announced on March 14, 2022, that Volt and Vega entered into a definitive merger agreement under which Volt will be acquired for $6.00 per share in cash. The increase was primarily attributable to higher labor costs, professional fees and depreciation expense.Īdjusted EBITDA, which is a Non-GAAP measure, was $2.9 million for the first quarter of fiscal 2022, compared to $0.9 million in the prior-year quarter. SG&A expense was $35.0 million, or 15.4 percent of revenue, a $1.2 million increase from the prior-year quarter. The increase is primarily attributable to improved margins and higher direct hire revenue in our North American and International Staffing segments. Gross margin was 15.5 percent of revenue, a 50 basis-point increase from the prior-year quarter. North American MSP revenue was $9.7 million, a slight increase from the prior year quarter, primarily attributable to increased demand in its payroll service business offset by a decrease in managed service revenue. Adjusted Revenue increased 12.3 percent year over year primarily due to increased direct hire revenue in the United Kingdom and Singapore, as well as increases in other staffing business in France, Belgium and the United Kingdom. International Staffing revenue was $26.0 million, compared to $24.0 million in the prior-year quarter. The increase is primarily attributable to business wins in a combination of retail and mid-market clients, combined with the expansion of business within existing clients and improvements in direct hire revenue. North American Staffing revenue was $191.2 million, a 3.8 percent increase compared to $184.2 million in the prior-year quarter. “We remain confident that with the steady execution of our strategic initiatives and continued heightened demand for our workforce solutions, we will see similar momentum in our second quarter.” Our consistent performance demonstrates our business strategies are sustainable,” said Linda Perneau, President and Chief Executive Officer. “I am very pleased with yet another quarter of strong performance, propelling our positive growth trajectory despite the labor supply challenges. If you are good with personal finance and are looking to invest, you will find the Volt Information Sciences on NYSE MKT stock exchange.* Adjusted Revenue, Adjusted EPS and Adjusted EBITDA are Non-GAAP measures described and defined below. Trading in bull markets is always easier so you might want to favor these shares under the given circumstances, but always read up on optimal investment strategies if you are new to investing. Since this share has a positive outlook we recommend it as a part in your portfolio. Our Ai stock analyst implies that there will be a positive trend in the future and the VOLT shares might be good for investing for making money. Currently there seems to be a trend where stocks in the Industrials sector(s) are not very popular in this period. According to present data Volt Information Sciences's VOLT shares and potentially its market environment have been in bearish cycle last 12 months (if exists). Recommendations: Buy or sell Volt Information Sciences stock? Wall Street Stock Market & Finance report, prediction for the future: You'll find the Volt Information Sciences share forecasts, stock quote and buy / sell signals below.
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