Volt Information Sciences, Inc. Reports Third Quarter Fiscal 2021 Financial Results

Reports Year-Over-Year Revenue Growth and Positive Net Income in Consecutive Quarters

Volt Information Sciences, Inc. (“Volt” or the “Company”) (NYSE-AMERICAN: VOLT) a global provider of staffing services, today announced financial results for the third quarter ended August 1, 2021.

Third Quarter Summary

  • Revenue was $217.5 million, a 17.0% increase compared to the third quarter of fiscal 2020; Adjusted Revenue* increased 15.5%.
  • Gross margin increased 50 basis points year over year to 16.6%.
  • GAAP operating income was $1.6 million, a $5.8 million improvement compared to the prior-year quarter; Adjusted Operating Income*, excluding impairment and restructuring charges, was $2.2 million.
  • GAAP EPS was $0.03 per diluted share compared to a loss of ($0.22) per share in the third quarter of fiscal 2020; Adjusted EPS* was $0.05 per diluted share.
  • Adjusted EBITDA* was $ 4.7 million, an increase of $3.7 million year over year.

* Adjusted Revenue, Adjusted Operating Income (Loss), Adjusted EPS and Adjusted EBITDA are Non-GAAP measures described and defined below.

“Our strong performance in the quarter again demonstrates the efficacy of our strategic initiatives, highlighted by year-over-year revenue growth and positive net income in consecutive quarters. Despite lingering Covid-related labor and supply chain challenges, we continued our momentum with broad-based improvements across our organization, further narrowing the gap to third quarter 2019 levels,” said Linda Perneau, President and Chief Executive Officer.

Ms. Perneau added, “We remain confident that the ongoing execution of our strategic initiatives solidifies our foundation for sustainable growth and profitability going forward.”

Third Quarter Results

North American Staffing revenue for the quarter was $179.4 million, as compared to $154.7 million for the third quarter of fiscal 2020. Revenue for this segment increased approximately 15.9 percent year over year. The increase is primarily attributable to business wins with a combination of retail and mid-market clients, combined with the expansion of business within existing clients.

International Staffing revenue for the quarter was $28.3 million, compared to $21.7 million in the prior-year quarter. Adjusted Revenue increased 17.3 percent year over year. The improvement is due to increases in payroll service and staffing business primarily in the United Kingdom and France and direct hire revenue in the United Kingdom and Singapore.

North American MSP revenue for the third quarter was $9.8 million, compared to $9.4 million in the prior-year quarter. The increase is primarily attributable to increased demand in its payroll service business.

Gross margin for the quarter was 16.6 percent of revenue, a 50 basis-point increase from the third quarter of fiscal 2020. The increase is primarily attributable to improved margins in our North American and International Staffing segments.

SG&A expense for the third quarter was $34.0 million or 15.6% of revenue, a $2.8 million increase from the prior-year quarter. The increase was primarily attributable to incentives on higher sales volume as well as higher labor and medical expenses. These increases were partially offset by lower facility costs.

Adjusted EBITDA, which is a Non-GAAP measure, was $4.7 million for the third quarter of fiscal 2021, compared to $1.0 million in the prior-year quarter.

2021 Earnings Conference Call and Webcast

Volt Information Sciences, Inc. will conduct a conference call on Monday, September 13, 2021, at 5:00 p.m. Eastern Time, to review the financial results for the third quarter ended August 1, 2021. A presentation supplementing the call can be accessed through the investor relations portion of the website. Investors interested in participating on the live call can dial 1-877-407-9039 within the U.S. or 1-201-689-8470 from abroad. The conference call, which may include forward-looking statements, is also being webcast and will be available via the investor relations section of the Company’s website at www.volt.com. A replay of the webcast will be archived on Volt’s investor relations website for 90 days.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to a number of known and unknown risks. Such risks include, among others, general economic, competitive and other business conditions (including the potential impact of the strain of coronavirus known as COVID-19 and related government actions on our operations as well as the operations of our customers), the degree and timing of customer utilization and renewal rate for contracts with the Company, and the degree of success of business improvement initiatives that could cause actual results, performance and achievements to differ materially from those described or implied in the forward-looking statements. Information concerning these and other factors that could cause actual results to differ materially from those in the forward-looking statements are contained in the “Risk Factors” and other sections of the Company reports filed with the Securities and Exchange Commission (“SEC”). You are cautioned not to place undue reliance on such statements and to consult our SEC filings for additional risks and uncertainties that may apply to our business and the ownership of our securities. Our forward-looking statements are presented as of the date made, and we disclaim any duty to update such statements unless required by law to do so.

Note Regarding the Use of Non-GAAP Financial Measures

The Company has provided certain Non-GAAP financial information, including Adjusted Revenue, Adjusted Operating Income (Loss), Adjusted EPS and Adjusted EBITDA, which include adjustments to our GAAP financial results. These measures are not in accordance with, or an alternative for, generally accepted accounting principles (“GAAP”) and may be different from Non-GAAP measures reported by other companies.

The Company believes that the presentation of Non-GAAP measures, including on a constant currency basis and eliminating (a) the impact of businesses sold or exited, (b) the impact from the migration of certain clients from a traditional staffing model to a managed service model and (c) special items provides useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations because they permit evaluation of the results of the Company without the effect of currency fluctuations, special items or the impact of businesses sold or exited that management believes make it more difficult to understand and evaluate the Company’s results of operations. Special items include impairments, restructuring and severance as well as certain income or expenses which the Company does not consider indicative of the current and future period performance and are more fully disclosed in the tables.

Adjusted Revenue is defined as revenue excluding businesses exited and the effect of foreign currency translation. The Company has also migrated certain clients from a traditional staffing model to a managed service model, resulting in the Company now managing a greater percentage of such clients’ business under its North American MSP. This shift provides increased opportunity for the Company with the relevant clients. However, due to the structure of MSP arrangements, revenue is recognized on a net basis, thereby reducing revenues on a comparative period basis. Beginning in the first quarter of 2020, the Company includes such delivery model shifts within the Adjusted Revenue measurement, as it provides a more comparable basis for evaluating performance results from period to period and reflects the method used by management to evaluate performance. A reconciliation is shown in the tables at the end of this press release.

Adjusted EBITDA is defined as earnings or loss before interest, income taxes, depreciation and amortization (“EBITDA”) adjusted to exclude share-based compensation expense as well as the special items described above.

Adjusted EBITDA is a performance measure rather than a cash flow measure. The Company believes the presentation of Adjusted EBITDA is relevant and useful for investors because it allows investors to view results in a manner similar to the method used by management.

Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, analysis of the Company’s results of operations and operating cash flows as reported under GAAP. For example, Adjusted EBITDA does not reflect capital expenditures or contractual commitments; does not reflect changes in, or cash requirements for, the Company’s working capital needs; does not reflect the interest expense, or the cash requirements necessary to service the interest payments, on the Company’s debt; and does not reflect cash required to pay income taxes.

Adjusted Operating Income (Loss) is defined as operating income (loss) excluding businesses exited.

The Company believes the presentation of Adjusted Operating Income (Loss) is relevant and useful for investors because it provides a more comparable basis to evaluate performance results and analyze trends from period to period in a manner similar to the method used by management.

Adjusted EPS is defined as earnings per share excluding impairment and restructuring charges. The Company believes that the presentation of Adjusted EPS is useful for investors since it removes certain special items which the Company does not consider indicative of the current and future period performance.

The Company’s computation of Adjusted Revenue, Adjusted EBITDA, Adjusted Operating Income (Loss) and Adjusted EPS may not be comparable to other similarly titled measures computed by other companies because all companies do not calculate these measures in the same fashion.

About Volt Information Sciences, Inc.

Volt Information Sciences, Inc. is a global provider of staffing services (traditional time and materials-based as well as project-based). Our staffing services consist of workforce solutions that include providing contingent workers, personnel recruitment services and managed staffing services programs supporting primarily administrative, technical, information technology, light-industrial and engineering positions. Our managed staffing programs involve managing the procurement and on-boarding of contingent workers from multiple providers. Volt services global industries including aerospace, automotive, banking and finance, consumer electronics, information technology, insurance, life sciences, manufacturing, media and entertainment, pharmaceutical, software, telecommunications, transportation and utilities. For more information, visit www.volt.com.

Investor Relations Contacts:

Volt Information Sciences, Inc.

voltinvest@volt.com

Joe Noyons

Three Part Advisors

jnoyons@threepa.com

817-778-8424

Financial Tables Follow

 

 

Results of Operations
(in thousands, except per share data)

Three Months Ended

 

Nine Months Ended

August 1, 2021

 

May 2, 2021

 

August 2, 2020

 

August 1, 2021

 

August 2, 2020

 
Net revenue

$

217,534

 

$

222,092

 

$

185,941

 

$

657,584

 

$

610,982

 

Cost of services

 

181,334

 

 

185,613

 

 

155,983

 

 

552,223

 

 

517,360

 

Gross margin

 

36,200

 

 

36,479

 

 

29,958

 

 

105,361

 

 

93,622

 

 
Selling, administrative and other operating costs

 

34,039

 

 

32,950

 

 

31,245

 

 

100,736

 

 

106,931

 

Restructuring and severance costs

 

489

 

 

595

 

 

546

 

 

1,716

 

 

2,203

 

Impairment charges

 

112

 

 

261

 

 

2,384

 

 

404

 

 

2,395

 

Operating income (loss)

 

1,560

 

 

2,673

 

 

(4,217

)

 

2,505

 

 

(17,907

)

 
Interest income (expense), net

 

(445

)

 

(430

)

 

(467

)

 

(1,352

)

 

(1,788

)

Foreign exchange gain (loss), net

 

(34

)

 

71

 

 

571

 

 

279

 

 

(23

)

Other income (expense), net

 

(152

)

 

(147

)

 

(168

)

 

(455

)

 

(578

)

Income (loss) before income taxes

 

929

 

 

2,167

 

 

(4,281

)

 

977

 

 

(20,296

)

Income tax provision

 

314

 

 

288

 

 

556

 

 

929

 

 

774

 

Net income (loss)

$

615

 

$

1,879

 

$

(4,837

)

$

48

 

$

(21,070

)

 
Per share data:
Basic:
Net income (loss)

$

0.03

 

$

0.09

 

$

(0.22

)

$

-

 

$

(0.98

)

Weighted average number of shares

 

21,968

 

 

21,793

 

 

21,589

 

 

21,851

 

 

21,474

 

 
Diluted:
Net income (loss)

$

0.03

 

$

0.08

 

$

(0.22

)

$

-

 

$

(0.98

)

Weighted average number of shares

 

22,651

 

 

22,588

 

 

21,589

 

 

22,542

 

 

21,474

 

 
Segment data:
 
Net revenue:
North American Staffing

$

179,381

 

$

184,295

 

$

154,711

 

$

547,892

 

$

510,492

 

International Staffing

 

28,256

 

 

27,880

 

 

21,749

 

 

80,149

 

 

72,275

 

North American MSP

 

9,790

 

 

9,832

 

 

9,436

 

 

29,291

 

 

28,550

 

Corporate and Other

 

121

 

 

117

 

 

149

 

 

357

 

 

539

 

Eliminations

 

(14

)

 

(32

)

 

(104

)

 

(105

)

 

(874

)

Net revenue

$

217,534

 

$

222,092

 

$

185,941

 

$

657,584

 

$

610,982

 

 
Operating income (loss):
North American Staffing

$

8,319

 

$

9,471

 

$

2,691

 

$

23,965

 

$

5,366

 

International Staffing

 

1,180

 

 

1,097

 

 

551

 

 

2,659

 

 

1,121

 

North American MSP

 

571

 

 

309

 

 

944

 

 

1,412

 

 

2,189

 

Corporate and Other

 

(8,510

)

 

(8,204

)

 

(8,403

)

 

(25,531

)

 

(26,583

)

Operating income (loss)

$

1,560

 

$

2,673

 

$

(4,217

)

$

2,505

 

$

(17,907

)

 
Work days

 

63

 

 

65

 

 

63

 

 

187

 

 

187

 

 

 

Condensed Consolidated Statements of Cash Flows
(in thousands)

Nine Months Ended

August 1, 2021

 

August 2, 2020

 
Cash, cash equivalents and restricted cash beginning of the period

$

56,433

 

$

38,444

 

 
Cash provided by (used in) all other operating activities

 

14,449

 

 

(4,821

)

Changes in operating assets and liabilities

 

(9,575

)

 

17,903

 

Net cash provided by operating activities

 

4,874

 

 

13,082

 

 
Purchases of property, equipment, and software

 

(2,649

)

 

(3,925

)

Net cash provided by all other investing activities

 

34

 

 

589

 

Net cash used in investing activities

 

(2,615

)

 

(3,336

)

 
Net draw-down of borrowings

 

-

 

 

5,000

 

Debt issuance costs

 

(166

)

 

(331

)

Net cash used in all other financing activities

 

(428

)

 

(74

)

Net cash (used in) provided by financing activities

 

(594

)

 

4,595

 

 
Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(29

)

 

(463

)

 
Net increase in cash, cash equivalents and restricted cash

 

1,636

 

 

13,878

 

 
Cash, cash equivalents and restricted cash end of the period

$

58,069

 

$

52,322

 

 
Cash paid during the period:
Interest

$

1,374

 

$

1,858

 

Income taxes

$

252

 

$

1,445

 

 
Reconciliation of cash, cash equivalents and restricted cash end of the period:
Current Assets:
Cash and cash equivalents

$

49,595

 

$

30,928

 

Restricted cash included in Restricted cash and short term investments

 

8,474

 

 

21,394

 

Cash, cash equivalents and restricted cash, at end of period

$

58,069

 

$

52,322

 

 

 

 

Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
August 1, 2021 November 1, 2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents

$

49,595

 

$

38,550

 

Restricted cash and short-term investments

 

11,918

 

 

20,736

 

Trade accounts receivable, net of allowances of $129 and $219, respectively

 

127,200

 

 

121,916

 

Other current assets

 

8,503

 

 

7,058

 

TOTAL CURRENT ASSETS

 

197,216

 

 

188,260

 

Property, equipment and software, net

 

18,977

 

 

22,167

 

Right of use assets - operating leases

 

23,700

 

 

25,107

 

Other assets, excluding current portion

 

6,775

 

 

6,311

 

TOTAL ASSETS

$

246,668

 

$

241,845

 

 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accrued compensation

$

19,700

 

$

18,357

 

Accounts payable

 

28,670

 

 

31,221

 

Accrued taxes other than income taxes

 

28,208

 

 

12,983

 

Accrued insurance and other

 

16,337

 

 

15,908

 

Operating lease liabilities

 

6,985

 

 

7,144

 

Income taxes payable

 

957

 

 

891

 

TOTAL CURRENT LIABILITIES

 

100,857

 

 

86,504

 

Accrued payroll taxes and other, excluding current portion

 

21,833

 

 

29,988

 

Operating lease liabilities, excluding current portion

 

35,005

 

 

38,232

 

Income taxes payable, excluding current portion

 

90

 

 

90

 

Deferred income taxes

 

-

 

 

3

 

Long-term debt

 

59,230

 

 

59,154

 

TOTAL LIABILITIES

 

217,015

 

 

213,971

 

 
Commitments and contingencies
 
STOCKHOLDERS' EQUITY
Preferred stock, par value $1.00; Authorized - 500,000 shares; Issued - none

 

-

 

 

-

 

Common stock, par value $0.10; Authorized - 120,000,000 shares; Issued - 23,738,003 shares; Outstanding - 22,079,278 and 21,729,400 shares, respectively

 

2,374

 

 

2,374

 

Paid-in capital

 

79,338

 

 

79,937

 

Accumulated deficit

 

(33,405

)

 

(29,793

)

Accumulated other comprehensive loss

 

(5,556

)

 

(6,458

)

Treasury stock, at cost; 1,658,725 and 2,008,603 shares, respectively

 

(13,098

)

 

(18,186

)

TOTAL STOCKHOLDERS' EQUITY

 

29,653

 

 

27,874

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

246,668

 

$

241,845

 

 

 

 

GAAP to Non-GAAP Reconciliations
(in thousands)
 

Three Months Ended

August 1, 2021

 

August 2, 2020

Reconciliation of GAAP net income (loss) to Non-GAAP net income (loss):
GAAP net income (loss)

$

615

$

(4,837

)

Restructuring and severance costs

 

489

 

(a)

 

546

 

(b)
Impairment costs

 

112

 

 

2,384

 

(c)
Non-GAAP net income (loss)

$

1,216

 

$

(1,907

)

 

Three Months Ended

August 1, 2021

 

August 2, 2020

Reconciliation of GAAP net income (loss) to Adjusted EBITDA:
GAAP net income (loss)

$

615

 

$

(4,837

)

Restructuring and severance costs

 

489

 

(a)

 

546

 

(b)
Impairment costs

 

112

 

 

2,384

 

(c)
Depreciation and amortization

 

1,986

 

 

1,884

 

Share-based compensation expense

 

537

 

 

414

 

Total other (income) expense, net

 

631

 

 

64

 

(Benefit) provision for income taxes

 

314

 

 

556

 

Adjusted EBITDA

$

4,684

 

$

1,011

 

Special item adjustments consist of the following:

(a)

Primarily relates to actions taken by the Company as part of its continued efforts to reduce costs and on-going costs related to facilities impaired in the second half of fiscal 2020.

(b)

Primarily relates to actions taken by the Company as part of its continued efforts to reduce costs and to offset COVID-19 related revenue losses.

(c)

Relates to consolidating and exiting certain leased office locations throughout North America where we could be fully operational and successfully support our clients and business operations remotely.

 

 

GAAP to Non-GAAP Reconciliations
(in thousands)
 
Nine Months Ended
August 1, 2021 August 2, 2020
Reconciliation of GAAP net income (loss) to Non-GAAP net income (loss):
GAAP net income (loss)

$

48

$

(21,070

)

Restructuring and severance costs

 

1,716

 

(a)

 

2,203

 

(c)
Impairment costs

 

404

 

(b)

 

2,395

 

(d)
Non-GAAP net income (loss)

$

2,168

 

$

(16,472

)

 
Nine Months Ended
August 1, 2021 August 2, 2020
Reconciliation of GAAP net loss to Adjusted EBITDA:
GAAP net income (loss)

$

48

 

$

(21,070

)

Restructuring and severance costs

 

1,716

 

(a)

 

2,203

 

(c)
Impairment costs

 

404

 

(b)

 

2,395

 

(d)
Depreciation and amortization

 

5,642

 

 

5,884

 

Share-based compensation expense

 

1,294

 

 

1,433

 

Total other (income) expense, net

 

1,528

 

 

2,389

 

Provision for income taxes

 

929

 

 

774

 

Adjusted EBITDA

$

11,561

 

$

(5,992

)

Special item adjustments consist of the following:

(a)

Primarily relates to actions taken by the Company as part of its continued efforts to reduce costs and on-going costs related to facilities impaired in the second half of fiscal 2020, net of a lease termination gain.

(b)

Relates to impairment of capitalized software costs.

(c)

Primarily relates to the strategic initiative to offshore a significant number of identified roles to our staffing operations in India and continued efforts to reduce costs and to offset COVID-19 related revenue losses.

(d)

Primarily relates to consolidating and exiting certain leased office locations throughout North America where we could be fully operational and successfully support our clients and business operations remotely.

 

 

GAAP to Non-GAAP Reconciliations
(in thousands)
 
Three Months

Ended August 1, 2021
Three Months Ended August 2, 2020
As Reported As Reported FX Impact MSP Delivery

Model Shift
Adjusted
Revenue
North American Staffing

$

179,381

 

$

154,711

 

$

-

 

$

-

 

$

154,711

 

International Staffing

 

28,256

 

 

21,749

 

 

2,343

 

-

 

 

24,092

 

North American MSP

 

9,790

 

 

9,436

 

 

-

 

 

-

 

 

9,436

 

Corporate and Other

 

121

 

 

149

 

 

-

 

 

149

 

Eliminations

 

(14

)

 

(104

)

 

-

 

 

-

 

 

(104

)

Total Revenue

$

217,534

 

$

185,941

 

$

2,343

 

$

-

 

$

188,284

 

% change

 

15.5

%

 
Nine Months Ended

August 1, 2021
Nine Months Ended August 2, 2020
As Reported As Reported FX impact MSP Delivery

Model Shift
Adjusted
Revenue
North American Staffing

$

547,892

 

$

510,492

 

$

-

 

$

(2,072

)

$

508,420

 

International Staffing

 

80,149

 

 

72,275

 

 

6,130

 

 

78,405

 

North American MSP

 

29,291

 

 

28,550

 

 

-

 

 

52

 

 

28,602

 

Corporate and Other

 

357

 

 

539

 

 

-

 

 

-

 

 

539

 

Eliminations

 

(105

)

 

(874

)

 

-

 

 

-

 

 

(874

)

Total Revenue

$

657,584

 

$

610,982

 

$

6,130

 

$

(2,020

)

$

615,092

 

% change

 

6.9

%

 

 

 

GAAP to Non-GAAP Reconciliations
(in thousands)
 
Three Months Ended August 1, 2021 Three Months Ended August 2, 2020
As Reported Business Exited Adjusted As Reported Business Exited Adjusted
Operating Income (Loss)
North American Staffing

$

8,319

 

$

-

 

$

8,319

 

$

2,691

 

$

-

 

$

2,691

 

International Staffing

 

1,180

 

 

-

 

 

1,180

 

 

551

 

 

-

 

 

551

 

North American MSP

 

571

 

 

-

 

 

571

 

 

944

 

 

-

 

 

944

 

Corporate and Other

 

(8,510

)

 

4

 

(8,506

)

 

(8,403

)

 

(14

)

 

(8,417

)

Total Operating Income (Loss)

$

1,560

 

$

4

 

$

1,564

 

$

(4,217

)

$

(14

)

$

(4,231

)

 
Nine Months Ended August 1, 2021 Nine Months Ended August 2, 2020
As Reported Business Exited Adjusted As Reported Business Exited Adjusted
Operating Income (Loss)
North American Staffing

$

23,965

 

$

-

 

$

23,965

 

$

5,366

 

$

-

 

$

5,366

 

International Staffing

 

2,659

 

 

-

 

 

2,659

 

 

1,121

 

 

-

 

 

1,121

 

North American MSP

 

1,412

 

 

-

 

 

1,412

 

 

2,189

 

 

-

 

 

2,189

 

Corporate and Other

 

(25,531

)

 

5

 

 

(25,526

)

 

(26,583

)

 

(27

)

 

(26,610

)

Total Operating Income (Loss)

$

2,505

 

$

5

 

$

2,510

 

$

(17,907

)

$

(27

)

$

(17,934

)

 

 

GAAP to Non-GAAP Reconciliations
(in thousands)
 
Three Months Ended August 1, 2021 Three Months Ended August 2, 2020
As Reported Business Exited Adjusted As Reported Business Exited Adjusted
Operating Income (Loss)
Gross margin

$

36,200

$

-

 

$

36,200

$

29,958

 

$

-

 

$

29,958

 

Selling, administrative and other operating costs

 

34,039

 

 

-

 

 

34,039

 

 

31,245

 

 

-

 

 

31,245

 

Restructuring and severance costs

 

489

 

 

(4

)

 

485

 

 

546

 

 

14

 

 

560

 

Impairment charges

 

112

 

 

-

 

 

112

 

 

2,384

 

 

-

 

 

2,384

 

Total Operating Income (Loss)

$

1,560

 

$

4

 

$

1,564

 

$

(4,217

)

$

(14

)

$

(4,231

)

 
Nine Months Ended August 1, 2021 Nine Months Ended August 2, 2020
As Reported Business Exited Adjusted As Reported Business Exited Adjusted
Operating Income (Loss)
Gross margin

$

105,361

 

$

-

 

$

105,361

 

$

93,622

 

$

-

 

$

93,622

 

Selling, administrative and other operating costs

 

100,736

 

 

-

 

 

100,736

 

 

106,931

 

 

-

 

 

106,931

 

Restructuring and severance costs

 

1,716

 

 

(5

)

 

1,711

 

 

2,203

 

 

27

 

 

2,230

 

Impairment charges

 

404

 

 

-

 

 

404

 

 

2,395

 

 

-

 

 

2,395

 

Total Operating Income (Loss)

$

2,505

 

$

5

 

$

2,510

 

$

(17,907

)

$

(27

)

$

(17,934

)

 

 

GAAP to Non-GAAP Reconciliations
(in thousands, except per share data)
 
Three Months Ended August 1, 2021
As Reported Restructuring and

Impairment Costs
Adjusted
Earnings per Share
Net income

$

615

$

601

$

1,216

 
Per share data:
Basic:
Net income

$

0.03

 

$

0.06

 

Weighted average number of shares

 

21,968

 

 

21,968

 

 
Diluted
Net income

$

0.03

 

$

0.05

 

Weighted average number of shares

 

22,651

 

 

22,651

 

 
 
Nine Months Ended August 1, 2021
As Reported Restructuring and

Impairment Costs
Adjusted
Earnings per Share
Net income

$

48

 

$

2,120

 

$

2,168

 

 
Per share data:
Basic:
Net income

$

0.00

 

$

0.10

 

Weighted average number of shares

 

21,851

 

 

21,851

 

 
Diluted
Net income

$

0.00

 

$

0.10

 

Weighted average number of shares

 

22,542

 

 

22,542

 

 

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