![]() 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”). 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. This press release contains forward-looking statements that are subject to a number of known and unknown risks. In light of the announced transaction, the earnings conference call that was scheduled for Tuesday, Maat 5:00 p.m. 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. * Adjusted Revenue, Adjusted EPS and Adjusted EBITDA are Non-GAAP measures described and defined below.
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