Volt Information Sciences reported financial results for its second quarter ended May 3, 2015. The reported net loss was $6.9 million, or $0.33 per share, compared with $3.5 million, or $0.16 per share, in Q2 of 2014.
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Operating results from continuing operations for the second quarter of 2015 decreased $9.0 million to an operating loss from continuing operations of $4.1 million from operating income from continuing operations of $4.9 million in the second quarter of 2014.
Loss from continuing operations in the second quarter of 2015 of $6.9 million included special items related to impairments of $5.4 million, foreign exchange loss of $1.6 million and other special items of $1.9 million, including the settlement of a lawsuit, shareholder and board related costs and restructuring charges.
Excluding the impact of these special items of $8.9 million, income from continuing operations for the second quarter of 2015 would have been $2 million.
Staffing Services segment operating income in the second quarter of 2015 of $5.9 million included $1.2 million of special items related to an impairment charge of $1.0 million and restructuring costs of $0.2 million. Excluding the impact of these special items, Staffing Services segment operating income would have been $7.1 million.
As previously reported, the company sold its Computer Systems segment in the first quarter of fiscal 2015. The loss from discontinued operations, net of taxes was $4.9 million in the second quarter of 2014.
Income from continuing operations in the second quarter of 2014 of $1.4 million included special items related to restructuring costs of $1.0 million ($0.3 million reflected in corporate general and administrative), a loss related to foreign exchange rates of $0.6 million and restatement, investigations and remediation expenses of $0.6 million.
Excluding these special items, income from continuing operations in the second quarter of 2014 would have been $3.6 million.
Staffing Services segment operating income in the second quarter of 2014 of $7.5 million included $0.6 million of special items related to restructuring costs. Excluding the impact of this special item, Staffing Services segment operating income would have been $8.1 million. ■