Volt Information Sciences Inc.’s (NYSEAMERICAN: VOLT) revenue rose 0.4% on an adjusted basis in its fiscal first quarter ended Jan. 31. Adjusted revenue excludes the effect of foreign currency translation and businesses exited.
“I am very encouraged by our results to start fiscal 2021, which were made possible through a combination of our continued response to Covid-19 and the resiliency we showed in managing our business,” President and CEO Linda Perneau said.
| (US$ thousands) | Q1 2021 | Q1 2020 | % change | % change on adjusted basis |
| Net revenue | $217,958 | $217,766 | 0.1% | 0.4% |
| Gross margin | $32,682 | $31,427 | 4.0% | |
| Gross margin percentage | 15.0% | 14.4% | ||
| Net loss | ($2,446) | ($10,808) | nm |
Growth in its North American staffing segment was driven by business with new clients and expansion of business with existing clients. The company also noted increased demand in its payroll service business, which is part of its North American MSP business.
The decrease in revenue in its international segment was driven by its UK business.
Net revenue by segment
| (US$ thousands) | Q1 2021 | Q1 2020 | % change | % change on adjusted basis |
| North American staffing | $184,216 | $182,395 | 1.0% | 2.2% |
| International staffing | $24,013 | $26,223 | -8.4% | -12.9% |
| North American MSP | $9,669 | $9,369 | 3.2% | 2.6% |
Share price and market cap
Shares in Volt were down 0.86% to $3.45 as of 12:18 Eastern time; however, shares set a new 52-week high during today’s trading session so far at $3.77, according to FT.com. The company had a market cap of $75.64 million.