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Volt Information Sciences Provides Update On Business Performance During The Fiscal Fourth Quarter And Fiscal Year 2012

On October 28, 2012, the Company had cash and cash equivalents of approximately $27 million and an additional approximately $36 million of cash restricted as collateral for foreign currency credit lines and banking facilities. The Company also had approximately $30 million available from its short-term financing program. Excluding approximately $9 million of non-current debt, the Company’s consolidated borrowings were approximately $146 million at October 28, 2012, which included approximately $25 million of foreign currency borrowings used to hedge net investments in foreign subsidiaries that are fully collateralized by restricted cash, and approximately $120 million drawn under the $150 million short-term financing program. The Company believes that it has sufficient liquidity to meet its business requirements at current and projected business growth rates.

 

VOLT INFORMATION SCIENCES, INC.

Condensed Statements of Cash Flows

Unaudited, Estimated (in Thousands)

        Three Months Ended   Fiscal Year Ended
October 28,       October 30,   October 28,       October 30,
2012 2011 2012 2011
 
Cash and cash equivalents at beginning of the period $ 33,366 $33,278 $ 44,568 $ 51,084
 
Cash used in connection with restatement and related investigations (11,826 )

(9,619

)

(37,160 ) (46,777 )
Net cash provided by (used in) all other operating activities   1,656   10,357   (4,153 )   16,931  
Net cash (used in) provided by operating activities   (10,170 ) 738   (41,313 )   (29,846 )
 
Net cash provided by (used in) investing activities   2,634  

(746

)

  (6,838 )   (12,188 )
 
Net cash restricted as collateral for borrowings (328 ) 912 (1,391 ) (3,762 )
Net cash provided by all other financing activities   1,229   10,386   31,705     39,280  
Net cash provided by financing activities   901   11,298   30,314     35,518  
 
Net (decrease) increase in cash and cash equivalents   (6,635 ) 11,290   (17,837 )   (6,516 )
Cash and cash equivalents at end of the period $ 26,731   $44,568 $ 26,731   $ 44,568  
 

Supplemental information - Cash paid during the period for:

Interest

$739

$701

$2,894

$2,614

Income taxes

$600

$1,171

$3,418

$6,047

 

Note: Due to the ongoing accounting review and anticipated restatement of the Company’s historical financial statements (see discussion in the release text), all financial numbers presented in this release should be considered estimates.

 

Borrowing and Cash Positions (in Thousands)

       

October 28,

2012

     

October 30,

2011

 
Cash and cash equivalents $ 26,731 $ 44,568
Cash restricted as collateral for borrowings 35,581 34,190
Short-term investments   5,611   5,511
Total cash, cash restricted for borrowings and short-term investments $ 67,923 $ 84,269
 
Short-term borrowings, including current portion of long-term debt
Accounts receivable securitization program $ 120,000 $ 90,000
Bank loans and other 25,727 23,330
Long-term debt, excluding current portion   9,123   9,817
Total short-term borrowings and long-term debt $ 154,850 $ 123,147
 

Note: Due to the ongoing accounting review and anticipated restatement of the Company’s historical financial statements (see discussion in the release text), all financial numbers presented in this release should be considered estimates.

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