Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
3-May-15 | Jun. 01, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 3-May-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | VISI | |
Entity Registrant Name | VOLT INFORMATION SCIENCES, INC. | |
Entity Central Index Key | 103872 | |
Current Fiscal Year End Date | 10 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 20,709,896 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 3-May-15 | 4-May-14 | 3-May-15 | 4-May-14 |
REVENUE: | ||||
Staffing services revenue | $362,277 | $406,733 | $723,098 | $799,002 |
Other revenue | 22,912 | 29,347 | 45,157 | 58,706 |
NET REVENUE | 385,189 | 436,080 | 768,255 | 857,708 |
EXPENSES: | ||||
Direct cost of staffing services revenue | 305,116 | 344,922 | 615,935 | 684,718 |
Cost of other revenue | 19,909 | 24,066 | 39,514 | 48,199 |
Selling, administrative and other operating costs | 58,633 | 60,626 | 118,597 | 126,225 |
Restructuring costs | 251 | 999 | 251 | 1,656 |
Impairment charges | 5,374 | 0 | 5,374 | 0 |
Restatement, investigations and remediation | 0 | 593 | 0 | 3,261 |
TOTAL EXPENSES | 389,283 | 431,206 | 779,671 | 864,059 |
OPERATING INCOME (LOSS) | -4,094 | 4,874 | -11,416 | -6,351 |
OTHER INCOME (EXPENSE), NET: | ||||
Interest income (expense), net | -730 | -802 | -1,364 | -1,662 |
Foreign exchange gain (loss), net | -1,600 | -630 | -1,163 | -242 |
Other income (expense), net | 43 | 216 | 141 | 278 |
TOTAL OTHER INCOME (EXPENSE), NET | -2,287 | -1,216 | -2,386 | -1,626 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -6,381 | 3,658 | -13,802 | -7,977 |
Income tax provision | 532 | 2,277 | 1,911 | 3,324 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | -6,913 | 1,381 | -15,713 | -11,301 |
DISCONTINUED OPERATIONS | ||||
Loss from discontinued operations net of income taxes (including loss on disposal of $1.2 million in 2015) | 0 | -4,876 | -4,519 | -9,268 |
NET LOSS | ($6,913) | ($3,495) | ($20,232) | ($20,569) |
Basic: | ||||
Loss from continuing operations (usd per share) | ($0.33) | $0.07 | ($0.75) | ($0.54) |
Loss from discontinued operations (usd per share) | $0 | ($0.23) | ($0.22) | ($0.45) |
Net loss (usd per share) | ($0.33) | ($0.16) | ($0.97) | ($0.99) |
Weighted average number of shares - basic (shares) | 20,793 | 20,861 | 20,861 | 20,855 |
Diluted: | ||||
Loss from continuing operations (usd per share) | ($0.33) | $0.07 | ($0.75) | ($0.54) |
Loss from discontinued operations (usd per share) | $0 | ($0.23) | ($0.22) | ($0.45) |
Net loss (usd per share) | ($0.33) | ($0.16) | ($0.97) | ($0.99) |
Weighted average number of shares - diluted (shares) | 20,793 | 21,084 | 20,861 | 20,855 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Operations (Parentheticals) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | 3-May-15 |
Income Statement [Abstract] | |
Gain on disposal | $1.20 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 3-May-15 | 4-May-14 | 3-May-15 | 4-May-14 |
Statement of Comprehensive Income [Abstract] | ||||
NET LOSS | ($6,913) | ($3,495) | ($20,232) | ($20,569) |
Other comprehensive income: | ||||
Foreign currency translation adjustments, net of taxes of $0, respectively | 1,515 | 1,445 | 366 | 1,864 |
Unrealized gain on marketable securities, net of taxes of $0, respectively | 12 | 4 | 16 | 20 |
Net current period other comprehensive income | 1,527 | 1,449 | 382 | 1,884 |
COMPREHENSIVE LOSS | ($5,386) | ($2,046) | ($19,850) | ($18,685) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 3-May-15 | 4-May-14 | 3-May-15 | 4-May-14 |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, taxes | $0 | $0 | $0 | $0 |
Unrealized gains (loss) on marketable securities, taxes | $0 | $0 | $0 | $0 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | 3-May-15 | Nov. 02, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $7,197 | $9,105 |
Restricted cash and short-term investments | 17,761 | 32,436 |
Trade accounts receivable, net of allowances of $646 and $868, respectively | 224,854 | 248,101 |
Recoverable income taxes | 16,713 | 18,311 |
Prepaid insurance and other current assets | 23,268 | 26,255 |
Assets held for sale | 0 | 24,220 |
TOTAL CURRENT ASSETS | 289,793 | 358,428 |
Prepaid insurance and other assets, excluding current portion | 45,696 | 39,600 |
Property, equipment and software, net | 24,789 | 26,304 |
TOTAL ASSETS | 360,278 | 424,332 |
CURRENT LIABILITIES: | ||
Accrued compensation | 35,412 | 41,182 |
Accounts payable | 44,779 | 55,873 |
Accrued taxes other than income taxes | 14,835 | 17,099 |
Accrued insurance and other | 36,206 | 39,104 |
Deferred revenue, net, current portion | 2,059 | 3,491 |
Short-term borrowings, including current portion of long-term debt | 130,949 | 129,417 |
Liabilities held for sale | 0 | 19,126 |
TOTAL CURRENT LIABILITIES | 264,240 | 305,292 |
Accrued insurance and other, excluding current portion | 10,857 | 10,611 |
Income taxes payable, excluding current portion | 8,655 | 8,556 |
Deferred income taxes | 1,285 | 1,263 |
Long-term debt, excluding current portion | 6,732 | 7,216 |
TOTAL LIABILITIES | 291,769 | 332,938 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock, par value $1.00; Authorized - 500,000 shares; Issued - none | 0 | 0 |
Common stock, par value $0.10; Authorized - 120,000,000 shares; Issued - 23,733,603 and 23,610,103, respectively; Outstanding - 20,705,496 and 20,922,796, respectively | 2,373 | 2,361 |
Paid-in capital | 74,338 | 73,194 |
Retained earnings | 43,958 | 64,119 |
Accumulated other comprehensive loss | -6,018 | -6,400 |
Treasury stock, at cost; 3,028,107 and 2,687,307 shares, respectively | -46,142 | -41,880 |
TOTAL STOCKHOLDERS' EQUITY | 68,509 | 91,394 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $360,278 | $424,332 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | 3-May-15 | Nov. 02, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowances | $646 | $868 |
Preferred stock, par value (usd per share) | $1 | $1 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (usd per share) | $0.10 | $0.10 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 23,733,603 | 23,610,103 |
Common stock, shares outstanding | 20,705,496 | 20,922,796 |
Treasury stock, shares | 3,028,107 | 2,687,307 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | 3-May-15 | 4-May-14 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET LOSS | ($20,232) | ($20,569) |
Loss from discontinued operations, net of income taxes | -4,519 | -9,268 |
Loss from continuing operations | -15,713 | -11,301 |
Adjustment to reconcile net loss to cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,410 | 5,265 |
Provision (release) of doubtful accounts and sales allowances | 151 | -214 |
Impairment charges | 5,374 | 0 |
Unrealized foreign currency exchange loss | 172 | 917 |
(Gain) loss on dispositions of property, equipment and software | -111 | 18 |
Deferred income tax provision (benefit) | -79 | 1,415 |
Share-based compensation expense | 718 | 326 |
Accretion of convertible note discount | -199 | 0 |
Change in operating assets and liabilities: | ||
Trade accounts receivable | 21,056 | 39,979 |
Restricted cash related to customer contracts | 4,062 | 2,370 |
Prepaid insurance and other assets | 190 | 6,686 |
Accounts payable | -8,610 | -3,304 |
Accrued expenses and other liabilities | -11,702 | -13,129 |
Income taxes | 777 | 495 |
Net cash provided by (used in) operating activities | -504 | 29,523 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Sales of investments | 796 | 985 |
Purchases of investments | -501 | -308 |
Proceeds from sale of property, equipment and software | 227 | 3,000 |
Purchases of property, equipment and software | -3,276 | -2,202 |
Net cash provided by (used in) investing activities | -2,754 | 1,475 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Decrease in cash restricted as collateral for borrowings | 10,352 | 2,960 |
Net change in short-term borrowings | 1,494 | -19,582 |
Repayment of long-term debt | -446 | -411 |
Proceeds from exercise of stock options | 438 | 0 |
Purchases of common stock under repurchase program | -4,262 | 0 |
Net cash provided by (used in) financing activities | 7,576 | -17,033 |
Effect of exchange rate changes on cash and cash equivalents | -1,959 | 204 |
CASH FLOWS FROM DISCONTINUED OPERATIONS: | ||
Cash flow from operating activities | -56 | -8,343 |
Cash flow from investing activities | -4,000 | -389 |
Net cash used in discontinued operations | -4,056 | -8,732 |
Net increase (decrease) in cash and cash equivalents | -1,697 | 5,437 |
Cash and cash equivalents, beginning of period | 9,105 | 9,847 |
Change in cash from discontinued operations | -211 | -49 |
Cash and cash equivalents, end of period | 7,197 | 15,235 |
Cash paid during the period: | ||
Interest | 1,690 | 1,885 |
Income taxes | 634 | 1,819 |
Supplemental disclosure of noncash investing activity: | ||
Note receivable in exchange for Computer Systems segment net assets sold | $8,363 | $0 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
3-May-15 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
Basis of Presentation | |
The accompanying interim condensed consolidated financial statements of Volt Information Sciences, Inc. ("Volt" or the "Company") have been prepared in conformity with generally accepted accounting principles in the United States, consistent in all material respects with those applied in the Annual Report on Form 10-K for the year ended November 2, 2014. The Company makes estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates and changes in estimates are reflected in the period in which they become known. Accounting for certain expenses, including income taxes, are based on full year assumptions, and the financial statements reflect all normal adjustments that, in the opinion of management, are necessary for fair presentation of the interim periods presented. The interim information is unaudited and is prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"), which provides for omission of certain information and footnote disclosures. This interim financial information should be read in conjunction with the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended November 2, 2014. | |
Restatement, investigations and remediation costs are discussed further in the Company's Form 10-K for the fiscal year ended November 2, 2014, and are comprised of financial and legal consulting, audit and related costs incurred for the completion of delayed filings required under SEC regulations. | |
Certain reclassifications have been made to the prior year financial statements in order to conform to the current year's presentation. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 6 Months Ended |
3-May-15 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. | |
Recently Adopted Accounting Standards | |
In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-08, Business Combinations (Topic 805): Pushdown Accounting - Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 (SEC Update). This ASU supersedes several paragraphs in ASC 805-50. The amendments remove references to Staff Accounting Bulletin Topic 5.J and are effective immediately. The adoption of this ASU did not have a material impact on our consolidated financial statements. | |
New Accounting Standards Not Yet Adopted by the Company | |
In April 2015, the FASB issued ASU No. 2015-05, Customers' Accounting for Fees Paid in a Cloud Computing Arrangement. The ASU provides guidance in evaluating whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for as an acquisition of a software license. If the arrangement does not contain a software license, it should be accounted for as a service contract. This ASU is effective for reporting periods beginning after December 15, 2015 and may be adopted either retrospectively or prospectively. We are currently evaluating the impact that this ASU will have on our consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The ASU requires that debt issuance costs related to a recognized liability be presented on the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. This ASU is effective for reporting periods beginning after December 15, 2015. The Company is currently assessing the impact of the adoption of this guidance on the consolidated financial statements. | |
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The new consolidation standard changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity ("VIE"), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. The guidance is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2015. Early adoption is allowed, including early adoption in an interim period. A reporting entity may apply a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or may apply the amendments retrospectively. The Company is currently assessing the impact of the adoption of this guidance on the consolidated financial statements. | |
In January 2015, the FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The new guidance eliminates the separate presentation of extraordinary items, net of tax and the related earnings per share, but does not affect the requirement to disclose material items that are unusual in nature or infrequently occurring. The ASU applies to all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Entities have the option to apply the new guidance prospectively or retrospectively, and can choose early adoption. The Company is currently assessing the impact of the adoption of this guidance on the consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Upon the effective date, the ASU replaces almost all existing revenue recognition guidance, including industry specific guidance, in generally accepted accounting principles ("GAAP"). This standard is effective for fiscal years and interim reporting periods beginning after December 15, 2016. The Company is currently assessing the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures upon implementation in the first quarter of fiscal year 2018. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||||||||||||
3-May-15 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
Discontinued Operations | Discontinued Operations | |||||||||||||||
On December 1, 2014, the Company completed the sale of its Computer Systems segment to NewNet Communication Technologies, LLC ("NewNet"), a Skyview Capital, LLC, portfolio company. The Company met all of the criteria to classify that segment's assets and liabilities as held for sale in the fourth quarter of fiscal year 2014. The results of the Computer Systems segment are presented as discontinued operations and excluded from continuing operations and from segment results for all periods presented. | ||||||||||||||||
The proceeds of the transaction are a $10.0 million note bearing interest at one half percent (0.5 percent) per year due in four years and convertible into a capital interest of up to 20% in NewNet. The Company may convert the note at any time and is entitled to receive early repayment in the event of certain events such as a change in control of NewNet. The proceeds are in exchange for the ownership of Volt Delta Resources, LLC and its operating subsidiaries, which comprised the Company's Computer Systems segment, and payment of $4.0 million by the Company during the first 45 days following the transaction. An additional payment is anticipated to be made in the third quarter of 2015 between the parties based on the comparison of the actual transaction date working capital amount to an expected working capital amount of $6.0 million. The note was valued at $8.4 million on the transaction date which approximates its fair value. The resulting discount will be amortized over four years with an effective interest rate of 5.1%. | ||||||||||||||||
As of May 3, 2015, the unamortized discount for the note is $1.5 million and the interest income resulting from the amortization for the three and six months ended May 3, 2015 is $0.1 million and $0.2 million, respectively. | ||||||||||||||||
The Company recognized a loss on disposal of $1.2 million from the sale transaction in the first quarter of 2015. The total related costs associated with this transaction were $2.2 million comprised of $0.9 million in severance costs, $0.9 million of professional fees and $0.4 million of lease obligation costs. These costs are recorded in discontinued operations in the Condensed Consolidated Statements of Operations. As of May 3, 2015, $1.5 million has been paid and $0.8 million remains payable and is included in accrued compensation and accrued insurance and other in the Condensed Consolidated Balance Sheets. | ||||||||||||||||
The following table reconciles the major classes of net assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheet (in thousands): | ||||||||||||||||
2-Nov-14 | ||||||||||||||||
Assets included as part of discontinued operations | ||||||||||||||||
Cash and cash equivalents | $ | 282 | ||||||||||||||
Trade accounts receivable, net | 10,535 | |||||||||||||||
Recoverable income taxes | 921 | |||||||||||||||
Prepaid insurance and other assets | 9,251 | |||||||||||||||
Property, equipment and software, net | 3,231 | |||||||||||||||
Total assets of the disposal group classified as held for sale in the Condensed Consolidated Balance Sheet | $ | 24,220 | ||||||||||||||
Liabilities included as part of discontinued operations | ||||||||||||||||
Accrued compensation | $ | 2,272 | ||||||||||||||
Accounts payable | 992 | |||||||||||||||
Accrued taxes other than income taxes | 649 | |||||||||||||||
Accrued insurance and other | 5,794 | |||||||||||||||
Deferred revenue | 9,419 | |||||||||||||||
Total liabilities of the disposal group classified as held for sale in the Condensed Consolidated Balance Sheet | $ | 19,126 | ||||||||||||||
Deferred tax assets of $6,842 are included above in prepaid insurance and other assets as of November 2, 2014. Deferred tax liabilities of $3,834 are included above in accrued insurance and other as of November 2, 2014. | ||||||||||||||||
The following table reconciles the major line items in the Condensed Consolidated Statements of Operations for discontinued operations (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
3-May-15 | 4-May-14 | 3-May-15 | 4-May-14 | |||||||||||||
Loss on discontinued operations | ||||||||||||||||
Net revenue | $ | — | $ | 15,405 | $ | 4,708 | $ | 30,925 | ||||||||
Cost of revenue | — | 14,590 | 5,730 | 27,735 | ||||||||||||
Selling, administrative and other operating costs | — | 5,125 | 1,388 | 10,618 | ||||||||||||
Restructuring and other related costs | — | (81 | ) | 1,709 | 623 | |||||||||||
Other (income) expense, net | — | 546 | (978 | ) | 1,114 | |||||||||||
Loss from discontinued operations | — | (4,775 | ) | (3,141 | ) | (9,165 | ) | |||||||||
Loss on disposal of discontinued operations | — | — | (1,187 | ) | — | |||||||||||
Total loss from discontinued operations | — | (4,775 | ) | (4,328 | ) | (9,165 | ) | |||||||||
Income tax provision | — | 101 | 191 | 103 | ||||||||||||
Total loss from discontinued operations that is presented in the Condensed Consolidated Statements of Operations | $ | — | $ | (4,876 | ) | $ | (4,519 | ) | $ | (9,268 | ) | |||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||
3-May-15 | |||||||||
Equity [Abstract] | |||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | ||||||||
The changes in accumulated other comprehensive loss for the three and six months ended May 3, 2015 were (in thousands): | |||||||||
Foreign Currency Translation | Unrealized Gain (Loss) on Marketable Securities | ||||||||
Three Months Ended May 3, 2015 | |||||||||
Accumulated other comprehensive loss at February 1, 2015 | $ | (7,514 | ) | $ | (31 | ) | |||
Other comprehensive income before reclassifications | 1,515 | 12 | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | |||||||
Net current period other comprehensive income | 1,515 | 12 | |||||||
Accumulated other comprehensive loss at May 3, 2015 | $ | (5,999 | ) | $ | (19 | ) | |||
Six Months Ended May 3, 2015 | |||||||||
Accumulated other comprehensive loss at November 2, 2014 | $ | (6,365 | ) | $ | (35 | ) | |||
Other comprehensive income (loss) before reclassifications | (2,815 | ) | 16 | ||||||
Amounts reclassified from accumulated other comprehensive income | 3,181 | — | |||||||
Net current period other comprehensive income | 366 | 16 | |||||||
Accumulated other comprehensive loss at May 3, 2015 | $ | (5,999 | ) | $ | (19 | ) | |||
The Company did not have any significant amounts reclassified out of accumulated other comprehensive income in 2014. | |||||||||
Reclassifications from accumulated other comprehensive loss for the three and six months ended May 3, 2015 were (in thousands): | |||||||||
Three Months Ended May 3, 2015 | Six Months Ended May 3, 2015 | ||||||||
Foreign currency translation | |||||||||
Sale of foreign subsidiaries | $ | — | $ | (3,181 | ) | ||||
Income tax provision (benefit) | — | — | |||||||
Total reclassifications, net of tax | $ | — | $ | (3,181 | ) | ||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | |||||||
Foreign currency translation | |||||||||
Sale of foreign subsidiaries | $ | 3,181 | Discontinued operations | ||||||
Restricted_Cash_and_ShortTerm_
Restricted Cash and Short-Term Investments | 6 Months Ended |
3-May-15 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash and Short-Term Investments | Restricted Cash and Short-Term Investments |
Restricted cash and short-term investments include amounts related to requirements under certain contracts with managed service program customers for whom the Company manages the customers’ contingent staffing requirements, including processing of associate vendor billings into single, combined customer billings and distribution of payments to associate vendors on behalf of customers, as well as minimum cash deposits required to be maintained as collateral associated with the Company’s Short-Term Credit Facility. Distribution of payments to associate vendors are generally made shortly after receipt of payment from customers, with undistributed amounts included in restricted cash and accounts payable between receipt and distribution of these amounts. Changes in restricted cash collateral for credit facilities are reflected in financing activities while changes in restricted cash under managed service programs are classified as an operating activity, as this cash is directly related to the operations of this business. | |
At May 3, 2015 and November 2, 2014, restricted cash and short-term investments included $12.4 million and $16.5 million, respectively, restricted for payment to associate vendors and $0.1 million and $10.4 million, respectively, restricted as collateral under the Short-Term Credit Facility. | |
At May 3, 2015 and November 2, 2014, restricted cash and short-term investments included $5.3 million and $5.5 million, respectively, of short-term investments. These short-term investments consisted primarily of the fair value of deferred compensation investments corresponding to employees’ selections, primarily in mutual funds, based on quoted prices in active markets. |
Income_Taxes
Income Taxes | 6 Months Ended |
3-May-15 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The income tax provision reflects the geographic mix of earnings in various federal, state and foreign tax jurisdictions and their applicable rates resulting in a composite effective tax rate. The Company’s cumulative results for substantially all United States and certain non-United States jurisdictions for the most recent three-year period is a loss. Accordingly, a valuation allowance has been established for substantially all loss carryforwards and other net deferred tax assets for these jurisdictions, resulting in an effective tax rate that is significantly different than the statutory rate. | |
The provision for income taxes in the second quarter of fiscal 2015 and 2014 was $0.5 million and $2.3 million, respectively, and for the six months ended May 3, 2015 and May 4, 2014 was $1.9 million and $3.3 million, respectively. The Company's quarterly provision for income taxes is measured using an estimated annual effective tax rate, adjusted for discrete items that occur within the periods presented. | |
The Company adjusts its effective tax rate for each quarter to be consistent with the estimated annual effective tax rate, consistent with Accounting Standards Codification ("ASC") 270, “Interim Reporting,” and ASC 740-270, “Income Taxes – Intra Period Tax Allocation.” Jurisdictions with a projected loss for the full year where no tax benefit can be recognized are excluded from the calculation of the estimated annual effective tax rate. The Company's future effective tax rates could be affected by earnings being different than anticipated in countries with differing statutory rates, increases in recorded valuation allowances of tax assets, or changes in tax laws. |
Debt
Debt | 6 Months Ended |
3-May-15 | |
Debt Disclosure [Abstract] | |
Debt | Debt |
At May 3, 2015 and November 2, 2014, the Company had outstanding borrowing under the Short-Term Financing Program of $130.0 million and $120.0 million, respectively, which carried weighted average annual interest rates of 1.8% and 1.7% during the second quarter of fiscal 2015 and 2014, respectively, and 1.7% and 1.6% during the first six months of 2015 and 2014, respectively, which is inclusive of certain facility and program fees. At May 3, 2015, there was $7.9 million available under the Short-Term Financing Program. | |
There were no outstanding borrowings under the $45.0 million Short-Term Credit Facility as of May 3, 2015. At November 2, 2014, the Company had the equivalent of $8.5 million outstanding, used primarily to hedge the Company’s net investment in certain foreign subsidiaries. The Company does not designate and document these instruments as hedges under ASC 815 "Derivatives and Hedges," and as a result gains and losses associated with these instruments are included in Foreign exchange gain (loss), net in the Condensed Consolidated Statements of Operations. During both the second quarter and the first six months of fiscal 2014, borrowings under the Short-Term Facility carried a weighted average annual interest rate of 1.9%, which is inclusive of the facility fee. | |
At May 3, 2015 and November 2, 2014, the Company had $7.7 million and $8.1 million of long-term debt, respectively, of which $0.9 million was current at May 3, 2015 and November 2, 2014. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 6 Months Ended | |||||||||||||||
3-May-15 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share | |||||||||||||||
Basic and diluted net income (loss) per share is calculated as follows (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
May 3, 2015 | May 4, 2014 | May 3, 2015 | May 4, 2014 | |||||||||||||
Numerator | ||||||||||||||||
Income (loss) from continuing operations | $ | (6,913 | ) | $ | 1,381 | $ | (15,713 | ) | $ | (11,301 | ) | |||||
Loss from discontinued operations, net of income taxes | — | (4,876 | ) | (4,519 | ) | (9,268 | ) | |||||||||
Net loss | $ | (6,913 | ) | $ | (3,495 | ) | $ | (20,232 | ) | $ | (20,569 | ) | ||||
Denominator | ||||||||||||||||
Basic weighted average number of shares | 20,793 | 20,861 | 20,861 | 20,855 | ||||||||||||
Diluted weighted average number of shares | 20,793 | 21,084 | 20,861 | 20,855 | ||||||||||||
Basic: | ||||||||||||||||
Income (loss) from continuing operations | $ | (0.33 | ) | $ | 0.07 | $ | (0.75 | ) | $ | (0.54 | ) | |||||
Loss from discontinued operations, net of income taxes | — | (0.23 | ) | (0.22 | ) | (0.45 | ) | |||||||||
Net loss | $ | (0.33 | ) | $ | (0.16 | ) | $ | (0.97 | ) | $ | (0.99 | ) | ||||
Diluted: | ||||||||||||||||
Income (loss) from continuing operations | $ | (0.33 | ) | $ | 0.07 | $ | (0.75 | ) | $ | (0.54 | ) | |||||
Loss from discontinued operations, net of income taxes | — | (0.23 | ) | (0.22 | ) | (0.45 | ) | |||||||||
Net loss | $ | (0.33 | ) | $ | (0.16 | ) | $ | (0.97 | ) | $ | (0.99 | ) | ||||
Options to purchase 661,650 and 465,450 shares of the Company’s common stock were outstanding at May 3, 2015 and May 4, 2014, respectively. Additionally, there were 60,001 restricted shares outstanding at May 4, 2014. The options and restricted shares were not included in the computation of diluted earnings (loss) per share in the three and six months of fiscal 2015 and in the six months of fiscal 2014 because the effect of their inclusion would have been anti-dilutive as a result of the Company’s net loss position in those periods. | ||||||||||||||||
Share Repurchase Plan | ||||||||||||||||
On January 14, 2015, the Board of Directors approved a new share repurchase program of up to 1,500,000 shares of the Company's common stock to begin on January 19, 2015, replacing a prior program. Such repurchases will be made through open market or private transactions. Share repurchases under the program will be subject to specified parameters and certain price and volume restraints and any repurchased shares will be held in treasury. The exact number and timing of share repurchases will depend upon market conditions and other factors. | ||||||||||||||||
For the quarter ended May 3, 2015, the Company repurchased 340,800 shares of common stock at an average purchase price of $12.50 per share for an aggregate amount of $4.3 million. The shares repurchased in the second quarter represent the total shares repurchased since inception. As of May 3, 2015, the Company had 1,159,200 shares available for repurchase. In April 2015, the Company suspended purchases of shares under this program. |
Impairment_Charges
Impairment Charges | 6 Months Ended |
3-May-15 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment Charges | Impairment Charges |
Impairment of Net Assets | |
During the second quarter of 2015, in conjunction with the initiative to exit certain non-core operations, the telephone directory publishing and printing business in Uruguay met the criteria to be classified as held for sale. Disposal is expected to take place in the second half of the year. | |
As part of the required evaluation under the held for sale guidance, the Company determined that the approximate fair value less costs to sell the operations was significantly lower than the carrying value of the net assets. Consequently, the net assets of the business of $4.4 million were fully impaired during the second quarter of 2015 and were recorded as an impairment charge in the Condensed Consolidated Statements of Operations. With the exception of a nominal amount of cash, there is no carrying value for any assets classified as held for sale as of May 3, 2015 on the Condensed Consolidated Balance Sheet for the telephone directory publishing and printing business in Uruguay. The pre-tax losses for the second quarter of 2015 and 2014 for this business were $1.2 million and $1.1 million, respectively. The pre-tax losses for the first six months of 2015 and 2014 were $2.2 million and $1.9 million, respectively. | |
Impairment of Goodwill | |
The Company performed its annual impairment test for goodwill during the second quarter of 2015. Goodwill impairment is determined using a two-step process. The first step of the goodwill impairment test is to identify potential impairment by comparing the fair value of a reporting unit with its net book value (or carrying amount), including goodwill. The second step of the goodwill impairment test compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. | |
Based on the result of the first step of the goodwill impairment analysis, the Company determined that the fair value of the staffing reporting unit in Uruguay was less than its carrying value as of May 3, 2015 and, as such, the Company applied the second step of the goodwill impairment test to this reporting unit. The fair value of the reporting unit was determined using an income approach. The income approach uses projections of estimated operating results and cash flows discounted using a weighted-average cost of capital. The approach uses management’s best estimates of economic and market conditions over the projected period, including growth rates in sales, costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. The Company determined that the ongoing value of the business based on historical and future levels would not support the carrying value of goodwill. Based on the result of the second step of the goodwill impairment analysis, the Company recorded a $1.0 million non-cash charge to reduce the entire carrying value of goodwill during the second quarter of 2015. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |
3-May-15 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Commitments and Contingencies | |
(a) | Legal Proceedings | |
The Company is involved in various claims and legal actions arising in the ordinary course of business. The Company’s loss contingencies not discussed elsewhere consist primarily of claims and legal actions arising in the normal course of business related to contingent worker employment matters in the Staffing Services segment. These matters are at varying stages of investigation, arbitration or adjudication. The Company has accrued for losses on individual matters that are both probable and reasonably estimable. | ||
In July 2013, Oracle Corporation brought suit against the Company alleging copyright infringement and related claims. The complaint alleged that the Company's information technology infrastructure business provided customer installation services of software updates for Oracle’s computer operating system software and system firmware without appropriate authorization or license. | ||
On May 6, 2015, the Company settled the lawsuit with Oracle on monetary and non-monetary terms. The net payment due by the Company to Oracle, after amounts covered by the Company’s insurance policies, is $400,000. This amount is included within the Other segment's selling, administrative and other operating costs. | ||
Estimates are based on currently available information and assumptions. Significant judgment is required in both the determination of probability and the determination of whether a matter is reasonably estimable. The Company’s estimates may change and actual expenses could differ in the future as additional information becomes available. | ||
(b) | Casualty Insurance Program | |
Except for states that require participation in state-operated workers’ compensation insurance funds, liability for workers’ compensation as well as automobile and general liability is insured under a retrospective experience-rated insurance program for losses exceeding specified deductible levels. The Company is self-insured for losses below the specified deductible limits. The Company has deposited approximately $27.0 million, representing numerous open plan years, with the insurance company to satisfy the carrier’s collateral requirements and fund potential future claims. Adjustments to the collateral amount are determined periodically up to three or four years after the end of the respective policy year, using the level of claims paid and incurred. This balance is included within prepaid insurance and other current assets as well as prepaid insurance and other assets, excluding current portion in the Condensed Consolidated Balance Sheets. | ||
(c) | Indemnification | |
The Company indemnifies its officers, directors and certain employees for certain events or occurrences while the employee, officer or director is, or was, serving at the Company’s request in such capacity, as permitted under New York law. |
Segment_Data
Segment Data | 6 Months Ended | |||||||||||
3-May-15 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Data | Segment Data | |||||||||||
The Company’s operating segments are determined in accordance with the Company’s internal management structure, which is based on operating activities. | ||||||||||||
Segment operating income (loss) is comprised of segment net revenues less direct cost of staffing services revenue or cost of other revenue, selling, administrative and other operating costs, impairment charges and restructuring costs. The Company allocates all operating costs to the segments except for costs not directly relating to operating activities such as corporate-wide general and administrative costs and fees related to restatement, investigations and remediation. These costs are not allocated as they do not enhance the understanding of segment operating performance and they are not used by management to measure segment performance. | ||||||||||||
Financial data concerning the Company’s revenue and segment operating income (loss) by reportable operating segment in the second quarter of fiscal 2015 and 2014 and for the first six months of fiscal 2015 and 2014 are summarized in the following tables: | ||||||||||||
Three Months Ended May 3, 2015 | ||||||||||||
(in thousands) | Total | Staffing Services | Other | |||||||||
Revenue | ||||||||||||
Staffing services revenue | $ | 362,277 | $ | 362,277 | $ | — | ||||||
Other revenue | 22,912 | — | 22,912 | |||||||||
Net revenue | 385,189 | 362,277 | 22,912 | |||||||||
Expenses | ||||||||||||
Direct cost of staffing services revenue | 305,116 | 305,116 | — | |||||||||
Cost of other revenue | 19,909 | — | 19,909 | |||||||||
Selling, administrative and other operating costs | 54,325 | 50,034 | 4,291 | |||||||||
Restructuring costs | 251 | 275 | (24 | ) | ||||||||
Impairment charges | 5,374 | 977 | 4,397 | |||||||||
Segment operating income (loss) | 214 | 5,875 | (5,661 | ) | ||||||||
Corporate general and administrative | 4,308 | |||||||||||
Operating loss | $ | (4,094 | ) | |||||||||
Three Months Ended May 4, 2014 | ||||||||||||
(in thousands) | Total | Staffing Services | Other | |||||||||
Revenue | ||||||||||||
Staffing services revenue | $ | 406,733 | $ | 406,733 | $ | — | ||||||
Other revenue | 29,347 | — | 29,347 | |||||||||
Net revenue | 436,080 | 406,733 | 29,347 | |||||||||
Expenses | ||||||||||||
Direct cost of staffing services revenue | 344,922 | 344,922 | — | |||||||||
Cost of other revenue | 24,066 | — | 24,066 | |||||||||
Selling, administrative and other operating costs | 58,238 | 53,778 | 4,460 | |||||||||
Restructuring costs | 679 | 577 | 102 | |||||||||
Segment operating income | 8,175 | 7,456 | 719 | |||||||||
Corporate general and administrative | 2,708 | |||||||||||
Restatement, investigations and remediation | 593 | |||||||||||
Operating income | $ | 4,874 | ||||||||||
Six Months Ended May 3, 2015 | ||||||||||||
(in thousands) | Total | Staffing Services | Other | |||||||||
Revenue | ||||||||||||
Staffing services revenue | $ | 723,098 | $ | 723,098 | $ | — | ||||||
Other revenue | 45,157 | — | 45,157 | |||||||||
Net revenue | 768,255 | 723,098 | 45,157 | |||||||||
Expenses | ||||||||||||
Direct cost of staffing services revenue | 615,935 | 615,935 | — | |||||||||
Cost of other revenue | 39,514 | — | 39,514 | |||||||||
Selling, administrative and other operating costs | 108,266 | 100,614 | 7,652 | |||||||||
Restructuring costs | 251 | 275 | (24 | ) | ||||||||
Impairment charges | 5,374 | 977 | 4,397 | |||||||||
Segment operating income (loss) | (1,085 | ) | 5,297 | (6,382 | ) | |||||||
Corporate general and administrative | 10,331 | |||||||||||
Operating loss | $ | (11,416 | ) | |||||||||
Six Months Ended May 4, 2014 | ||||||||||||
(in thousands) | Total | Staffing Services | Other | |||||||||
Revenue | ||||||||||||
Staffing services revenue | $ | 799,002 | $ | 799,002 | $ | — | ||||||
Other revenue | 58,706 | — | 58,706 | |||||||||
Net revenue | 857,708 | 799,002 | 58,706 | |||||||||
Expenses | ||||||||||||
Direct cost of staffing services revenue | 684,718 | 684,718 | — | |||||||||
Cost of other revenue | 48,199 | — | 48,199 | |||||||||
Selling, administrative and other operating costs | 118,605 | 109,500 | 9,105 | |||||||||
Restructuring costs | 1,336 | 1,234 | 102 | |||||||||
Segment operating income | 4,850 | 3,550 | 1,300 | |||||||||
Corporate general and administrative | 7,940 | |||||||||||
Restatement, investigations and remediation | 3,261 | |||||||||||
Operating loss | $ | (6,351 | ) | |||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
3-May-15 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
Short-Term Credit Facility | |
The Company terminated its $45.0 million Short-Term Credit Facility with Bank of America, N.A., as Administrative Agent, effective June 8, 2015. The Credit Facility had a term expiring on March 31, 2016. There were no borrowings outstanding under the Credit Facility. | |
Letters of Intent to Sell Certain Business Assets | |
The Company signed a non-binding Letter of Intent ("LOI") on June 4, 2015 to sell its telephone directory publishing and printing business in Uruguay. The Company expects to receive a nominal amount from the sale and the net assets of this business are included within impairment charges in the Condensed Consolidated Statements of Operations during the second quarter of 2015. The Company expects to finalize this sale in the second half of the year. | |
The Company signed a non-binding LOI on June 9, 2015 to sell certain working capital assets of its telecommunication infrastructure and security services business for nominal proceeds. The Company expects to finalize this sale in the second half of the year. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
3-May-15 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying interim condensed consolidated financial statements of Volt Information Sciences, Inc. ("Volt" or the "Company") have been prepared in conformity with generally accepted accounting principles in the United States, consistent in all material respects with those applied in the Annual Report on Form 10-K for the year ended November 2, 2014. The Company makes estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates and changes in estimates are reflected in the period in which they become known. Accounting for certain expenses, including income taxes, are based on full year assumptions, and the financial statements reflect all normal adjustments that, in the opinion of management, are necessary for fair presentation of the interim periods presented. The interim information is unaudited and is prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"), which provides for omission of certain information and footnote disclosures. This interim financial information should be read in conjunction with the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended November 2, 2014. | |
Restatement, investigations and remediation costs are discussed further in the Company's Form 10-K for the fiscal year ended November 2, 2014, and are comprised of financial and legal consulting, audit and related costs incurred for the completion of delayed filings required under SEC regulations. | |
Certain reclassifications have been made to the prior year financial statements in order to conform to the current year's presentation. | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards |
In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-08, Business Combinations (Topic 805): Pushdown Accounting - Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 (SEC Update). This ASU supersedes several paragraphs in ASC 805-50. The amendments remove references to Staff Accounting Bulletin Topic 5.J and are effective immediately. The adoption of this ASU did not have a material impact on our consolidated financial statements. | |
New Accounting Standards Not Yet Adopted by the Company | New Accounting Standards Not Yet Adopted by the Company |
In April 2015, the FASB issued ASU No. 2015-05, Customers' Accounting for Fees Paid in a Cloud Computing Arrangement. The ASU provides guidance in evaluating whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for as an acquisition of a software license. If the arrangement does not contain a software license, it should be accounted for as a service contract. This ASU is effective for reporting periods beginning after December 15, 2015 and may be adopted either retrospectively or prospectively. We are currently evaluating the impact that this ASU will have on our consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The ASU requires that debt issuance costs related to a recognized liability be presented on the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. This ASU is effective for reporting periods beginning after December 15, 2015. The Company is currently assessing the impact of the adoption of this guidance on the consolidated financial statements. | |
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The new consolidation standard changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity ("VIE"), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. The guidance is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2015. Early adoption is allowed, including early adoption in an interim period. A reporting entity may apply a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or may apply the amendments retrospectively. The Company is currently assessing the impact of the adoption of this guidance on the consolidated financial statements. | |
In January 2015, the FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The new guidance eliminates the separate presentation of extraordinary items, net of tax and the related earnings per share, but does not affect the requirement to disclose material items that are unusual in nature or infrequently occurring. The ASU applies to all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Entities have the option to apply the new guidance prospectively or retrospectively, and can choose early adoption. The Company is currently assessing the impact of the adoption of this guidance on the consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Upon the effective date, the ASU replaces almost all existing revenue recognition guidance, including industry specific guidance, in generally accepted accounting principles ("GAAP"). This standard is effective for fiscal years and interim reporting periods beginning after December 15, 2016. The Company is currently assessing the impact that the adoption of this standard will have on its consolidated financial statements and related disclosures upon implementation in the first quarter of fiscal year 2018. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||||||||||||
3-May-15 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
Schedule of Assets and Liabilities Classified as Held for Sale | The following table reconciles the major classes of net assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheet (in thousands): | |||||||||||||||
2-Nov-14 | ||||||||||||||||
Assets included as part of discontinued operations | ||||||||||||||||
Cash and cash equivalents | $ | 282 | ||||||||||||||
Trade accounts receivable, net | 10,535 | |||||||||||||||
Recoverable income taxes | 921 | |||||||||||||||
Prepaid insurance and other assets | 9,251 | |||||||||||||||
Property, equipment and software, net | 3,231 | |||||||||||||||
Total assets of the disposal group classified as held for sale in the Condensed Consolidated Balance Sheet | $ | 24,220 | ||||||||||||||
Liabilities included as part of discontinued operations | ||||||||||||||||
Accrued compensation | $ | 2,272 | ||||||||||||||
Accounts payable | 992 | |||||||||||||||
Accrued taxes other than income taxes | 649 | |||||||||||||||
Accrued insurance and other | 5,794 | |||||||||||||||
Deferred revenue | 9,419 | |||||||||||||||
Total liabilities of the disposal group classified as held for sale in the Condensed Consolidated Balance Sheet | $ | 19,126 | ||||||||||||||
Schedule of Discontinued Operations Activity | The following table reconciles the major line items in the Condensed Consolidated Statements of Operations for discontinued operations (in thousands): | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
3-May-15 | 4-May-14 | 3-May-15 | 4-May-14 | |||||||||||||
Loss on discontinued operations | ||||||||||||||||
Net revenue | $ | — | $ | 15,405 | $ | 4,708 | $ | 30,925 | ||||||||
Cost of revenue | — | 14,590 | 5,730 | 27,735 | ||||||||||||
Selling, administrative and other operating costs | — | 5,125 | 1,388 | 10,618 | ||||||||||||
Restructuring and other related costs | — | (81 | ) | 1,709 | 623 | |||||||||||
Other (income) expense, net | — | 546 | (978 | ) | 1,114 | |||||||||||
Loss from discontinued operations | — | (4,775 | ) | (3,141 | ) | (9,165 | ) | |||||||||
Loss on disposal of discontinued operations | — | — | (1,187 | ) | — | |||||||||||
Total loss from discontinued operations | — | (4,775 | ) | (4,328 | ) | (9,165 | ) | |||||||||
Income tax provision | — | 101 | 191 | 103 | ||||||||||||
Total loss from discontinued operations that is presented in the Condensed Consolidated Statements of Operations | $ | — | $ | (4,876 | ) | $ | (4,519 | ) | $ | (9,268 | ) | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||
3-May-15 | |||||||||
Equity [Abstract] | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | |||||||||
The changes in accumulated other comprehensive loss for the three and six months ended May 3, 2015 were (in thousands): | |||||||||
Foreign Currency Translation | Unrealized Gain (Loss) on Marketable Securities | ||||||||
Three Months Ended May 3, 2015 | |||||||||
Accumulated other comprehensive loss at February 1, 2015 | $ | (7,514 | ) | $ | (31 | ) | |||
Other comprehensive income before reclassifications | 1,515 | 12 | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | |||||||
Net current period other comprehensive income | 1,515 | 12 | |||||||
Accumulated other comprehensive loss at May 3, 2015 | $ | (5,999 | ) | $ | (19 | ) | |||
Six Months Ended May 3, 2015 | |||||||||
Accumulated other comprehensive loss at November 2, 2014 | $ | (6,365 | ) | $ | (35 | ) | |||
Other comprehensive income (loss) before reclassifications | (2,815 | ) | 16 | ||||||
Amounts reclassified from accumulated other comprehensive income | 3,181 | — | |||||||
Net current period other comprehensive income | 366 | 16 | |||||||
Accumulated other comprehensive loss at May 3, 2015 | $ | (5,999 | ) | $ | (19 | ) | |||
The Company did not have any significant amounts reclassified out of accumulated other comprehensive income in 2014. | |||||||||
Reclassifications from accumulated other comprehensive loss for the three and six months ended May 3, 2015 were (in thousands): | |||||||||
Three Months Ended May 3, 2015 | Six Months Ended May 3, 2015 | ||||||||
Foreign currency translation | |||||||||
Sale of foreign subsidiaries | $ | — | $ | (3,181 | ) | ||||
Income tax provision (benefit) | — | — | |||||||
Total reclassifications, net of tax | $ | — | $ | (3,181 | ) | ||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | |||||||
Foreign currency translation | |||||||||
Sale of foreign subsidiaries | $ | 3,181 | Discontinued operations | ||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||
The changes in accumulated other comprehensive loss for the three and six months ended May 3, 2015 were (in thousands): | |||||||||
Foreign Currency Translation | Unrealized Gain (Loss) on Marketable Securities | ||||||||
Three Months Ended May 3, 2015 | |||||||||
Accumulated other comprehensive loss at February 1, 2015 | $ | (7,514 | ) | $ | (31 | ) | |||
Other comprehensive income before reclassifications | 1,515 | 12 | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | |||||||
Net current period other comprehensive income | 1,515 | 12 | |||||||
Accumulated other comprehensive loss at May 3, 2015 | $ | (5,999 | ) | $ | (19 | ) | |||
Six Months Ended May 3, 2015 | |||||||||
Accumulated other comprehensive loss at November 2, 2014 | $ | (6,365 | ) | $ | (35 | ) | |||
Other comprehensive income (loss) before reclassifications | (2,815 | ) | 16 | ||||||
Amounts reclassified from accumulated other comprehensive income | 3,181 | — | |||||||
Net current period other comprehensive income | 366 | 16 | |||||||
Accumulated other comprehensive loss at May 3, 2015 | $ | (5,999 | ) | $ | (19 | ) | |||
The Company did not have any significant amounts reclassified out of accumulated other comprehensive income in 2014. | |||||||||
Reclassifications from accumulated other comprehensive loss for the three and six months ended May 3, 2015 were (in thousands): | |||||||||
Three Months Ended May 3, 2015 | Six Months Ended May 3, 2015 | ||||||||
Foreign currency translation | |||||||||
Sale of foreign subsidiaries | $ | — | $ | (3,181 | ) | ||||
Income tax provision (benefit) | — | — | |||||||
Total reclassifications, net of tax | $ | — | $ | (3,181 | ) | ||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | |||||||
Foreign currency translation | |||||||||
Sale of foreign subsidiaries | $ | 3,181 | Discontinued operations | ||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 6 Months Ended | |||||||||||||||
3-May-15 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Summary of Basic and Diluted Net Income (Loss) Per Share | Basic and diluted net income (loss) per share is calculated as follows (in thousands, except per share amounts): | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
May 3, 2015 | May 4, 2014 | May 3, 2015 | May 4, 2014 | |||||||||||||
Numerator | ||||||||||||||||
Income (loss) from continuing operations | $ | (6,913 | ) | $ | 1,381 | $ | (15,713 | ) | $ | (11,301 | ) | |||||
Loss from discontinued operations, net of income taxes | — | (4,876 | ) | (4,519 | ) | (9,268 | ) | |||||||||
Net loss | $ | (6,913 | ) | $ | (3,495 | ) | $ | (20,232 | ) | $ | (20,569 | ) | ||||
Denominator | ||||||||||||||||
Basic weighted average number of shares | 20,793 | 20,861 | 20,861 | 20,855 | ||||||||||||
Diluted weighted average number of shares | 20,793 | 21,084 | 20,861 | 20,855 | ||||||||||||
Basic: | ||||||||||||||||
Income (loss) from continuing operations | $ | (0.33 | ) | $ | 0.07 | $ | (0.75 | ) | $ | (0.54 | ) | |||||
Loss from discontinued operations, net of income taxes | — | (0.23 | ) | (0.22 | ) | (0.45 | ) | |||||||||
Net loss | $ | (0.33 | ) | $ | (0.16 | ) | $ | (0.97 | ) | $ | (0.99 | ) | ||||
Diluted: | ||||||||||||||||
Income (loss) from continuing operations | $ | (0.33 | ) | $ | 0.07 | $ | (0.75 | ) | $ | (0.54 | ) | |||||
Loss from discontinued operations, net of income taxes | — | (0.23 | ) | (0.22 | ) | (0.45 | ) | |||||||||
Net loss | $ | (0.33 | ) | $ | (0.16 | ) | $ | (0.97 | ) | $ | (0.99 | ) |
Segment_Data_Tables
Segment Data (Tables) | 6 Months Ended | |||||||||||
3-May-15 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Summary of Sales and Segment Operating Income (Loss) by Reportable Operating Segment | Financial data concerning the Company’s revenue and segment operating income (loss) by reportable operating segment in the second quarter of fiscal 2015 and 2014 and for the first six months of fiscal 2015 and 2014 are summarized in the following tables: | |||||||||||
Three Months Ended May 3, 2015 | ||||||||||||
(in thousands) | Total | Staffing Services | Other | |||||||||
Revenue | ||||||||||||
Staffing services revenue | $ | 362,277 | $ | 362,277 | $ | — | ||||||
Other revenue | 22,912 | — | 22,912 | |||||||||
Net revenue | 385,189 | 362,277 | 22,912 | |||||||||
Expenses | ||||||||||||
Direct cost of staffing services revenue | 305,116 | 305,116 | — | |||||||||
Cost of other revenue | 19,909 | — | 19,909 | |||||||||
Selling, administrative and other operating costs | 54,325 | 50,034 | 4,291 | |||||||||
Restructuring costs | 251 | 275 | (24 | ) | ||||||||
Impairment charges | 5,374 | 977 | 4,397 | |||||||||
Segment operating income (loss) | 214 | 5,875 | (5,661 | ) | ||||||||
Corporate general and administrative | 4,308 | |||||||||||
Operating loss | $ | (4,094 | ) | |||||||||
Three Months Ended May 4, 2014 | ||||||||||||
(in thousands) | Total | Staffing Services | Other | |||||||||
Revenue | ||||||||||||
Staffing services revenue | $ | 406,733 | $ | 406,733 | $ | — | ||||||
Other revenue | 29,347 | — | 29,347 | |||||||||
Net revenue | 436,080 | 406,733 | 29,347 | |||||||||
Expenses | ||||||||||||
Direct cost of staffing services revenue | 344,922 | 344,922 | — | |||||||||
Cost of other revenue | 24,066 | — | 24,066 | |||||||||
Selling, administrative and other operating costs | 58,238 | 53,778 | 4,460 | |||||||||
Restructuring costs | 679 | 577 | 102 | |||||||||
Segment operating income | 8,175 | 7,456 | 719 | |||||||||
Corporate general and administrative | 2,708 | |||||||||||
Restatement, investigations and remediation | 593 | |||||||||||
Operating income | $ | 4,874 | ||||||||||
Six Months Ended May 3, 2015 | ||||||||||||
(in thousands) | Total | Staffing Services | Other | |||||||||
Revenue | ||||||||||||
Staffing services revenue | $ | 723,098 | $ | 723,098 | $ | — | ||||||
Other revenue | 45,157 | — | 45,157 | |||||||||
Net revenue | 768,255 | 723,098 | 45,157 | |||||||||
Expenses | ||||||||||||
Direct cost of staffing services revenue | 615,935 | 615,935 | — | |||||||||
Cost of other revenue | 39,514 | — | 39,514 | |||||||||
Selling, administrative and other operating costs | 108,266 | 100,614 | 7,652 | |||||||||
Restructuring costs | 251 | 275 | (24 | ) | ||||||||
Impairment charges | 5,374 | 977 | 4,397 | |||||||||
Segment operating income (loss) | (1,085 | ) | 5,297 | (6,382 | ) | |||||||
Corporate general and administrative | 10,331 | |||||||||||
Operating loss | $ | (11,416 | ) | |||||||||
Six Months Ended May 4, 2014 | ||||||||||||
(in thousands) | Total | Staffing Services | Other | |||||||||
Revenue | ||||||||||||
Staffing services revenue | $ | 799,002 | $ | 799,002 | $ | — | ||||||
Other revenue | 58,706 | — | 58,706 | |||||||||
Net revenue | 857,708 | 799,002 | 58,706 | |||||||||
Expenses | ||||||||||||
Direct cost of staffing services revenue | 684,718 | 684,718 | — | |||||||||
Cost of other revenue | 48,199 | — | 48,199 | |||||||||
Selling, administrative and other operating costs | 118,605 | 109,500 | 9,105 | |||||||||
Restructuring costs | 1,336 | 1,234 | 102 | |||||||||
Segment operating income | 4,850 | 3,550 | 1,300 | |||||||||
Corporate general and administrative | 7,940 | |||||||||||
Restatement, investigations and remediation | 3,261 | |||||||||||
Operating loss | $ | (6,351 | ) | |||||||||
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
Dec. 01, 2014 | 3-May-15 | 4-May-14 | 3-May-15 | 4-May-14 | Nov. 02, 2014 | |
Computer Systems Segment | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on the sale transaction | $1,200,000 | |||||
Restructuring and other related costs | 2,200,000 | 0 | -81,000 | 1,709,000 | 623,000 | |
Payments for restructuring | 1,500,000 | |||||
Expected cost remaining | 800,000 | 800,000 | ||||
NewNet Communication Technologies, LLC | Computer Systems Segment | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Note receivable | 10,000,000 | |||||
Interest rate | 0.50% | |||||
Payment term | 4 years | |||||
Capital interest percentage | 20.00% | |||||
Payment to acquire note receivable | 4,000,000 | |||||
Payment term | 45 days | |||||
Working capital | 6,000,000 | |||||
Notes receivable, fair value | 8,400,000 | 8,400,000 | ||||
Receivable with imputed interest, amortization period | 4 years | |||||
Receivable with imputed interest, effective yield (interest rate) | 5.10% | |||||
Unamortized discount | 1,500,000 | 1,500,000 | ||||
Interest income resulting from amortization | 100,000 | 200,000 | ||||
Employee Severance | Computer Systems Segment | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Restructuring and other related costs | 900,000 | |||||
Professional Fees Incurred | Computer Systems Segment | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Restructuring and other related costs | 900,000 | |||||
Lease obligation costs | Computer Systems Segment | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Restructuring and other related costs | 400,000 | |||||
Prepaid Expenses and Other Assets | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Deferred tax assets | 6,842 | |||||
Accrued Insurance and Other Liabilities | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Deferred tax liabilities | $3,834 |
Discontinued_Operations_Assets
Discontinued Operations - Assets and Liabilities (Details) (Computer Systems Segment, USD $) | Nov. 02, 2014 |
In Thousands, unless otherwise specified | |
Assets Held-for-sale | |
Assets included as part of discontinued operations | |
Cash and cash equivalents | $282 |
Trade accounts receivable, net | 10,535 |
Recoverable income taxes | 921 |
Prepaid insurance and other assets | 9,251 |
Property, equipment and software, net | 3,231 |
Total assets of the disposal group classified as held for sale in the Condensed Consolidated Balance Sheet | 24,220 |
Liabilities Held-for-sale | |
Liabilities included as part of discontinued operations | |
Accrued compensation | 2,272 |
Accounts payable | 992 |
Accrued taxes other than income taxes | 649 |
Accrued insurance and other | 5,794 |
Deferred revenue | 9,419 |
Total liabilities of the disposal group classified as held for sale in the Condensed Consolidated Balance Sheet | $19,126 |
Discontinued_Operations_Statem
Discontinued Operations - Statements of Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 01, 2014 | 3-May-15 | 4-May-14 | 3-May-15 | 4-May-14 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Other income (expense), net | ($43) | ($216) | ($141) | ($278) | |
Total loss from discontinued operations | 0 | -4,876 | -4,519 | -9,268 | |
Computer Systems Segment | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net revenue | 0 | 15,405 | 4,708 | 30,925 | |
Cost of revenue | 0 | 14,590 | 5,730 | 27,735 | |
Selling, administrative and other operating costs | 0 | 5,125 | 1,388 | 10,618 | |
Restructuring and other related costs | 2,200 | 0 | -81 | 1,709 | 623 |
Other income (expense), net | 0 | 546 | -978 | 1,114 | |
Loss from discontinued operations | 0 | -4,775 | -3,141 | -9,165 | |
Loss on disposal of discontinued operations | 0 | 0 | -1,187 | 0 | |
Total loss from discontinued operations | 0 | -4,775 | -4,328 | -9,165 | |
Income tax provision | 0 | 101 | 191 | 103 | |
Total loss from discontinued operations that is presented in the Condensed Consolidated Statements of Operations | $0 | ($4,876) | ($4,519) | ($9,268) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 3-May-15 | 4-May-14 | 3-May-15 | 4-May-14 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax provision (benefit) | $532 | $2,277 | $1,911 | $3,324 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at February 1, 2015 | -6,400 | |||
Net current period other comprehensive income | 1,527 | 1,449 | 382 | 1,884 |
Accumulated other comprehensive loss at May 3, 2015 | -6,018 | -6,018 | ||
Foreign Currency Translation | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications, net of tax | 0 | -3,181 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at February 1, 2015 | -7,514 | -6,365 | ||
Other comprehensive income before reclassifications | 1,515 | -2,815 | ||
Net current period other comprehensive income | 1,515 | 366 | ||
Accumulated other comprehensive loss at May 3, 2015 | -5,999 | -5,999 | ||
Foreign Currency Translation | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Sale of foreign subsidiaries | 0 | -3,181 | ||
Income tax provision (benefit) | 0 | 0 | ||
Total reclassifications, net of tax | 0 | -3,181 | ||
Accumulated Net Unrealized Investment Gain (Loss) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications, net of tax | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Accumulated other comprehensive loss at February 1, 2015 | -31 | -35 | ||
Other comprehensive income before reclassifications | 12 | 16 | ||
Net current period other comprehensive income | 12 | 16 | ||
Accumulated other comprehensive loss at May 3, 2015 | -19 | -19 | ||
Discontinued Operations | Foreign Currency Translation | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Sale of foreign subsidiaries | ($3,181) |
Restricted_Cash_and_ShortTerm_1
Restricted Cash and Short-Term Investments - Additional Information (Detail) (Restricted cash and short-term investments, USD $) | 3-May-15 | Nov. 02, 2014 |
In Millions, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $12.40 | $16.50 |
Short-term investments | 5.3 | 5.5 |
Short-Term Credit Facility | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted as collateral | $0.10 | $10.40 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 3-May-15 | 4-May-14 | 3-May-15 | 4-May-14 |
Income Tax Disclosure [Abstract] | ||||
Income tax provision | $532 | $2,277 | $1,911 | $3,324 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
3-May-15 | 4-May-14 | 3-May-15 | 4-May-14 | Nov. 02, 2014 | |
Extinguishment of Debt [Line Items] | |||||
Long-term debt | $7,700,000 | $7,700,000 | $8,100,000 | ||
Current maturities | 900,000 | 900,000 | 900,000 | ||
Short-Term Financing Program | |||||
Extinguishment of Debt [Line Items] | |||||
Amount outstanding | 130,000,000 | 130,000,000 | 120,000,000 | ||
Weighted average interest rate during period | 1.80% | 1.70% | 1.70% | 1.60% | |
Available borrowing capacity of facility | 7,900,000 | 7,900,000 | |||
Line of Credit | |||||
Extinguishment of Debt [Line Items] | |||||
Amount outstanding | 0 | 0 | 8,500,000 | ||
Weighted average interest rate during period | 1.90% | 1.90% | |||
Face amount | $45,000,000 | $45,000,000 |
Earnings_Loss_Per_Share_Summar
Earnings (Loss) Per Share - Summary of Basic and Diluted Net Income (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | 3-May-15 | 4-May-14 | 3-May-15 | 4-May-14 |
Numerator | ||||
Income (loss) from continuing operations | ($6,913) | $1,381 | ($15,713) | ($11,301) |
Loss from discontinued operations, net of income taxes | 0 | -4,876 | -4,519 | -9,268 |
NET LOSS | ($6,913) | ($3,495) | ($20,232) | ($20,569) |
Denominator | ||||
Basic weighted average number of shares (shares) | 20,793 | 20,861 | 20,861 | 20,855 |
Dilutive weighted average number of shares (shares) | 20,793 | 21,084 | 20,861 | 20,855 |
Basic: | ||||
Loss from continuing operations (usd per share) | ($0.33) | $0.07 | ($0.75) | ($0.54) |
Loss from discontinued operations (usd per share) | $0 | ($0.23) | ($0.22) | ($0.45) |
Net loss (usd per share) | ($0.33) | ($0.16) | ($0.97) | ($0.99) |
Diluted: | ||||
Loss from continuing operations (usd per share) | ($0.33) | $0.07 | ($0.75) | ($0.54) |
Loss from discontinued operations (usd per share) | $0 | ($0.23) | ($0.22) | ($0.45) |
Net loss (usd per share) | ($0.33) | ($0.16) | ($0.97) | ($0.99) |
Earnings_Loss_Per_Share_Additi
Earnings (Loss) Per Share - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | 3-May-15 | 4-May-14 | Jan. 14, 2015 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options to purchase common stock outstanding | 661,650 | 465,450 | |
Restricted Stock Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Restricted shares outstanding | 60,001 | ||
Common Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of shares authorized to be repurchased (shares) | 1,500,000 | ||
Number of shares repurchased (shares) | 340,800 | ||
Weighted average price paid per share (usd per share) | $12.50 | ||
Aggregate amount paid for shares repurchased | $4.30 | ||
Remaining number of shares authorized to be repurchased (shares) | 1,159,200 |
Impairment_Charges_Details
Impairment Charges (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||
3-May-15 | 4-May-14 | 3-May-15 | 4-May-14 | Feb. 01, 2015 | Feb. 02, 2014 | |
Segment Reporting Information [Line Items] | ||||||
Impairment charges | $5,374,000 | $0 | $5,374,000 | $0 | ||
Telephone Directory Publishing and Printing | URUGUAY | ||||||
Segment Reporting Information [Line Items] | ||||||
Impaired net assets | 4,400,000 | 4,400,000 | ||||
Pre-tax losses | 2,200,000 | 1,900,000 | 1,200,000 | 1,100,000 | ||
Impairment charges | $1,000,000 |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Details) (USD $) | 3-May-15 | 6-May-15 |
Loss Contingencies [Line Items] | ||
Prepaid Insurance, Deposit to Cover Claims Under Deductible Limit | $27,000,000 | |
Subsequent Event | ||
Loss Contingencies [Line Items] | ||
Net litigation payment due to Oracle | $400,000 |
Segment_Data_Summary_of_Sales_
Segment Data - Summary of Sales and Segment Operating Income (Loss) by Reportable Operating Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | 3-May-15 | 4-May-14 | 3-May-15 | 4-May-14 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Staffing services revenue | $362,277 | $406,733 | $723,098 | $799,002 |
Other revenue | 22,912 | 29,347 | 45,157 | 58,706 |
NET REVENUE | 385,189 | 436,080 | 768,255 | 857,708 |
Expenses | ||||
Direct cost of staffing services revenue | 305,116 | 344,922 | 615,935 | 684,718 |
Cost of other revenue | 19,909 | 24,066 | 39,514 | 48,199 |
Selling, administrative and other operating costs | 58,633 | 60,626 | 118,597 | 126,225 |
Restructuring costs | 251 | 999 | 251 | 1,656 |
Impairment charges | 5,374 | 0 | 5,374 | 0 |
Restatement, investigations and remediation | 0 | 593 | 0 | 3,261 |
OPERATING INCOME (LOSS) | -4,094 | 4,874 | -11,416 | -6,351 |
Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Staffing services revenue | 362,277 | 406,733 | 723,098 | 799,002 |
Other revenue | 22,912 | 29,347 | 45,157 | 58,706 |
NET REVENUE | 385,189 | 436,080 | 768,255 | 857,708 |
Expenses | ||||
Direct cost of staffing services revenue | 305,116 | 344,922 | 615,935 | 684,718 |
Cost of other revenue | 19,909 | 24,066 | 39,514 | 48,199 |
Selling, administrative and other operating costs | 54,325 | 58,238 | 108,266 | 118,605 |
Restructuring costs | 251 | 679 | 251 | 1,336 |
Impairment charges | 5,374 | 5,374 | ||
Segment operating income (loss) | 214 | 8,175 | -1,085 | 4,850 |
Operating Segments | Staffing Services | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Staffing services revenue | 362,277 | 406,733 | 723,098 | 799,002 |
Other revenue | 0 | 0 | 0 | 0 |
NET REVENUE | 362,277 | 406,733 | 723,098 | 799,002 |
Expenses | ||||
Direct cost of staffing services revenue | 305,116 | 344,922 | 615,935 | 684,718 |
Cost of other revenue | 0 | 0 | 0 | 0 |
Selling, administrative and other operating costs | 50,034 | 53,778 | 100,614 | 109,500 |
Restructuring costs | 275 | 577 | 275 | 1,234 |
Impairment charges | 977 | 977 | ||
Segment operating income (loss) | 5,875 | 7,456 | 5,297 | 3,550 |
Operating Segments | Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Staffing services revenue | 0 | 0 | 0 | 0 |
Other revenue | 22,912 | 29,347 | 45,157 | 58,706 |
NET REVENUE | 22,912 | 29,347 | 45,157 | 58,706 |
Expenses | ||||
Direct cost of staffing services revenue | 0 | 0 | 0 | 0 |
Cost of other revenue | 19,909 | 24,066 | 39,514 | 48,199 |
Selling, administrative and other operating costs | 4,291 | 4,460 | 7,652 | 9,105 |
Restructuring costs | -24 | 102 | -24 | 102 |
Impairment charges | 4,397 | 4,397 | ||
Segment operating income (loss) | -5,661 | 719 | -6,382 | 1,300 |
Corporate general and administrative | ||||
Expenses | ||||
Selling, administrative and other operating costs | 4,308 | 2,708 | 10,331 | 7,940 |
Restatement, investigations and remediation | ||||
Expenses | ||||
Restatement, investigations and remediation | $593 | $3,261 |
Subsequent_Events_Details
Subsequent Events (Details) (Line of Credit, Subsequent Event, USD $) | Jun. 08, 2015 |
Line of Credit | Subsequent Event | |
Subsequent Event [Line Items] | |
Borrowing capacity of facility | $45,000,000 |
Amount outstanding | $0 |