FORM 10-K |
x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended November 1, 2015 | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to . |
Commission File Number: 001-09232 |
New York | 13-5658129 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
1133 Avenue of the Americas, New York, New York | 10036 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |
Common Stock $0.10 Par Value | NYSE MKT LLC |
Large accelerated filer o | Accelerated filer x | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if a smaller reporting company) |
Page | ||
ITEM 1. | ||
ITEM 1A. | ||
ITEM 1B. | ||
ITEM 2. | ||
ITEM 3. | ||
ITEM 4. | ||
ITEM 5. | ||
ITEM 6. | ||
ITEM 7. | ||
ITEM 7A. | ||
ITEM 8. | ||
ITEM 9. | ||
ITEM 9A. | ||
ITEM 9B. | ||
ITEM 10. | ||
ITEM 11. | ||
ITEM 12. | ||
ITEM 13. | ||
ITEM 14. | ||
ITEM 15. | ||
• | competition within the staffing industry which has few barriers to entry; |
• | weak economic and uncertain business conditions; |
• | foreign currency fluctuations and other global business risks; |
• | impairment charges relating to our goodwill and long-lived assets; |
• | failure to comply with restrictive financial covenants; |
• | inability to renew our Financing Program or obtain a suitable replacement financing arrangement; |
• | fluctuations in interest rates and turmoil in the financial markets; |
• | challenges meeting contractual obligations due to delays, unanticipated costs and cancellations; |
• | contracts either provide no minimum purchase requirements, or are cancellable during the term or both; |
• | the loss of major customers; |
• | inability to attract and retain technologically qualified personnel; |
• | inability to implement new business initiatives; |
• | failure to keep pace with rapid changes in technology; |
• | failure to implement strategic information technology projects; |
• | inability to attract and maintain quality personnel; |
• | employment-related claims, client-indemnification claims and other claims from clients and third parties; |
• | inability to retain acceptable insurance coverage limits at a commercially reasonable cost and terms; |
• | unexpected changes in workers' compensation and other insurance plans; |
• | litigation costs; |
• | improper disclosure of sensitive or confidential employee or customer data; |
• | information technology systems are vulnerable to damage and interruption; |
• | inability to maintain effective internal controls over financial reporting; |
• | new and increased government regulation, employment costs and taxes; |
• | health care reform; |
• | volatility of stock price and related ability of investors to resell their shares at or above the purchase price; |
• | significant percentage of common stock owned by principal shareholders and their ability to exercise significant influence over the Company; |
• | potential proxy contest for the election of directors at our annual meeting; and |
• | New York State law and our Articles of Incorporation and By-laws contain provisions that could make the takeover of the Company more difficult. |
ITEM 1. | BUSINESS |
• | increase our market share in our key customers and target market sectors; |
• | provide superior delivery that will ultimately drive higher revenues at improved margins; |
• | focus on core business offerings and on market sectors where we are profitable or that have long-term growth potential, and reduce or eliminate non-core, non-strategic business; |
• | increase the percentage of our revenue represented by higher-margin business; |
• | exit or reduce business levels in sectors or with customers where profitability or business terms are unfavorable; |
• | consolidate financial and other administrative and support functions, implement process standardization, and use productivity metrics to drive more cost-effective performance; and |
• | invest in new and efficient systems, sales and marketing infrastructure. |
• | Maintaining appropriate levels of working capital. Our business requires a certain level of cash resources to efficiently execute operations. Consistent with similar companies in our industry and operational capabilities, we estimate this amount to be 1.5 to 2.0 times our weekly cash disbursements on a global basis and must also accommodate seasonality and cyclical trends; |
• | Reinvesting in our business. We are executing a company-wide initiative to reinvest in our business including new information technology systems which will support our front-end recruitment and placement capabilities as well as increase efficiencies in our back-office financial suite. We are also investing in our sales and recruiting process and resources, which will enhance our ability to win in the marketplace; |
• | Deleveraging our balance sheet. By paying down our debt, we will strengthen our balance sheet, reduce interest costs and reduce risk going forward; |
• | Returning value to shareholders. Part of our capital allocation strategy in fiscal 2016 is to return value to our shareholders in connection with share buybacks through our existing share buyback program; and |
• | Acquiring value-added businesses. Identifying and acquiring companies which would be accretive to our operating income and that could leverage our scale, infrastructure and capabilities. Strategic acquisitions would strengthen us in certain industry verticals or in specific geographic locations. |
ITEM 1A. | RISK FACTORS |
• | create new or additional regulations that prohibit or restrict the types of services that we currently provide; |
• | impose new or additional employment costs that we may not be able to pass on to customers or that could cause customers to reduce their use of our services, especially in our Staffing Services segment, which could adversely impact our business; |
• | require us to obtain additional licenses; or |
• | increase taxes (especially payroll and other employment-related taxes) or enact new or different taxes payable by the providers or users of services such as those offered by us, thereby increasing our costs, some of which we may not be able to pass on to customers or that could cause customers to reduce their use of our services especially in our Staffing Services segment, which could adversely impact our results of operations or cash flows. |
• | our failure to meet the expectations of the investment community or our estimates of our future results of operations; |
• | industry trends and the business success of our customers; |
• | loss of one or more key customers; |
• | strategic moves by our competitors, such as product or service announcements or acquisitions; |
• | regulatory developments; |
• | litigation; |
• | general economic conditions; |
• | other domestic and international macroeconomic factors unrelated to our performance; and |
• | any of the other previously noted risk factors. |
• | permitting removal of directors only for cause; |
• | providing that vacancies on the board of directors will be filled by the remaining directors then in office, other than as set forth in the March 30, 2015 agreement between the Company and Glacier Peak Capital LLC and certain of its affiliates; and |
• | requiring advance notice for shareholder proposals and director nominees. |
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
Location | Business Segment/Purpose | Own/Lease | Lease Expiration | Approximate Square Feet | ||||||
Orange County, California | Staffing Services and General and Administrative Offices | Own (1) | — | 200,000 | ||||||
San Antonio, Texas | Staffing Services | Lease | 2019 | 71,000 | ||||||
Redmond, Washington | Staffing Services | Lease | 2020 | 66,000 | ||||||
Montreal, Quebec | Staffing Services | Lease | 2020 | 35,000 | ||||||
Wallington, New Jersey | Other | Lease | 2018 | 32,000 |
(1) | See our Note on Debt in our Consolidated Financial Statements for information regarding a term loan secured by a deed of trust on this property. We lease approximately 39,000 square feet of these premises to an unaffiliated third party with a term through October 31, 2020, with the tenant having two additional 60-month lease renewal options and certain rights of early termination. We have undertaken a process for a sale leaseback transaction of our Orange, CA facility. The transaction is expected to take place within the first or second fiscal quarter of 2016. |
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
Fiscal Period | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
2015 | High | $ | 12.73 | $ | 12.85 | $ | 11.96 | $ | 9.98 | ||||||||
Low | $ | 8.28 | $ | 10.28 | $ | 8.95 | $ | 7.97 | |||||||||
2014 | High | $ | 10.05 | $ | 10.15 | $ | 9.50 | $ | 9.50 | ||||||||
Low | $ | 8.30 | $ | 7.94 | $ | 7.45 | $ | 7.77 |
ITEM 6. | SELECTED FINANCIAL DATA |
For the year ended, (in thousands, except per share data) | November 1, 2015 | November 2, 2014 | November 3, 2013 | October 28, 2012 | October 30, 2011 | ||||||||||||||
52 weeks | 52 weeks | 53 weeks | 52 weeks | 52 weeks | |||||||||||||||
STATEMENT OF OPERATIONS DATA | |||||||||||||||||||
Net revenue | $ | 1,496,897 | $ | 1,710,028 | $ | 2,017,472 | $ | 2,146,448 | $ | 2,072,760 | |||||||||
Operating income (loss) | $ | (12,760 | ) | $ | 4,786 | $ | (7,252 | ) | $ | (11,018 | ) | $ | (39,872 | ) | |||||
Loss from continuing operations, net of income taxes | $ | (19,786 | ) | $ | (3,387 | ) | $ | (12,743 | ) | $ | (16,035 | ) | $ | (28,669 | ) | ||||
Income (loss) from discontinued operations, net of income taxes | $ | (4,834 | ) | $ | (15,601 | ) | $ | (18,132 | ) | $ | 2,432 | $ | 44,298 | ||||||
Net income (loss) | $ | (24,620 | ) | $ | (18,988 | ) | $ | (30,875 | ) | $ | (13,603 | ) | $ | 15,629 | |||||
PER SHARE DATA: | |||||||||||||||||||
Basic: | |||||||||||||||||||
Loss from continuing operations | $ | (0.95 | ) | $ | (0.16 | ) | $ | (0.61 | ) | $ | (0.77 | ) | $ | (1.38 | ) | ||||
Income (loss) from discontinued operations | (0.23 | ) | (0.75 | ) | (0.87 | ) | 0.12 | 2.13 | |||||||||||
Net income (loss) | $ | (1.18 | ) | $ | (0.91 | ) | $ | (1.48 | ) | $ | (0.65 | ) | $ | 0.75 | |||||
Weighted average number of shares | 20,816 | 20,863 | 20,826 | 20,813 | 20,813 | ||||||||||||||
Diluted: | |||||||||||||||||||
Loss from continuing operations | $ | (0.95 | ) | $ | (0.16 | ) | $ | (0.61 | ) | $ | (0.77 | ) | $ | (1.37 | ) | ||||
Income (loss) from discontinued operations | (0.23 | ) | (0.75 | ) | (0.87 | ) | 0.12 | 2.12 | |||||||||||
Net income (loss) | $ | (1.18 | ) | $ | (0.91 | ) | $ | (1.48 | ) | $ | (0.65 | ) | $ | 0.75 | |||||
Weighted average number of shares | 20,816 | 20,863 | 20,826 | 20,813 | 20,896 | ||||||||||||||
(in thousands) | November 1, 2015 | November 2, 2014 | November 3, 2013 | October 28, 2012 | October 30, 2011 | ||||||||||||||
BALANCE SHEET DATA | |||||||||||||||||||
Cash and cash equivalents | $ | 10,188 | $ | 6,723 | $ | 8,855 | $ | 22,026 | $ | 34,720 | |||||||||
Working capital | $ | 144,134 | $ | 59,893 | $ | 69,633 | $ | 102,663 | $ | 117,861 | |||||||||
Total assets | $ | 326,826 | $ | 424,332 | $ | 501,340 | $ | 557,572 | $ | 579,479 | |||||||||
Short-term borrowings, including current portion of long-term debt | $ | 982 | $ | 129,417 | $ | 168,114 | $ | 145,727 | $ | 113,201 | |||||||||
Long-term debt, excluding current portion | $ | 106,313 | $ | 7,216 | $ | 8,127 | $ | 9,033 | $ | 9,801 | |||||||||
Total stockholders’ equity | $ | 64,491 | $ | 91,394 | $ | 110,241 | $ | 143,117 | $ | 156,663 | |||||||||
Note - Cash dividends were not paid during the above periods. |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Year ended November 1, 2015 | Year ended November 2, 2014 | ||||||||||||||||||||||
(in thousands) | Total | Staffing Services | Other | Total | Staffing Services | Other | |||||||||||||||||
Net Revenue | $ | 1,496,897 | $ | 1,406,809 | $ | 90,088 | $ | 1,710,028 | $ | 1,599,046 | $ | 110,982 | |||||||||||
Expenses | |||||||||||||||||||||||
Direct cost of staffing services revenue | 1,192,992 | 1,192,992 | — | 1,359,048 | 1,359,048 | — | |||||||||||||||||
Cost of other revenue | 77,231 | — | 77,231 | 92,440 | — | 92,440 | |||||||||||||||||
Selling, administrative and other operating costs | 208,657 | 194,652 | 14,005 | 231,285 | 212,572 | 18,713 | |||||||||||||||||
Restructuring costs | 1,193 | 1,102 | 91 | 2,010 | 1,431 | 579 | |||||||||||||||||
Impairment charges | 6,626 | 3,779 | 2,847 | — | — | — | |||||||||||||||||
Segment operating income (loss) | 10,198 | 14,284 | (4,086 | ) | 25,245 | 25,995 | (750 | ) | |||||||||||||||
Corporate general and administrative | 20,516 | 16,701 | |||||||||||||||||||||
Corporate restructuring | 2,442 | 497 | |||||||||||||||||||||
Restatement, investigations and remediation | — | 3,261 | |||||||||||||||||||||
Operating income (loss) | (12,760 | ) | 4,786 | ||||||||||||||||||||
Other income (expense), net | (2,380 | ) | (2,947 | ) | |||||||||||||||||||
Income tax provision | 4,646 | 5,226 | |||||||||||||||||||||
Net loss from continuing operations | $ | (19,786 | ) | $ | (3,387 | ) |
Year ended November 2, 2014 | Year ended November 3, 2013 | ||||||||||||||||||||||
(in thousands) | Total | Staffing Services | Other | Total | Staffing Services | Other | |||||||||||||||||
Net Revenue | $ | 1,710,028 | $ | 1,599,046 | $ | 110,982 | $ | 2,017,472 | $ | 1,899,723 | $ | 117,749 | |||||||||||
Expenses | |||||||||||||||||||||||
Direct cost of staffing services revenue | 1,359,048 | 1,359,048 | — | 1,627,166 | 1,627,166 | — | |||||||||||||||||
Cost of other revenue | 92,440 | — | 92,440 | 94,519 | — | 94,519 | |||||||||||||||||
Selling, administrative and other operating costs | 231,285 | 212,572 | 18,713 | 265,513 | 244,031 | 21,482 | |||||||||||||||||
Restructuring costs | 2,010 | 1,431 | 579 | 781 | 781 | — | |||||||||||||||||
Segment operating income (loss) | 25,245 | 25,995 | (750 | ) | 29,493 | 27,745 | 1,748 | ||||||||||||||||
Corporate general and administrative | 16,701 | 11,917 | |||||||||||||||||||||
Corporate restructuring | 497 | — | |||||||||||||||||||||
Restatement, investigations and remediation | 3,261 | 24,828 | |||||||||||||||||||||
Operating income (loss) | 4,786 | (7,252 | ) | ||||||||||||||||||||
Other income (expense), net | (2,947 | ) | (2,569 | ) | |||||||||||||||||||
Income tax provision | 5,226 | 2,922 | |||||||||||||||||||||
Net loss from continuing operations | $ | (3,387 | ) | $ | (12,743 | ) |
• | Maintaining appropriate levels of working capital. Our business requires a certain level of cash resources to efficiently execute operations. Consistent with similar companies in our industry and operational capabilities, we estimate this amount to be 1.5 to 2.0 times our weekly cash distributions on a global basis and must accommodate seasonality and cyclical trends; |
• | Reinvesting in our business. We are executing a company-wide initiative to reinvest in our business including new information technology systems which will support our front-end recruitment and placement capabilities as well as increase efficiencies in our back-office financial suite. We are also investing in our sales and recruiting process and resources, which will enhance our ability to win in the marketplace; |
• | Deleveraging our balance sheet. By paying down our debt, we will strengthen our balance sheet, reduce interest costs and reduce risk going forward; |
• | Returning value to shareholders. Part of our capital allocation strategy in fiscal 2016 is to return value to our shareholders in connection with share buybacks through our existing share buyback program; and |
• | Acquiring value-added businesses. Identifying and acquiring companies which would be accretive to our operating income and that could leverage Volt's scale, infrastructure and capabilities. Strategic acquisitions would strengthen Volt in certain industry verticals or in specific geographic locations. |
Global Liquidity | ||||||||||||||||||
(in thousands) | November 2, 2014 | February 1, 2015 | May 3, 2015 | August 2, 2015 | November 1, 2015 | January 8, 2016 | ||||||||||||
Cash and cash equivalents (a) | $ | 6,723 | $ | 13,778 | $ | 6,070 | $ | 12,332 | $ | 10,188 | ||||||||
Cash in banks | $ | 11,521 | $ | 15,367 | $ | 9,015 | $ | 18,134 | $ | 13,652 | $ | 22,656 | ||||||
Borrowing availability | 27,400 | 15,300 | 7,900 | 8,900 | 35,700 | 30,400 | ||||||||||||
Available liquidity | $ | 38,921 | $ | 30,667 | $ | 16,915 | $ | 27,034 | $ | 49,352 | $ | 53,056 | ||||||
For the year ended | |||||||||||
(in thousands) | November 1, 2015 | November 2, 2014 | November 3, 2013 | ||||||||
Net cash provided by (used in) operating activities | $ | 43,324 | $ | 34,422 | $ | (12,270 | ) | ||||
Net cash used in investing activities | (7,428 | ) | (1,281 | ) | (8,558 | ) | |||||
Net cash provided by (used in) financing activities | (24,059 | ) | (18,360 | ) | 25,043 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (924 | ) | (386 | ) | 1,376 | ||||||
Net cash used in discontinued operations | (7,237 | ) | (17,513 | ) | (19,563 | ) | |||||
Net increase (decrease) in cash and cash equivalents | $ | 3,676 | $ | (3,118 | ) | $ | (13,972 | ) |
Payments Due by Period | |||||||||||||||||||
(in thousands) | Total | Less Than 1 Year | 1-3 Years | 3-5 Years | After 5 Years | ||||||||||||||
Loan agreement (a) | $ | 7,295 | $ | 982 | $ | 2,221 | $ | 2,615 | $ | 1,477 | |||||||||
Interest on loan agreement | 1,965 | 562 | 866 | 471 | 66 | ||||||||||||||
Financing program | 100,000 | — | 100,000 | — | — | ||||||||||||||
Total Debt (b) | 107,295 | 982 | 102,221 | 2,615 | 1,477 | ||||||||||||||
Operating leases | 52,131 | 13,884 | 20,159 | 11,120 | 6,968 | ||||||||||||||
Standby letters of credit | 25,334 | 25,334 | — | — | — | ||||||||||||||
Other (c) | 14,415 | 7,061 | 4,004 | 3,350 | — | ||||||||||||||
Total Contractual Cash Obligations | $ | 199,175 | $ | 47,261 | $ | 126,384 | $ | 17,085 | $ | 8,445 |
(a) | We are currently marketing our property in Orange, California for a sale-leaseback. |
(b) | Total debt excludes interest on loan agreement. |
(c) | In November 2015, we entered into a Master Subscription Agreement to upgrade our Customer/Candidate Relationship Management (CRM) and Applicant Tracking System (ATS) platforms for total fees of $8.4 million, payable over 5 years. |
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 9B. | OTHER INFORMATION |
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE |
ITEM 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES |
ITEM 15. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES |
Page No. | |||
Exhibits | Description | |
2.1 | Membership Interest Purchase Agreement dated December 1, 2014, by and between VoltDelta, the Company and NewNet (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed December 5, 2014; File No. 001-09232) | |
3.1 | Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K filed January 30, 1997; File No. 001-09232) | |
3.2 | Certificate of Amendment to Certificate of Incorporation of the Company (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed April 11, 2007; File No. 001-09232) | |
3.3 | Amended and Restated By-Laws of the Company, as amended through October 30, 2015 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed November 4, 2015; File No. 001-9232) | |
10.1* | 2006 Incentive Stock Plan (incorporated by reference to Exhibit A to the Company’s Proxy Statement filed February 27, 2007; File No. 001-09232) | |
10.2* | Form of Restricted Stock Agreement for Non-Employee Directors (incorporated by reference to Exhibit 10.01 to the Company’s Quarterly Report on Form 10-Q filed June 8, 2007; File No. 001-09232) | |
10.3* | Form of Restricted Stock Grant Notice for Employees (incorporated by reference to Exhibit 10.4 to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2010 filed April 9, 2013; File No. 001-09232) | |
10.4* | Form of Restricted Stock Unit Agreement (Option 1) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed December 26, 2007; File No. 001-09232) | |
10.5* | Form of Restricted Stock Unit Agreement (Option 2) (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed December 26, 2007; File No. 001-09232) | |
10.6* | Form of Non-Qualified Stock Option Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed December 26, 2007; File No. 001-09232) | |
10.7* | Form of Non-Qualified Stock Option Agreement (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed April 13, 2009; File No. 001-09232) | |
10.8* | Employment Agreement, dated May 1, 1987, by and between the Company and Jerome Shaw (incorporated by reference to Exhibit 19.02 to the Company’s Quarterly Report on Form 10-Q for the quarter ended May 1, 1987; File No. 001-09232) | |
10.9* | Amendment to Employment Agreement, dated January 3, 1989, by and between the Company and Jerome Shaw (incorporated by reference to Exhibit 10.4(a) to the Company’s Annual Report on Form 10-K for the year ended October 28, 1989; File No. 001-09232) | |
10.10* | Employment Agreement, dated December 26, 2012, by and between the Company and Ronald Kochman (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed December 28, 2012; File No. 001-09232) | |
10.11* | Form of Indemnification Agreement (incorporated by reference to Exhibit 10.01 to the Company’s Quarterly Report on Form 10-Q filed September 9, 2005; File No. 001-09232) | |
10.12* | Employment Agreement, dated March 23, 2015, by and between the Company and Paul Tomkins (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed March 26, 2015; File No. 001-9232) | |
10.13* | Settlement Agreement (including Exhibits A and B), dated as of March 30, 2015, by and among the Company, Glacier Peak Capital LLC, Glacier Peak U.S. Value Fund, L.P. and John C. Rudolf (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed April 2, 2015; File No. 001-9232) | |
10.14* | Employment Agreement, dated March 30, 2015, by and between the Company and Bryan Berndt (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed April 9, 2015; File No. 001-9232) | |
10.15* | Separation Agreement dated June 25, 2015, by and between the Company and Ronald Kochman (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed July 1, 2015; File No. 001-9232) | |
10.16* | Employment Agreement, dated June 25, 2015, by and between the Company and Michael Dean (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed July 1, 2015; File No. 001-9232) | |
10.17* | Receivables Financing Agreement, dated as of July 30, 2015, by and among Volt Funding Corp., as borrower, PNC Bank, National Association, as letter of credit bank and administrative agent, the persons from time to time party thereto as lenders and letter of credit participants, and the Company, as initial servicer (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed August 6, 2015; File No. 001-9232) | |
10.18* | Purchase and Sale Agreement, dated as of July 30, 2015, by and among P/S Partner Solutions, Ltd., VMC Consulting Corporation, the Company, and Volt Management Corp., as originators, the Company, as servicer, and Volt Funding Corp., as buyer (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed August 6, 2015; File No. 001-9232) | |
10.19* | Purchase and Sale Agreement, dated as of August 1, 2015, by and among Volt Europe Limited and Volt Consulting Group Limited, as originators, the Company, as servicer, PNC Bank, National Association, as administrative agent, and Volt Funding Corp., as buyer (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed August 6, 2015; File No. 001-9232) | |
10.20* | Purchase and Sale Agreement, dated as of July 31, 2015, by and among Volt Canada Inc., as originator, the Company, as servicer, and Volt Funding Corp., as buyer (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed August 6, 2015; File No. 001-9232) | |
10.21* | Employment Agreement, dated October 19, 2015, between the Company and Michael Dean (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed October 21, 2015; File No. 001-9232) | |
10.22* | Form of Indemnification Agreement (incorporated by reference to Exhibit 10.4(b) to the Company’s Annual Report on Form 10-K filed January 12, 2007; File No. 001-09232) | |
10.23* | Separation Agreement and General Release, dated January 16, 2015, by and between the Company and James Whitney Mayhew (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed January 22, 2015; File No. 001-9232) | |
10.24* | Amendment No. 1, dated as of January 5, 2016, to the Receivables Financing Agreement, dated as of July 30, 2015, by and among Volt Funding Corp., PNC Bank, National Association, as letter of credit bank and administrative agent, the persons from time to time partythereto as lenders and letter of credit participants, and the Company, as initial servicer (incorporated by reference o Exhibit 10.1 to the Company’s Current Report on Form 8-K filed January 11, 2016; File No. 001-9232) | |
21 | Subsidiaries of the Registrant | |
23 | Consent of Independent Registered Public Accounting Firm | |
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 | |
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 | |
32.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350 | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
VOLT INFORMATION SCIENCES, INC. | ||||
Date: January 13, 2016 | By: | /s/ Michael Dean | ||
Michael Dean | ||||
President and Chief Executive Officer (Principal Executive Officer) | ||||
Date: January 13, 2016 | By: | /s/ Paul Tomkins | ||
Paul Tomkins | ||||
Senior Vice President and Chief Financial Officer (Principal Financial Officer ) | ||||
Date: January 13, 2016 | By: | /s/ Bryan Berndt | ||
Bryan Berndt | ||||
Controller and Chief Accounting Officer (Principal Accounting Officer) |
Date: January 13, 2016 | By: | /s/ Michael Dean | ||
Michael Dean | ||||
President and Chief Executive Officer (Principal Executive Officer) | ||||
Date: January 13, 2016 | By: | /s/ James E. Boone | ||
James E. Boone | ||||
Director | ||||
Date: January 13, 2016 | By: | /s/ Nick S. Cyprus | ||
Nick S. Cyprus | ||||
Director | ||||
Date: January 13, 2016 | By: | /s/ Bruce G. Goodman | ||
Bruce G. Goodman | ||||
Director | ||||
Date: January 13, 2016 | By: | /s/ Theresa A. Havell | ||
Theresa A. Havell | ||||
Director | ||||
Date: January 13, 2016 | By: | /s/ Dana Messina | ||
Dana Messina | ||||
Director | ||||
Date: January 13, 2016 | By: | /s/ John C. Rudolf | ||
John C. Rudolf | ||||
Director | ||||
Date: January 13, 2016 | By: | /s/ Laurie Siegel | ||
Laurie Siegel | ||||
Director |
Year ended | |||||||||||
November 1, 2015 | November 2, 2014 | November 3, 2013 | |||||||||
REVENUE: | |||||||||||
Staffing services revenue | $ | 1,406,809 | $ | 1,599,046 | $ | 1,899,723 | |||||
Other revenue | 90,088 | 110,982 | 117,749 | ||||||||
NET REVENUE | 1,496,897 | 1,710,028 | 2,017,472 | ||||||||
EXPENSES: | |||||||||||
Direct cost of staffing services revenue | 1,192,992 | 1,359,048 | 1,627,166 | ||||||||
Cost of other revenue | 77,231 | 92,440 | 94,519 | ||||||||
Selling, administrative and other operating costs | 229,173 | 247,986 | 277,430 | ||||||||
Restructuring costs | 3,635 | 2,507 | 781 | ||||||||
Impairment charges | 6,626 | — | — | ||||||||
Restatement, investigations and remediation | — | 3,261 | 24,828 | ||||||||
TOTAL EXPENSES | 1,509,657 | 1,705,242 | 2,024,724 | ||||||||
OPERATING INCOME (LOSS) | (12,760 | ) | 4,786 | (7,252 | ) | ||||||
OTHER INCOME (EXPENSE), NET: | |||||||||||
Interest income | 572 | 267 | 912 | ||||||||
Interest expense | (3,244 | ) | (3,530 | ) | (3,871 | ) | |||||
Foreign exchange gain (loss), net | (249 | ) | 118 | 369 | |||||||
Other income (expense), net | 541 | 198 | 21 | ||||||||
TOTAL OTHER INCOME (EXPENSE), NET | (2,380 | ) | (2,947 | ) | (2,569 | ) | |||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (15,140 | ) | 1,839 | (9,821 | ) | ||||||
Income tax provision | 4,646 | 5,226 | 2,922 | ||||||||
LOSS FROM CONTINUING OPERATIONS | (19,786 | ) | (3,387 | ) | (12,743 | ) | |||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | (4,834 | ) | (15,601 | ) | (18,132 | ) | |||||
NET LOSS | $ | (24,620 | ) | $ | (18,988 | ) | $ | (30,875 | ) | ||
PER SHARE DATA: | |||||||||||
Basic: | |||||||||||
Loss from continuing operations | $ | (0.95 | ) | $ | (0.16 | ) | $ | (0.61 | ) | ||
Loss from discontinued operations | (0.23 | ) | (0.75 | ) | (0.87 | ) | |||||
Net loss | $ | (1.18 | ) | $ | (0.91 | ) | $ | (1.48 | ) | ||
Weighted average number of shares | 20,816 | 20,863 | 20,826 | ||||||||
Diluted: | |||||||||||
Loss from continuing operations | $ | (0.95 | ) | $ | (0.16 | ) | $ | (0.61 | ) | ||
Loss from discontinued operations | (0.23 | ) | (0.75 | ) | (0.87 | ) | |||||
Net loss | $ | (1.18 | ) | $ | (0.91 | ) | $ | (1.48 | ) | ||
Weighted average number of shares | 20,816 | 20,863 | 20,826 |
Year ended | |||||||||||
November 1, 2015 | November 2, 2014 | November 3, 2013 | |||||||||
Net loss | $ | (24,620 | ) | $ | (18,988 | ) | $ | (30,875 | ) | ||
Other comprehensive loss: | |||||||||||
Foreign currency translation adjustments net of taxes of $0, $0, and $0, respectively | (1,606 | ) | (1,158 | ) | (2,531 | ) | |||||
Unrealized gain on marketable securities net of taxes of $0, $0, and $0, respectively | 12 | 1 | 27 | ||||||||
Total other comprehensive loss | (1,594 | ) | (1,157 | ) | (2,504 | ) | |||||
Comprehensive loss | $ | (26,214 | ) | $ | (20,145 | ) | $ | (33,379 | ) |
November 1, 2015 | November 2, 2014 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 10,188 | $ | 6,723 | |||
Restricted cash | 10,178 | 26,893 | |||||
Short-term investments | 4,799 | 5,543 | |||||
Trade accounts receivable, net of allowances of $960 and $865, respectively | 198,385 | 230,951 | |||||
Recoverable income taxes | 17,583 | 18,171 | |||||
Prepaid insurance | 7,108 | 13,754 | |||||
Other current assets | 8,757 | 11,115 | |||||
Assets held for sale | 22,943 | 52,198 | |||||
TOTAL CURRENT ASSETS | 279,941 | 365,348 | |||||
Prepaid insurance and other assets, excluding current portion | 16,355 | 26,755 | |||||
Property, equipment and software, net | 24,095 | 25,556 | |||||
Goodwill | 6,435 | 6,673 | |||||
TOTAL ASSETS | $ | 326,826 | $ | 424,332 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accrued compensation | $ | 29,548 | $ | 37,671 | |||
Accounts payable | 39,164 | 54,316 | |||||
Accrued taxes other than income taxes | 22,719 | 15,985 | |||||
Accrued insurance and other | 33,178 | 37,822 | |||||
Deferred revenue | 1,213 | 1,857 | |||||
Short-term borrowings, including current portion of long-term debt | 982 | 129,417 | |||||
Income taxes payable | 1,658 | — | |||||
Liabilities held for sale | 7,345 | 28,387 | |||||
TOTAL CURRENT LIABILITIES | 135,807 | 305,455 | |||||
Accrued insurance, excluding current portion | 10,474 | 10,545 | |||||
Income taxes payable, excluding current portion | 6,516 | 8,526 | |||||
Deferred income taxes | 3,225 | 1,196 | |||||
Long-term debt, excluding current portion | 106,313 | 7,216 | |||||
TOTAL LIABILITIES | 262,335 | 332,938 | |||||
Commitments and contingencies | |||||||
STOCKHOLDERS’ EQUITY: | |||||||
Preferred stock, par value $1.00; Authorized - 500,000 shares; Issued - none | — | — | |||||
Common stock, par value $0.10; Authorized - 120,000,000 shares; Issued - 23,738,003 and 23,610,103, respectively; Outstanding - 20,801,080 and 20,922,796, respectively | 2,374 | 2,361 | |||||
Paid-in capital | 75,803 | 73,194 | |||||
Retained earnings | 38,034 | 64,119 | |||||
Accumulated other comprehensive loss | (7,994 | ) | (6,400 | ) | |||
Treasury stock, at cost; 2,936,923 and 2,687,307 shares, respectively | (43,726 | ) | (41,880 | ) | |||
TOTAL STOCKHOLDERS’ EQUITY | 64,491 | 91,394 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 326,826 | $ | 424,332 |
Common Stock $0.10 Par Value | ||||||||||||||||||||||||||
Shares | Amount | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Stockholders’ Equity | ||||||||||||||||||||
BALANCE AT OCTOBER 28, 2012 | 23,500,103 | $ | 2,350 | $ | 71,591 | $ | 113,795 | $ | (2,739 | ) | $ | (41,880 | ) | $ | 143,117 | |||||||||||
Net loss | — | — | — | (30,875 | ) | — | — | (30,875 | ) | |||||||||||||||||
Share-based compensation expense | 36,666 | 4 | 412 | — | — | — | 416 | |||||||||||||||||||
Other | — | — | — | 87 | — | — | 87 | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | (2,504 | ) | — | (2,504 | ) | |||||||||||||||||
BALANCE AT NOVEMBER 3, 2013 | 23,536,769 | 2,354 | 72,003 | 83,007 | (5,243 | ) | (41,880 | ) | 110,241 | |||||||||||||||||
Net loss | — | — | — | (18,988 | ) | — | — | (18,988 | ) | |||||||||||||||||
Share-based compensation expense | — | — | 1,198 | — | — | — | 1,198 | |||||||||||||||||||
Issuance of common stock | 73,334 | 7 | (7 | ) | — | — | — | — | ||||||||||||||||||
Other | — | — | — | 100 | — | — | 100 | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | (1,157 | ) | — | (1,157 | ) | |||||||||||||||||
BALANCE AT NOVEMBER 2, 2014 | 23,610,103 | 2,361 | 73,194 | 64,119 | (6,400 | ) | (41,880 | ) | 91,394 | |||||||||||||||||
Net loss | — | — | — | (24,620 | ) | — | — | (24,620 | ) | |||||||||||||||||
Share-based compensation expense | — | — | 2,906 | — | — | — | 2,906 | |||||||||||||||||||
Issuance of common stock | 127,900 | 13 | (297 | ) | (1,601 | ) | — | 2,416 | 531 | |||||||||||||||||
Share repurchases | — | — | — | — | — | (4,262 | ) | (4,262 | ) | |||||||||||||||||
Other | — | — | — | 136 | — | — | 136 | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | (1,594 | ) | — | (1,594 | ) | |||||||||||||||||
BALANCE AT NOVEMBER 1, 2015 | 23,738,003 | $ | 2,374 | $ | 75,803 | $ | 38,034 | $ | (7,994 | ) | $ | (43,726 | ) | $ | 64,491 |
Year ended | |||||||||||
November 1, 2015 | November 2, 2014 | November 3, 2013 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net loss | $ | (24,620 | ) | $ | (18,988 | ) | $ | (30,875 | ) | ||
Loss from discontinued operations, net of income taxes | (4,834 | ) | (15,601 | ) | (18,132 | ) | |||||
Loss from continuing operations | (19,786 | ) | (3,387 | ) | (12,743 | ) | |||||
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 6,811 | 9,323 | 11,169 | ||||||||
Provisions (release) of doubtful accounts and sales allowances | 532 | (132 | ) | 488 | |||||||
Unrealized foreign currency exchange gain | (582 | ) | (408 | ) | (393 | ) | |||||
Impairment charges | 6,626 | — | — | ||||||||
Loss (gain) on dispositions of property, equipment and software | (428 | ) | 55 | (88 | ) | ||||||
Deferred income tax provision | 972 | 2,288 | 101 | ||||||||
Share-based compensation expense | 2,906 | 1,198 | 416 | ||||||||
Accretion of convertible note discount | (439 | ) | — | — | |||||||
Change in operating assets and liabilities: | |||||||||||
Trade accounts receivable | 29,864 | 33,287 | 35,301 | ||||||||
Restricted cash related to customer contracts | 6,279 | (886 | ) | 10,775 | |||||||
Prepaid insurance and other assets | 23,814 | 8,358 | (9,718 | ) | |||||||
Net assets held for sale | 1,396 | 1,333 | 1,819 | ||||||||
Accounts payable | (13,048 | ) | 607 | (28,849 | ) | ||||||
Accrued expenses and other liabilities | (2,847 | ) | (14,058 | ) | (6,006 | ) | |||||
Deferred revenue, net | 116 | (539 | ) | (7,814 | ) | ||||||
Income taxes | 1,138 | (2,617 | ) | (6,728 | ) | ||||||
Net cash provided by (used in) operating activities | 43,324 | 34,422 | (12,270 | ) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Sales of investments | 1,304 | 1,407 | 2,251 | ||||||||
Purchases of investments | (645 | ) | (507 | ) | (1,894 | ) | |||||
Proceeds from sales of property, equipment and software | 465 | 3,086 | 312 | ||||||||
Purchases of property, equipment, and software | (8,552 | ) | (5,267 | ) | (9,227 | ) | |||||
Net cash used in investing activities | (7,428 | ) | (1,281 | ) | (8,558 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Decrease in cash restricted as collateral for borrowings | 10,436 | 21,349 | 3,796 | ||||||||
Repayment of borrowings | (58,506 | ) | (68,637 | ) | (54,666 | ) | |||||
Draw-down on borrowings | 30,000 | 30,000 | 77,000 | ||||||||
Repayment of long-term debt | (832 | ) | (839 | ) | (835 | ) | |||||
Debt issuance costs | (1,426 | ) | (233 | ) | (252 | ) | |||||
Proceeds from exercise of stock options | 531 | — | — | ||||||||
Purchases of common stock under repurchase program | (4,262 | ) | — | — | |||||||
Net cash provided by (used in) financing activities | (24,059 | ) | (18,360 | ) | 25,043 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (924 | ) | (386 | ) | 1,376 | ||||||
CASH FLOWS FROM DISCONTINUED OPERATIONS: | |||||||||||
Cash flow from operating activities | (3,237 | ) | (16,735 | ) | (17,168 | ) | |||||
Cash flow from investing activities | (4,000 | ) | (778 | ) | (2,395 | ) | |||||
Net cash used in discontinued operations | (7,237 | ) | (17,513 | ) | (19,563 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 3,676 | (3,118 | ) | (13,972 | ) | ||||||
Cash and cash equivalents, beginning of year | 6,723 | 8,855 | 22,026 | ||||||||
Change in cash from discontinued operations | (211 | ) | 986 | 801 | |||||||
Cash and cash equivalents, end of year | $ | 10,188 | $ | 6,723 | $ | 8,855 | |||||
Cash paid during the year: | |||||||||||
Interest expense | $ | 3,196 | $ | 3,539 | $ | 2,925 | |||||
Income taxes | $ | 3,315 | $ | 4,948 | $ | 10,557 | |||||
Supplemental disclosure of non-cash investing activity: | |||||||||||
Note receivable in exchange for Computer Systems segment net assets sold | $ | 8,363 | $ | — | $ | — |
(a) | Fiscal Year |
(b) | Consolidation |
(c) | Use of Estimates |
(d) | Revenue Recognition |
(e) | Expense Recognition |
(f) | Comprehensive Income (Loss) |
(g) | Cash and Cash Equivalents |
(h) | Short-Term Investments and Related Deferred Compensation, Net |
(i) | Property, Equipment and Software, Net |
Buildings | 25 to 32 years |
Machinery and Equipment | 3 to 15 years |
Leasehold improvements | Shorter of length of lease or life of the asset |
Software | 3 to 7 years |
(j) | Goodwill |
(k) | Income Taxes |
(l) | Share-Based Compensation |
(m) | Foreign Currency |
(n) | Fair Value Measurement |
(o) | Legal and Other Contingencies |
(p) | Concentrations of Credit Risk |
(q) | Restructuring Charges |
(r) | Hedging Activities |
(s) | Earnings (Loss) Per Share |
(t) | Treasury Stock |
(u) | Assets and Liabilities Held for Sale |
(v) | Discontinued Operations |
(w) | Reclassifications |
(x) | New Accounting Pronouncements |
November 1, 2015 | November 2, 2014 | ||||||
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 major classes of assets of discontinued operations - Computer Systems | — | 24,220 | |||||
Other assets included in the disposal group classified as held for sale - Maintech and Lakyfor, S.A. | 22,943 | 27,978 | |||||
Total assets of the disposal group classified as held for sale in the Consolidated Balance Sheets | $ | 22,943 | $ | 52,198 | |||
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 major classes of liabilities of discontinued operations - Computer Systems | — | 19,126 | |||||
Other liabilities included in the disposal group classified as held for sale - Maintech and Lakyfor, S.A. | 7,345 | 9,261 | |||||
Total liabilities of the disposal group classified as held for sale in the Consolidated Balance Sheets | $ | 7,345 | $ | 28,387 |
Year Ended | |||||||||||
November 1, 2015 | November 2, 2014 | November 3, 2013 | |||||||||
Loss from discontinued operations, net of income taxes | |||||||||||
Net revenue | $ | 4,708 | $ | 59,369 | $ | 73,465 | |||||
Cost of revenue | 5,730 | 54,358 | 65,680 | ||||||||
Selling, administrative and other operating costs | 1,388 | 19,290 | 24,314 | ||||||||
Other (income) expense, net | 731 | 1,533 | 4,056 | ||||||||
Pretax loss of discontinued operations | (3,141 | ) | (15,812 | ) | (20,585 | ) | |||||
Loss on disposal of discontinued operations | (1,502 | ) | — | — | |||||||
Total loss from discontinued operations | (4,643 | ) | (15,812 | ) | (20,585 | ) | |||||
Income tax provision (benefit) | 191 | (211 | ) | (2,453 | ) | ||||||
Total loss from discontinued operations that is presented in the Consolidated Statements of Operations | $ | (4,834 | ) | $ | (15,601 | ) | $ | (18,132 | ) |
November 1, 2015 | November 2, 2014 | ||||||
Assets included as part of continuing operations | |||||||
Cash and cash equivalents | $ | 1,537 | $ | 2,382 | |||
Trade accounts receivable, net | 15,671 | 17,150 | |||||
Recoverable income taxes | 165 | 140 | |||||
Prepaid insurance and other assets | 4,886 | 6,009 | |||||
Property, equipment and software, net | 189 | 748 | |||||
Purchased intangible assets | 495 | 1,549 | |||||
Total major classes of assets as part of continuing operations - Maintech and Lakyfor, S.A. | 22,943 | 27,978 | |||||
Other assets included as part of discontinued operations - Computer Systems | — | 24,220 | |||||
Total assets of the disposal group classified as held for sale in the Consolidated Balance Sheets | $ | 22,943 | $ | 52,198 | |||
Liabilities included as part of continuing operations | |||||||
Accrued compensation | $ | 3,509 | $ | 3,511 | |||
Accounts payable | 1,387 | 1,557 | |||||
Accrued taxes other than income taxes | 1,165 | 1,114 | |||||
Accrued insurance and other | 523 | 1,379 | |||||
Deferred revenue | 761 | 1,700 | |||||
Total major classes of liabilities as part of continuing operations - Maintech and Lakyfor, S.A. | 7,345 | 9,261 | |||||
Other liabilities included as part of discontinued operations - Computer Systems | — | 19,126 | |||||
Total liabilities of the disposal group classified as held for sale in the Consolidated Balance Sheets | $ | 7,345 | $ | 28,387 |
November 1, 2015 | November 2, 2014 | Fair Value Hierarchy | |||||||
Short-term investments | $ | 4,799 | $ | 5,543 | Level 1 | ||||
Note receivable | 8,756 | — | Level 2 | ||||||
Total financial assets | $ | 13,555 | $ | 5,543 | |||||
Deferred compensation plan liabilities | $ | 4,683 | $ | 5,439 | Level 1 | ||||
Total financial liabilities | $ | 4,683 | $ | 5,439 |
November 1, 2015 | |||||||||
Carrying Amount | Estimated Fair Value | Fair Value Hierarchy | |||||||
Long-Term Debt, including current portion | $ | 7,295 | $ | 7,968 | Level 2 | ||||
November 2, 2014 | |||||||||
Long-Term Debt, including current portion | $ | 8,127 | $ | 9,012 | Level 2 |
Balance at beginning of year | Provision / (Release) | Deductions | Balance at end of year | ||||||||||||
Year Ended November 1, 2015: | |||||||||||||||
Sales allowance | $ | 318 | $ | 164 | $ | — | $ | 482 | |||||||
Allowance for doubtful accounts | 547 | 368 | (437 | ) | 478 | ||||||||||
Total | $ | 865 | $ | 532 | $ | (437 | ) | $ | 960 | ||||||
Balance at beginning of year | Provision / (Release) | Deductions | Balance at end of year | ||||||||||||
Year Ended November 2, 2014: | |||||||||||||||
Sales allowance | $ | 319 | $ | (1 | ) | $ | — | $ | 318 | ||||||
Allowance for doubtful accounts | 1,370 | (130 | ) | (693 | ) | 547 | |||||||||
Total | $ | 1,689 | $ | (131 | ) | $ | (693 | ) | $ | 865 |
November 1, 2015 | November 2, 2014 | ||||||
Land and buildings | $ | 22,475 | $ | 23,306 | |||
Machinery and equipment | 39,890 | 66,228 | |||||
Leasehold improvements | 8,843 | 9,948 | |||||
Less: Accumulated depreciation and amortization | (58,821 | ) | (86,217 | ) | |||
Property and equipment | 12,387 | 13,265 | |||||
Software | 77,578 | 76,796 | |||||
Less: Accumulated amortization | (65,870 | ) | (64,505 | ) | |||
Property, equipment, and software, net | $ | 24,095 | $ | 25,556 |
Staffing Services | |||||||
2015 | 2014 | ||||||
Aggregate goodwill acquired | $ | 10,483 | $ | 10,469 | |||
Accumulated impairment losses | (3,733 | ) | (2,756 | ) | |||
Foreign currency translation adjustment | (315 | ) | 14 | ||||
Reclassified as held for sale1 | — | (1,054 | ) | ||||
Goodwill, net of impairment losses | $ | 6,435 | $ | 6,673 |
(a) | Casualty Insurance Program |
(b) | Medical Insurance Programs |
Year ended | |||||||||||
November 1, 2015 | November 2, 2014 | November 3, 2013 | |||||||||
U.S. Domestic | $ | (63,205 | ) | $ | (2,148 | ) | $ | (8,970 | ) | ||
International | 48,065 | 3,987 | (851 | ) | |||||||
Total | $ | (15,140 | ) | $ | 1,839 | $ | (9,821 | ) |
Year ended | |||||||||||
November 1, 2015 | November 2, 2014 | November 3, 2013 | |||||||||
Current: | |||||||||||
U.S. Federal | $ | 90 | $ | (36 | ) | $ | (146 | ) | |||
U.S. State and local | (1,616 | ) | 978 | (162 | ) | ||||||
International | 5,200 | 1,996 | 3,129 | ||||||||
Total current | $ | 3,674 | $ | 2,938 | $ | 2,821 | |||||
Deferred: | |||||||||||
U.S. Federal | $ | — | $ | — | $ | — | |||||
U.S. State and local | 634 | 225 | — | ||||||||
International | 338 | 2,063 | 101 | ||||||||
Total deferred | 972 | 2,288 | 101 | ||||||||
Income tax expense | $ | 4,646 | $ | 5,226 | $ | 2,922 |
Year ended | |||||||||||
November 1, 2015 | November 2, 2014 | November 3, 2013 | |||||||||
U.S. federal statutory rate | $ | (5,299 | ) | $ | 643 | $ | (3,437 | ) | |||
U.S. State income tax, net of U.S. federal tax benefits | (1,435 | ) | 530 | (1,336 | ) | ||||||
International permanent differences | (4,293 | ) | (489 | ) | 320 | ||||||
International tax rate differentials | (7,046 | ) | 345 | (364 | ) | ||||||
U.S. tax on international income | (1,118 | ) | 1,787 | 554 | |||||||
General business credits | (3,839 | ) | (5,642 | ) | (4,977 | ) | |||||
Meals and entertainment | 531 | 770 | 941 | ||||||||
Other, net | 942 | (294 | ) | 1,686 | |||||||
Change in valuation allowance for dispositions | (4,237 | ) | — | — | |||||||
Change in valuation allowance for deferred tax assets | 30,440 | 7,576 | 9,535 | ||||||||
Total | $ | 4,646 | $ | 5,226 | $ | 2,922 |
November 1, 2015 | November 2, 2014 | ||||||
Deferred tax assets: | |||||||
Net operating loss carryforwards | $ | 58,909 | $ | 58,708 | |||
Capital loss carryforwards | 31,411 | — | |||||
U.S. federal tax credit carryforwards | 41,271 | 35,364 | |||||
Purchased intangible assets | (49 | ) | 11,152 | ||||
Deferred income | — | 3,482 | |||||
Compensation accruals | 5,653 | 5,995 | |||||
Other, net | 6,413 | 6,230 | |||||
Total deferred tax assets | 143,608 | 120,931 | |||||
Less valuation allowance | (136,323 | ) | (108,403 | ) | |||
Deferred tax assets, net | $ | 7,285 | $ | 12,528 | |||
Deferred tax liabilities: | |||||||
Unremitted earnings from foreign subsidiaries | $ | 4,046 | $ | 8,714 | |||
Software development costs | 2,794 | 175 | |||||
Accelerated tax depreciation and amortization | 741 | 2,677 | |||||
Other, net | 1,225 | 1,877 | |||||
Total deferred tax liabilities | $ | 8,806 | $ | 13,443 | |||
Net deferred tax asset (liability) | $ | (1,521 | ) | $ | (915 | ) | |
Balance sheet classification | |||||||
Current assets | $ | 837 | $ | 320 | |||
Non-current assets | 1,107 | 2,865 | |||||
Current liabilities | (240 | ) | (2,904 | ) | |||
Non-current liabilities | (3,225 | ) | (1,196 | ) | |||
Net deferred tax asset (liability) | $ | (1,521 | ) | $ | (915 | ) |
November 1, 2015 | November 2, 2014 | ||||||
Balance, beginning of year | $ | 7,329 | $ | 8,459 | |||
Decrease related to current year tax provisions | (411 | ) | (458 | ) | |||
Settlements | (879 | ) | — | ||||
Lapse of statute of limitations | (824 | ) | (672 | ) | |||
Total | $ | 5,215 | $ | 7,329 |
United States - Federal | 2004-present |
United States - State | 2004-present |
Canada | 2007-present |
United Kingdom | 2011-present |
(a) | Credit Facilities |
(b) | Term Loan |
November 1, 2015 | November 2, 2014 | ||||||
Financing program | $ | 100,000 | $ | — | |||
8.2% term loan | 7,295 | 8,127 | |||||
107,295 | 8,127 | ||||||
Less: amounts due within one year | 982 | 911 | |||||
Total long-term debt | $ | 106,313 | $ | 7,216 |
Fiscal year | Amount | ||
2016 | $ | 982 | |
2017 | 101,065 | ||
2018 | 1,156 | ||
2019 | 1,254 | ||
2020 | 1,361 | ||
Thereafter | 1,477 | ||
Total | $ | 107,295 |
(c) | Comprehensive Income (Loss) |
Foreign currency gains/(losses) | Unrealized gains/(losses) on securities | Accumulated other comprehensive income (loss) | |||||||||
November 3, 2013 | $ | (5,207 | ) | $ | (36 | ) | $ | (5,243 | ) | ||
Net current period other comprehensive income (loss) | (1,158 | ) | 1 | (1,157 | ) | ||||||
November 2, 2014 | $ | (6,365 | ) | $ | (35 | ) | $ | (6,400 | ) | ||
Other comprehensive income (loss) before reclassifications | (4,787 | ) | 12 | (4,775 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 3,181 | — | 3,181 | ||||||||
Current period other comprehensive income (loss) | (1,606 | ) | 12 | (1,594 | ) | ||||||
November 1, 2015 | $ | (7,971 | ) | $ | (23 | ) | $ | (7,994 | ) |
Year Ended November 1, 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 Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement Where Net Loss is Presented | ||||
Foreign currency translation | ||||||
Sale of foreign subsidiaries | $ | 3,181 | Discontinued operations |
Stock Options | Restricted Stock | |||||||||||||||||||
2006 Plan | Number of shares | Weighted average exercise price | Weighted average contractual life | Aggregate Intrinsic Value | Number of shares | Weighted average grant date fair value | ||||||||||||||
(in years) | (in thousands) | |||||||||||||||||||
Outstanding - October 28, 2012 | 537,950 | $6.53 | 6.43 | $ | 314 | — | $ | — | ||||||||||||
Granted | — | — | — | — | 110,000 | 7.16 | ||||||||||||||
Expired | (28,700 | ) | 6.39 | — | — | — | — | |||||||||||||
Forfeited | (25,100 | ) | 7.22 | — | — | — | — | |||||||||||||
Vested | — | — | — | — | (36,666 | ) | 6.25 | |||||||||||||
Outstanding - November 3, 2013 | 484,150 | 6.50 | 5.42 | 1,041 | 73,334 | 7.61 | ||||||||||||||
Granted | 340,000 | 12.59 | — | — | 15,000 | 9.24 | ||||||||||||||
Expired | (34,600 | ) | 6.39 | — | — | — | — | |||||||||||||
Forfeited | (25,400 | ) | 6.39 | — | — | — | — | |||||||||||||
Vested | — | — | — | — | (65,000 | ) | 7.97 | |||||||||||||
Outstanding - November 2, 2014 | 764,150 | 9.22 | 5.43 | 776 | 23,334 | 7.68 | ||||||||||||||
Granted | 393,528 | 9.21 | — | — | 170,979 | 9.32 | ||||||||||||||
Exercised | (83,264 | ) | 6.39 | — | — | — | — | |||||||||||||
Forfeited | (94,000 | ) | 12.49 | — | — | — | — | |||||||||||||
Vested | — | — | — | — | (144,154 | ) | 9.11 | |||||||||||||
Outstanding - November 1, 2015 | 980,414 | $ | 9.14 | 5.31 | $ | 727 | 50,159 | $ | 9.17 | |||||||||||
Unvested at November 1, 2015 | 86,803 | $ | 8.98 | 6.73 | $ | 1 | 50,159 | $ | 9.17 | |||||||||||
Vested and unexercisable at November 1, 2015 | 115,000 | $ | 14.00 | 5.67 | $ | — | ||||||||||||||
Exercisable at November 1, 2015 | 778,611 | $ | 8.45 | 5.10 | $ | 727 |
November 1, 2015 | November 2, 2014 | |||||
Weighted-average fair value of stock option granted | $ | 2.97 | $ | 3.21 | ||
Expected volatility | 40.0 | % | 48.0 | % | ||
Expected term (in years) | 4.67 | 7.00 | ||||
Risk-free interest rate | 1.53 | % | 2.25 | % | ||
Expected dividend yield | 0.0 | % | 0.0 | % |
Year ended | |||||||||||
November 1, 2015 | November 2, 2014 | November 3, 2013 | |||||||||
2006 Stock Incentive Plan | |||||||||||
Selling, administrative and other operating costs | $ | 2,906 | $ | 1,198 | $ | 416 | |||||
Total | $ | 2,906 | $ | 1,198 | $ | 416 |
Year ended | |||||||||||
November 1, 2015 | November 2, 2014 | November 3, 2013 | |||||||||
Numerator | |||||||||||
Loss from continuing operations | $ | (19,786 | ) | $ | (3,387 | ) | $ | (12,743 | ) | ||
Loss from discontinued operations, net of income taxes | (4,834 | ) | (15,601 | ) | (18,132 | ) | |||||
Net loss | $ | (24,620 | ) | $ | (18,988 | ) | $ | (30,875 | ) | ||
Denominator | |||||||||||
Basic weighted average number of shares | 20,816 | 20,863 | 20,826 | ||||||||
Dilutive weighted average number of shares | 20,816 | 20,863 | 20,826 | ||||||||
Per Share Data: | |||||||||||
Basic: | |||||||||||
Loss from continuing operations | $ | (0.95 | ) | $ | (0.16 | ) | $ | (0.61 | ) | ||
Loss from discontinued operations, net of income taxes | (0.23 | ) | (0.75 | ) | (0.87 | ) | |||||
Net loss | $ | (1.18 | ) | $ | (0.91 | ) | $ | (1.48 | ) | ||
Diluted: | |||||||||||
Loss from continuing operations | $ | (0.95 | ) | $ | (0.16 | ) | $ | (0.61 | ) | ||
Loss from discontinued operations, net of income taxes | (0.23 | ) | (0.75 | ) | (0.87 | ) | |||||
Net loss | $ | (1.18 | ) | $ | (0.91 | ) | $ | (1.48 | ) |
(a) | Leases |
Fiscal year: | Amount | ||
2016 | $ | 13,884 | |
2017 | 11,378 | ||
2018 | 8,781 | ||
2019 | 6,518 | ||
2020 | 4,602 | ||
Thereafter | 6,968 |
(b) | Legal Proceedings |
For the year ended November 1, 2015 | |||||||||||
Total | Staffing Services | Other | |||||||||
Net Revenue | $ | 1,496,897 | $ | 1,406,809 | $ | 90,088 | |||||
Expenses | |||||||||||
Direct cost of staffing services revenue | 1,192,992 | 1,192,992 | — | ||||||||
Cost of other revenue | 77,231 | — | 77,231 | ||||||||
Selling, administrative and other operating costs | 208,657 | 194,652 | 14,005 | ||||||||
Restructuring costs | 1,193 | 1,102 | 91 | ||||||||
Impairment charges | 6,626 | 3,779 | 2,847 | ||||||||
Segment operating income (loss) | 10,198 | 14,284 | (4,086 | ) | |||||||
Corporate general and administrative | 20,516 | ||||||||||
Corporate restructuring | 2,442 | ||||||||||
Operating loss | (12,760 | ) | |||||||||
Other income (expense), net | (2,380 | ) | |||||||||
Loss from continuing operations before income taxes | $ | (15,140 | ) |
For the year ended November 2, 2014 | |||||||||||
Total | Staffing Services | Other | |||||||||
Net Revenue | $ | 1,710,028 | $ | 1,599,046 | $ | 110,982 | |||||
Expenses | |||||||||||
Direct cost of staffing services revenue | 1,359,048 | 1,359,048 | — | ||||||||
Cost of other revenue | 92,440 | — | 92,440 | ||||||||
Selling, administrative and other operating costs | 231,285 | 212,572 | 18,713 | ||||||||
Restructuring costs | 2,010 | 1,431 | 579 | ||||||||
Segment operating income (loss) | 25,245 | 25,995 | (750 | ) | |||||||
Corporate general and administrative | 16,701 | ||||||||||
Corporate restructuring | 497 | ||||||||||
Restatement, investigations and remediation | 3,261 | ||||||||||
Operating income | 4,786 | ||||||||||
Other income (expense), net | (2,947 | ) | |||||||||
Income from continuing operations before income taxes | $ | 1,839 |
For the year ended November 3, 2013 | |||||||||||
Total | Staffing Services | Other | |||||||||
Net Revenue | $ | 2,017,472 | $ | 1,899,723 | $ | 117,749 | |||||
Expenses | |||||||||||
Direct cost of staffing services revenue | 1,627,166 | 1,627,166 | — | ||||||||
Cost of other revenue | 94,519 | — | 94,519 | ||||||||
Selling, administrative and other operating costs | 265,513 | 244,031 | 21,482 | ||||||||
Restructuring costs | 781 | 781 | — | ||||||||
Segment operating income | 29,493 | 27,745 | 1,748 | ||||||||
Corporate general and administrative | 11,917 | ||||||||||
Corporate restructuring | — | ||||||||||
Restatement, investigation and remediation | 24,828 | ||||||||||
Operating loss | (7,252 | ) | |||||||||
Other income (expense), net | (2,569 | ) | |||||||||
Loss from continuing operations before income taxes | $ | (9,821 | ) |
November 1, 2015 | November 2, 2014 | ||||||
Assets: | |||||||
Staffing services | $ | 234,752 | $ | 270,728 | |||
Other | 1,067 | 9,383 | |||||
Total segments | 235,819 | 280,111 | |||||
Cash, investments and other corporate assets | 68,064 | 92,023 | |||||
Held for sale | 22,943 | 52,198 | |||||
Total Assets | $ | 326,826 | $ | 424,332 |
Year ended | |||||||||||
November 1, 2015 | November 2, 2014 | November 3, 2013 | |||||||||
Net Revenue: | |||||||||||
Domestic | $ | 1,273,971 | $ | 1,489,334 | $ | 1,802,444 | |||||
International, principally Europe | 222,926 | 220,694 | 215,028 | ||||||||
Total Net Revenue | $ | 1,496,897 | $ | 1,710,028 | $ | 2,017,472 |
November 1, 2015 | November 2, 2014 | ||||||
Long-Lived Assets: | |||||||
Domestic | $ | 21,335 | $ | 22,369 | |||
International | 2,760 | 3,187 | |||||
Total Long-Lived Assets | $ | 24,095 | $ | 25,556 |
Year ended | |||||||||||
November 1, 2015 | November 2, 2014 | November 3, 2013 | |||||||||
Capital Expenditures: | |||||||||||
Staffing services | $ | 8,325 | $ | 4,855 | $ | 8,133 | |||||
Other | 123 | 205 | 738 | ||||||||
Total segments | 8,448 | 5,060 | 8,871 | ||||||||
Corporate | 104 | 207 | 356 | ||||||||
Total Capital Expenditures | $ | 8,552 | $ | 5,267 | $ | 9,227 | |||||
Depreciation and Amortization: | |||||||||||
Staffing services | $ | 2,386 | $ | 4,048 | $ | 6,438 | |||||
Other | 340 | 843 | 1,569 | ||||||||
Total segments | 2,726 | 4,891 | 8,007 | ||||||||
Corporate | 4,085 | 4,432 | 3,162 | ||||||||
Total Depreciation and Amortization | $ | 6,811 | $ | 9,323 | $ | 11,169 |
Three Months Ended | Year Ended | ||||||||||||||||||
February 1, 2015 | May 3, 2015 | August 2, 2015 | November 1, 2015 | November 1, 2015 | |||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||
REVENUE | |||||||||||||||||||
Staffing services | $ | 360,821 | $ | 362,277 | $ | 341,383 | $ | 342,328 | $ | 1,406,809 | |||||||||
Other revenue | 22,245 | 22,912 | 23,285 | 21,646 | 90,088 | ||||||||||||||
NET REVENUE | 383,066 | 385,189 | 364,668 | 363,974 | 1,496,897 | ||||||||||||||
EXPENSES | |||||||||||||||||||
Direct cost of staffing services revenue | 310,819 | 305,116 | 288,689 | 288,368 | 1,192,992 | ||||||||||||||
Cost of other revenue | 19,605 | 19,909 | 19,696 | 18,021 | 77,231 | ||||||||||||||
Selling, administrative and other operating costs | 58,989 | 58,633 | 56,890 | 54,661 | 229,173 | ||||||||||||||
Restructuring costs | 975 | 251 | 1,867 | 542 | 3,635 | ||||||||||||||
Impairment charges | — | 5,374 | 580 | 672 | 6,626 | ||||||||||||||
TOTAL EXPENSES | 390,388 | 389,283 | 367,722 | 362,264 | 1,509,657 | ||||||||||||||
OPERATING INCOME (LOSS) | (7,322 | ) | (4,094 | ) | (3,054 | ) | 1,710 | (12,760 | ) | ||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||||||
Interest income | 62 | 261 | 175 | 74 | 572 | ||||||||||||||
Interest expense | (696 | ) | (991 | ) | (746 | ) | (811 | ) | (3,244 | ) | |||||||||
Foreign exchange gain (loss), net | 437 | (1,600 | ) | 1,010 | (96 | ) | (249 | ) | |||||||||||
Other income (expense), net | 98 | 43 | (178 | ) | 578 | 541 | |||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (7,421 | ) | (6,381 | ) | (2,793 | ) | 1,455 | (15,140 | ) | ||||||||||
Income tax provision | 1,379 | 532 | 1,351 | 1,384 | 4,646 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS, NET OF INCOME TAXES | (8,800 | ) | (6,913 | ) | (4,144 | ) | 71 | (19,786 | ) | ||||||||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | (4,519 | ) | — | — | (315 | ) | (4,834 | ) | |||||||||||
NET LOSS | $ | (13,319 | ) | $ | (6,913 | ) | $ | (4,144 | ) | $ | (244 | ) | $ | (24,620 | ) | ||||
PER SHARE DATA: | |||||||||||||||||||
Basic: | |||||||||||||||||||
Loss from continuing operations | $ | (0.42 | ) | $ | (0.33 | ) | $ | (0.20 | ) | $ | — | $ | (0.95 | ) | |||||
Loss from discontinued operations | (0.22 | ) | — | — | (0.01 | ) | (0.23 | ) | |||||||||||
Net loss | $ | (0.64 | ) | $ | (0.33 | ) | $ | (0.20 | ) | $ | (0.01 | ) | $ | (1.18 | ) | ||||
Weighted average number of shares | 20,930 | 20,793 | 20,741 | 20,799 | 20,816 | ||||||||||||||
Diluted: | |||||||||||||||||||
Loss from continuing operations | $ | (0.42 | ) | $ | (0.33 | ) | $ | (0.20 | ) | $ | — | $ | (0.95 | ) | |||||
Loss from discontinued operations | (0.22 | ) | — | — | (0.01 | ) | (0.23 | ) | |||||||||||
Net loss | $ | (0.64 | ) | $ | (0.33 | ) | $ | (0.20 | ) | $ | (0.01 | ) | $ | (1.18 | ) | ||||
Weighted average number of shares | 20,930 | 20,793 | 20,741 | 20,930 | 20,816 |
Three Months Ended | Year Ended | ||||||||||||||||||
February 2, 2014 | May 4, 2014 | August 3, 2014 | November 2, 2014 | November 2, 2014 | |||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||
REVENUE | |||||||||||||||||||
Staffing services | $ | 392,269 | $ | 406,733 | $ | 396,979 | $ | 403,065 | $ | 1,599,046 | |||||||||
Other revenue | 29,359 | 29,347 | 25,670 | 26,606 | 110,982 | ||||||||||||||
NET REVENUE | 421,628 | 436,080 | 422,649 | 429,671 | 1,710,028 | ||||||||||||||
EXPENSES | |||||||||||||||||||
Direct cost of staffing services revenue | 339,796 | 344,922 | 337,285 | 337,045 | 1,359,048 | ||||||||||||||
Cost of other revenue | 24,133 | 24,066 | 22,319 | 21,922 | 92,440 | ||||||||||||||
Selling, administrative and other operating costs | 65,599 | 60,626 | 57,831 | 63,930 | 247,986 | ||||||||||||||
Restructuring costs | 657 | 999 | 141 | 710 | 2,507 | ||||||||||||||
Restatement, investigations and remediation | 2,668 | 593 | — | — | 3,261 | ||||||||||||||
TOTAL EXPENSES | 432,853 | 431,206 | 417,576 | 423,607 | 1,705,242 | ||||||||||||||
OPERATING INCOME (LOSS) | (11,225 | ) | 4,874 | 5,073 | 6,064 | 4,786 | |||||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||||||
Interest income | 96 | 126 | 63 | (18 | ) | 267 | |||||||||||||
Interest expense | (956 | ) | (928 | ) | (851 | ) | (795 | ) | (3,530 | ) | |||||||||
Foreign exchange gain (loss), net | 388 | (630 | ) | (134 | ) | 494 | 118 | ||||||||||||
Other income (expense), net | 62 | 216 | (8 | ) | (72 | ) | 198 | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (11,635 | ) | 3,658 | 4,143 | 5,673 | 1,839 | |||||||||||||
Income tax provision | 1,047 | 2,277 | 738 | 1,164 | 5,226 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS, NET OF INCOME TAXES | (12,682 | ) | 1,381 | 3,405 | 4,509 | (3,387 | ) | ||||||||||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | (4,392 | ) | (4,876 | ) | (3,885 | ) | (2,448 | ) | (15,601 | ) | |||||||||
NET INCOME (LOSS) | $ | (17,074 | ) | $ | (3,495 | ) | $ | (480 | ) | $ | 2,061 | $ | (18,988 | ) | |||||
PER SHARE DATA: | |||||||||||||||||||
Basic: | |||||||||||||||||||
Income (loss) from continuing operations | $ | (0.61 | ) | $ | 0.07 | $ | 0.16 | $ | 0.22 | $ | (0.16 | ) | |||||||
Loss from discontinued operations | (0.21 | ) | (0.23 | ) | (0.19 | ) | (0.12 | ) | (0.75 | ) | |||||||||
Net income (loss) | $ | (0.82 | ) | $ | (0.16 | ) | $ | (0.03 | ) | $ | 0.10 | $ | (0.91 | ) | |||||
Weighted average number of shares | 20,849 | 20,861 | 20,866 | 20,874 | 20,863 | ||||||||||||||
Diluted: | |||||||||||||||||||
Income (loss) from continuing operations | $ | (0.61 | ) | $ | 0.07 | $ | 0.16 | $ | 0.21 | $ | (0.16 | ) | |||||||
Loss from discontinued operations | (0.21 | ) | (0.23 | ) | (0.18 | ) | (0.11 | ) | (0.75 | ) | |||||||||
Net income (loss) | $ | (0.82 | ) | $ | (0.16 | ) | $ | (0.02 | ) | $ | 0.10 | $ | (0.91 | ) | |||||
Weighted average number of shares | 20,849 | 21,084 | 21,072 | 21,013 | 20,863 |
No. | Name (1) | Jurisdiction of Incorporation | |
1 | 14011 So. Normandie Ave. Realty Corp. | Nevada | |
2 | 500 South Douglas Realty Corp. | Delaware | |
3 | Arctern Consulting Private Limited (2) | India | |
4 | Arctern, Inc. | Virginia | |
5 | Big Rock Solutions, Inc. | Nevada | |
6 | Century Reprographics | California | |
7 | Continuum, A Volt Information Sciences Company, Inc. | Delaware | |
8 | DataComp Corporation | Pennsylvania | |
9 | DataServ, Incorporated | Pennsylvania | |
10 | Directories Corporation of America | Delaware | |
11 | DN Volt of Georgia, Inc. | Georgia | |
12 | DN Volt, Inc. | Delaware | |
13 | Fidelity National Credit Services Ltd. | California | |
14 | Volt Europe Limited | United Kingdom | |
15 | Information Management Associates, Inc. | Delaware | |
16 | Maintech Europe Limited | United Kingdom | |
17 | Maintech, Incorporated | Delaware | |
18 | Momentum, A Volt Information Sciences Company, Inc. | Delaware | |
19 | Nuco I, Ltd. | Nevada | |
20 | Nuco II, Ltd. | Delaware | |
21 | Nuco III Holdings, Ltd. | Delaware | |
22 | Nuco IV, Ltd. | Delaware | |
23 | P/S Partner Solutions, Ltd. | Delaware | |
24 | ProcureStaff Technologies, Ltd. | Delaware | |
25 | Volt Consulting MSP Canada Ltd. | Canada | |
26 | ProcureStaff India Private Limited | India | |
27 | Volt Australia Pty. Limited | Australia | |
28 | Shaw & Shaw, Inc. | Delaware | |
29 | Sierra Technology Corporation | California | |
30 | The Community Phone Book, Inc. | Delaware | |
31 | VIS Executive Search, Inc. | California | |
32 | VIS, Inc. | Delaware | |
33 | VMC Consulting Corporation | Delaware | |
34 | VMC Consulting Europe Limited | United Kingdom | |
35 | VMC Consulting Germany GmbH | Germany | |
36 | VMC Services India Private Limited | India | |
37 | Volt Asia Enterprises (Malaysia) Sdn. Bhd. | Malaysia | |
38 | Volt Asia Enterprises (Taiwan) Co. Ltd. | Taiwan | |
39 | Volt Asia Enterprises, Ltd. | Delaware | |
40 | Volt ATRD Corp. | Delaware | |
41 | Volt Australia, Ltd. | Delaware | |
42 | Volt Canada Inc. | Canada | |
43 | Volt Consulting Group, Ltd. | Delaware | |
44 | Volt Delta Asia, Inc | Delaware |
No. | Name (1) | Jurisdiction of Incorporation | |
45 | Volt Delta International B.V. | Netherlands | |
46 | Volt Delta International Communications Ltd. | United Kingdom | |
47 | Volt Delta International Pte, Ltd | Singapore | |
48 | Volt Delta Resource Holdings, Inc. | Nevada | |
49 | Volt Delta Resources of Mexico, S. de R.L. de C.V. | Mexico | |
50 | Volt Delta Resources, Inc. | Delaware | |
51 | Volt Directory Marketing, Ltd. (3) | Delaware | |
52 | Volt Europe (Belgium) SPRL | Belgium | |
53 | Volt Europe (Deutschland) GmbH | Germany | |
54 | Volt Europe (Espana) S.L. | Spain | |
55 | Volt Europe (France) SARL | France | |
56 | Volt Europe (Germany) GmbH | Germany | |
57 | Volt Europe (Nederland) BV | Netherlands | |
58 | Volt Europe (Switzerland) SA | Switzerland | |
59 | Volt Europe Ceska Rebublika s.r.o | Czech Republic | |
60 | Volt Europe Holdings Limited | United Kingdom | |
61 | Volt Europe Slovakia s.r.o. | Slovakia | |
62 | Volt Europe Temporary Services Limited | United Kingdom | |
63 | Volt Financial Services, Ltd. | Nevada | |
64 | Volt Funding Corp. | Delaware | |
65 | Volt Gatton Holding, Inc. | Delaware | |
66 | Volt Holding Corp. | Nevada | |
67 | Volt Information Sciences (India) Private Limited (4) | India | |
68 | Volt Maintech Limited | Hong Kong | |
69 | Volt Maintech, LLC | Delaware | |
70 | Volt Management Corp. | Delaware | |
71 | Volt Netherlands Holding BV | Netherlands | |
72 | Volt Opportunity Road Realty Corp. | Delaware | |
73 | Volt Orangeca Real Estate Corp. | Delaware | |
74 | Volt Publications, Inc. | Delaware | |
75 | Volt Reach, Inc. | Delaware | |
76 | Volt Real Estate Corporation | Delaware | |
77 | Volt Realty Corp. | Florida | |
78 | Volt Realty Two, Inc. | Nevada | |
79 | Volt Consulting Group Limited | United Kingdom | |
80 | Volt Road Boring Corp. | Florida | |
81 | Volt Service Corporation Pte, Ltd. | Singapore | |
82 | Volt Service K.K. | Japan | |
83 | Volt Services Group (Netherlands) B.V. | Netherlands | |
84 | Volt SRS Limited | Delaware | |
85 | Volt STL Holdings, Inc. | Delaware | |
86 | Volt Technical Corp. | Delaware | |
87 | Volt Telecommunications Group, Inc. | Delaware | |
88 | Volt Temporary Services, Inc. | Delaware | |
89 | Volt Workforce Solutions, Inc. | Delaware |
(1) | Except as noted, each named subsidiary is wholly owned, directly or indirectly by Volt Information Sciences, Inc., except that, in the case of certain foreign subsidiaries, qualifying shares may be registered in the name of directors. |
(2) | 89.9% owned by Volt Asia Enterprises / 00.1% owned by Nuco I / 7.5% owned by Bijal Mehta / 2.5% owned by Pallavi Mehta. |
(3) | 80% owned by Nuco II, Ltd / 20% owned by Market Access International. |
(4) | 99.99% owned by Volt Asia Enterprises / 00.01% owned by Nuco I. |
/s/ Michael Dean | |
Michael Dean | |
President and Chief Executive Officer | |
(Principal Executive Officer) |
/s/ Paul Tomkins | |
Paul Tomkins | |
Senior Vice President and Chief Financial Officer | |
(Principal Financial Officer) |
/s/ Michael Dean | |
Michael Dean | |
President and Chief Executive Officer | |
(Principal Executive Officer) |
/s/ Paul Tomkins | |
Paul Tomkins | |
Senior Vice President and Chief Financial Officer | |
(Principal Financial Officer) |
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Nov. 01, 2015 |
Jan. 04, 2016 |
May. 01, 2015 |
|
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Nov. 01, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VISI | ||
Entity Registrant Name | VOLT INFORMATION SCIENCES, INC. | ||
Entity Central Index Key | 0000103872 | ||
Current Fiscal Year End Date | --11-01 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 20,830,457 | ||
Entity Public Float | $ 116,376,120 |
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 01, 2015 |
Aug. 02, 2015 |
May. 03, 2015 |
Feb. 01, 2015 |
Nov. 02, 2014 |
Aug. 03, 2014 |
May. 04, 2014 |
Feb. 02, 2014 |
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
REVENUE: | |||||||||||
Staffing services revenue | $ 342,328 | $ 341,383 | $ 362,277 | $ 360,821 | $ 403,065 | $ 396,979 | $ 406,733 | $ 392,269 | $ 1,406,809 | $ 1,599,046 | $ 1,899,723 |
Other revenue | 21,646 | 23,285 | 22,912 | 22,245 | 26,606 | 25,670 | 29,347 | 29,359 | 90,088 | 110,982 | 117,749 |
NET REVENUE | 363,974 | 364,668 | 385,189 | 383,066 | 429,671 | 422,649 | 436,080 | 421,628 | 1,496,897 | 1,710,028 | 2,017,472 |
EXPENSES: | |||||||||||
Direct cost of staffing services revenue | 288,368 | 288,689 | 305,116 | 310,819 | 337,045 | 337,285 | 344,922 | 339,796 | 1,192,992 | 1,359,048 | 1,627,166 |
Cost of other revenue | 18,021 | 19,696 | 19,909 | 19,605 | 21,922 | 22,319 | 24,066 | 24,133 | 77,231 | 92,440 | 94,519 |
Selling, administrative and other operating costs | 54,661 | 56,890 | 58,633 | 58,989 | 63,930 | 57,831 | 60,626 | 65,599 | 229,173 | 247,986 | 277,430 |
Restructuring costs | 542 | 1,867 | 251 | 975 | 710 | 141 | 999 | 657 | 3,635 | 2,507 | 781 |
Impairment charges | 672 | 580 | 5,374 | 0 | 6,626 | 0 | 0 | ||||
Restatement, investigations and remediation | 0 | 0 | 593 | 2,668 | 0 | 3,261 | 24,828 | ||||
TOTAL EXPENSES | 362,264 | 367,722 | 389,283 | 390,388 | 423,607 | 417,576 | 431,206 | 432,853 | 1,509,657 | 1,705,242 | 2,024,724 |
OPERATING INCOME (LOSS) | 1,710 | (3,054) | (4,094) | (7,322) | 6,064 | 5,073 | 4,874 | (11,225) | (12,760) | 4,786 | (7,252) |
OTHER INCOME (EXPENSE), NET: | |||||||||||
Interest income | 74 | 175 | 261 | 62 | (18) | 63 | 126 | 96 | 572 | 267 | 912 |
Interest expense | (811) | (746) | (991) | (696) | (795) | (851) | (928) | (956) | (3,244) | (3,530) | (3,871) |
Foreign exchange gain (loss), net | (96) | 1,010 | (1,600) | 437 | 494 | (134) | (630) | 388 | (249) | 118 | 369 |
Other income (expense), net | 578 | (178) | 43 | 98 | (72) | (8) | 216 | 62 | 541 | 198 | 21 |
TOTAL OTHER INCOME (EXPENSE), NET | (2,380) | (2,947) | (2,569) | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,455 | (2,793) | (6,381) | (7,421) | 5,673 | 4,143 | 3,658 | (11,635) | (15,140) | 1,839 | (9,821) |
Income tax provision | 1,384 | 1,351 | 532 | 1,379 | 1,164 | 738 | 2,277 | 1,047 | 4,646 | 5,226 | 2,922 |
LOSS FROM CONTINUING OPERATIONS | 71 | (4,144) | (6,913) | (8,800) | 4,509 | 3,405 | 1,381 | (12,682) | (19,786) | (3,387) | (12,743) |
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | (315) | 0 | 0 | (4,519) | (2,448) | (3,885) | (4,876) | (4,392) | (4,834) | (15,601) | (18,132) |
NET LOSS | $ (244) | $ (4,144) | $ (6,913) | $ (13,319) | $ 2,061 | $ (480) | $ (3,495) | $ (17,074) | $ (24,620) | $ (18,988) | $ (30,875) |
Basic: | |||||||||||
Loss from continuing operations, basic (USD per share) | $ 0.00 | $ (0.20) | $ (0.33) | $ (0.42) | $ 0.22 | $ 0.16 | $ 0.07 | $ (0.61) | $ (0.95) | $ (0.16) | $ (0.61) |
Loss from discontinued operations (USD per share) | (0.01) | 0.00 | 0.00 | (0.22) | (0.12) | (0.19) | (0.23) | (0.21) | (0.23) | (0.75) | (0.87) |
Net loss (USD per share) | $ (0.01) | $ (0.20) | $ (0.33) | $ (0.64) | $ 0.10 | $ (0.03) | $ (0.16) | $ (0.82) | $ (1.18) | $ (0.91) | $ (1.48) |
Weighted average number of shares (shares) | 20,799 | 20,741 | 20,793 | 20,930 | 20,874 | 20,866 | 20,861 | 20,849 | 20,816 | 20,863 | 20,826 |
Diluted: | |||||||||||
Loss from continuing operations, diluted (USD per share) | $ 0.00 | $ (0.20) | $ (0.33) | $ (0.42) | $ 0.21 | $ 0.16 | $ 0.07 | $ (0.61) | $ (0.95) | $ (0.16) | $ (0.61) |
Loss from discontinued operations (USD per share) | (0.01) | 0.00 | 0.00 | (0.22) | (0.11) | (0.18) | (0.23) | (0.21) | (0.23) | (0.75) | (0.87) |
Net loss (USD per share) | $ (0.01) | $ (0.20) | $ (0.33) | $ (0.64) | $ 0.10 | $ (0.02) | $ (0.16) | $ (0.82) | $ (1.18) | $ (0.91) | $ (1.48) |
Weighted average number of shares (shares) | 20,930 | 20,741 | 20,793 | 20,930 | 21,013 | 21,072 | 21,084 | 20,849 | 20,816 | 20,863 | 20,826 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (24,620) | $ (18,988) | $ (30,875) |
Other comprehensive loss: | |||
Foreign currency translation adjustments net of taxes of $0, $0, and $0, respectively | (1,606) | (1,158) | (2,531) |
Unrealized gain on marketable securities net of taxes of $0, $0, and $0, respectively | 12 | 1 | 27 |
Total other comprehensive loss | (1,594) | (1,157) | (2,504) |
Comprehensive loss | $ (26,214) | $ (20,145) | $ (33,379) |
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, taxes | $ 0 | $ 0 | $ 0 |
Unrealized gains (loss) on marketable securities, taxes | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Nov. 01, 2015 |
Nov. 02, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowances | $ 960 | $ 865 |
Preferred stock, par value (usd per share) | $ 1.00 | $ 1.00 |
Preferred stock, shares authorized (shares) | 500,000 | 500,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (shares) | 23,738,003 | 23,610,103 |
Common stock, shares outstanding (shares) | 20,801,080 | 20,922,796 |
Treasury stock, shares (shares) | 2,936,923 | 2,687,307 |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
---|---|---|---|
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value (usd per share) | $ 0.10 | $ 0.10 | $ 0.10 |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Business and Significant Accounting Policies | Summary of Business and Significant Accounting Policies Volt Information Sciences, Inc., (the “Company,” “Volt,” “we,” “our,” or “us”) is a global provider of staffing services (traditional time and materials-based as well as project-based), managed service programs, technology outsourcing services, information technology infrastructure services, and telecommunication infrastructure and security services, and telephone directory publishing and printing in Uruguay. Our staffing services consists of workforce solutions that include providing contingent workers, personnel recruitment services, and managed service programs supporting primarily professional administration, technical, information technology, light-industrial and engineering positions. Our managed service programs consist of managing the procurement and on-boarding of contingent workers from multiple providers. Our technology outsourcing services provide pre and post production development, testing, and customer support to companies in the mobile, gaming, and technology devices industries. In addition, we provide information technology infrastructure services which provides server, storage, network and desktop IT hardware maintenance, data center and network monitoring and operations. Our complementary businesses offer customized talent, technology and consulting solutions to a diverse client base. Volt services global industries including aerospace, automotive, banking and finance, consumer electronics, information technology, insurance, life sciences, manufacturing, media and entertainment, pharmaceutical, software, telecommunications, transportation, and utilities. The Company was incorporated in New York in 1957. The Company's stock is traded on the NYSE MKT under the symbol “VISI”.
The Company’s fiscal year ends on the Sunday nearest October 31st. The 2015 and 2014 fiscal years consisted of 52 weeks, while the 2013 fiscal year consisted of 53 weeks. As a result, the fourth quarter of fiscal year 2013 included an additional week.
The consolidated financial statements include the accounts of the Company and all subsidiaries over which the Company exercises control. All intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments over which it has significant influence but not a controlling financial interest using the equity method of accounting.
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, assumptions and judgments, including those related to revenue recognition, allowance for doubtful accounts, contract costing and reserves, casualty reserves, valuation of goodwill, intangible assets and other long-lived assets, business combinations, stock compensation, employee benefit plans, restructuring accruals, income taxes and related valuation allowances and loss contingencies. Actual results could differ from those estimates and changes in estimates are reflected in the period in which they become known.
Revenue is generally recognized when persuasive evidence of an arrangement exists, products have been delivered or services have been rendered, the fee is fixed or determinable, and collectability is reasonably assured. For arrangements within the scope of the multiple-deliverable guidance, a deliverable constitutes a separate unit of accounting when it has stand-alone value and there are no customer-negotiated refunds or return rights for the delivered elements. For multiple-element arrangements, composed only of hardware products and related services or only services, we allocate revenue to each element in an arrangement based on a selling price hierarchy. The selling price for a deliverable is based on its vendor-specific objective evidence (“VSOE”) if applicable, third-party evidence (“TPE”) if VSOE is not available, or estimated selling price (“ESP”), if neither VSOE nor TPE is available. Total transaction revenue is allocated to the multiple elements based on each element’s relative selling price compared to the total selling price. Services are sometimes provided despite a customer arrangement not yet being finalized. In these cases revenue is deferred until arrangements are finalized or in some cases until cash is received. The cumulative revenue deferred for each arrangement is recognized in the period the revenue recognition criteria are met. The following revenue recognition policies define the manner in which the Company accounts for specific transaction types: Staffing Services Revenue is primarily derived from supplying contingent staff to the Company’s customers or providing other services on a time and material basis. Contingent staff primarily consist of contingent workers working under a contract for a fixed period of time or on a specific customer project. Revenue is also derived from permanent placement services, which is generally recognized after placements are made and when the fees are not contingent upon any future event. Reimbursable costs, including those related to travel and out-of-pocket expenses, are also included in Net Revenue, and equivalent amounts of reimbursable costs are included in Direct Cost of Staffing Services Revenue. Under certain of the Company’s service arrangements, contingent staff are provided to customers through contracts involving other vendors or contractors. When the Company is the principal in the transaction and therefore the primary obligor for the contingent staff, we record the gross amount of the revenue and expense from the service arrangement. When the Company acts only as an agent for the customer and is not the primary obligor for the contingent staff, we record revenue net of vendor or contractor costs. The Company is generally the primary obligor when responsible for the fulfillment of the services under the contract, even if the contingent workers are neither employees of the Company nor directly contracted by the Company. Usually in these situations the contractual relationship with the vendors and contractors is exclusively with the Company and the Company bears customer credit risk and generally has latitude in establishing vendor pricing and has discretion in vendor or contractor selection. The Company is generally not the primary obligor when we provide comprehensive administration of multiple vendors for customers that operate significant contingent workforces, referred to as managed service programs. The Company is considered an agent in these transactions if it does not have responsibility for the fulfillment of the services by the vendors or contractors (referred to as associate vendors). In such arrangements the Company is typically designated by its customers to be a facilitator of consolidated associate vendor billing and a processor of the payments to be made to the associate vendors on behalf of the customer. Usually in these situations the contractual relationship is between the customers, the associate vendors and the Company, with the associate vendors being the primary obligor and assuming the customer credit risk and the Company generally earning negotiated fixed mark-ups and not having discretion in supplier selection. Maintenance and Information Technology Infrastructure Services Revenue from hardware maintenance, computer and network operations infrastructure services under fixed-price contracts and stand-alone post-contract support ("PCS") is generally recognized ratably over the contract period, provided that all other revenue recognition criteria are met, and the cost associated with these contracts is recognized as incurred. For time and material contracts, the Company recognizes revenue and costs as services are rendered, provided that all other revenue recognition criteria are met. Telecommunication Infrastructure and Security Services Revenue from performing engineering and construction services is recognized either on the completed contract method for those contracts that are of a short-term nature, or on the percentage-of-completion method, measuring progress using the cost-to-cost method, provided that all other revenue recognition criteria are met. Known or anticipated losses on contracts are provided for in the period they become evident. Claims and change orders that are in the process of being negotiated with customers for additional work or changes in the scope of work are included in the estimated contract value when it is deemed probable that the claim or change order will result in additional contract revenue and such amount can be reliably estimated.
Direct Cost of Staffing Services Revenue Direct Cost of Staffing Services Revenue consists primarily of contingent worker payroll, related employment taxes and benefits, and the cost of facilities used by contingent workers in fulfilling assignments and projects for staffing services customers, including reimbursable costs. Indirect cost of staffing services revenue is included in Selling, Administrative and Other Operating Costs in the Consolidated Statements of Operations. The direct costs differ from the selling, administrative and other operating costs in that they arise specifically and directly from the actions of providing staffing services to customers. Cost of Other Revenue Cost of Other Revenue consists of the direct and indirect cost of providing non-staffing services, which include payroll and related employment taxes, benefits, materials, and equipment costs. Selling, Administrative and Other Operating Costs Selling, Administrative and Other Operating Costs primarily relate to the Company’s selling and administrative efforts as well as the indirect costs associated with providing staffing services. Restatement, Investigations and Remediation The Company previously restated its Consolidated Financial Statements for the fiscal year ended November 2, 2008, with the restated financial statements issued during fiscal year 2013. The costs incurred were comprised of financial and legal consulting, audit and related costs of the restatement, related investigations and completion of delayed filings during fiscal year 2014 required under SEC regulations.
Comprehensive Income (Loss) is the net income (loss) of the Company combined with other changes in stockholders’ equity not involving ownership interest changes. For the Company, such other changes include foreign currency translation and mark-to-market adjustments related to available-for-sale securities.
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
The Company has a nonqualified deferred compensation and supplemental savings plan that permits eligible employees to defer a portion of their salary. The employee salary deferral is invested in short-term investments corresponding to the employees’ investment selections, primarily mutual funds, which are held in a trust and are reported at current market prices. The liability associated with the nonqualified deferred compensation and supplemental savings plan consists of participant deferrals and earnings thereon, and is reflected as a current liability within Accrued Compensation in an amount equal to the fair value of the underlying short-term investments held in the plan. Changes in asset values result in offsetting changes in the liability as the employees realize the rewards and bear the risks of their investment selections.
Property and equipment are stated at cost and depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Costs for software that will be used for internal purposes and incurred during the application development stage are capitalized and amortized to expense over the estimated useful life of the underlying software. Training and maintenance costs are expensed as incurred. The major classifications of property, equipment and software, including their respective expected useful lives, consisted of the following:
Property, equipment and software are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or it is no longer probable that software development will be completed. If circumstances require a long-lived asset or asset group be reviewed for possible impairment, the Company first compares undiscounted cash flows expected to be generated by each asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds the fair value.
Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. The Company applies the method of assessing goodwill for possible impairment permitted by Accounting Standards Update ("ASU") No. 2011-08, Intangibles – Goodwill and Other. The Company first assesses the qualitative factors for reporting units that carry goodwill. If the qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit. When a qualitative assessment is not used, or if the qualitative assessment is not conclusive and it is necessary to calculate fair value of a reporting unit, then the impairment analysis for goodwill is performed at the reporting unit level using a two-step approach. The first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill utilizing an enterprise-value based premise approach. If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed. If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the entity must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Fair value of the reporting unit is determined by using various valuation techniques including income (discounted cash flow), market and/or consideration of recent and similar purchase acquisition transactions. The Company performs its annual impairment review of goodwill in its second fiscal quarter and when a triggering event occurs between annual impairment tests.
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using current tax laws and rates in effect for the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company must then assess the likelihood that its deferred tax assets will be realized. If the Company does not believe that it is more likely than not that its deferred tax assets will be realized, a valuation allowance is established. When a valuation allowance is increased or decreased, a corresponding tax expense or benefit is recorded. Accounting for income taxes involves uncertainty and judgment in how to interpret and apply tax laws and regulations within the Company’s annual tax filings. Such uncertainties may result in tax positions that may be challenged and overturned by a tax authority in the future, which would result in additional tax liability, interest charges and possible penalties. Interest and penalties are classified as a component of income tax expense. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized upon ultimate settlement. Changes in recognition or measurement are reflected in the period in which the change in estimate occurs.
The Company recognizes all employee share-based compensation as a cost in the financial statements. Equity awards are measured at the grant date fair value of the award. The Company determines grant date fair value of stock option awards using the Black-Scholes option-pricing model and a Monte Carlo simulation. The fair value of restricted stock awards are determined using the closing price of the Company’s common stock on the grant date. Expense is recognized over the requisite service period based on the number of options or shares expected to ultimately vest. Forfeitures are estimated at the date of grant and revised when actual or expected forfeiture activity differs materially from original estimates. If there are any modifications or cancellations of the underlying unvested awards, the Company may be required to accelerate any remaining unearned stock-based compensation cost or incur incremental cost. Excess tax benefits of awards that are recognized in equity related to stock option exercises are reflected as financing cash inflows in the Consolidated Statement of Cash Flows.
Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where that local currency is the functional currency, are translated to U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense accounts are translated at average exchange rates during the year which approximate the rates in effect at the transaction dates. The resulting translation adjustments are directly recorded to a separate component of Accumulated Other Comprehensive Income (Loss). Gains and losses arising from intercompany foreign currency transactions that are of a long-term nature are reported in the same manner as translation adjustments. Gains and losses arising from intercompany foreign currency transactions that are not of a long-term nature and certain transactions of the Company’s subsidiaries which are denominated in currencies other than the subsidiaries’ functional currency are recognized as incurred in Foreign Exchange Gain (Loss), net in the Consolidated Statements of Operations.
In accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Quoted prices in active markets for similar assets and liabilities, quoted prices for identically similar assets or liabilities in markets that are not active and models for which all significant inputs are observable either directly or indirectly. Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs for inactive markets. The Company uses this framework for measuring fair value and disclosures about fair value measurement. The Company uses fair value measurements in areas that include: the allocation of purchase price consideration to tangible and identifiable intangible assets; impairment testing for goodwill and long-lived assets; share-based compensation arrangements and financial instruments. The carrying amounts of the Company’s financial instruments, which include cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and short-term borrowings under the Company’s credit facilities, approximated their fair values, due to the short-term nature of these instruments, and the fair value of the long-term debt is based on the interest rates the Company believes it could obtain for borrowings with similar terms. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer.
The Company is involved in various demands, claims and actual and threatened litigation that arise in the normal course of business. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, a liability and an expense are recorded for the estimated loss. Significant judgment is required in both the determination of probability and the determination of whether an exposure is reasonably estimable. Actual expenses could differ from these estimates in subsequent periods as additional information becomes known.
Cash and cash equivalents are maintained with several financial institutions and deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and the Company mitigates its credit risk by spreading its deposits across multiple financial institutions and monitoring their respective risk profiles.
The Company accounts for restructuring activities in accordance with ASC 420, Exit or Disposal Cost Obligations. Under the guidance, for the cost of restructuring activities that do not constitute a discontinued operation, the liability for the current fair value of expected future costs associated with such restructuring activity is recognized in the period in which the liability is incurred. The costs of restructuring activities taken pursuant to a management approved restructuring plan are segregated.
On a limited basis, the Company enters into derivative and nonderivative short-term foreign denominated debt instruments as an economic hedge of its net investment in certain foreign subsidiaries. All derivative instruments are recognized as either assets or liabilities at their respective fair values. For the nonderivative instruments, the Company measures the foreign denominated short-term borrowings based on period-end exchange rates. The Company does not designate and document these instruments as hedges under ASC 815, Derivatives and Hedging. As a result, gains and losses associated with these instruments are recognized in Foreign Exchange Gain (Loss), net in our Consolidated Statements of Operations.
Basic earnings per share are calculated by dividing net earnings by the weighted-average number of common shares outstanding during the period. The diluted earnings per share computation includes the effect, if any, of shares that would be issuable upon the exercise of outstanding stock options and unvested restricted stock shares, reduced by the number of shares which are assumed to be purchased by the Company from the resulting proceeds at the average market price during the year, when such amounts are dilutive to the earnings per share calculation.
The Company records treasury stock at the cost to acquire it and includes treasury stock as a component of Stockholders’ Equity. In determining the cost of the treasury shares when either sold or issued, the Company uses the FIFO (first-in, first-out) method. If the proceeds from the sale of the treasury shares are greater than the cost of the shares sold, the excess proceeds are recorded as additional paid-in capital. If the proceeds from the sale of the treasury shares are less than the original cost of the shares sold, the excess cost first reduces any additional paid-in capital arising from previous sales of treasury shares for that class of stock, and any additional excess is recorded as a reduction of retained earnings.
The Company classifies long-lived assets (disposal group) to be sold as held for sale in accordance with ASU 2014-08, Presentation Of Financial Statements (Topic 205) And Property, Plant, And Equipment (Topic 360): Reporting Discontinued Operations And Disclosures Of Disposals Of Components Of An Entity ("ASU 2014-08"), in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (disposal group); an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the asset (disposal group) beyond one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A long-lived asset (disposal group) that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset (disposal group) until the date of sale. The fair value of a long-lived asset (disposal group) less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the asset (disposal group), as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Upon determining that a long-lived asset (disposal group) meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group for all periods presented, if material, in the line items Assets Held for Sale and Liabilities Held for Sale, respectively, in the Consolidated Balance Sheets.
The results of operations of a component or a group of components of the Company that either has been disposed of or is classified as held for sale is reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. For any transaction expected to be structured as a sale of shares of an entity and not a sale of assets, the Company classifies the deferred taxes as part of Assets or Liabilities Held for Sale.
Certain reclassifications have been made to the prior year financial statements in order to conform to the current year’s presentation.
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. New Accounting Standards Not Yet Adopted by the Company In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The amendments in this update simplify the presentation of deferred income taxes and require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This update applies to all entities that present a classified statement of financial position. These amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. If the guidance is applied prospectively, disclosure is made in the first interim and first annual period of change, the nature of and reason for the change in accounting principle and a statement that prior periods were not retrospectively adjusted. If the guidance is applied retrospectively, disclosure is made in the first interim and first annual period of change, the nature of and reason for the change in accounting principle and quantitative information about the effects of the accounting change on prior periods. The amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The amendments in this update require that (1) an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, (2) the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and (3) an entity presents separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. In August 2015, FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 clarifies the guidance in ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, regarding presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. The SEC Staff announced they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. In June 2015, the FASB issued ASU No. 2015-10, Technical Corrections and Improvements. This ASU covers a wide range of Topics in the Codification. The amendments in this ASU represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost for most entities. The amendments that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon the issuance of this ASU. 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. 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. 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. 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. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). This ASU is effective for the annual period ending after December 15, 2016, with early adoption permitted. 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendments in this update deferred the effective date for implementation of ASU 2014-09 by one year and are now effective for annual reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods beginning after December 15, 2016 including interim reporting periods within that period. 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 2019. |
Discontinued Operations |
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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 comprise 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 will be made 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 contractually agreed upon working capital). The note was valued at $8.4 million on the transaction date which approximated fair value. The resulting discount is being amortized over four years with an effective interest rate of 5.1%. As of November 1, 2015, the unamortized discount for the note is $1.3 million and the interest income resulting from the amortization for the twelve months ended November 1, 2015 was $0.4 million. For the year ended November 1, 2015, the Company recognized a loss on disposal of $1.5 million. 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 Consolidated Statements of Operations. As of November 1, 2015, $2.0 million has been paid and $0.2 million remains payable and is included in Accrued Insurance and Other in the Consolidated Balance Sheets. The following table reconciles the major classes of assets and liabilities classified as held for sale as part of discontinued operations in our Consolidated Balance Sheets (in thousands):
Deferred tax assets of $6,842 are included in prepaid insurance and other assets as of November 2, 2014. Deferred tax liabilities of $3,834 are included in accrued insurance and other as of November 2, 2014. The following table reconciles the major line items in the Company’s Consolidated Statements of Operations for discontinued operations (in thousands):
Assets and Liabilities Held for Sale In October 2015, the Company's Board of Directors approved a plan to sell the Company’s information technology infrastructure services business (“Maintech”) and staffing services business in Uruguay ("Lakyfor, S.A."). Maintech met all of the criteria to classify its assets and liabilities as held for sale in the fourth quarter of fiscal year 2015. The potential disposal of Maintech does not represent a strategic shift that will have a major effect on the Company’s operations and financial results and is, therefore, not classified as discontinued operations in accordance with ASU 2014-08. 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 exceeded the carrying value of the net assets and no impairment charge was recorded. At November 1, 2015, the Company expects a sale to take place within fiscal year 2016. Lakyfor, S.A. met all of the criteria to classify its assets and liabilities as held for sale during the fourth quarter of fiscal year 2015. The potential disposal of Lakyfor, S.A. does not represent a strategic shift that will have a major effect on the Company’s operations and financial results and is, therefore, not classified as discontinued operations in accordance with ASU 2014-08. 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 and an impairment charge of $0.7 million was recorded. At November 1, 2015, the Company expects a sale to take place in the first quarter of fiscal year 2016. The following table reconciles the major classes of assets and liabilities classified as held for sale as part of continuing operations in our Consolidated Balance Sheets (in thousands):
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Assets and Liabilities Held for Sale |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Held for Sale | 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 comprise 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 will be made 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 contractually agreed upon working capital). The note was valued at $8.4 million on the transaction date which approximated fair value. The resulting discount is being amortized over four years with an effective interest rate of 5.1%. As of November 1, 2015, the unamortized discount for the note is $1.3 million and the interest income resulting from the amortization for the twelve months ended November 1, 2015 was $0.4 million. For the year ended November 1, 2015, the Company recognized a loss on disposal of $1.5 million. 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 Consolidated Statements of Operations. As of November 1, 2015, $2.0 million has been paid and $0.2 million remains payable and is included in Accrued Insurance and Other in the Consolidated Balance Sheets. The following table reconciles the major classes of assets and liabilities classified as held for sale as part of discontinued operations in our Consolidated Balance Sheets (in thousands):
Deferred tax assets of $6,842 are included in prepaid insurance and other assets as of November 2, 2014. Deferred tax liabilities of $3,834 are included in accrued insurance and other as of November 2, 2014. The following table reconciles the major line items in the Company’s Consolidated Statements of Operations for discontinued operations (in thousands):
Assets and Liabilities Held for Sale In October 2015, the Company's Board of Directors approved a plan to sell the Company’s information technology infrastructure services business (“Maintech”) and staffing services business in Uruguay ("Lakyfor, S.A."). Maintech met all of the criteria to classify its assets and liabilities as held for sale in the fourth quarter of fiscal year 2015. The potential disposal of Maintech does not represent a strategic shift that will have a major effect on the Company’s operations and financial results and is, therefore, not classified as discontinued operations in accordance with ASU 2014-08. 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 exceeded the carrying value of the net assets and no impairment charge was recorded. At November 1, 2015, the Company expects a sale to take place within fiscal year 2016. Lakyfor, S.A. met all of the criteria to classify its assets and liabilities as held for sale during the fourth quarter of fiscal year 2015. The potential disposal of Lakyfor, S.A. does not represent a strategic shift that will have a major effect on the Company’s operations and financial results and is, therefore, not classified as discontinued operations in accordance with ASU 2014-08. 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 and an impairment charge of $0.7 million was recorded. At November 1, 2015, the Company expects a sale to take place in the first quarter of fiscal year 2016. The following table reconciles the major classes of assets and liabilities classified as held for sale as part of continuing operations in our Consolidated Balance Sheets (in thousands):
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Restricted Cash |
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Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash Restricted cash includes 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 through the first quarter of fiscal year 2015. 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 November 1, 2015 and November 2, 2014 restricted cash included $9.3 million and $16.4 million, respectively, restricted for payment to associate vendors and $0.9 million and $0.1 million, respectively, restricted for other collaterized accounts. In addition, $10.4 million was restricted as collateral under the Short-Term Credit Facility at November 2, 2014. |
Fair Value of Financial Instruments |
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Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments The following table presents assets and liabilities measured at fair value (in thousands):
Short-term investments also include available for sale securities of $0.1 million at November 1, 2015 and November 2, 2014. The Company received proceeds from the sale of the Computer Systems segment in the form of a note receivable of $10.0 million from NewNet. The note was valued at $8.4 million on the transaction date based on an imputed interest rate of 5.0% that reflected the market rate for corporate bond yields of a non-speculative, medium credit-quality investment. The resulting discount is amortized over four years. As of November 1, 2015, there were no adjustments required. The fair value of the deferred compensation plan liabilities is based on the fair value of the investments corresponding to the employees’ investment selections, primarily in mutual funds, based on quoted prices in active markets for identical assets. The deferred compensation plan liabilities is recorded in Accrued Compensation in the Consolidated Balance Sheets. The Company has a term loan with borrowings at a fixed interest rate, and our interest expense related to this borrowing is not affected by changes in interest rates in the near term. The fair value of the term loan was calculated by applying the appropriate fiscal year-end interest rates to our present streams of loan payments. The following table presents the term loan measured at fair value (in thousands):
There have been no changes in the methodology used to fair value the financial instruments as well as no transfers between levels during the fiscal years ended November 1, 2015 and November 2, 2014. |
Trade Accounts Receivable |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Accounts Receivable | Trade Accounts Receivable Trade accounts receivable includes both billed and unbilled amounts due from customers. Billed trade receivables generally do not bear interest and are recorded at the amount invoiced less amounts for which revenue has been deferred because customer arrangements are not finalized. Unbilled receivables represent accrued revenue earned and recognized on contracts for which billings have not yet been presented to the customer. At November 1, 2015 and November 2, 2014 trade accounts receivable included unbilled receivables of $14.5 million and $12.4 million, respectively. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions, customers’ financial condition, and current receivable aging and payment patterns. Additions to the allowance for doubtful accounts are recorded to Selling, Administrative and Other Operating Costs. The Company also maintains a sales allowance for specific customers related to volume discounts and billing disputes. The amount of the sales allowance is determined based on discount estimates and historical credits issued and additions to the sales allowance are recorded as a reduction to net revenue. Account balances are written off against the allowances when the Company believes it is probable the amount will not be received. For the years ended November 1, 2015 and November 2, 2014, the activity in the allowance accounts were as follows (in thousands):
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Property, Equipment and Software |
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Property, Equipment and Software | Property, Equipment and Software Property, equipment and software consisted of (in thousands):
Depreciation and amortization expense totaled $6.8 million, $9.2 million and $10.9 million for the fiscal years ended 2015, 2014 and 2013, respectively. Depreciation and amortization is included in Direct Cost of Staffing Services Revenue, Cost of Other Revenue and Selling, Administrative and Other Operating Costs in the Consolidated Statements of Operations. |
Impairment and Restructuring Charges |
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Impairment and Restructuring Charges | Impairment and Restructuring Charges Impairment of Net Assets During fiscal 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. 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 $2.8 million were fully impaired and were recorded as an impairment charge. On July 31, 2015, the Company completed the sale of our telephone directory publishing and printing business in Uruguay to affiliates of FCR Media Group. As previously disclosed in Footnote 3, an impairment charge of $0.7 million was recognized as a result of the required evaluation under the held for sale guidance related to the staffing reporting unit in Uruguay ("Lakyfor, S.A."). Impairment of Property, Equipment and Software In an effort to reduce operating costs, the Company is evaluating the efficiency of our current business delivery model, supply chain and back office support functions in light of existing and ongoing business requirements. The implementation of additional technology tools is expected to provide operating leverage and efficiencies. During the third quarter of fiscal year 2015, as a result of this evaluation, it was determined that $1.9 million of previously capitalized internally developed software within the Staffing segment was impaired as it was no longer expected to provide future value in light of the anticipated technology upgrade. The remaining book value of this asset was $0.7 million as of November 1, 2015 and is expected to be recovered from existing and future technology projects. Impairment of Goodwill The Company performs its annual impairment test for goodwill during the second quarter of the fiscal year and when a triggering event occurs between annual impairment tests. 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 Lakyfor, S.A. 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 fiscal year 2015. As a result of changes in executive management and the establishment of significant strategic initiatives impacting Volt Europe’s operations, the Company performed a Step 1 analysis of the goodwill impairment test in the fourth quarter of fiscal year 2015 to provide assurance that the unit’s balance sheet reflects the current expectations for the unit. The Company utilized a combination of the Income and Market Approaches to estimate the Total Enterprise Value (“TEV”) of Volt Europe. A discounted cashflow (“DCF”) analysis was used for the income approach while the market approach consisted of a calculation of the fair value of the business enterprise of the reporting unit based on market multiples, as appropriate. Determining fair value requires significant judgment concerning the assumptions used in the valuation model, including discount rates, the amount and timing of expected future cash flows and, growth rates, as well as relevant comparable company earnings multiples for the market-based approach including the determination of whether a premium or discount should be applied to those comparables. The cash flows employed in the DCF analysis are based on management’s most recent budgets and business plans and when applicable, various growth rates have been assumed for years beyond the current business plan periods. Any forecast contains a degree of uncertainty and modifications to these cash flows could significantly increase or decrease the fair value of a reporting unit. In determining which discount rate to utilize, management determines the appropriate weighted average cost of capital (“WACC”). Management considers many factors in selecting a WACC, including the market view of risk for each individual reporting unit, the appropriate capital structure and the appropriate borrowing rates for each reporting unit. The selection of a WACC is subjective and modification to this rate could significantly increase or decrease the fair value of a reporting unit. As a result of this Step 1 analysis of Volt Europe’s goodwill, the TEV exceeded the carrying value indicating no impairment. The following represents the change in the carrying amount of goodwill during each fiscal year (in thousands):
1 Goodwill related to Lakyfor, SA was impaired in the second quarter of fiscal year 2015 prior to the determination as held for sale in the fourth quarter of fiscal year 2015. Restructuring From time to time, the Company has undertaken operational restructuring and other cost reduction actions to streamline processes and manage costs throughout various departments within the Company. For the years ended November 1, 2015, November 2, 2014 and November 3, 2013, restructuring charges were $3.6 million, $2.5 million and $0.8 million, respectively, related primarily to severance payments to executive management in fiscal 2015 and reductions in workforce in fiscal years 2015, 2014 and 2013. |
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Payables and Accruals [Abstract] | |||||||||
Accrued Insurance | Accrued Insurance
Workers’ compensation insurance is purchased through mandated participation in certain state funds, and the experience-rated premiums in these state plans relieve the Company of any additional liability. Liability for workers’ compensation in all other states as well as automobile and general liability is insured under a retrospective experience-rated insurance program for losses exceeding specified deductible levels and the Company is self-insured for losses below the specified deductible limits. The Company makes payments based upon an estimate of the ultimate underlying exposure, such as the amount and type of labor utilized. The amounts are subsequently adjusted based on actual claims experience. The experience modification process includes establishing loss development factors, based on the Company’s historical claims experience as well as industry experience, and applying those factors to current claims information to derive an estimate of the Company’s ultimate claims liability. Adjustments to final paid amounts are determined as of a future date, and depending on the policy year, up to three or four years after the end of the respective policy year, using actual claims paid and incurred. Under the insurance program, any losses incurred above the policy deductible limit arising from claims associated with an insurance policy are absorbed by the insurer and not the Company. In October 2015, the Company converted three of the four open policy years to a paid loss retro program secured by a letter of credit against the Company's Financing Program of $25.1 million. Under this program, the Company will make payments based on actual claims paid instead of pre-funding an estimate of the ultimate loss exposure. The change from an incurred loss program to a paid loss program returned cash collateral of approximately $22.0 million to the Company for the converted policy years, which was treated as a source of net cash provided by operating activities. The Company recognizes expense and establishes accruals for amounts estimated to be incurred up to the policy deductible, both reported and not yet reported, policy premiums and related legal and other costs. The Company develops estimates for losses incurred but not yet reported using actuarial principles and assumptions based on historical and projected claim incidence patterns, claim size and the length of time over which payments are expected to be made. Actuarial estimates are updated as loss experience develops, additional claims are reported or settled and new information becomes available. Any changes in estimates are reflected in operating results in the period in which the estimates are changed. Expense recognized by the Company under its casualty insurance program amounted to $14.4 million, $15.0 million and $15.5 million in fiscal years 2015, 2014 and 2013, respectively.
The Company is self-insured for a portion of its medical benefit programs for its employees. Eligible contingent staff on assignment with customers are offered medical benefits through a fully insured program administered by a third-party. Employees contribute a portion of the cost of these medical benefit programs. The liability for the self-insured medical benefits is limited on a per claimant basis through the purchase of stop-loss insurance. The Company’s retained liability for the self-insured medical benefits is determined utilizing actuarial estimates of expected claims based on statistical analysis of historical data. Amounts contributed by employees and additional amounts necessary to fund the self-insured program administered by the third party are transferred to a 501(c)(9) employee welfare benefit trust. Accordingly, these amounts, other than the current liabilities for the employee contributions and expected claim amounts not yet remitted to the trust, do not appear on the Consolidated Balance Sheets of the Company. The Company records the expense associated with the expected losses, net of employee contributions, in Direct Cost of Staffing Services Revenue, Cost of Other Revenue, or Selling, Administrative and Other Operating Costs, depending on the employee’s role. Expense recognized by the Company under its self-insured medical benefit programs amounted to $8.5 million, $12.0 million and $12.0 million in fiscal years 2015, 2014 and 2013, respectively. |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Income (loss) from continuing operations before income taxes is derived from (in thousands):
Income tax expense (benefit) by taxing jurisdiction consists of (in thousands):
The difference between the income tax provision on income (loss) and the amount computed at the U.S. federal statutory rate is due to (in thousands):
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and also include operating loss carryforwards. The significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
Current deferred tax assets are included in Other Current Assets, non-current deferred tax assets are included in Prepaid Insurance and Other Assets and current deferred tax liabilities are included in Accrued Insurance and Other in the Consolidated Balance Sheets. At November 1, 2015, the Company has available unused U.S. federal net operating loss ("NOL") carryforwards of $133.6 million, U.S. state NOL carryforwards of $186.1 million, international NOL carryforwards of $9.6 million and capital loss carryforwards of $82.3 million. As of November 1, 2015, the U.S. federal NOL carryforwards will expire at various dates between 2031 and 2035, the U.S. state NOL carryforwards expire at various dates between 2020 and 2035, the international NOL carryforwards expire at various dates beginning 2016 with some indefinite and capital loss carryforwards expire in 2021. At November 1, 2015, the undistributed earnings of the Company’s non-U.S. subsidiaries are not intended to be permanently invested outside of the U.S. and therefore U.S. deferred taxes have been provided. A valuation allowance has been recognized due to the uncertainty of realization of the loss carryforwards and other deferred tax assets. Beginning in fiscal year 2010, the Company’s cumulative U.S. domestic and certain non-U.S. results for each three-year period were a loss. Accordingly, the Company recorded a full valuation allowance against its net U.S. domestic and certain net non-U.S. deferred tax assets as a non-cash charge to income tax expense. The three-year cumulative loss continued in fiscal years 2013, 2014, and 2015 so the Company maintained a full valuation allowance against its net U.S. domestic and certain net non-U.S. deferred tax assets resulting in a total valuation allowance of $136.3 million and $108.4 million for fiscal 2015 and fiscal 2014, respectively. In reaching this conclusion, the Company considered the U.S. domestic demand and recent operating losses causing the Company to be in a three-year cumulative loss position. Management believes that the remaining deferred tax assets, primarily related to international locations, are more likely than not to be realized based upon consideration of all positive and negative evidence, including scheduled reversal of deferred tax liabilities and tax planning strategies determined on a jurisdiction by jurisdiction basis. The Company recognizes income tax benefits for tax positions determined more likely than not to be sustained upon examination based on the technical merits of the positions. The following table sets forth the change in the accrual for uncertain tax positions, excluding interest and penalties (in thousands):
Of the total unrecognized tax benefits at November 1, 2015 and November 2, 2014, approximately $1.1 million and $2.8 million, respectively, would affect the Company’s effective income tax rate, if and when recognized in future years. The amount accrued for related potential interest and penalties at November 1, 2015 and November 2, 2014 was $1.3 million and $2.2 million. The Company does not currently anticipate that its existing reserves related to uncertain tax positions as of November 1, 2015 will significantly increase or decrease in subsequent periods; however, various events could cause the Company’s current expectations to change in the future. The Company is subject to taxation at the federal, state and local level in the U.S. and in various international jurisdictions. With few exceptions, the Company is generally no longer subject to examination by the U.S. federal, state, local or non-U.S. income tax authorities for years before fiscal 2004. The Company is currently under examination by the IRS for U.S. Federal amended income tax returns for fiscal years 2004 – 2010. The Company is currently under examination by the Canada Revenue Authority for tax years 2007-2010. These audits are not expected to result in a material impact on the Company’s financial statements. The following describes the open tax years, by major tax jurisdiction, as of November 1, 2015:
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Debt |
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Debt | Debt
At November 1, 2015 and November 2, 2014, the Company had outstanding borrowings of $100.0 million and $128.5 million, respectively, under various credit facilities. i) Financing Program On August 1, 2015, the Company entered into a one-year, $150.0 million Financing Program with PNC Bank, National Association (“PNC”) which expires on July 28, 2016, subject to early renewal or extension. The Financing Program is secured by receivables from certain Staffing Services businesses in the United States, Europe and Canada that are sold to a wholly-owned, consolidated, bankruptcy remote subsidiary. The bankruptcy remote subsidiary's sole business consists of the purchase of the receivables and subsequent granting of a security interest to PNC under the program, and its assets are available first to satisfy obligations to PNC and are not available to pay creditors of the Company's other legal entities. Borrowing capacity under the Financing Program is directly impacted by the level of accounts receivable. At November 1, 2015, the accounts receivable borrowing base was $160.8 million. The new Financing Program replaced our previous short-term financing program with PNC. The financing fees incurred will be amortized through July 2016 and the proceeds from the new program were used to satisfy the outstanding balance under the previous program. The Financing Program has a feature under which the facility limit can be increased from $150.0 million up to $250.0 million subject to credit approval from PNC. Borrowings are priced based upon a fixed program rate plus the daily adjusted one-month LIBOR index, as defined. The program also contains a revolving credit provision under which proceeds can be drawn for a definitive tranche period of 30, 60, 90 or 180 days priced at the adjusted LIBOR index rate in effect for that period. In addition to United States dollars, drawings can be denominated in Canadian dollars, subject to a Canadian dollar $30.0 million limit, and British Pounds Sterling, subject to a £20.0 million limit. The new program also includes a letter of credit sublimit of $50.0 million and minimum borrowing requirements. As of November 1, 2015, there were no foreign currency denominated borrowings, and the letter of credit participation for the Company's casualty insurance program was $25.1 million. In addition to customary representations, warranties and affirmative and negative covenants, the program is subject to interest coverage and minimum liquidity covenants that were effective in the fourth quarter of fiscal year of 2015. The program is subject to termination under certain events including the default rate on receivables, as defined, exceeding a specified threshold or the rate of collections on receivables failing to meet a specified threshold. As of November 1, 2015, the Company was in full compliance with all debt covenant requirements. The previous short-term financing program provided for a maximum facility limit of $200.0 million, with available borrowing based on eligible receivable levels, supported by a credit agreement secured by receivables from the staffing services business that were sold to a wholly-owned, consolidated, bankruptcy-remote subsidiary and are available first to satisfy the lender. Interest was charged based on a daily adjusted one-month LIBOR index, and the program was also subject to termination under standard events of default as defined. At November 1, 2015 and November 2, 2014, the Company had outstanding borrowing under these programs of $100.0 million and $120.0 million, respectively, and bore a weighted average annual interest rate of 1.8% and 1.6% , respectively, which is inclusive of certain facility and program fees. At November 1, 2015, there was $35.7 million available under this program. ii) 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 Facility was used primarily to hedge the Company's net currency exposure in certain foreign subsidiaries. Borrowings required cash collateral covering 105% of certain baseline amounts, and the facility contained restrictive covenants which limited the cash dividends, capital stock purchases and redemptions. At November 2, 2014, the Company had a foreign currency denominated loan equivalent of $8.5 million and bore a weighted average annual interest rate of 1.8% inclusive of the facility fee. The Company did 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 Consolidated Statements of Operations.
At November 1, 2015, the Company has $7.3 million outstanding under a twenty-year fully amortizing loan that matures on October 1, 2021, secured by a deed of trust on certain land and buildings, which bears interest at 8.2% per annum and requires principal and interest payments of $0.4 million per quarter. Long-term debt consists of the following (in thousands):
Principal payment maturities on long-term debt outstanding at November 1, 2015 are (in thousands):
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Hedging |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging | Hedging From time to time the Company enters into non-derivative financial instruments to hedge its net investment in certain foreign subsidiaries. During fiscal years 2014 through the third quarter of fiscal year 2015, the Company primarily used short-term foreign currency borrowings to hedge its net investments in certain foreign operations. During fiscal 2015, the Company discontinued the use of short-term foreign currency borrowings for hedging. At November 2, 2014, the Company had outstanding $8.5 million of foreign currency denominated short-term borrowings used to hedge the Company’s net investments in certain foreign subsidiaries which were fully satisfied during the first quarter of 2015. The Company does not designate and document these instruments as hedges under ASC 815, Derivatives and Hedging, and as a result gains and losses associated with these instruments are included in Foreign Exchange Gain (Loss), net in our Consolidated Statements of Operations. For fiscal years 2015, 2014 and 2013, net gains/(losses) on these borrowings and instruments of less than $0.1 million, $0.5 million and $0.1 million, respectively, were included in Foreign Exchange Gain (Loss), net in the Consolidated Statements of Operations. |
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Stockholders' Equity | Stockholders’ Equity (a)Common Stock Each outstanding share of common stock is entitled to one vote per share on all matters submitted to a vote by shareholders. Subject to the rights of any preferred stock which may from time to time be outstanding, the holders of outstanding shares of common stock are entitled to receive dividends and, upon liquidation or dissolution, are entitled to receive pro rata all assets legally available for distribution to stockholders. No dividends were declared or paid on the common stock during fiscal years 2015, 2014 or 2013. The holders of common stock have no preemptive or other subscription rights and there are no redemption or sinking fund provisions with respect to such shares. There is no preferred stock outstanding. (b)Treasury Stock On January 14, 2015, the Board of Directors approved a new 36-month 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. In 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. As of November 1, 2015, the Company had 1,159,200 shares available for repurchase.
The accumulated balances for each classification of other comprehensive income (loss) are as follows (in thousands):
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 twelve months ended November 1, 2015 were (in thousands):
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation Plans | Stock Compensation Plans 2006 Incentive Stock Plan The shareholders of the Company approved the Volt Information Sciences, Inc. 2006 Incentive Stock Plan ("2006 Plan") in April 2007. The 2006 Plan permits the grant of Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock and Restricted Stock Units related to the Company’s common stock to employees and non-employee directors of the Company through September 6, 2016. The aggregate number of shares that may be issued pursuant to awards made under the 2006 Plan may not exceed 1,500,000 shares and the options will be granted at a price of no less than 100% of the fair market value of the Company’s common stock at the date of grant. At November 1, 2015, there were 135,343 shares available for future grants under the 2006 Plan. During fiscal 2015, the Company granted 393,528 stock options to purchase shares of the Company's common stock and 170,979 restricted share awards. The options expire seven years from the grant date. The weighted average fair value for the restricted shares at the grant date was $9.32. Compensation expense for shares that were not immediately vested are recognized over the vesting period. During fiscal 2014, the Company granted 340,000 stock options to purchase shares of the Company's common stock. If certain stock price targets are not met on or prior to July 3, 2017, these options will expire. The closing price for the Company's stock must be no less than certain market targets for ten consecutive trading days for the stock options to be exercisable. These options expire seven years from the grant date. In addition, the Company granted 15,000 shares of the Company's common stock as restricted stock awards. The weighted average fair value for these shares at the grant date was $9.24. Compensation expense was recognized on the grant date since the shares vested immediately. As of November 1, 2015, there was $0.2 million of total unrecognized compensation cost related stock options to be recognized over a derived service period of 1.9 years. Additionally, there was $0.2 million of total unrecognized compensation cost related to restricted shares to be recognized over a weighted average period of 1.1 years. The following table summarizes transactions involving outstanding stock options and non-vested restricted stock and restricted stock unit awards (stock awards) under the 2006 plan:
Determining Fair Value The Company estimates the fair value of each stock option grant using the Black-Scholes option-pricing model and Monte Carlo simulation when applicable. The Black-Scholes option pricing model requires estimates of key assumptions based on both historical information and management judgment regarding market factors and trends. Expected volatility - We developed the expected volatility by using weighted average measures of the historical volatilities of the Company and its peer group of companies that were re-levered according to the Company’s capital structure for a period equal to the expected life of the option. Expected term - We derived our expected term assumption based on the key factors of each grant. The Company utilizes both the contractual term of an option and the simplified method, which results in an expected term based on the midpoint between the vesting date and contractual term of an option. Risk-free interest rate - The rates are based on the average yield of a U.S. Treasury bond whose term was consistent with the expected life of the stock options. Expected dividend yield - We have not paid and do not anticipate paying cash dividends on our shares of common stock; therefore, the expected dividend yield was assumed to be zero. The weighted average assumptions used to estimate the fair value of stock options for the respective fiscal years were as follows:
Share-based compensation expense was recognized in Selling, Administrative and Other Operating Costs in the Company’s Consolidated Statements of Operations as follows (in thousands):
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Earnings (Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic and diluted net loss per share is calculated as follows (in thousands, except per share amounts):
Options to purchase 980,414, 764,150 and 491,650 shares of the Company’s common stock were outstanding at November 1, 2015, November 2, 2014 and November 3, 2013, respectively. Additionally, there were 50,159 restricted shares outstanding at November 1, 2015, 15,000 restricted shares outstanding at November 2, 2014 and 73,334 restricted shares outstanding November 3, 2013. The options and restricted shares were not included in the computation of diluted loss per share in fiscal 2015, 2014 and 2013 because the effect of their inclusion would have been anti-dilutive as a result of the Company’s net loss position in those fiscal years. |
Related Party Transactions |
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Nov. 01, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions During fiscal years 2015, 2014 and 2013, the law firm of which Lloyd Frank, a former member of the Company’s Board of Directors (until May 2015) is counsel, rendered services to the Company in the amount of $1.1 million, $1.2 million and $2.5 million, respectively. During fiscal years 2015, 2014 and 2013 the Company paid $0.1 million, $0.1 million and $0.1 million, respectively, to Michael Shaw, Ph.D., son of Jerry Shaw, Executive Officer, and brother of Steven Shaw, the Company’s former Chief Executive Officer and Director, for services rendered to the Company. In addition, during fiscal 2015 the Company paid $0.1 million in connection with a settlement agreement dated March 30, 2015 with Glacier Peak Capital LLC and certain of its affiliates, an investment firm of which the President and Senior Portfolio Manager, John C. Rudolf, serves on the Company's Board of Directors. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies
The future minimum rental commitments as of November 1, 2015 for all non-cancelable operating leases were as follows (in thousands):
Many of the leases also require the Company to pay and contribute to property taxes, insurance and ordinary repairs and maintenance. The lease agreements, which expire at various dates through 2025, may be subject in some cases to renewal options, early termination options or escalation clauses. Rent expense for all operating leases for fiscal years 2015, 2014 and 2013 was $15.6 million, $16.2 million, and $15.0 million, respectively.
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. 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. |
Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In November 2015, the Company implemented a cost reduction plan and estimates that it will incur restructuring charges of approximately $3.0 million throughout fiscal 2016, primarily resulting from a reduction in workforce in conjunction with facility consolidation and lease termination costs. In December 2015, the Company completed the disposition of Lakyfor, S.A. for a nominal sale price. In January 2016, the Company amended its Financing Program with PNC to extend the termination date from July 28, 2016 to January 31, 2017. The interest coverage ratio covenant included in the previous agreement was eliminated and replaced with a modified liquidity level requirement. The minimum funding threshold was reduced from 60% to 40%. In addition, the new agreement's applicable pricing was increased from a LIBOR based rate plus 1.75% to a LIBOR based rate plus 1.90% on outstanding borrowings and the facility fee increased from 0.65% to 0.70%. As of November 1, 2015, the Financing Program was classified as long-term debt on the Consolidated Balance Sheet. However, at the end of the Company's fiscal first quarter 2016, the Financing Program will be classified as short-term as the termination date is within twelve months of the Company’s first quarter 2016 balance sheet date. |
Segment Disclosures |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Disclosures | Segment Disclosures The Company’s operating segments are determined in accordance with the Company’s internal management structure, which is based on operating activities. The Company is currently assessing potential changes to its reportable segments in fiscal 2016 based on the new management organization and the changes anticipated by implementing new business strategies, including the initiatives to exit non-strategic and non-core operations. 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, amortization of purchased intangible assets and restructuring costs. The Company allocates to the segments all operating costs except for costs not directly relating to our operating activities such as corporate-wide general and administrative costs and fees related to restatement, investigations and remediation. These costs are not allocated because doing so would not enhance the understanding of segment operating performance and they are not used by management to measure segment performance. These allocations are included in the calculation of each segment’s operating income (loss). Financial data concerning the Company’s sales and segment operating income (loss) by reportable operating segment are summarized in the following tables (in thousands):
Assets of the Company by reportable operating segment are summarized in the following table (in thousands):
Sales to external customers and long-lived assets of the Company by geographic area are as follows (in thousands):
Capital expenditures and depreciation and amortization by the Company’s operating segments are as follows (in thousands):
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Quarterly Financial Information (unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (unaudited) | Quarterly Financial Information (unaudited) The following tables present certain unaudited consolidated quarterly financial information for each quarter in the fiscal years ended November 1, 2015 and November 2, 2014. The following table presents selected Consolidated Statements of Operations data for each quarter for the fiscal year ended November 1, 2015 (in thousands, except per share amounts):
The following table presents selected Consolidated Statements of Operations data for each quarter for the fiscal year ended November 2, 2014 (in thousands, except per share amounts):
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Summary of Business and Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||
Fiscal Year | Fiscal Year The Company’s fiscal year ends on the Sunday nearest October 31st. The 2015 and 2014 fiscal years consisted of 52 weeks, while the 2013 fiscal year consisted of 53 weeks. As a result, the fourth quarter of fiscal year 2013 included an additional week. |
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Consolidation | Consolidation The consolidated financial statements include the accounts of the Company and all subsidiaries over which the Company exercises control. All intercompany balances and transactions have been eliminated in consolidation. The Company accounts for investments over which it has significant influence but not a controlling financial interest using the equity method of accounting. |
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Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, assumptions and judgments, including those related to revenue recognition, allowance for doubtful accounts, contract costing and reserves, casualty reserves, valuation of goodwill, intangible assets and other long-lived assets, business combinations, stock compensation, employee benefit plans, restructuring accruals, income taxes and related valuation allowances and loss contingencies. Actual results could differ from those estimates and changes in estimates are reflected in the period in which they become known. |
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Revenue Recognition | Revenue Recognition Revenue is generally recognized when persuasive evidence of an arrangement exists, products have been delivered or services have been rendered, the fee is fixed or determinable, and collectability is reasonably assured. For arrangements within the scope of the multiple-deliverable guidance, a deliverable constitutes a separate unit of accounting when it has stand-alone value and there are no customer-negotiated refunds or return rights for the delivered elements. For multiple-element arrangements, composed only of hardware products and related services or only services, we allocate revenue to each element in an arrangement based on a selling price hierarchy. The selling price for a deliverable is based on its vendor-specific objective evidence (“VSOE”) if applicable, third-party evidence (“TPE”) if VSOE is not available, or estimated selling price (“ESP”), if neither VSOE nor TPE is available. Total transaction revenue is allocated to the multiple elements based on each element’s relative selling price compared to the total selling price. Services are sometimes provided despite a customer arrangement not yet being finalized. In these cases revenue is deferred until arrangements are finalized or in some cases until cash is received. The cumulative revenue deferred for each arrangement is recognized in the period the revenue recognition criteria are met. The following revenue recognition policies define the manner in which the Company accounts for specific transaction types: Staffing Services Revenue is primarily derived from supplying contingent staff to the Company’s customers or providing other services on a time and material basis. Contingent staff primarily consist of contingent workers working under a contract for a fixed period of time or on a specific customer project. Revenue is also derived from permanent placement services, which is generally recognized after placements are made and when the fees are not contingent upon any future event. Reimbursable costs, including those related to travel and out-of-pocket expenses, are also included in Net Revenue, and equivalent amounts of reimbursable costs are included in Direct Cost of Staffing Services Revenue. Under certain of the Company’s service arrangements, contingent staff are provided to customers through contracts involving other vendors or contractors. When the Company is the principal in the transaction and therefore the primary obligor for the contingent staff, we record the gross amount of the revenue and expense from the service arrangement. When the Company acts only as an agent for the customer and is not the primary obligor for the contingent staff, we record revenue net of vendor or contractor costs. The Company is generally the primary obligor when responsible for the fulfillment of the services under the contract, even if the contingent workers are neither employees of the Company nor directly contracted by the Company. Usually in these situations the contractual relationship with the vendors and contractors is exclusively with the Company and the Company bears customer credit risk and generally has latitude in establishing vendor pricing and has discretion in vendor or contractor selection. The Company is generally not the primary obligor when we provide comprehensive administration of multiple vendors for customers that operate significant contingent workforces, referred to as managed service programs. The Company is considered an agent in these transactions if it does not have responsibility for the fulfillment of the services by the vendors or contractors (referred to as associate vendors). In such arrangements the Company is typically designated by its customers to be a facilitator of consolidated associate vendor billing and a processor of the payments to be made to the associate vendors on behalf of the customer. Usually in these situations the contractual relationship is between the customers, the associate vendors and the Company, with the associate vendors being the primary obligor and assuming the customer credit risk and the Company generally earning negotiated fixed mark-ups and not having discretion in supplier selection. Maintenance and Information Technology Infrastructure Services Revenue from hardware maintenance, computer and network operations infrastructure services under fixed-price contracts and stand-alone post-contract support ("PCS") is generally recognized ratably over the contract period, provided that all other revenue recognition criteria are met, and the cost associated with these contracts is recognized as incurred. For time and material contracts, the Company recognizes revenue and costs as services are rendered, provided that all other revenue recognition criteria are met. Telecommunication Infrastructure and Security Services Revenue from performing engineering and construction services is recognized either on the completed contract method for those contracts that are of a short-term nature, or on the percentage-of-completion method, measuring progress using the cost-to-cost method, provided that all other revenue recognition criteria are met. Known or anticipated losses on contracts are provided for in the period they become evident. Claims and change orders that are in the process of being negotiated with customers for additional work or changes in the scope of work are included in the estimated contract value when it is deemed probable that the claim or change order will result in additional contract revenue and such amount can be reliably estimated. |
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Expense Recognition | Expense Recognition Direct Cost of Staffing Services Revenue Direct Cost of Staffing Services Revenue consists primarily of contingent worker payroll, related employment taxes and benefits, and the cost of facilities used by contingent workers in fulfilling assignments and projects for staffing services customers, including reimbursable costs. Indirect cost of staffing services revenue is included in Selling, Administrative and Other Operating Costs in the Consolidated Statements of Operations. The direct costs differ from the selling, administrative and other operating costs in that they arise specifically and directly from the actions of providing staffing services to customers. Cost of Other Revenue Cost of Other Revenue consists of the direct and indirect cost of providing non-staffing services, which include payroll and related employment taxes, benefits, materials, and equipment costs. Selling, Administrative and Other Operating Costs Selling, Administrative and Other Operating Costs primarily relate to the Company’s selling and administrative efforts as well as the indirect costs associated with providing staffing services. Restatement, Investigations and Remediation The Company previously restated its Consolidated Financial Statements for the fiscal year ended November 2, 2008, with the restated financial statements issued during fiscal year 2013. The costs incurred were comprised of financial and legal consulting, audit and related costs of the restatement, related investigations and completion of delayed filings during fiscal year 2014 required under SEC regulations. |
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Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive Income (Loss) is the net income (loss) of the Company combined with other changes in stockholders’ equity not involving ownership interest changes. For the Company, such other changes include foreign currency translation and mark-to-market adjustments related to available-for-sale securities. |
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Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
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Short-Term Investments and Related Deferred Compensation, Net | Short-Term Investments and Related Deferred Compensation, Net The Company has a nonqualified deferred compensation and supplemental savings plan that permits eligible employees to defer a portion of their salary. The employee salary deferral is invested in short-term investments corresponding to the employees’ investment selections, primarily mutual funds, which are held in a trust and are reported at current market prices. The liability associated with the nonqualified deferred compensation and supplemental savings plan consists of participant deferrals and earnings thereon, and is reflected as a current liability within Accrued Compensation in an amount equal to the fair value of the underlying short-term investments held in the plan. Changes in asset values result in offsetting changes in the liability as the employees realize the rewards and bear the risks of their investment selections. |
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Property, Equipment and Software, Net | Property, Equipment and Software, Net Property and equipment are stated at cost and depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Costs for software that will be used for internal purposes and incurred during the application development stage are capitalized and amortized to expense over the estimated useful life of the underlying software. Training and maintenance costs are expensed as incurred. The major classifications of property, equipment and software, including their respective expected useful lives, consisted of the following:
Property, equipment and software are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or it is no longer probable that software development will be completed. If circumstances require a long-lived asset or asset group be reviewed for possible impairment, the Company first compares undiscounted cash flows expected to be generated by each asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds the fair value. |
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Goodwill | Goodwill Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. The Company applies the method of assessing goodwill for possible impairment permitted by Accounting Standards Update ("ASU") No. 2011-08, Intangibles – Goodwill and Other. The Company first assesses the qualitative factors for reporting units that carry goodwill. If the qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit. When a qualitative assessment is not used, or if the qualitative assessment is not conclusive and it is necessary to calculate fair value of a reporting unit, then the impairment analysis for goodwill is performed at the reporting unit level using a two-step approach. The first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill utilizing an enterprise-value based premise approach. If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed. If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the entity must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Fair value of the reporting unit is determined by using various valuation techniques including income (discounted cash flow), market and/or consideration of recent and similar purchase acquisition transactions. The Company performs its annual impairment review of goodwill in its second fiscal quarter and when a triggering event occurs between annual impairment tests. |
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Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using current tax laws and rates in effect for the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company must then assess the likelihood that its deferred tax assets will be realized. If the Company does not believe that it is more likely than not that its deferred tax assets will be realized, a valuation allowance is established. When a valuation allowance is increased or decreased, a corresponding tax expense or benefit is recorded. Accounting for income taxes involves uncertainty and judgment in how to interpret and apply tax laws and regulations within the Company’s annual tax filings. Such uncertainties may result in tax positions that may be challenged and overturned by a tax authority in the future, which would result in additional tax liability, interest charges and possible penalties. Interest and penalties are classified as a component of income tax expense. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized upon ultimate settlement. Changes in recognition or measurement are reflected in the period in which the change in estimate occurs. |
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Share-Based Compensation | Share-Based Compensation The Company recognizes all employee share-based compensation as a cost in the financial statements. Equity awards are measured at the grant date fair value of the award. The Company determines grant date fair value of stock option awards using the Black-Scholes option-pricing model and a Monte Carlo simulation. The fair value of restricted stock awards are determined using the closing price of the Company’s common stock on the grant date. Expense is recognized over the requisite service period based on the number of options or shares expected to ultimately vest. Forfeitures are estimated at the date of grant and revised when actual or expected forfeiture activity differs materially from original estimates. If there are any modifications or cancellations of the underlying unvested awards, the Company may be required to accelerate any remaining unearned stock-based compensation cost or incur incremental cost. Excess tax benefits of awards that are recognized in equity related to stock option exercises are reflected as financing cash inflows in the Consolidated Statement of Cash Flows. |
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Foreign Currency | Foreign Currency Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where that local currency is the functional currency, are translated to U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense accounts are translated at average exchange rates during the year which approximate the rates in effect at the transaction dates. The resulting translation adjustments are directly recorded to a separate component of Accumulated Other Comprehensive Income (Loss). Gains and losses arising from intercompany foreign currency transactions that are of a long-term nature are reported in the same manner as translation adjustments. Gains and losses arising from intercompany foreign currency transactions that are not of a long-term nature and certain transactions of the Company’s subsidiaries which are denominated in currencies other than the subsidiaries’ functional currency are recognized as incurred in Foreign Exchange Gain (Loss), net in the Consolidated Statements of Operations. |
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Fair Value Measurement | Fair Value Measurement In accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Quoted prices in active markets for similar assets and liabilities, quoted prices for identically similar assets or liabilities in markets that are not active and models for which all significant inputs are observable either directly or indirectly. Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs for inactive markets. The Company uses this framework for measuring fair value and disclosures about fair value measurement. The Company uses fair value measurements in areas that include: the allocation of purchase price consideration to tangible and identifiable intangible assets; impairment testing for goodwill and long-lived assets; share-based compensation arrangements and financial instruments. The carrying amounts of the Company’s financial instruments, which include cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and short-term borrowings under the Company’s credit facilities, approximated their fair values, due to the short-term nature of these instruments, and the fair value of the long-term debt is based on the interest rates the Company believes it could obtain for borrowings with similar terms. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. |
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Legal and Other Contingencies | Legal and Other Contingencies The Company is involved in various demands, claims and actual and threatened litigation that arise in the normal course of business. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, a liability and an expense are recorded for the estimated loss. Significant judgment is required in both the determination of probability and the determination of whether an exposure is reasonably estimable. Actual expenses could differ from these estimates in subsequent periods as additional information becomes known. |
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Concentrations of Credit Risk | Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions and deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and the Company mitigates its credit risk by spreading its deposits across multiple financial institutions and monitoring their respective risk profiles. |
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Restructuring Charges | Restructuring Charges The Company accounts for restructuring activities in accordance with ASC 420, Exit or Disposal Cost Obligations. Under the guidance, for the cost of restructuring activities that do not constitute a discontinued operation, the liability for the current fair value of expected future costs associated with such restructuring activity is recognized in the period in which the liability is incurred. The costs of restructuring activities taken pursuant to a management approved restructuring plan are segregated. |
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Hedging Activities | Hedging Activities On a limited basis, the Company enters into derivative and nonderivative short-term foreign denominated debt instruments as an economic hedge of its net investment in certain foreign subsidiaries. All derivative instruments are recognized as either assets or liabilities at their respective fair values. For the nonderivative instruments, the Company measures the foreign denominated short-term borrowings based on period-end exchange rates. The Company does not designate and document these instruments as hedges under ASC 815, Derivatives and Hedging. As a result, gains and losses associated with these instruments are recognized in Foreign Exchange Gain (Loss), net in our Consolidated Statements of Operations. |
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Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings per share are calculated by dividing net earnings by the weighted-average number of common shares outstanding during the period. The diluted earnings per share computation includes the effect, if any, of shares that would be issuable upon the exercise of outstanding stock options and unvested restricted stock shares, reduced by the number of shares which are assumed to be purchased by the Company from the resulting proceeds at the average market price during the year, when such amounts are dilutive to the earnings per share calculation. |
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Treasury Stock | Treasury Stock The Company records treasury stock at the cost to acquire it and includes treasury stock as a component of Stockholders’ Equity. In determining the cost of the treasury shares when either sold or issued, the Company uses the FIFO (first-in, first-out) method. If the proceeds from the sale of the treasury shares are greater than the cost of the shares sold, the excess proceeds are recorded as additional paid-in capital. If the proceeds from the sale of the treasury shares are less than the original cost of the shares sold, the excess cost first reduces any additional paid-in capital arising from previous sales of treasury shares for that class of stock, and any additional excess is recorded as a reduction of retained earnings. |
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Assets and Liabilities Held for Sale | Assets and Liabilities Held for Sale The Company classifies long-lived assets (disposal group) to be sold as held for sale in accordance with ASU 2014-08, Presentation Of Financial Statements (Topic 205) And Property, Plant, And Equipment (Topic 360): Reporting Discontinued Operations And Disclosures Of Disposals Of Components Of An Entity ("ASU 2014-08"), in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the asset (disposal group); the asset (disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (disposal group); an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated; the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the asset (disposal group) beyond one year; the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A long-lived asset (disposal group) that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset (disposal group) until the date of sale. The fair value of a long-lived asset (disposal group) less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the asset (disposal group), as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Upon determining that a long-lived asset (disposal group) meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group for all periods presented, if material, in the line items Assets Held for Sale and Liabilities Held for Sale, respectively, in the Consolidated Balance Sheets. |
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Discontinued Operations | Discontinued Operations The results of operations of a component or a group of components of the Company that either has been disposed of or is classified as held for sale is reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. For any transaction expected to be structured as a sale of shares of an entity and not a sale of assets, the Company classifies the deferred taxes as part of Assets or Liabilities Held for Sale. |
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Reclassifications | Reclassifications Certain reclassifications have been made to the prior year financial statements in order to conform to the current year’s presentation. |
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New Accounting Pronouncements | New 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. New Accounting Standards Not Yet Adopted by the Company In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The amendments in this update simplify the presentation of deferred income taxes and require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. This update applies to all entities that present a classified statement of financial position. These amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. If the guidance is applied prospectively, disclosure is made in the first interim and first annual period of change, the nature of and reason for the change in accounting principle and a statement that prior periods were not retrospectively adjusted. If the guidance is applied retrospectively, disclosure is made in the first interim and first annual period of change, the nature of and reason for the change in accounting principle and quantitative information about the effects of the accounting change on prior periods. The amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The amendments in this update require that (1) an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, (2) the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and (3) an entity presents separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. In August 2015, FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. ASU 2015-15 clarifies the guidance in ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, regarding presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. The SEC Staff announced they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. In June 2015, the FASB issued ASU No. 2015-10, Technical Corrections and Improvements. This ASU covers a wide range of Topics in the Codification. The amendments in this ASU represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost for most entities. The amendments that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon the issuance of this ASU. 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. 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. 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. 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. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). This ASU is effective for the annual period ending after December 15, 2016, with early adoption permitted. 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendments in this update deferred the effective date for implementation of ASU 2014-09 by one year and are now effective for annual reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods beginning after December 15, 2016 including interim reporting periods within that period. 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 2019. |
Summary of Business and Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major Classifications and Expected Useful Lives of Property, Equipment and Software | The major classifications of property, equipment and software, including their respective expected useful lives, consisted of the following:
Property, equipment and software consisted of (in thousands):
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Discontinued Operations (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Classified as Held for Sale | The following table reconciles the major classes of assets and liabilities classified as held for sale as part of discontinued operations in our Consolidated Balance Sheets (in thousands):
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Schedule of Discontinued Operations Activity | The following table reconciles the major line items in the Company’s Consolidated Statements of Operations for discontinued operations (in thousands):
The following table reconciles the major classes of assets and liabilities classified as held for sale as part of continuing operations in our Consolidated Balance Sheets (in thousands):
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Assets and Liabilities Held for Sale (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held for Sale | The following table reconciles the major line items in the Company’s Consolidated Statements of Operations for discontinued operations (in thousands):
The following table reconciles the major classes of assets and liabilities classified as held for sale as part of continuing operations in our Consolidated Balance Sheets (in thousands):
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Fair Value of Financial Instruments (Tables) |
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Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents assets and liabilities measured at fair value (in thousands):
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Schedule of Fair Value of Term Loan | The following table presents the term loan measured at fair value (in thousands):
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Trade Accounts Receivable (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity in Allowance Accounts | For the years ended November 1, 2015 and November 2, 2014, the activity in the allowance accounts were as follows (in thousands):
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Property, Equipment and Software (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property, Equipment and Software | The major classifications of property, equipment and software, including their respective expected useful lives, consisted of the following:
Property, equipment and software consisted of (in thousands):
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Impairment and Restructuring Charges (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Impaired Intangible Assets | The following represents the change in the carrying amount of goodwill during each fiscal year (in thousands):
1 Goodwill related to Lakyfor, SA was impaired in the second quarter of fiscal year 2015 prior to the determination as held for sale in the fourth quarter of fiscal year 2015. |
Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | Income (loss) from continuing operations before income taxes is derived from (in thousands):
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Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) by taxing jurisdiction consists of (in thousands):
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Schedule of Income Tax Rate Reconciliation | The difference between the income tax provision on income (loss) and the amount computed at the U.S. federal statutory rate is due to (in thousands):
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Components of Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
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Schedule of Uncertain Tax Positions | The following table sets forth the change in the accrual for uncertain tax positions, excluding interest and penalties (in thousands):
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Schedule of Open Tax Years, by Major Tax Jurisdiction | The following describes the open tax years, by major tax jurisdiction, as of November 1, 2015:
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt | Long-term debt consists of the following (in thousands):
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Summary of Principal Payment Maturities on Long-Term Debt Outstanding | Principal payment maturities on long-term debt outstanding at November 1, 2015 are (in thousands):
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Stockholders' Equity (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Balances for Each Classification of Other Comprehensive Income (Loss) | The accumulated balances for each classification of other comprehensive income (loss) are as follows (in thousands):
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Reclassification out of Accumulated Other Comprehensive Income | Reclassifications from accumulated other comprehensive loss for the twelve months ended November 1, 2015 were (in thousands):
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Stock Compensation Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 01, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Transactions Involving Outstanding Stock Options and Non-Vested Restricted Stock and Restricted Stock Unit Awards Under 2006 Plan | The following table summarizes transactions involving outstanding stock options and non-vested restricted stock and restricted stock unit awards (stock awards) under the 2006 plan:
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Summary of Estimated Fair Value of Stock Options | The weighted average assumptions used to estimate the fair value of stock options for the respective fiscal years were as follows:
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Summary of Share Based Compensation Expense Recognized in Selling, Administrative and Other Operating Costs in Consolidated Statements of Operations |
Share-based compensation expense was recognized in Selling, Administrative and Other Operating Costs in the Company’s Consolidated Statements of Operations as follows (in thousands):
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Earnings (Loss) Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 01, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Basic and Diluted Net Income (Loss) Per Share | Basic and diluted net loss per share is calculated as follows (in thousands, except per share amounts):
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Nov. 01, 2015 | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum rental commitments as of November 1, 2015 for all non-cancelable operating leases were as follows (in thousands):
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Segment Disclosures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Nov. 01, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Sales and Segment Operating Income (Loss) by Reportable Operating Segment | Financial data concerning the Company’s sales and segment operating income (loss) by reportable operating segment are summarized in the following tables (in thousands):
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Summary of Assets by Reportable Operating Segment | Assets of the Company by reportable operating segment are summarized in the following table (in thousands):
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Summary of Sales to External Customers and Long-lived Assets by Geographic Area | Sales to external customers and long-lived assets of the Company by geographic area are as follows (in thousands):
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Summary of Capital Expenditures and Depreciation and Amortization by Operating Segments | Capital expenditures and depreciation and amortization by the Company’s operating segments are as follows (in thousands):
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Quarterly Financial Information (unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 01, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selected Consolidated Statements of Operations Data | The following table presents selected Consolidated Statements of Operations data for each quarter for the fiscal year ended November 1, 2015 (in thousands, except per share amounts):
The following table presents selected Consolidated Statements of Operations data for each quarter for the fiscal year ended November 2, 2014 (in thousands, except per share amounts):
|
Summary of Business and Significant Accounting Policies - Major Classifications and Expected Useful Lives of Property, Equipment and Software (Detail) |
12 Months Ended |
---|---|
Nov. 01, 2015 | |
Minimum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful lives of property, equipment and software | 25 years |
Minimum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful lives of property, equipment and software | 3 years |
Minimum | Software | |
Property, Plant and Equipment [Line Items] | |
Useful lives of property, equipment and software | 3 years |
Maximum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful lives of property, equipment and software | 32 years |
Maximum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful lives of property, equipment and software | 15 years |
Maximum | Software | |
Property, Plant and Equipment [Line Items] | |
Useful lives of property, equipment and software | 7 years |
Discontinued Operations - Statements of Operations (Details) - Computer Systems Segment - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
Loss from discontinued operations, net of income taxes | |||
Net revenue | $ 4,708 | $ 59,369 | $ 73,465 |
Cost of revenue | 5,730 | 54,358 | 65,680 |
Selling, administrative and other operating costs | 1,388 | 19,290 | 24,314 |
Other (income) expense, net | 731 | 1,533 | 4,056 |
Pretax loss of discontinued operations | (3,141) | (15,812) | (20,585) |
Loss on disposal of discontinued operations | (1,502) | 0 | 0 |
Total loss from discontinued operations | (4,643) | (15,812) | (20,585) |
Income tax provision (benefit) | 191 | (211) | (2,453) |
Total loss from discontinued operations that is presented in the Consolidated Statements of Operations | $ (4,834) | $ (15,601) | $ (18,132) |
Restricted Cash - Additional Information (Detail) - USD ($) $ in Millions |
Nov. 01, 2015 |
Nov. 02, 2014 |
---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted as collateral | $ 10.4 | |
Associate Vendors | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 9.3 | 16.4 |
Other Collateralized Accounts | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 0.9 | $ 0.1 |
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands |
Nov. 01, 2015 |
Nov. 02, 2014 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 4,799 | $ 5,543 |
Total financial assets | 13,555 | 5,543 |
Total financial liabilities | 4,683 | 5,439 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan liabilities | 4,683 | 5,439 |
Short-term investments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 4,799 | 5,543 |
Note receivable | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 8,756 | $ 0 |
Fair Value of Financial Instruments - Schedule of Fair Value of Term Loan (Detail) - USD ($) $ in Thousands |
Nov. 01, 2015 |
Nov. 02, 2014 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-Term Debt, including current portion | $ 107,295 | $ 8,127 |
Carrying Amount | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-Term Debt, including current portion | 7,295 | 8,127 |
Estimated Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-Term Debt, including current portion | $ 7,968 | $ 9,012 |
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) |
12 Months Ended | |
---|---|---|
Nov. 01, 2015 |
Nov. 02, 2014 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfers between levels | $ 0 | $ 0 |
Short-term investments | 4,799,000 | 5,543,000 |
Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 100,000 | $ 100,000 |
NewNet Communication Technologies, LLC | Notes Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 10,000,000 | |
Interest rate | 5.00% | |
Amortization period | 4 years | |
Carrying Amount | NewNet Communication Technologies, LLC | Notes Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 8,400,000 |
Trade Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions |
Nov. 01, 2015 |
Nov. 02, 2014 |
---|---|---|
Receivables [Abstract] | ||
Unbilled receivables included in trade accounts receivable | $ 14.5 | $ 12.4 |
Trade Accounts Receivable - Summary of Activity in Allowance Accounts (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Nov. 01, 2015 |
Nov. 02, 2014 |
|
Allowance for Losses [Roll Forward] | ||
Balance at beginning of year | $ 865 | $ 1,689 |
Provision / (Release) | 532 | (131) |
Deductions | (437) | (693) |
Balance at end of year | 960 | 865 |
Sales allowance | ||
Allowance for Losses [Roll Forward] | ||
Balance at beginning of year | 318 | 319 |
Provision / (Release) | 164 | (1) |
Deductions | 0 | 0 |
Balance at end of year | 482 | 318 |
Allowance for doubtful accounts | ||
Allowance for Losses [Roll Forward] | ||
Balance at beginning of year | 547 | 1,370 |
Provision / (Release) | 368 | (130) |
Deductions | (437) | (693) |
Balance at end of year | $ 478 | $ 547 |
Property, Equipment and Software - Summary of Property, Equipment and Software (Detail) - USD ($) $ in Thousands |
Nov. 01, 2015 |
Nov. 02, 2014 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Less: Accumulated depreciation and amortization | $ (58,821) | $ (86,217) |
Property and equipment | 12,387 | 13,265 |
Software | 77,578 | 76,796 |
Less: Accumulated amortization | (65,870) | (64,505) |
Property, equipment, and software, net | 24,095 | 25,556 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 22,475 | 23,306 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 39,890 | 66,228 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | $ 8,843 | $ 9,948 |
Property, Equipment and Software - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expenses | $ 6.8 | $ 9.2 | $ 10.9 |
Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 01, 2015 |
Aug. 02, 2015 |
May. 03, 2015 |
Feb. 01, 2015 |
Nov. 02, 2014 |
Aug. 03, 2014 |
May. 04, 2014 |
Feb. 02, 2014 |
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
Income Tax Disclosure [Abstract] | |||||||||||
U.S. Domestic | $ (63,205) | $ (2,148) | $ (8,970) | ||||||||
International | 48,065 | 3,987 | (851) | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | $ 1,455 | $ (2,793) | $ (6,381) | $ (7,421) | $ 5,673 | $ 4,143 | $ 3,658 | $ (11,635) | $ (15,140) | $ 1,839 | $ (9,821) |
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 01, 2015 |
Aug. 02, 2015 |
May. 03, 2015 |
Feb. 01, 2015 |
Nov. 02, 2014 |
Aug. 03, 2014 |
May. 04, 2014 |
Feb. 02, 2014 |
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
Current: | |||||||||||
U.S. Federal | $ 90 | $ (36) | $ (146) | ||||||||
U.S. State and local | (1,616) | 978 | (162) | ||||||||
International | 5,200 | 1,996 | 3,129 | ||||||||
Total current | 3,674 | 2,938 | 2,821 | ||||||||
Deferred: | |||||||||||
U.S. Federal | 0 | 0 | |||||||||
U.S. State and local | 634 | 225 | 0 | ||||||||
International | 338 | 2,063 | 101 | ||||||||
Total deferred | 972 | 2,288 | 101 | ||||||||
Income tax expense | $ 1,384 | $ 1,351 | $ 532 | $ 1,379 | $ 1,164 | $ 738 | $ 2,277 | $ 1,047 | $ 4,646 | $ 5,226 | $ 2,922 |
Income Taxes - Schedule of Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 01, 2015 |
Aug. 02, 2015 |
May. 03, 2015 |
Feb. 01, 2015 |
Nov. 02, 2014 |
Aug. 03, 2014 |
May. 04, 2014 |
Feb. 02, 2014 |
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
Income Tax Disclosure [Abstract] | |||||||||||
U.S. federal statutory rate | $ (5,299) | $ 643 | $ (3,437) | ||||||||
U.S. State income tax, net of U.S. federal tax benefits | (1,435) | 530 | (1,336) | ||||||||
International permanent differences | (4,293) | (489) | 320 | ||||||||
International tax rate differentials | (7,046) | 345 | (364) | ||||||||
U.S. tax on international income | (1,118) | 1,787 | 554 | ||||||||
General business credits | (3,839) | (5,642) | (4,977) | ||||||||
Meals and entertainment | 531 | 770 | 941 | ||||||||
Other, net | 942 | (294) | 1,686 | ||||||||
Change in valuation allowance for dispositions | (4,237) | 0 | 0 | ||||||||
Change in valuation allowance for deferred tax assets | 30,440 | 7,576 | 9,535 | ||||||||
Income tax expense | $ 1,384 | $ 1,351 | $ 532 | $ 1,379 | $ 1,164 | $ 738 | $ 2,277 | $ 1,047 | $ 4,646 | $ 5,226 | $ 2,922 |
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands |
Nov. 01, 2015 |
Nov. 02, 2014 |
---|---|---|
Deferred tax assets: | ||
Net operating loss carryforwards | $ 58,909 | $ 58,708 |
Capital loss carryforwards | 31,411 | 0 |
U.S. federal tax credit carryforwards | 41,271 | 35,364 |
Purchased intangible assets | (49) | 11,152 |
Deferred income | 0 | 3,482 |
Compensation accruals | 5,653 | 5,995 |
Other, net | 6,413 | 6,230 |
Total deferred tax assets | 143,608 | 120,931 |
Less valuation allowance | (136,323) | (108,403) |
Deferred tax assets, net | 7,285 | 12,528 |
Deferred tax liabilities: | ||
Unremitted earnings from foreign subsidiaries | 4,046 | 8,714 |
Software development costs | 2,794 | 175 |
Accelerated tax depreciation and amortization | 741 | 2,677 |
Other, net | 1,225 | 1,877 |
Total deferred tax liabilities | 8,806 | 13,443 |
Net deferred tax asset (liability) | (1,521) | (915) |
Balance sheet classification | ||
Current assets | 837 | 320 |
Non-current assets | 1,107 | 2,865 |
Current liabilities | (240) | (2,904) |
Non-current liabilities | $ (3,225) | $ (1,196) |
Income Taxes - Schedule of Uncertain Tax Positions (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Nov. 01, 2015 |
Nov. 02, 2014 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance, beginning of year | $ 7,329 | $ 8,459 |
Decrease related to current year tax provisions | (411) | (458) |
Settlements | (879) | 0 |
Lapse of statute of limitations | (824) | (672) |
Balance, ending of year | $ 5,215 | $ 7,329 |
Income Taxes - Schedule of Open Tax Years, by Major Tax Jurisdiction (Detail) |
12 Months Ended |
---|---|
Nov. 01, 2015 | |
United States-Federal | |
Valuation Allowance [Line Items] | |
Open tax year | 2004 |
United States-State | |
Valuation Allowance [Line Items] | |
Open tax year | 2004 |
Canada | |
Valuation Allowance [Line Items] | |
Open tax year | 2007 |
United Kingdom | |
Valuation Allowance [Line Items] | |
Open tax year | 2011 |
Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands |
Nov. 01, 2015 |
Nov. 02, 2014 |
---|---|---|
Extinguishment of Debt [Line Items] | ||
Total | $ 107,295 | $ 8,127 |
Less amounts due within one year | 982 | 911 |
Total long-term debt | $ 106,313 | $ 7,216 |
Term loan interest rate | 8.20% | 8.20% |
Short Term Financing Program | ||
Extinguishment of Debt [Line Items] | ||
Total | $ 100,000 | $ 0 |
8.2% Term Loan | ||
Extinguishment of Debt [Line Items] | ||
Total | $ 7,295 | $ 8,127 |
Debt - Summary of Principal Payment Maturities on Long-Term Debt Outstanding (Detail) - USD ($) $ in Thousands |
Nov. 01, 2015 |
Nov. 02, 2014 |
---|---|---|
Debt Disclosure [Abstract] | ||
2016 | $ 982 | |
2017 | 101,065 | |
2018 | 1,156 | |
2019 | 1,254 | |
2020 | 1,361 | |
Thereafter | 1,477 | |
Total | $ 107,295 | $ 8,127 |
Hedging - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Outstanding short-term borrowings | $ 100.0 | $ 128.5 | |
Derivatives and Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Outstanding short-term borrowings | 8.5 | ||
Not Designated as Hedging Instrument | Foreign Currency Gain (Loss) | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net gains/ (losses) on borrowings and instruments | $ 0.1 | $ 0.5 | $ 0.1 |
Stockholders' Equity - Reclassifications (Details) - Reclassification out of Accumulated Other Comprehensive Income $ in Thousands |
12 Months Ended |
---|---|
Nov. 01, 2015
USD ($)
| |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Sale of foreign subsidiaries | $ 3,181 |
Income tax provision (benefit) | 0 |
Total reclassifications, net of tax | (3,181) |
Discontinued Operations | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Sale of foreign subsidiaries | $ 3,181 |
Stock Compensation Plans - Summary of Estimated Fair Value of Stock Options (Detail) - Employee Stock Option - $ / shares |
12 Months Ended | |
---|---|---|
Nov. 01, 2015 |
Nov. 02, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of stock option granted (USD per share) | $ 2.97 | $ 3.21 |
Expected volatility | 40.00% | 48.00% |
Expected term (in years) | 4 years 8 months 1 day | 7 years |
Risk-free interest rate | 1.53% | 2.25% |
Expected dividend yield | 0.00% | 0.00% |
Stock Compensation Plans - Summary of Share Based Compensation Expense Recognized in Selling, Administrative and Other Operating Costs in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Selling, administrative and other operating costs | $ 2,906 | $ 1,198 | $ 416 |
Selling, General and Administrative Expenses | 2006 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Selling, administrative and other operating costs | $ 2,906 | $ 1,198 | $ 416 |
Earnings (Loss) Per Share - Summary of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 01, 2015 |
Aug. 02, 2015 |
May. 03, 2015 |
Feb. 01, 2015 |
Nov. 02, 2014 |
Aug. 03, 2014 |
May. 04, 2014 |
Feb. 02, 2014 |
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
Numerator | |||||||||||
Loss from continuing operations | $ 71 | $ (4,144) | $ (6,913) | $ (8,800) | $ 4,509 | $ 3,405 | $ 1,381 | $ (12,682) | $ (19,786) | $ (3,387) | $ (12,743) |
Loss from discontinued operations, net of income taxes | (315) | 0 | 0 | (4,519) | (2,448) | (3,885) | (4,876) | (4,392) | (4,834) | (15,601) | (18,132) |
NET LOSS | $ (244) | $ (4,144) | $ (6,913) | $ (13,319) | $ 2,061 | $ (480) | $ (3,495) | $ (17,074) | $ (24,620) | $ (18,988) | $ (30,875) |
Denominator | |||||||||||
Basic weighted average number of shares (shares) | 20,799 | 20,741 | 20,793 | 20,930 | 20,874 | 20,866 | 20,861 | 20,849 | 20,816 | 20,863 | 20,826 |
Dilutive weighted average number of shares (shares) | 20,930 | 20,741 | 20,793 | 20,930 | 21,013 | 21,072 | 21,084 | 20,849 | 20,816 | 20,863 | 20,826 |
Per Share Data, Basic: | |||||||||||
Net loss from continuing operations (USD per share) | $ 0.00 | $ (0.20) | $ (0.33) | $ (0.42) | $ 0.22 | $ 0.16 | $ 0.07 | $ (0.61) | $ (0.95) | $ (0.16) | $ (0.61) |
Loss from discontinued operations, net of income taxes (USD per share) | (0.01) | 0.00 | 0.00 | (0.22) | (0.12) | (0.19) | (0.23) | (0.21) | (0.23) | (0.75) | (0.87) |
Net loss (USD per share) | (0.01) | (0.20) | (0.33) | (0.64) | 0.10 | (0.03) | (0.16) | (0.82) | (1.18) | (0.91) | (1.48) |
Per Share Data, Diluted: | |||||||||||
Net loss from continuing operations (USD per share) | 0.00 | (0.20) | (0.33) | (0.42) | 0.21 | 0.16 | 0.07 | (0.61) | (0.95) | (0.16) | (0.61) |
Loss from discontinued operations, net of income taxes (USD per share) | (0.01) | 0.00 | 0.00 | (0.22) | (0.11) | (0.18) | (0.23) | (0.21) | (0.23) | (0.75) | (0.87) |
Net loss (USD per share) | $ (0.01) | $ (0.20) | $ (0.33) | $ (0.64) | $ 0.10 | $ (0.02) | $ (0.16) | $ (0.82) | $ (1.18) | $ (0.91) | $ (1.48) |
Earnings (Loss) Per Share - Additional Information (Detail) - shares |
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
---|---|---|---|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options to purchase common stock outstanding (shares) | 980,414 | 764,150 | 491,650 |
Restricted Stock Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Restricted shares outstanding (shares) | 50,159 | 15,000 | 73,334 |
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
Lloyd Frank | |||
Related Party Transaction [Line Items] | |||
Amount paid for rendered services to related parties | $ 1.1 | $ 1.2 | $ 2.5 |
Michael Shaw | |||
Related Party Transaction [Line Items] | |||
Amount paid for rendered services to related parties | 0.1 | $ 0.1 | $ 0.1 |
Glacier Peak Capital LLC | |||
Related Party Transaction [Line Items] | |||
Amount paid for rendered services to related parties | $ 0.1 |
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Detail) $ in Thousands |
Nov. 01, 2015
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2016 | $ 13,884 |
2017 | 11,378 |
2018 | 8,781 |
2019 | 6,518 |
2020 | 4,602 |
Thereafter | $ 6,968 |
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Lease agreements expire period | 2025 | ||
Operating leases rental expense | $ 15.6 | $ 16.2 | $ 15.0 |
Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jan. 13, 2016 |
Nov. 01, 2015 |
Nov. 30, 2015 |
|
Subsequent Event [Line Items] | |||
Line of Credit Facility, Minimum Funding Threshold Percent | 60.00% | ||
Unused capacity, commitment fee percentage | 0.65% | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Expected restructuring cost | $ 3.0 | ||
Line of Credit Facility, Minimum Funding Threshold Percent | 40.00% | ||
Unused capacity, commitment fee percentage | 0.70% | ||
Eurodollar | |||
Subsequent Event [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
Eurodollar | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Basis spread on variable rate | 1.90% |
Segment Disclosures - Summary of Assets by Reportable Operating Segment (Detail) - USD ($) $ in Thousands |
Nov. 01, 2015 |
Nov. 02, 2014 |
---|---|---|
ASSETS | ||
TOTAL ASSETS | $ 326,826 | $ 424,332 |
Discontinued Operations | ||
ASSETS | ||
TOTAL ASSETS | 22,943 | 52,198 |
Operating Segments | ||
ASSETS | ||
TOTAL ASSETS | 235,819 | 280,111 |
Operating Segments | Staffing Services | ||
ASSETS | ||
TOTAL ASSETS | 234,752 | 270,728 |
Operating Segments | Other | ||
ASSETS | ||
TOTAL ASSETS | 1,067 | 9,383 |
Corporate and other | Cash, Investments and Other Corporate Assets | ||
ASSETS | ||
TOTAL ASSETS | $ 68,064 | $ 92,023 |
Segment Disclosures - Summary of Sales to External Customers and Long-lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 01, 2015 |
Aug. 02, 2015 |
May. 03, 2015 |
Feb. 01, 2015 |
Nov. 02, 2014 |
Aug. 03, 2014 |
May. 04, 2014 |
Feb. 02, 2014 |
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
Net Revenue: | |||||||||||
Net Revenue | $ 363,974 | $ 364,668 | $ 385,189 | $ 383,066 | $ 429,671 | $ 422,649 | $ 436,080 | $ 421,628 | $ 1,496,897 | $ 1,710,028 | $ 2,017,472 |
Long-lived assets: | |||||||||||
Long-lived assets | 24,095 | 25,556 | 24,095 | 25,556 | |||||||
Domestic | |||||||||||
Long-lived assets: | |||||||||||
Long-lived assets | 21,335 | 22,369 | 21,335 | 22,369 | |||||||
International | |||||||||||
Long-lived assets: | |||||||||||
Long-lived assets | $ 2,760 | $ 3,187 | 2,760 | 3,187 | |||||||
Operating Segments | |||||||||||
Net Revenue: | |||||||||||
Net Revenue | 1,496,897 | 1,710,028 | 2,017,472 | ||||||||
Operating Segments | Domestic | |||||||||||
Net Revenue: | |||||||||||
Net Revenue | 1,273,971 | 1,489,334 | 1,802,444 | ||||||||
Operating Segments | International, Principally Europe | |||||||||||
Net Revenue: | |||||||||||
Net Revenue | $ 222,926 | $ 220,694 | $ 215,028 |
Quarterly Financial Information (unaudited) - Selected Consolidated Statements of Operations Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 01, 2015 |
Aug. 02, 2015 |
May. 03, 2015 |
Feb. 01, 2015 |
Nov. 02, 2014 |
Aug. 03, 2014 |
May. 04, 2014 |
Feb. 02, 2014 |
Nov. 01, 2015 |
Nov. 02, 2014 |
Nov. 03, 2013 |
|
REVENUE: | |||||||||||
Staffing services | $ 342,328 | $ 341,383 | $ 362,277 | $ 360,821 | $ 403,065 | $ 396,979 | $ 406,733 | $ 392,269 | $ 1,406,809 | $ 1,599,046 | $ 1,899,723 |
Other revenue | 21,646 | 23,285 | 22,912 | 22,245 | 26,606 | 25,670 | 29,347 | 29,359 | 90,088 | 110,982 | 117,749 |
NET REVENUE | 363,974 | 364,668 | 385,189 | 383,066 | 429,671 | 422,649 | 436,080 | 421,628 | 1,496,897 | 1,710,028 | 2,017,472 |
EXPENSES: | |||||||||||
Direct cost of staffing services revenue | 288,368 | 288,689 | 305,116 | 310,819 | 337,045 | 337,285 | 344,922 | 339,796 | 1,192,992 | 1,359,048 | 1,627,166 |
Cost of other revenue | 18,021 | 19,696 | 19,909 | 19,605 | 21,922 | 22,319 | 24,066 | 24,133 | 77,231 | 92,440 | 94,519 |
Selling, administrative and other operating costs | 54,661 | 56,890 | 58,633 | 58,989 | 63,930 | 57,831 | 60,626 | 65,599 | 229,173 | 247,986 | 277,430 |
Restructuring costs | 542 | 1,867 | 251 | 975 | 710 | 141 | 999 | 657 | 3,635 | 2,507 | 781 |
Impairment charges | 672 | 580 | 5,374 | 0 | 6,626 | 0 | 0 | ||||
TOTAL EXPENSES | 362,264 | 367,722 | 389,283 | 390,388 | 423,607 | 417,576 | 431,206 | 432,853 | 1,509,657 | 1,705,242 | 2,024,724 |
OPERATING INCOME (LOSS) | 1,710 | (3,054) | (4,094) | (7,322) | 6,064 | 5,073 | 4,874 | (11,225) | (12,760) | 4,786 | (7,252) |
OTHER INCOME (EXPENSE): | |||||||||||
Interest income | 74 | 175 | 261 | 62 | (18) | 63 | 126 | 96 | 572 | 267 | 912 |
Interest expense | (811) | (746) | (991) | (696) | (795) | (851) | (928) | (956) | (3,244) | (3,530) | (3,871) |
Foreign exchange gain (loss), net | (96) | 1,010 | (1,600) | 437 | 494 | (134) | (630) | 388 | (249) | 118 | 369 |
Other income (expense), net | 578 | (178) | 43 | 98 | (72) | (8) | 216 | 62 | 541 | 198 | 21 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 1,455 | (2,793) | (6,381) | (7,421) | 5,673 | 4,143 | 3,658 | (11,635) | (15,140) | 1,839 | (9,821) |
Income tax provision | 1,384 | 1,351 | 532 | 1,379 | 1,164 | 738 | 2,277 | 1,047 | 4,646 | 5,226 | 2,922 |
LOSS FROM CONTINUING OPERATIONS | 71 | (4,144) | (6,913) | (8,800) | 4,509 | 3,405 | 1,381 | (12,682) | (19,786) | (3,387) | (12,743) |
LOSS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES | (315) | 0 | 0 | (4,519) | (2,448) | (3,885) | (4,876) | (4,392) | (4,834) | (15,601) | (18,132) |
NET LOSS | $ (244) | $ (4,144) | $ (6,913) | $ (13,319) | $ 2,061 | $ (480) | $ (3,495) | $ (17,074) | $ (24,620) | $ (18,988) | $ (30,875) |
Basic: | |||||||||||
Loss from continuing operations, basic (USD per share) | $ 0.00 | $ (0.20) | $ (0.33) | $ (0.42) | $ 0.22 | $ 0.16 | $ 0.07 | $ (0.61) | $ (0.95) | $ (0.16) | $ (0.61) |
Loss from discontinued operations (USD per share) | (0.01) | 0.00 | 0.00 | (0.22) | (0.12) | (0.19) | (0.23) | (0.21) | (0.23) | (0.75) | (0.87) |
Net loss (USD per share) | $ (0.01) | $ (0.20) | $ (0.33) | $ (0.64) | $ 0.10 | $ (0.03) | $ (0.16) | $ (0.82) | $ (1.18) | $ (0.91) | $ (1.48) |
Weighted average number of shares (shares) | 20,799 | 20,741 | 20,793 | 20,930 | 20,874 | 20,866 | 20,861 | 20,849 | 20,816 | 20,863 | 20,826 |
Diluted: | |||||||||||
Loss from continuing operations, diluted (USD per share) | $ 0.00 | $ (0.20) | $ (0.33) | $ (0.42) | $ 0.21 | $ 0.16 | $ 0.07 | $ (0.61) | $ (0.95) | $ (0.16) | $ (0.61) |
Loss from discontinued operations (USD per share) | (0.01) | 0.00 | 0.00 | (0.22) | (0.11) | (0.18) | (0.23) | (0.21) | (0.23) | (0.75) | (0.87) |
Net loss (USD per share) | $ (0.01) | $ (0.20) | $ (0.33) | $ (0.64) | $ 0.10 | $ (0.02) | $ (0.16) | $ (0.82) | $ (1.18) | $ (0.91) | $ (1.48) |
Weighted average number of shares (shares) | 20,930 | 20,741 | 20,793 | 20,930 | 21,013 | 21,072 | 21,084 | 20,849 | 20,816 | 20,863 | 20,826 |
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