Volt Information Sciences Reports Second Quarter Results.

NEW YORK -- Volt Information Sciences, Inc. (NYSE: VOL) today reported financial results for the Company's second quarter and six months ended April 27, 2008.

Volt will conduct a conference call webcast at 11:00 A.M. (EDT) today to discuss second quarter results. The conference call dial-in number

Attached is a summary of the Company's results of operations and the notes thereto. The notes are an integral part of the summary.

SECOND QUARTER FISCAL 2008 RESULTS

For the second quarter of fiscal 2008 ended April 27, 2008, the Company reported net income of $3.4 million, or $0.15 per share, compared to net income of $6.4 million, or $0.28 per share, in the fiscal 2007 second quarter. Net sales for the 2008 quarter increased to $621.0 million, compared to $568.2 million in last year's comparable quarter.

SIX MONTHS - FISCAL 2008 RESULTS

For the first six months of fiscal 2008 ended April 27, 2008, the Company reported a net loss of $9.8 million, or $0.44 per share, compared to net income of $7.1 million, or $0.31 per share, in the fiscal 2007 six-month period. Net sales for the first six months of fiscal 2008 increased to $1.2 billion, compared to $1.1 billion in last year's comparable period.

Included in the net loss for the six-month period was a charge of $12.2 million net of taxes, or $0.55 per share, (pretax charge of $19.3 million) to establish a reserve for certain costs included in inventory related to work performed and for additional costs expected to be incurred to complete that work under an installation contract in the Company's Telecommunications Services segment.

Commenting on the results for the second quarter, Mr. Steven A. Shaw, President and CEO of Volt, stated "Continued margin pressure in Technical Staffing as well as cost overruns and start up costs on several of our newer outsourced projects were the primary factors that negatively affected the results of the quarter. In the first quarter, we took a charge to establish a reserve for certain costs included in inventory related to work performed and for additional costs expected to be incurred to complete the work under a single contract in the Telecommunication Services segment. The Company still believes that it is entitled to be compensated for amounts included in the reserve. The customer has recently agreed to start to pay for the non-reserved portion of the work in inventory. As a result, we should see a reduction in borrowings used to support these inventoried costs in the coming months. In addition, we are pleased to announce that we have closed on our renewed and amended securitization program arranged by PNC Bank which will continue to provide us with $200 million in financing, which will afford us ample capacity to support our future working capital needs."

STAFFING SERVICES

The $22.4 million, or 5%, increase in net sales in the second quarter of fiscal 2008 from the comparable fiscal 2007 period was due to a $22.6 million increase in the Technical Placement division slightly offset by a $0.2 million decrease in the Administrative and Industrial division. The segment's operating profit decreased by $7.7 million, or 55%, as a $0.1 million increase in the Administrative and Industrial's operating profit was offset by a $7.8 million decrease in the Technical Placement's operating profit. Despite the increase in sales, the operating profit of the Technical Placement division decreased due to losses on several VMC Consulting projects, lower mark-ups on certain large accounts and higher overhead due to start up costs for new projects.

COMPUTER SYSTEMS

The Computer Systems segment's sales increase of $7.0 million, or 15%, in the second quarter of fiscal 2008 over the comparable 2007 period was primarily due to increases in the Maintech division's IT maintenance sales of $3.5 million due to increased business, $6.3 million in revenue due to the acquisition of LSSi in the fourth quarter of fiscal 2007 and a $1.7 million increase in project and other revenue partially offset by a $4.5 million decrease in transaction revenue primarily due to a reduction of such services to a major customer as it utilizes less of a transaction fee pricing model and transitions to a maintenance-based model. The increase in operating profit of $0.3 million, or 7%, was attributable to the increased revenue generated by Maintech and LSSi substantially offset by lower margins and increased overhead on project revenue recognized in the current fiscal quarter.

TELEPHONE DIRECTORY

The Telephone Directory segment's sales increase of $1.2 million, or 7%, for the second quarter of fiscal 2008 from the comparable 2007 period primarily resulted from an increase of $1.2 million, or 98%, in Uruguay printing revenue. The segment's operating profit remained at $2.8 million as the increase in gross margins generated by the increased printing sales was offset by an increase in selling and administrative expenses. For the second quarter, DataNational's same-book sales were down 10% from the previous year as a result of pricing pressure and the economy.

TELECOMMUNICATIONS SERVICES

The Telecommunications Services segment's sales increase of $22.1 million, or 81%, in the second quarter of fiscal 2008 over the comparable 2007 period was due to increases of $21.5 million in the Construction and Engineering division and $0.6 million in the Network Enterprise Solutions division. The increased sales in the Construction and Engineering division in fiscal 2008 resulted from increased revenue from an installation contract, utility projects and government contracts. The increase in operating profit of $1.5 million was due to the increase in sales and higher margins on the utility projects and government contracts in the second quarter of fiscal 2008 partially offset by increased overhead to support the increase in sales.

GENERAL CORPORATE EXPENSES

The decrease in General Corporate expenses compared to the 2007 quarter resulted from a reduction in amortization of the corporate enterprise resource planning system software and communication expenses.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents, excluding restricted cash, was $47.4 million at the end of the quarter. At April 27, 2008, the Company had sold a participating interest in accounts receivable of $140.0 million under its securitization program and had the ability to finance an additional $60.0 million under the facility. On June , 2008, the Company's securitization program, which was previously with a Mellon Bank sponsored conduit and due to expire within the next year, has been transferred to a multi-buyer program administered by PNC Bank. The amended $200.0 million program has a five-year term (subject to 364 day liquidity) and uses the existing special purpose entity (Volt Funding Corp) to continue to sell pro-rata shares of trade accounts receivable to the two commercial paper conduits (Market Street Funding, a PNC Bank affiliate, and Relationship Funding, a Fifth Third Bank affiliate). The securitization program is not an off-balance sheet arrangement as Volt Funding Corp. is a 100% owned consolidated subsidiary of the Company.

In addition, the Company may borrow under a $42.0 million five-year unsecured revolving credit facility ("Credit Facility") and the Company's wholly owned subsidiary, Volt Delta Resources ("Volt Delta"), may borrow under a separate $100.0 million revolving secured credit facility ("Delta Credit Facility"). At April 27, 2008, the Company had no borrowing under its Credit Facility while Volt Delta had borrowed $71.4 million under the Delta Credit Facility.

On June 2, 2008, the Company's Board of Directors authorized the repurchase of up to one million five hundred thousand (1,500,000) shares of the Company's common stock from time to time in open market or private transactions at the Company's discretion, subject to market conditions and other factors. The timing and exact number of shares purchased will be at the Company's discretion and will depend on market conditions and is subject to institutional approval for purchases in excess of $11.6 million in fiscal year 2008 under the terms of the Company's credit agreements. This stock buyback program does not obligate the Company to acquire any specific number of shares and may be suspended or discontinued at any time.

Volt Information Sciences, Inc. is a leading national provider of Staffing Services and Telecommunications and Information Solutions with a Fortune 100 customer base. Operating through a network of over 300 Volt Services Group branch offices, the Staffing Services segment fulfills IT and other technical, commercial and industrial placement requirements of its customers, on both a temporary and permanent basis. The Telecommunications and Information Solutions businesses, which include the Telecommunications Services, Computer Systems and Telephone Directory segments, provide complete telephone directory production and directory publishing; a full spectrum of telecommunications construction, installation and engineering services; and advanced information and operator services systems for telephone companies. For additional information, please visit Volt's web site at http://www.volt.com.

This press release contains forward-looking statements which are subject to a number of known and unknown risks, including general economic, competitive and other business conditions, the degree and timing of customer utilization and the rate of renewals of contracts with the Company, that could cause actual results, performance and achievements to differ materially from those described or implied in the forward-looking statements. Information concerning these and other factors that could cause actual results to differ materially from those in the forward-looking statements is contained in Company reports filed with the Securities and Exchange Commission. Copies of the Company's latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as filed with the Securities and Exchange Commission and the New York Stock Exchange, are available without charge upon request to Volt Information Sciences, Inc., 560 Lexington Avenue, New York, New York 10022, 212-704-2400, Attention: Shareholder Relations. These and other SEC filings by the Company are also available to the public over the Internet at the SEC's website at http://www.sec.gov and at the Company's website at http://www.volt.com in the Investor Information section.

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