Volt Information Sciences delays 3Q results

Volt Information Sciences delays release of 3rd-qtr results, needs time to review accounting

• On 12:53 pm EDT, Wednesday September 9, 2009

NEW YORK (AP) -- Volt Information Sciences Inc. on Wednesday said it will delay the release of is fiscal third-quarter results and its related regulatory filing while it reviews its revenue accounting from past years.

The company, which provides information technology outsourcing services, said it is re-examining its accounting for a total of about $12 million of revenue reported in fiscal 2007 and fiscal 2008. In each of those years, Volt reported revenue of $2.4 billion. "The company is assessing whether certain of these revenues and related costs should have been recorded in later periods," it said in a statement. The timing relates to two technical accounting issues.

Volt's third-quarter release and investor conference call were originally scheduled for Thursday. The company said it will also delay filing its required quarterly report on Form 10-Q with the Securities and Exchange Commission, which is due Friday.

In afternoon trading, Volt shares added 3 cents to $10.25. The stock has changed hands between $4.07 and $12.36 in the past year.