Volt expands accounting review back to 2002

Volt expands accounting review back to 2002, increases revenue in question to $20 mln

• On 6:04 pm EDT, Tuesday October 6, 2009

NEW YORK (AP) -- Temporary employee service Volt Information Sciences Inc. said Tuesday it has expanded its review of revenue accounting.

Volt said it is now reviewing about $20 million in revenue, along with associated expenses, from fiscal 2002 to 2008 and the first three quarters of 2009.

In September, it said it was examining $12 million in revenue only for the fiscal years 2007 and 2008.

Volt Chief Financial Officer Jack Egan said in a statement the review "relates to the timing of the revenues and related expenses of one Volt segment, and not to the validity of any of the revenue or expenses."

He said the company would schedule a conference call to review results for the third quarter as soon as possible after the review is complete.

Volt also said it had reduced the maximum amount of trade receivables that may be purchased by an affiliate of PNC Bank to $150 million from $175 million, reflecting the reduced need for financing from the program.

The current amount of receivables purchased under the program is $50 million, it said.

Volt shares fell 6 cents to $11.82 in after-hours trading, after closing up 44 cents, or 3.9 percent, at $11.88.