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US – Volt completes restatement; first 10-K since 2009

April 10 2013

Volt Information Sciences Inc. (OTCBB: VISI) issued restated earnings for its 2008 fiscal year in a 10-K annual report filed Tuesday with the U.S. Securities and Exchange Commission. Volt had not filed quarterly or annual reports with the SEC since August 2009 after it received an inquiry from the agency over accounting for certain revenue transactions.

The 10-K report included financials for the 2009 and 2010 fiscal years as well.

“On behalf of Volt’s executive leadership team, we are pleased that the restatement is now complete,” said President and CEO Ron Kochman. “This has been a significant event for our company and we continue to work diligently to complete all financial reporting requirements.”

Volt had earlier announced a settlement with the SEC in January.

The initial SEC inquiry is believed to have resulted from allegations by a whistleblower, according to the 10-K filing. The lack of full financials since 2009 caused the company to begin trading through the OTC Markets Group Inc. instead of the New York Stock Exchange. Leadership at the company has also changed since the initial inquiry.

Volt had spent $137 million in fees and expenses related to the restatement as of Jan. 27 of this year, according to the 10-K.

“The restatement corrects account errors related to recognition of revenue and related customer costs primarily in our computer systems and staffing services segments, employment taxes and benefits, intangible assets, timing and recording of various accruals and income taxes,” according to the 10-K.

In the restatement, the company reported revenue of $2.73 billion for 2008, instead of the $2.43 billion initially reported. Volt also reported a net loss of $11.7 million for 2008 instead of net income of $64.2 million as initially reported. The restatement included $135.2 million for impairment of purchased intangibles and goodwill while the initially reported amount was $46.4 million.

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