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View All NewsVolt expands review of revenue timing
Volt Information Sciences Inc. (NYSE: VOL) announced Tuesday it's now looking at whether $20 million in revenue from 2002 through the first three quarters of fiscal 2009 was accounted for in the proper time frames. The figure was revised from last month when the company announced it was looking at only $12 million in revenue from 2007 and 2008.
"I think it is important to note that this 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," CFO Jack Egan said in a statement. "We are reviewing a large number of complex contracts involving multiple deliverables over multiple fiscal periods. We will provide updated information and schedule a conference call to review financial results for our third fiscal quarter as soon as possible after we complete the review."
Volt ranked No. 8 on Staffing Industry Analysts' list of largest U.S. staffing firms.