Volt Information Sciences Inc. (NYSE: VOL) announced today it will restate its financial statements for the two most recent fiscal years and for the quarters up to May 3 for its current fiscal year.

In addition, the company said it will delay the filing of its annual report for 10-K for its current fiscal year ended Nov. 1. Volt had planned to file the 10-K by Jan. 15.

The company said it found errors in revenue recognition for certain multi-year customer arrangements for telephone systems with multiple deliverables.

Volt announced in October that it was reviewing $20 million in revenue from 2002 through the first three quarters of fiscal 2009, but today raised the number to $50 million.

"We continue to work to analyze a large number of complex multi-year contracts involving multiple deliverables, complete our analysis and restate our financial statements," CFO Jack Egan said in a press release. "We will provide updated information and schedule a conference call to review the restatement and the financial results of our fiscal 2009 as soon as we complete the review."

New York-based Volt provides staffing and other services. It ranked No. 8 on Staffing Industry Analysts' list of largest U.S. staffing firms.