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Volt to take $30-$50 million noncash charge

January 19 2009

Volt Information Sciences Inc. (NYSE: VOL) said Friday it will take a noncash goodwill impairment charge of between $30 million and $50 million in its fiscal fourth quarter. Volt also said it expects to report net income of $105.6 million for the quarter excluding the charge but including a $93.3 million net gain on the sale of its telephone directory business.

The goodwill impairment charge comes "as a result of recent operating performance and business outlook primarily due to the general economic conditions," the company said.

Volt's fiscal fourth quarter ended Nov. 2. The firm said Friday it was taking additional time to file its 10-K annual report because of accounting for the charge, but said the annual report will be out by Feb. 2.

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