Volt Information Sciences Inc. (OTCBB: VISI), the fifth-largest U.S. information technology staffing provider, reported revenue in its staffing services segment fell approximately 9.6 percent to $460 million in its fiscal third quarter ended July 28, 2013, compared to the same period in the previous year, according to preliminary information released by the company. The numbers are estimates and may change upon the completion of the audit of the company's fiscal 2013, 2012 and 2011 annual financial statements.
The third quarter of 2013 included recognition of approximately $6 million of previously deferred revenue, net of current period deferrals.
Volt in April issued restated earnings for its 2008 fiscal year with the U.S. Securities and Exchange Commission. The company 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 company attributed the third-quarter revenue decrease to its increased focus on reviewing customer accounts for profitability and renegotiating or exiting unprofitable customer accounts. Although staffing services revenue levels fell compared to the third quarter of 2012, staffing services operating income increased as both a percentage of revenue and in absolute amount.