Volt Information Sciences, Inc. (NYSE: VOL) today provided a business update and reported selected unaudited financial information for its fiscal years 2009 and 2010. The Company noted that, due to a previously announced accounting review, all numbers presented in this release are estimates.
The Company also reported that yesterday it had filed a notification with the Securities and Exchange Commission that it would not file its Annual Report on Form 10-K for the year ended October 31, 2010 by its extended February 1, 2011 due date. As a result the Company has notified the New York Stock Exchange that it will not meet the NYSE deadline of February 1, 2011 for filing with the SEC the Company’s 10-K Report for the year ended November 1, 2009. Given the notification of this further filing delay, the Company expects the New York Stock Exchange to initiate suspension and delisting procedures, with Volt shares subsequently being quoted on the over-the-counter market (see below for further detail). The Company intends to seek relisting after all its SEC filings are current.
Steven Shaw, Volt’s President and Chief Executive Officer, said, “Our business remains operationally and financially strong. We recently had one of our best growth quarters in our staffing business, and I am very pleased with the direction of the trends in that segment. We remain committed to delivering high-quality services throughout the Company and to investing and expanding our offerings, and are making significant strides with our business improvement initiatives.”
Mr. Shaw continued, “While we are disappointed that our accounting review is not yet complete, we are making progress and are working to complete the process. I remain excited about the business opportunities in front of us and am confident that our ability to provide integrated global product and service offerings that combine our talent, technology and consulting services uniquely positions us to meet our clients’ needs as we have done for over 60 years.”