Volt may soon be delisted from NYSE

Volt Information Sciences, a staffing and business services provider, may soon be delisted from the New York Stock Exchange due to missing their financial statement filing deadline. The company’s last statements are a year old!

The reason for the delay is that the company is undergoing an accounting review which as of date has cost the company $22 million; the review is still not complete. There is a restatement in line, but there is no indication as to what its impact will be on the assets and liabilities. The company has been releasing piece meal information- recently it reported the size of its cash balance and an estimate for its revenues by segment for 2010. But that is all; the whole picture is still missing.

The company believes it will miss the latest deadline for filing its financials and so may end up getting delisted from NYSE and become an over the counter stock!