MOUNT LAUREL, N.J., March 12 /PRNewswire-FirstCall/ -- MedQuist Inc., , a leading provider of medical transcription services, and a leader in the technology-enabled clinical documentation workflow, today announced its financial results for the fourth quarter and full year ended December 31, 2009.
Fourth Quarter Results
Net revenues for the fourth calendar quarter of 2009 were $73.9 million, a decline of $5.5 million or 6.9% as compared to the fourth quarter of 2008. We grew transcription volumes during the fourth quarter and experienced lower average pricing.
Net income for the fourth quarter of 2009 was $5.9 million or $0.16 per diluted share compared to a net loss of $60.5 million ($1.61) per diluted share for the fourth quarter of 2008.
Full Year Results:
For the year ended December 31, 2009, the company reported $307.2 million in net revenues or a 6.0% decline when compared to the prior year when $326.9 million in net revenues were reported. The decline in net revenues is due primarily to lower prices realized for our transcription services and declining maintenance revenues associated with legacy systems that are currently being replaced with enhanced technology solutions at certain customer locations.
Operating income for the year ended December 31, 2009 was $23.4 million compared to an operating loss of $88.4 million for the same period in 2008. Net income for the year ended December 31, 2009 was $23.3 million or $0.62 per diluted share compared to a net loss of $68.8 million or ($1.83) per diluted share for the same period in 2008.
As of December 31, 2009, the Company had $25.2 million of cash and cash equivalents and no debt.
Forward-Looking Statements
This report contains forward-looking statements that are based on current expectations, estimates, forecasts and projections about us, the industry in which we operate and other matters, as well as management’s beliefs and assumptions and other statements regarding matters that are not historical facts. These statements include, in particular, statements about our plans, strategies and prospects. For example, when we use words such as “projects,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “should,” “would,” “could,” “will,” “opportunity,” “potential” or “may,” variations of such words or other words that convey uncertainty of future events or outcomes, we are making forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are only predictions and, as such, are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. For a discussion of these risks, uncertainties and assumptions, any of which could cause our actual results to differ from those contained in the forward-looking statement, see the section of MedQuist’s Annual Report on Form 10-K for the year ended December 31, 2009, entitled “Risk Factors” and discussions of potential risks and uncertainties in MedQuist’s subsequent filings with the Securities and Exchange Commission.
CONTACT: Dominick Golio, Chief Financial Officer of MedQuist Inc.,
+1-856-206-4000
Web site: http://www.medquist.com/
