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MedQuist Reports First Quarter 2008 Results
Date:5/12/2008

MOUNT LAUREL, N.J., May 12 /PRNewswire-FirstCall/ -- MedQuist Inc. (Pink Sheets: MEDQ), the largest Medical Transcription Service Organization (MTSO) in the world, on Friday, May 9th, filed its Form 10-Q quarterly report with the U.S. Securities and Exchange Commission for the quarter ended March 31, 2008.

Revenue for the first quarter of 2008 was $83.7M compared with $89.1M in the first quarter of 2007. The decrease in revenue of $5.4M or 6% from the prior year period was primarily due to customer losses experienced during the second half of 2007. The operating loss for the quarter increased to a loss of $5.4M compared to a loss of $3.3M in the first quarter of 2007. "Our first quarter results were negatively impacted by increased costs associated with governmental investigations and proceedings and the defense of civil litigation matters. Excluding the cost of the billing investigation and legal proceedings, net, which was $6.4M in the first quarter of 2008 and $1.7M in the first quarter of 2007, our operating profit improved to a profit of $1.0M in the first quarter of 2008 compared to an operating loss of $1.6M in the first quarter of 2007. This improvement reflects the savings from our restructuring efforts in late 2007, as well as, the benefits of our expanded use of speech recognition technology," said Howard Hoffmann, President and Chief Executive Officer.

Notable 1Q orders included the sale of our #1 rated SpeechQ for Radiology product to one of the largest multi-location hospital systems in the country and a new multi-year, multi-million dollar outsourcing services agreement with one of the country's largest IDNs.

Cost of revenue declined faster than revenue reflecting both the company's restructuring efforts and the expanded use of speech recognition technology. "At this point, we have over 40% of our volumes running through DocQspeech on our DocQment Enterprise Platform (DEP). We believe this important tool will help us contin
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SOURCE MedQuist Inc.
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