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MQ Associates, Inc. Announces Results for the Third Quarter and Nine Months Ended September 30, 2007
Date:11/7/2007

ets and liabilities.

Adjusted EBITDA, which is defined below, was $8.0 million for the third quarter 2007, a decrease of $9.5 million, or 54.2%, compared to $17.5 million for the third quarter 2006. Adjusted EBITDA was $25.9 million for the nine months ended September 30, 2007, representing a decrease of $19.4 million, or 42.9%, compared to $45.3 million for the nine months ended September 30, 2006. Adjusted EBITDA, as defined by MedQuest, is net income plus (a) interest expense, net, (b) income taxes, (c) depreciation and amortization, (d) non- cash expenses and (e) audit committee review and other charges. For a more detailed discussion of Adjusted EBITDA and reconciliation to net loss, see the "Adjusted EBITDA" table at the end of this release.

Selected Financial Data

The following tables set forth selected financial data derived from MedQuest's unaudited financial statements filed with its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2007 and audited financial statements filed with its Annual Report on Form 10-K for the year ended December 31, 2006.

Condensed Consolidated Balance Sheets (in thousands)

September 30, December 31,

2007 2006

Assets

Cash and cash equivalents $3,024 $4,601

Patient receivables, net of allowances 31,009 24,963

Other current assets 5,127 5,000

Total current assets 39,160 34,564

Property and equipment, net 62,849 77,432

Other assets 61,989 63,438

Total assets $163,998 $175,434

Liabilities and Stockholders' Deficit

Other current liabilities $24,
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SOURCE MQ Associates, Inc.
Copyright©2007 PR Newswire.
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