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MedQuist Reports First Quarter 2009 Results
Date:5/7/2009

MOUNT LAUREL, N.J., May 7 /PRNewswire-FirstCall/ -- MedQuist Inc., (Nasdaq: MEDQ) a leading provider of medical transcription services, and a leader in technology-enabled clinical documentation workflow, today announced its unaudited operating results for its first quarter ended March 31, 2009.

Net income for the first quarter of 2009 was $6.9 million, an increase of $11.3 million over the first quarter of 2008 when a loss of $4.4 million was reported. Earnings per share for the first quarter of 2009 were $0.18 per compared to a loss of $0.12 per share in the first quarter of 2008.

Adjusted EBITDA (operating income (loss) excluding depreciation, amortization of intangible assets, cost of Investigation and legal proceedings, net) increased 130% to $12.1 million for the first quarter of 2009 compared to $5.3 million for the first quarter of 2008.

Net revenues decreased $4.8 million or 5.7% to $78.9 million for the three months ended March 31, 2009 compared with $83.7 million for the three months ended March 31, 2008. The decrease was due primarily to lower medical transcription revenue of $4.5 million resulting from lower medical transcription volume.

Cost of revenues decreased $7.4 million or 12.1% to $53.9 million for the three months ended March 31, 2009 compared with $61.3 million for the three months ended March 31, 2008. This decrease was due to reduced medical transcription payroll cost of $3.0 million related directly to our increased use of speech recognition technology and $1.9 million related to lower medical transcription payroll cost related to the decrease in medical transcription volume. Additionally, costs decreased $1.6 million resulting from headcount reductions taken in 2008 to better align our operating expenses with our lower revenue levels.

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SOURCE MedQuist Inc.
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