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MedQuist Reports Fourth Quarter and Year End 2008 Results
Date:3/11/2009

MOUNT LAUREL, N.J., March 11 /PRNewswire-FirstCall/ -- MedQuist Inc., (Nasdaq: MEDQ) the largest Medical Transcription Service Organization (MTSO) in the world, today announced its financial results for its full year and fourth quarter ended December 31, 2008.

Full Year Results

Net revenues for the year ended December 31, 2008 were $326.9 million compared to $340.3 million for the year ended December 31, 2007. The decrease includes $10.2 million of lower medical transcription revenue resulting primarily from lower medical transcription volume and lower pricing and $3.3 million of lower technology products revenue due primarily to reduced maintenance contracts.

The Company had an operating loss of $88.4 million for 2008 compared to a loss of $21.9 million for 2007. The 2008 operating loss includes a non cash pre-tax charge of $82.2 million for impairment of goodwill. The charge was determined as a result of the Company's annual impairment test conducted pursuant to Statement of Financial Accounting Standard No. 142. The charge resulted from a decline in the Company's share price during the fourth quarter. The 2008 operating loss also includes a $5.9 million charge related to the settlement of the Department of Justice (DOJ) investigation of the Company. The Company and the DOJ settled the investigation for a payment of $6.8 million of which $.9 million was previously recorded.

Adjusted EBITDA (Operating Loss excluding Depreciation, Amortization of intangible assets, Cost of investigation and legal proceedings, net, and the Goodwill impairment charge) was $27.7 million for the year ended 2008 compared to $.7 million for 2007, a $27.0 million increase.

Cost of revenues for the year ended December 31, 2008 was $230.4 million compared to $260.9 million for the year ended December 31
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SOURCE MedQuist Inc.
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