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

, 2007. The $30.5 million decrease was due primarily to headcount reductions and lower medical transcription payroll costs.

Selling, general and administrative expenses declined $11.4 million or 18.4% to $50.9 million compared to $62.3 million in 2007. The decrease was due primarily to lower audit costs and workforce reductions.

Research and development costs increased $2.2 million to $15.9 million for the year ended December 31, 2008. This was due to higher staffing costs associated with additional investment in our Document Enterprise Platform (DEP) technology.

Fourth Quarter Results

Net revenues were $79.4 million for the three months ended December 31, 2008 compared to $80.1 million for the same period in 2007.

The Company had an operating loss of $79.6 million in the quarter ended December 31, 2008 compared to a loss of $12.4 million in the same period of 2007. The 2008 period included the non cash pre-tax charge for goodwill impairment of $82.2 million noted above. In addition, the cost of investigation and legal proceedings, net for the three months ended December 31, 2008 was $1.1 million compared to $6.5 million for the quarter ended December 31, 2007.

Adjusted EBITDA (Operating Loss excluding Depreciation, Amortization of intangible assets, Cost of investigation and legal proceedings, net, and the Goodwill impairment charge) was $8.2 million for the three months ended December 31, 2008 compared to a loss of $1.5 million for the same period in 2007. This improvement reflects lower cost of revenues of $8.1 million due to headcount reductions and lower medical transcription payroll costs and lower selling, general and administrative costs of $2.3 million.

As of December 31, 2008, the Company had $39.9 million of cash and cash equivalents and no debt.

In addition to the United States generally accepted accounting princ
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SOURCE MedQuist Inc.
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