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MedQuist Reports Second Quarter 2008 Results
Date:8/8/2008

MOUNT LAUREL, N.J., Aug. 8 /PRNewswire-FirstCall/ -- MedQuist Inc.,(Nasdaq: MEDQ) the largest Medical Transcription Service Organization (MTSO) in the world, today announced its results for the quarter ended June 30, 2008. Revenue for the second quarter of 2008 was $82.5 million compared with $88.7 million in the second quarter of 2007. The decrease in revenue of $6.2 million or 7% from the prior year period was primarily due to customer losses experienced during the second half of 2007. Operating income for the quarter decreased to $1.8 million compared to operating income of $4.2 million in the second quarter of 2007. Operating income in the second quarter of 2007 was positively impacted by the recognition of $11.9 million of insurance recoveries which were exhausted by the end of 2007.

Non-GAAP Operating income (excluding the cost of the billing investigation and legal proceedings, net) increased by $6.1 million to $3.6 million in the second quarter of 2008 compared to a non-GAAP operating loss of $2.5 million in the second quarter of 2007. "This improvement reflects the significant progress we have made in streamlining both our fixed and variable cost structures. In addition, notable orders in the quarter included multimillion dollar outsourced transcription expansions at two leading academic medical center customers and the return of a large midwestern academic medical center customer who had left us in 2004," said Mark Ivie, the company's Interim President and Chief Executive Officer.

Cost of revenue was reduced by $8.3 million or 13% to $58.0 million in the second quarter of 2008 compared to $66.3 million in the second quarter of 2007. This resulted in a decrease in cost of revenue as a percentage of revenue to 70% co
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SOURCE MedQuist, Inc.
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