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

mpared to 75% in the second quarter of 2007.

Selling general and administrative expenses declined $5.1 million or 29% to $12.8 million in the second quarter of 2008 compared to $17.9 million in the second quarter of 2007. This decline reflects both the unusually high expenses incurred in the second quarter of 2007 as the company worked to complete the audits of 2003-2006, as well as the benefits of the restructuring actions taken by the company during 2007.

Cost of investigation and legal proceedings, net, increased to $1.7 million in the second quarter of 2008 compared to negative $6.6 million in the second quarter of 2007. The second quarter of 2007 included the benefit of $11.9 million of insurance recoveries which were exhausted by the end of 2007. Excluding the impact of the insurance recovery in the second quarter of 2007, the Costs of investigation and legal proceedings, net, declined from $5.2 million in the second quarter of 2007 to $1.7 million in the second quarter of 2008.

As of June 30, 2008, the company had $151.1 million of cash and cash equivalents on hand and no debt. Subsequently, on August 4, 2008 the company paid a cash dividend of $2.75 per share or $103.3 million.

Additionally, on August 6, 2008, Koninklijke Philips Electronics N.V. (Philips) completed the sale of its 69.5% majority stake in the company to CBAY Systems Holdings Limited. "We are very pleased to have CBAY Systems Holdings Limited as a new investor and we look forward to exploring mutual synergies with the CBAY Systems Holdings Limited group in the future," said Ivie.

In addition to the United States generally accepting accounting principles, or GAAP, results provided throughout this document, MedQuist has provided non-GAAP financial measurements. Management believes that the non- GAAP financial measures used to manage the business may provide users additional useful information. The tables attached to this press release include a reconciliation
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SOURCE MedQuist, Inc.
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