MedQuist will show Q4 downturn

Speech recognition and medical transcription firm MedQuist released preliminary, unaudited results indicating that its revenues decreased from approximately $112 million for the fourth quarter of 2004 to approximately $96 million for its fiscal 2005 fourth quarter (end-December 31, 2005).

The revenue decline is largely due to a decrease in the volume of lines transcribed primarily related to clients for whom it no longer provide transcription services, MedQuist said.

In addition, preliminary results indicate that operating income declined $78 million from approximately $0 for the fourth quarter of 2004 to an operating loss of approximately $78 million for the comparable 2005 period.

MedQuist attributed the operating loss to $4 million in restructuring charges, $4 million in audit fees, $2 million in asset impairments, and $69 million related to an ongoing billing review, including $60 million in customer accommodation payments, legal fees incurred in connection with governmental investigations, defense of class action matters, and nonlegal professional fees.

By AuntMinnie.com staff writers
January 19, 2006

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