MedQuist to restate 2002 financials

Transcription services provider MedQuist said that it may have to restate its financial statements for its 2002 fiscal year, its forms 10-Q filed during 2002 and 2003, and all earnings releases.

The Mount Laurel, NJ-based firm said it reached that conclusion based on a number of factors, including previously announced problems with its billing practices and continuing analysis of those practices.

The firm also said it's likely that quantifying the effects the restatement is expected to have on its financial condition and result of operations may not occur in the immediately foreseeable future. It's also possible that achieving resolution with potentially affected customers may not occur in the immediately foreseeable future, MedQuist said.

MedQuist's board has concluded that it can't predict when its independent accountants will be able to complete their audit of the firm's 2003 financial statements and review of subsequent quarterly results. As a result, MedQuist said it couldn't forecast when it will resume filing periodic reports with the Securities and Exchange Commission (SEC), and will not be able to file its Form 10-Q for the quarter ended September 30 in a timely manner.

By staff writers
November 4, 2004

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MedQuist unit to delay annual report, March 30, 2004

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