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
Related Reading
MedQuist adds to client roster, November 23, 2005
Road to RSNA, MedQuist, November 18, 2005
MedQuist ends AAMT line-based billing, June 14, 2005
MedQuist gets Louisiana sale, June 13, 2005
MedQuist hires Ivie as CTO, June 6, 2005
Copyright © 2006 AuntMinnie.com
