Speech recognition firm MedQuist showed a downturn in revenues yet a profitable period in preliminary, partial, and unaudited results for its fiscal 2006 third quarter (end-September 30).
Preliminary, unaudited results indicate that the company's revenues for the period were $90 million, approximately a $12 million decrease when compared to the $102 million booked in the same period in 2005. This decline in revenues is largely due to declines in transcription outsourcing services and product sales of $8 million, or 9%, and $2 million, or 38%, respectively, according to the Mount Laurel, NJ-based firm.
For the 2006 third quarter, MedQuist's operating income improved to approximately $5 million, a $17 million increase when compared to the $12 million operating loss from the same period last year. The increase in operating income was primarily attributable to a $10 million insurance recovery coupled with a reduction in costs of $7 million, the company said.
By AuntMinnie.com staff writers
November 10, 2006
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