Speech recognition and transcription technology provider MedQuist of Mount Laurel, NJ, enjoyed the benefits of its April acquisition of Spheris with additional revenue in the third quarter (end-September 30).
Revenue increased by 34% to $102.9 million, compared with $76.8 million in the third quarter of 2009. The acquisition of Spheris contributed $32.8 million in net revenues in the third quarter, which helped offset a $1 million decrease in legacy maintenance services revenues, to $4.1 million. Net income fell to $9 million, compared with $9.7 million in last year's third quarter.
For the nine-month period, net revenues increased 18% to $274.4 million, compared with $233.3 million for the same period of 2009. The acquisition of Spheris contributed $58.2 million in net revenues for the nine-month period. The gain also was offset by a decrease in legacy maintenance services revenues to $12.9 million, compared with $16 million in the same period a year ago.
Nine-month net income declined to $17.2 million, compared with $17.4 million in the same period of 2009.
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