Welp, guess MEDQ released its earnings early. Didn't like the way the market is treating is stock.
Gotta love the report, though.....
MedQuist Reports Record Revenue and EPS for Fourth Quarter and Fiscal
Year 1999
MARLTON, N.J., Jan 31, 2000 (BUSINESS WIRE) --
MedQuist Inc.
reported revenue of approximately $88.4 million for the three months
ended December 31, 1999, an increase of 23.0% over the comparable
prior year period. EBITDA for the fourth quarter of 1999 was $23.8
million or 27.0% of revenue, which represents an increase of 82.2%
over the comparable 1998 period when EBITDA was $13.1 million or 18.2%
of revenue. Net income increased 120.8% from $5.3 million to $11.7
million, while diluted earnings per share increased 106.7% from $0.15
to $0.31 per share (excluding acquisition-related charges in the prior
year period and reversal of unutilized portion of these charges in the
current year period).
For the twelve-month period ended December 31, 1999, MedQuist
generated $330.0 million in revenue compared to $271.6 million for the
prior year twelve-month period, an increase of approximately 21.5%.
EBITDA for the twelve-month period ended December 31, 1999 was $80.1
million, representing an increase of 74.1% over the prior year.
Diluted earnings per share increased 105.9% from $0.51 to $1.05 per
share (excluding acquisition-related charges and MRC cancelled IPO
charges in the prior year period, and excluding reversal of unutilized
portion of these acquisition-related charges in the current year
period).
David A. Cohen, Chairman and Chief Executive Officer stated,
"1999 was an extremely strong year for MedQuist, with earnings per
share increasing over 105% from $0.51 to $1.05. MedQuist continues to
demonstrate consistent revenue growth, posting its twenty-second
consecutive increase in quarterly transcription revenue since entering
this business in May of 1994. The Company is moving forward
aggressively to position itself with technology partners to take full
advantage of Internet and digital technologies to develop new product
offerings, penetrate new markets and streamline costs".
Mr. Cohen continued, "MedQuist's Board of Directors has
authorized the repurchase of up to 1.5 million shares of MedQuist
common stock. The timing of repurchases and number of shares actually
purchased will depend on a variety of factors, including price and
other conditions. We believe that the repurchase of MedQuist stock
demonstrates confidence in the value of our business. MedQuist
currently has about 37 million shares outstanding."
MedQuist is the largest electronic medical transcription service
company in the United States.
Other than historical information set forth herein, this press
release contains forward-looking statements, which involve risks and
uncertainties. The Company's actual results may differ materially from
those anticipated or implied in any such forward-looking statements as
a result of various risks, including, without limitation, rapidly
changing technology; inability to manage and maintain growth;
inability to penetrate new markets; inability to make and successfully
integrate acquisitions; decreased demand for existing products; and
lack of a market for new products. Additional risks associated with
the Company's business can be found in its recent Registration
Statement on Form S-3 and other periodic filings with the SEC.
*T
MedQuist Inc.
Financial Highlights
(unaudited)
In thousands, except
per share data (1)
Three Months Ended
December 31,
1999 (2) 1998 (3)
Revenue $88,366 $71,865
Cost of Revenue 61,772 54,846
Selling, General & Administrative 2,753 3,937
Depreciation & Amortization 5,128 4,195
Income before income taxes 19,500 9,000
Net Income 11,699 5,295
EBITDA (6) 23,841 13,082
Income per common share
Basic $0.33 $0.16
Diluted $0.31 $0.15
Weighted average shares outstanding
Basic 35,911 33,239
Diluted 37,265 35,195
Twelve Months Ended
December 31,
1999 (2) 1998(4)(5)
Revenue $330,008 $271,655
Cost of Revenue 238,180 209,587
Selling, General & Administrative 11,763 16,061
Depreciation & Amortization 17,333 16,454
Income before income taxes 64,996 29,878
Net Income 38,616 17,689
EBITDA (6) 80,065 46,007
Income per common share
Basic $1.10 $0.53
Diluted $1.05 $0.51
Weighted average shares outstanding
Basic 35,120 33,087
Diluted 36,729 34,905
(1) All per share data reflect a June 1998 2-for-1 stock split.
(2) Excludes approximately $2.6 million of pretax income related to
reversal of unutilized restructure reserve established in 1998.
(3) Excludes approximately $6.5 million restructure charge and $9.5
million of transaction costs associated with pooling of interests
business combinations.
(4) Excludes approximately $6.5 million restructure charge and $11.0
million of transaction costs associated with pooling of interests
business combinations, and $682 thousand of costs associated with
The MRC Groups cancelled IPO.
(5) Signal Transcription Network, Inc. was an "S" corporation prior
to its merger with MedQuist, and accordingly, did not reflect a
provision for income taxes in its financial statements. The
information reflects a pro forma provision for income taxes for
Signal as though Signal was a "C" corporation during the periods
presented.
(6) Earnings before interest, taxes, depreciation and amortization.
Copyright (C) 2000 Business Wire. All rights reserved.
Distributed via COMTEX.
-0-
CONTACT: MedQuist Inc.
John R. Emery, Chief Financial Officer
1-800-355-6337, Extension 4418
WEB PAGE: businesswire.com
GEOGRAPHY: NEW JERSEY
INDUSTRY CODE: MEDICAL
MEDICAL
DEVICES
EARNINGS
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