MARKHAM, ON, Aug. 22 /CNW/ - VIQ Solutions Inc. ("VIQ Solutions" or the
"Corporation") (TSX Venture: VQS), a world leader in computer-based digital
audio capture and management, today reported its financial results for the
three and six month periods ended June 30, 2007.
Revenues were $3.3 million and $6.6 million for the three and six month
periods ended June 30, 2007 as compared to $2.9 million and $5.4 million for
the three and six month periods ended June 30, 2006. Gross margin increased to
37% and 38% for the three and six month periods as compared to 33% for the
same periods in 2006. Net loss for the three and six month periods ended June
30, 2007 was $61,431 and $236,775 as compared to a net loss of $555,003 and
$1,222,780 for the three and six month periods ended June 30, 2006. Net loss
per common share was $0.00 for the three and six month periods ended June 30,
2007 and $0.01 and $0.02 for the same periods in 2006.
Business Highlights for the Quarter:
- Achieved revenue growth of 14% and 22% for the three and six month
periods over previous year's results as a result of revenue growth
from our new product releases as well as growth in our transcription
and recording services;
- Awarded a U.S. General Services Administration ("GSA") schedule as of
June 26, 2007 whereby the Corporation's core commercial products and
services will be readily available to government agencies, providing
VIQ Solutions with direct access to U.S. government purchase
- Significantly improved financial performance for the first six months
over the previous year's results, resulting in positive cash from
operations for the three and six months ended June 30, 2007.
Detailed financial information and Management's Discussion and Analysis
of Results and Financial Condition for the three and six month periods ended
June 30, 2007 will be posted on VIQ Solutions' website (under Investor
Relations) at www.viqsolutions.com and on SEDAR's website at www.sedar.com.
The financial information included in this release is qualified in its
entirety and should be read together with the audited consolidated financial
statements for the year ended December 31, 2006, including the notes thereto.
About VIQ Solutions Inc.
VIQ Solutions is recognized as a global provider in the digital audio
industry with innovative product and service-based solutions for voice-driven
systems in the legal, medical, business, and government industries. VIQ
Solutions provides an integrated range of digital record workflow solutions,
including digital audio and video capture, workflow management software,
transcription services, interactive electronic scheduling, and case management
integration, all from one central, secure database.
This press release contains forward-looking statements that involve risks
and uncertainties, which may cause actual results to differ materially from
the statements made. When used in this press release, the words "anticipate,"
"believe," "could," "estimate," "expect," "intend," "may," "plan," "will," and
"would" and similar expressions are intended to identify forward-looking
statements. Such statements reflect VIQ Solutions Inc.'s current views with
respect to future events and are subject to such risks and uncertainties. Many
factors could cause our actual results to differ materially from the
statements made including those factors detailed from time to time in filings
made by VIQ Solutions Inc. with Canadian securities regulatory authorities.
Should one or more of these risks or uncertainties materialize, or should
assumptions underlying the forward-looking statements prove incorrect, actual
results may vary materially from those described herein as intended, planned,
anticipated or expected. VIQ Solutions Inc. does not intend and does not
assume any obligation to update these forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved of the
contents of this press release.
For further information:
For further information: David Outhwaite, President & CEO, VIQ
Solutions, (905) 948-8266 ext. 250, email: email@example.com, or
Karen Hersh, Chief Financial Officer, VIQ Solutions, (905) 948-8266 ext. 240,