VIQ Solutions Reports Fiscal 2007 Third Quarter Results
Revenues were $2.9 million and $9.5 million for the three and nine monthperiods ended September 30, 2007 as compared to $2.7 million and $8.1 millionfor the three and nine month periods ended September 30, 2006. Gross profitwas $1.0 million and $3.5 million for the three and nine month periods endedSeptember 30, 2007 as compared to $1.1 million and $2.8 million for thecorresponding periods in 2006. Net loss for the three and nine month periodsended September 30, 2007 was $382,040 and $618,815 as compared to a net lossof $253,133 and $1,475,913 for the three and nine month periods endedSeptember 30, 2006. Net loss per common share was $0.01 for the three and ninemonth periods ended September 30, 2007 and $0.00 and $0.02 for the sameperiods in 2006.
"While we are pleased with the overall revenue growth year over year, weare focused on increasing revenues in our technology business unit" commentedDavid Outhwaite, Chief Executive Officer of VIQ Solutions. "In 2007, we havefocused our sales efforts on larger, complex solutions globally which hasresulted in the recently awarded contract for the United States Department ofJustice, Executive Office for Immigration Review" added Mr. Outhwaite.
Business Highlights for the Quarter: - Selected by Nortel Government Solutions for the United States Department of Justice, Executive Office for Immigration Review to provide a complete digital audio recording solution for approximately 375 fixed and portable locations across the United States; - Achieved revenue growth of 6% and 17% for the three and nine month periods over previous year's results as a result of revenue growth primarily due to growth in our transcription and recording services; and - Expanded our market opportunities with the release of new products including the Encompass Server product, the VIQ Shuttle and the VIQ Shuttle DRA, providing an enhanced service offering as well as back office workflow management capabilities.Additional Information
Detailed financial information and Management's Discussion and Analysisof Results and Financial Condition for the three and nine month periods endedSeptember 30, 2007 will be posted on VIQ Solutions' website (under InvestorRelations) at and on SEDAR's website at .The financial information included in this release is qualified in itsentirety and should be read together with the audited consolidated financialstatements 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 audioindustry with innovative product and service-based solutions for voice-drivensystems in the legal, medical, business, and government industries. VIQSolutions 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 managementintegration, all from one central, secure database.
Forward-looking Statements
This press release contains forward-looking statements that involve risksand uncertainties, which may cause actual results to differ materially fromthe 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-lookingstatements. Such statements reflect VIQ Solutions Inc.'s current views withrespect to future events and are subject to such risks and uncertainties. Manyfactors could cause our actual results to differ materially from thestatements made including those factors detailed from time to time in filingsmade by VIQ Solutions Inc. with Canadian securities regulatory authorities.Should one or more of these risks or uncertainties materialize, or shouldassumptions underlying the forward-looking statements prove incorrect, actualresults may vary materially from those described herein as intended, planned,anticipated or expected. VIQ Solutions Inc. does not intend and does notassume 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
David Outhwaite, President & CEO, VIQSolutions, (905) 948-8266 ext. 250, email: , orKaren Hersh, Chief Financial Officer, VIQ Solutions, (905) 948-8266 ext. 240,email:
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