ResultsDetails are not yet posted, but an NR has been issued. Small loss. As expected, it looks like the costs of implementing the UK project are ahead of revenues. Here is the NR:
MARKHAM, ONTARIO--(Marketwire - Nov. 25, 2009) - 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 nine month periods ended September 30, 2009.
Revenues were $2.8 million and $8.5 million for the three and nine month periods ended September 30, 2009 as compared to $2.8 million and $8.9 million for the three and nine month periods ended September 30, 2008. Gross margin was 38% and 41% for the three and nine month periods in 2009 as compared to 39% for the same periods in 2008. Net loss was $448,896 and $648,696 for the three and nine month periods ended September 30, 2009 as compared to $332,068 and $564,822 for the same periods in 2008. Net loss per common share on a basic and diluted basis was
.00 and
.01 for the three and nine month periods ended September 30, 2009 remaining unchanged from the same periods in 2008.
Cash flow from operations was $86,570 and $154,578 for the three and nine month periods ended September 30, 2009 as compared to a cash outflow of $413,197 and $735,041 for the same periods in 2008. EBITDA loss was $348,079 for the three month period ended September 30, 2009 as compared to $236,015 for the three month period ended September 30, 2008.
In the third quarter, we commenced the installation of our solution in a live environment as part of the first stage of our multi-year digital audio recording and storage project in the United Kingdom with Atos Origin and Logica. We anticipate that the revenue from computer products and services will continue to grow for the balance of 2009 and beyond with the continued rollout of the United Kingdom project.
"We continue to invest in our sales and marketing initiatives on a global basis," commented David Outhwaite, President and Chief Executive Officer of VIQ Solutions. "We believe we are well positioned to meet the growing need for digital audio and video capture in the court and legal markets which is being further fuelled by the trend of countries adopting the oral judgment as the official court record," concluded Mr. Outhwaite.
Additional Information
Detailed financial information and Management's Discussion and Analysis of Results and Financial Condition for the three and nine month periods ended September 30, 2009 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, 2008, including the notes thereto.