RE: 2nd quarter...And the contract is still alive!
VIQ Solutions Inc.
TSX VENTURE: VQS
Aug 20, 2008 17:31 ETVIQ Solutions Reports Profitable Fiscal 2008 Second Quarter Results
MARKHAM, ONTARIO--(Marketwire - Aug. 20, 2008) - 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, 2008.
Revenues were $3.3 million and $6.1 million for the three and six month periods ended June 30, 2008 as compared to $3.3 million and $6.6 million for the three and six month periods ended June 30, 2007. Gross margin was 42% and 40% for the three and six month periods in 2008 as compared to 37% and 38% for the same periods in 2007. Net income for the three month period ended June 30, 2008 was $20,479, as compared to a net loss of $61,431 for the three month period ended June 30, 2007. Net loss for the six month period ended June 30, 2008 was $232,754 as compared to a net loss of $236,775 for the same period in 2007. Net income per common share on a basic and diluted basis was $0.00 for the three month period ended June 30, 2008 as compared to a net loss per common share of $0.00 for the same period in 2007. Net loss per share was $0.00 for the six month period ended June 30, 2008, remaining unchanged from the six month period ended June 30, 2007.
Financial Highlights for the Quarter:
- Closed a non-brokered private placement financing of 4,929,332 units at a price of $0.30 per unit for aggregate gross proceeds of $1,478,800;
- Achieved
positive working capital, further solidifying VIQ's financial position and allowing the Corporation to execute on its business plan; and
-
Improved gross margins and financial performance over the previous year, resulting in a profitable quarter.
Negotiation of Multi-year Contract
The Corporation continues to proceed with late-stage negotiations with a third party respecting a multi-year contract to provide digital audio recording and management software into multiple locations. If awarded the business, VIQ intends on implementing its enterprise-level Encompass Server solution to provide the digital audio recording and management services required by the customer.
Additional Information
Detailed financial information and Management's Discussion and Analysis of Results and Financial Condition for the three month period ended June 30, 2008 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, 2007, 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.
Forward-looking Statements
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.