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MEDQUIST REPORTS RECORD EARNINGS FOR 1992

 GIBBSBORO, N.J., Feb. 23 /PRNewswire/ -- MedQuist Inc. (NASDAQ: MEDQ) reported record revenue and earnings for the year 1992, Richard J. Censits, president and chief executive officer, announced today.
 "We are pleased with the financial performance MedQuist achieved in 1992," he said. "These results reflect the company's actions to date to establish MedQuist as a leading national supplier of business and information services to health care providers," Censits said.
 For the year, net earnings were $1.5 million, up from $1.15 million reported in 1991. Revenues were $27.4 million compared to 1991 revenues of $22.5 million. Earnings per share were $.56 vs. $.50 posted in 1991.
 Fourth quarter revenues were $7.8 million compared to $5.7 million in the year-ago period. Net earnings were $384,000 vs. $292,000, and earnings per share were $.13 for the fourth period in both 1991 and 1992.
 According to Censits, in the fourth quarter alone, MedQuist arranged for $12 million in financing which was used principally to fund the November acquisition of Credit Consultants, Inc., which will serve as the company's Midwest receivables management region. Acquisition of the Ohio firm, which is expected to generate annual revenues of about $10 million, also had a positive impact on fourth quarter revenues and net earnings.
 Also during this fourth quarter, MedQuist reached a definitive agreement to sell its ambulatory surgery business unit by November 1993. The closing date can be moved up, contingent on MedQuist's acquiring a receivables management company with pre-tax earnings at least equal to the pre-tax earnings of the ambulatory surgery center. MedQuist also divested its occupational health and rehabilitation product line and closed its retail pharmacy.
 Earlier in 1992, MedQuist completed two acquisitions which expanded the company's revenue management product lines. These included a Texas receivables management firm and a revenue consulting company located in Florida.
 Censits also reported that the software product line which accompanied the consulting acquisition produced a 1992 pre-tax loss in excess of $270,000, and will be sold.
 "All of these actions reflect MedQuist's intent to build a national organization to help hospitals and other providers achieve operating efficiencies and reduce their costs," Censits said.
 MedQuist provides receivables management, medical collections and revenue enhancement consulting services to more than 700 health care clients. The company also provides regional medical transportation services in the New Jersey/Philadelphia market.
 MEDQUIST INC.
 Financial Highlights
 (Unaudited; in thousands, except per-share data)
 Quarter ended Dec. 31 1992 1991
 Total revenue $7,840 $5,692
 Operating earnings 1,111 650
 Earnings before income taxes 781 498
 Net earnings 384 292
 Net earnings per share $.13 $.13
 Common shares and common share
 equivalents outstanding 3,035 2,290
 Year ended Dec. 31 1992 1991
 Total revenue $27,390 $22,540
 Operating earnings 3,543 2,666
 Earnings before income taxes 2,672 1,960
 Net earnings 1,507 1,151
 Net earnings per share $.56 $.50
 Common shares and common share
 equivalents outstanding 2,697 2,290
 /delval/
 -0- 2/23/93
 /CONTACT: Patricia Freebern, vp of corporate relations of MedQuist, 609-782-0300/
 (MEDQ)


CO: MedQuist Inc. ST: New Jersey IN: SU: ERN

MK-LJ -- PH009 -- 9368 02/23/93 11:13 EST
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Date:Feb 23, 1993
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