MEDQUIST REPORTS SECOND QUARTER EARNINGS
MEDQUIST REPORTS SECOND QUARTER EARNINGS GIBBSBORO, N.J., July 21 /PRNewswire/ -- MedQuist Inc.
(NASDAG: MEDQ) today announced second quarter net earnings for the period ended June 30, 1992, of $375,000, up approximately 40 percent from $268,000 in the same quarter a year ago.
Quarterly earnings per share were 14 cents on 2,656,153 shares outstanding in 1992, vs. 12 cents on 2,290,105 shares outstanding in 1991. Revenues for the second quarter 1992 were $6,321,000, a 12 percent increase from $5,643,000 in the prior year. Six-month earnings were $718,000, a 37 percent increase from the $526,000 in the first half of 1991. Earnings per share for the six months were 29 cents in 1992 compared to 23 cents in 1991. Total revenue posted for the six-month period was $12,681,000, a 15 percent increase over the $11,058,000 generated in the comparable period of 1991. Commenting on the quarter and six-month results, Richard J. Censits, MedQuist president and chief executive officer, noted that the company's health management services group had revenue increases of 43 percent for the first half of the year, primarily due to MedQuist's acquisition of HCI/InforMED in January. "The Florida acquisition provided MedQuist with an entry into the national hospital services market for financial consulting and computer software systems, and was the first step of our strategic plan to aggressively expand into health management services," he noted. The company recently also announced the acquisition of RME Collections, a Fort Worth, Texas, medical collections company with annual revenues of approximately $2.2 million. MedQuist Inc., headquartered in New Jersey, provides business and information services to hospitals nationally. The company also operates a regional home and ambulatory care business in the New Jersey/ Pennsylvania/Delaware market. MEDQUIST INC. (Unaudited) Pct. Quarter ended June 30 1992 1991 Increase Total revenue $6,320,673 $5,643,200 12.0 Operating earnings 801,792 639,000 20.3 Earnings before income taxes 632,017 456,600 38.4 Net earnings 374,533 267,794 39.9 Net earnings per share $.14 $.12 16.7 Common shares and common share equivalents outstanding 2,656,153 2,290,105 --- Pct. Six months ended June 30 1992 1991 Increase Total revenue $12,680,767 $11,057,775 14.7 Operating earnings 1,570,306 1,261,000 20.0 Earnings before income taxes 1,211,487 896,122 35.2 Net earnings 718,203 526,111 36.5 Net earnings per share $.29 $.23 26.1 Common shares and common share equivalents outstanding 2,461,164 2,290,105 --- /delval/ -0- 7/21/92 /CONTACT: Patricia Freebern of MedQuist, 609-782-0300, or evenings, 609-424-4050/ (MEDQ) CO: MedQuist Inc. ST: New Jersey IN: SU: ERN
MK-LJ -- PH016 -- 1207 07/21/92 10:23 EDT
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|Date:||Jul 21, 1992|
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