MARKHAM, ON, Aug. 22 /PRNewswire-FirstCall/ -- 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, 2007.
Revenues were $3.3 million and $6.6 million for the three and six month periods ended June 30, 2007 as compared to $2.9 million and $5.4 million for the three and six month periods ended June 30, 2006. Gross margin increased to 37% and 38% for the three and six month periods as compared to 33% for the same periods in 2006. Net loss for the three and six month periods ended June 30, 2007 was $61,431 and $236,775 as compared to a net loss of $555,003 and $1,222,780 for the three and six month periods ended June 30, 2006. Net loss per common share was $0.00 for the three and six month periods ended June 30, 2007 and $0.01 and $0.02 for the same periods in 2006.
Business Highlights for the Quarter: - Achieved revenue growth of 14% and 22% for the three and six month periods over previous year's results as a result of revenue growth from our new product releases as well as growth in our transcription and recording services; - Awarded a U.S. General Services Administration ("GSA") schedule as of June 26, 2007 whereby the Corporation's core commercial products and services will be readily available to government agencies, providing VIQ Solutions with direct access to U.S. government purchase contracts; and - Significantly improved financial performance for the first six months over the previous year's results, resulting in positive cash from operations for the three and six months ended June 30, 2007. Additional Information
Detailed financial information and Management's Discussion and Analysis of Results and Financial Condition for the three and six month periods ended June 30, 2007 will be posted on VIQ Solutions' website (under Investor Relations) at http://www.viqsolutions.com/ and on SEDAR's website at http://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, 2006, 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.
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