MedQuist Reports Third Quarter 2010 Results: EPS of $0.24

MedQuist Inc., MEDQ a leading provider of integrated clinical documentation solutions for the U.S. healthcare industry announced its financial results for the third quarter ended September 30, 2010. Third Quarter Highlights: * Revenue increased by 34.0% to $102.9 million compared to $76.8 million for the same quarter in the prior year due primarily to the incremental volumes of the acquired Spheris operations. * Realized third quarter cost savings from the Spheris acquisition of $4.0 million and on track to achieve $7.0 million for fourth quarter, or annualized savings of $28.0 million. * Adjusted EBITDA increased 56.8% to $21.5 million, or 20.9% of net revenues versus 17.8% for the same quarter in the prior year, reflecting the benefits of realized synergies from the Spheris acquisition, increased technology utilization, and expanded offshore production. (For more information regarding Adjusted EBITDA and our use of this non-GAAP financial measure, please refer to the section titled "Use of non-GAAP Financial Information"). * This is the first quarter reflecting the full impact of the results of Spheris, acquired April 22, 2010. Net income for the third quarter of 2010 was $9.0 million or $0.24 per diluted share compared to $9.7 million and $0.26 per diluted share reported in the prior year comparable period.