Business
VIQ Solutions Announces Third Quarter 2005 Results
VIQ Solutions Announces Third Quarter 2005 Results.
About this update from Viq Solutions Inc.
[{"type":"text","content":"\n\n\n\n\nMARKHAM, ON, Nov. 29 /CNW/ - VIQ Solutions Inc. (\"VIQ Solutions\" or the\n\"Corporation\") (TSX Venture: VQS) today reported its financial results for the\nthree and nine-month periods ended September 30, 2005.\nNet sales were $2,630,976 for the three-month period ended September 30,\n2005, down 19% from the previous quarter. Net sales for the nine-month period\nended September 30, 2005 were $8,387,403. Selling and administrative expenses\nin the third quarter were $1,228,222, down 18% from the previous quarter. Net\nloss for the three and nine-month periods were $851,216 and $3,044,553\nrespectively. Net loss per common share was $0.01 and $0.05 for the three and\nnine month periods respectively.\n\"While our third quarter results reflect the seasonality of our business,\nwe continue to see new market opportunities in the areas of digital recording,\nworkflow management and transcription services,\" commented David Outhwaite,\nPresident and Chief Executive Officer of VIQ Solutions. \"We are approaching\nthe remainder of the year with enhanced financial flexibility and a more\nefficient operating structure. We look forward to sharing news of our\ncontinued progress as we finalise our acquisition of International Reporting\nand expand our North American distribution network,\" concluded Mr. Outhwaite.\n\nSignificant business developments in the third quarter:\n\n- VIQ Solutions completed the development, testing and deployment of\n its RecordIAB product, a new innovative enclosed recording console\n for the recording, playback and storing of digital audio;\n\n- During the quarter, VIQ Solutions announced that Digital Voice\n Processing Pty Limited (\"DVP\") has been appointed as the regional\n distributor of VIQ Solutions' products and services for sub-Saharan\n Africa and that DVP has purchased 15 RecordIAB digital recording\n systems for the High Courts in Delta States, Nigeria, as part of\n their mandate to upgrade court technology;\n\n- VIQ Solutions announced that its wholly-owned subsidiary\n Spark & Cannon had secured a five-year, Aus$2.5 million contract with\n the South Australian Industrial Relations Commission;\n\n- The Corporation announced that Netsound Pty. Limited has been\n appointed regional distributor of VIQ Solutions' products and\n services for the Asia-Pacific region;\n\n- The Corporation amen...