Business
VIQ Solutions Reports 2006 Year End Results, Profitable Fourth Quarter
VIQ Solutions Reports 2006 Year End Results, Profitable Fourth Quarter.
About this update from Viq Solutions Inc.
[{"type":"text","content":"\n\n\n\nMARKHAM, ON, April 12 /CNW/ VIQ Solutions Inc. ("VIQ Solutions" or the\n"Corporation") (TSX Venture: VQS), a world leader in computer-based digital\naudio capture and management, today reported its financial results for the\nthree and twelve month periods ended December 31, 2006. In 2006, VIQ Solutions\nsteadily increased gross margins quarter over quarter, culminating in greatly\nimproved financial performance and a profitable fourth quarter.\n\n\n"We achieved our goal of reaching profitability and positive cash flow in\nthe fourth quarter of 2006, allowing us to solidify the framework for\ncontinued financial growth and sustainability in our business," commented\nDavid Outhwaite, President and Chief Executive Officer of VIQ Solutions. "We\nare focused on continuing to deliver improved financial performance in 2007 as\nwe capitalize on our strong foundation and a vibrant market," concluded Mr.\nOuthwaite.\n\n\nFourth Quarter Results\n\n\nRevenue was $3.1 million for the three month period ended December 31,\n2006, up from $2.5 million for the same period in 2005. Gross margins were 42%\nfor the period as compared to 34% for the fourth quarter of 2005. Cash flow\nfrom operations was $33,659 for the quarter as compared to a cash outflow of\n$604,266 for 2005. Net income for the fourth quarter of 2006 was $190,316 as\ncompared to a net loss of $556,072 for the fourth quarter of 2005. Net income\nper common share was $0.00 for the three month period ended December 31, 2006\nas compared to a net loss per common share of $0.01 for 2005.\n\n\nAnnual Results\n\n\nRevenue was $11.3 million for the year ended December 31, 2006 as\ncompared to $10.9 million for the previous year. Net loss for the year was\n$1.3 million or $0.02 per share as compared to a net loss of $3.6 million or\n$0.06 per share for the previous year.\n\n\n2006 Business Highlights:\n\n\n- Improved financial performance significantly over the previous year,\n resulting in a profitable fourth quarter for 2006;\n\n- Expanded market opportunities with the release of new Encompass\n digital audio and video capture solution offering synchronized\n digital video capture and two new solutions from the RecordIAB family\n being RecordIAB Workstation and RecordIAB Software Edition (SE),\n appealing to an even broader market;\n\n- So...