Business
VIQ Solutions Reports Fiscal 2007 First Quarter Results
VIQ Solutions Reports Fiscal 2007 First Quarter Results.
About this update from Viq Solutions Inc.
[{"type":"text","content":"\n\n\n\nMARKHAM, ON, May 29 /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 month period ended March 31, 2007.\n\n\nRevenues were $3.3 million for the three month period ended March 31,\n2007 as compared to $2.47 million for the three month period ended March 31,\n2006. Gross margin increased to 39% for the period as compared to 33% for the\nsame period in 2006. Net loss for the three month period ended March 31, 2007\nwas $175,344, including approximately $156,000 of one-time costs associated\nwith the new Australian transcription contracts as compared to a net loss of\n$667,777 for the three month period ended March 31, 2006. Net loss per common\nshare was $0.00 for the three month period ended March 31, 2007 and $0.01 for\nthe same period ended March 31, 2006.\n\n\nBusiness Highlights for the Quarter:\n\n- Achieved revenue growth of 34% over previous year's first quarter\n results as a result of revenue growth from our new product releases as\n well as growth in our transcription and recording services;\n\n- Commenced roll out of new Encompass digital audio and video capture\n solution offering synchronized digital video capture resulting in\n immediate success in the marketplace with a 155% increase in our\n computer products and services sales as compared to the previous year;\n\n- Awarded two major long-term Australian transcription and recording\n contracts during the period in addition to the Western Australian\n contract that was awarded in late 2006, confirming our position as the\n market leader in the Australian transcription and recording market;\n and\n\n- Significant improvement in financial performance for the first quarter\n over the previous year's results, resulting in positive cash from\n operations for the three months ended March 31, 2007.\n\n\n"We are pleased with the revenue growth that we have been able to achieve\nin both our computer products and our transcription businesses" stated David\nOuthwaite, Chief Executive Officer of VIQ Solutions. "Our digital audio\nrecording solutions have had unprecedented growth in the quarter as a result\nof our new feature-rich and reliable solutions as well as our on-going\...