VIQ Solutions Reports Third Quarter 2012 Results
(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 23 November 2012
Release date- 21112012 - Markham, Ontario - VIQ Solutions Inc. ('VIQ Solutions' or the 'Corporation') (TSX Venture: VQS), a world leader in computer-based digital audio and video capture and management, today reported its financial results for the three and nine month periods ended September 30, 2012.
Results are reported in Canadian dollars and are prepared in accordance with International Financial Reporting Standards ('IFRS').
'After two relatively slow quarters for the computer products and services industry, we have started to see a resurgence in business activity in the global market due to the increased market demand for digital recording in various market verticals including the medical, insurance, law enforcement, military and transportation industries,' said David Outhwaite, President and Chief Executive Officer of VIQ Solutions. 'Our pipeline of opportunities continues to grow on a global basis in the digital media capture and management industry and we are working to convert these market opportunities into significant contract wins.'
Revenue was $4.0 million and $11.6 million for the three and nine month periods ended September 30, 2012 as compared to $3.7 million and $11.9 million for the same periods in 2011;
Revenue from our transcription and recording services business unit was $3.5 million and $10.0 million for the three and nine month periods ended September 30, 2012, as compared to $3.0 million and $8.9 million for the same periods in 2011 representing an increase of 17% and 13% respectively, due to an increase in business activity from both of our transcription businesses;
Selling and administrative expenses were $1.4 million and $4.3 million for the three and nine month periods ended September 30, 2012 as compared to $1.4 million and $4.1 million for the same periods in 2011 as the Corporation continues to focus its selling efforts on global enterprise software contracts;
EBITDA1 for the three and nine month periods ended September 30, 2012 was $40,789 and $25,090 as compared to $1,839 and $911,982 for the same periods in 2011;
Net loss for the three and nine month periods ended September 30, 2012 was $24,282 and $156,793 as compared to $89,771 and a net income of $603,374 for the same periods in 2011; and
Cash flow used in operating activities was $53,238 and $48,416 for the three and nine month periods ended September 30, 2012 as compared to $254,825 and an inflow of $545,016 for the three and nine month periods ended September 30, 2011.
1. EBITDA is a non-IFRS earnings measure which does not have any standardized meaning prescribed by IFRS and therefore may not be comparable to EBITDA presented by other companies. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization. This measure is important to management since it is used by potential investors to evaluate the Corporation's operating performance and ability to incur and service debt, and as a valuation metric. Investors are cautioned that this non-IFRS financial measure should not be construed as an alternative to other measures of financial performance calculated in accordance with IFRS.
The unaudited third quarter 2012 condensed consolidated interim financial statements and results of operations and Management's Discussion and Analysis of Results and Financial Condition for the three and nine month periods ended September 30, 2012 will be posted on VIQ Solutions' website (under Investor Relations) at www.viqsolutions.com and on SEDAR's website at www.sedar.com. The financial information included in this release is qualified in its entirety and should be read together with the unaudited third quarter 2012 consolidated interim financial statements and the audited
About VIQ Solutions Inc.
VIQ Solutions is a global leader in computer-based digital audio and video capture and management. We develop software solutions that capture, digitize, and compress audio and video data, which is securely stored in a multi-tiered server system where it is easily searchable and shareable. Our innovative media processor technology allows users to remotely control audio-video capture in multiple locations from a single satellite location, allowing large-scale and complex installations to be managed efficiently by fewer resources. VIQ Solutions' technologies are installed in courts, legislative assemblies, law enforcement and hearing rooms around the world.
Forward looking statements
This release contains forward-looking statements and other statements concerning the Corporation's objectives and strategies and management's beliefs, plans and intentions about our achievements, goals, performance and other future events. These statements 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,' 'would' and similar expressions are intended to identify forward-looking statements. Such statements reflect VIQ Solutions' 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 due to a number of factors including risks related to our ability to successfully execute our business plan which includes our revenue growth, our liquidity, our operating results, our technology and products. 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 does not intend and does not assume any obligation to update these forwardlooking statements.
For further information: David Outhwaite, President & CEO, VIQ Solutions, (905) 948-8266 ext. 250, email: email@example.com; or Karen Hersh, Chief Financial Officer, VIQ Solutions, (905) 948-8266 ext. 240, email: firstname.lastname@example.org
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