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MedQuist Reports Second Quarter 2010 Results with Revenue Up 26% Primarily Due to Spheris Asset Acquisition in April 2010

Thursday, August 12, 2010 Corporate News J E 4
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MedQuist Inc. and Subsidiaries

Reconciliation of GAAP financial measures to the non-GAAP measures

Adjusted EBITDA

(In thousands)

Unaudited

Three months ended

Six months ended

June 30,

June 30,

2010

2009

2010

2009

Net Income

$      880

$      836

$   8,224

$   7,690

Add: Tax provision

80

515

447

1,014

Add (Less): Net interest (income) expense

3,633

(19)

3,779

(65)

Add: Depreciation

2,786

2,669

4,696

5,221

Add: Amortization of intangible assets

3,015

1,504

4,835

3,015

Add: Restructuring charges

870

-

930

-

Add: Acquisition and integration related charges

4,765

-

5,659

-

Add: Cost of legal proceedings and settlements

1,109

10,134

2,152

12,058

Less:  Accrual reversals

-

(1,301)

-

(2,254)

Less: Equity in income of affiliated company

(32)

(356)

(546)

(428)

Adjusted EBITDA

$ 17,106

$ 13,982

$ 30,176

$ 26,251

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