MARKHAM, ONTARIO--(Marketwire - Aug. 20, 2008) - VIQ Solutions Inc. ("VIQ Solutions" or the "Corporation") (TSX VENTURE:VQS), a world leader in computer-based digital audio capture and management, today reported its financial results for the three and six month periods ended June 30, 2008.
Revenues were $3.3 million and $6.1 million for the three and six month periods ended June 30, 2008 as compared to $3.3 million and $6.6 million for the three and six month periods ended June 30, 2007. Gross margin was 42% and 40% for the three and six month periods in 2008 as compared to 37% and 38% for the same periods in 2007. Net income for the three month period ended June 30, 2008 was $20,479, as compared to a net loss of $61,431 for the three month period ended June 30, 2007. Net loss for the six month period ended June 30, 2008 was $232,754 as compared to a net loss of $236,775 for the same period in 2007. Net income per common share on a basic and diluted basis was $0.00 for the three month period ended June 30, 2008 as compared to a net loss per common share of $0.00 for the same period in 2007. Net loss per share was $0.00 for the six month period ended June 30, 2008, remaining unchanged from the six month period ended June 30, 2007.
Financial Highlights for the Quarter:
- Closed a non-brokered private placement financing of 4,929,332 units at a price of $0.30 per unit for aggregate gross proceeds of $1,478,800;
- Achieved positive working capital, further solidifying VIQ's financial position and allowing the Corporation to execute on its business plan; and
- Improved gross margins and financial performance over the previous year, resulting in a profitable quarter.
