A community of 30,000 US Transcriptionist serving Medical Transcription Industry

MQ, Federal Government and Tax Breaks - I was wondering . .

Posted: Mar 13, 2010

After seeing CBay's lovely employee website extolling the awards they will bestoweth upon any Indian who works for them, I was wondering.

Looking at the the enless football field size rooms of computers, (many, many, many computers), desks, chairs, headphones, the brand-new buildings themselves, the exercise room with top notch expensive exericise equipment, the yoga teacher, the buses used to transport them to and from work, the workers hired to drive those buses, the free medical insurance for them and their famiiles -- a horrible thought came to my mind.

Could it be that MQ/CBay has received tax breaks and/or flat out cash from the US Government to send our jobs overseas and to buy all that stuff for the Indian people?

Is there somewhere to go look for that information, to see what kind of federal money MQ has received, and if it has received any type of business stimulus money?

I don't know how or where I would find this information. But I would love to know.

If there anyone out there who knows where I can find information about just what money MQ has received from the federal government please share. I am just really interested.

Also, there was once a poster on here who had a lot of legal background. If you are still on here, do you think it would be worthwhile to pursue finding out or challenging MQ concerning age discrimination and the ages of the people who have been let go and the ages of the newbies being hired? I mention this because CBay opening will not hire anyone past the age of 40 in India. It is well documented all over the internet by their own want ads.

Just thinking.

I am so ***** with your post. Here ya go. - I think this is what you may want.

[ In Reply To ..]
This company makes me SICK!

http://74.125.155.132/search?q=cache:JbaggHuBRtQJ:www.faqs.org/sec-filings/100204/MEDQUIST-INC_8-K/medquistfinalapa.htm+MEdquist+received+tax+benefits+from+government&cd=5&hl=en&ct=clnk&gl=us&client=firefox-a

STOCK AND ASSET PURCHASE AGREEMENT

BY AND AMONG

SPHERIS HOLDING II, INC.

SPHERIS INC.,

SPHERIS OPERATIONS LLC,

VIANETA COMMUNICATIONS,

SPHERIS LEASING LLC,

SPHERIS CANADA INC.,

AS SELLERS

â�� and â��

CBAY INC., and

MEDQUIST INC.,

AS PURCHASERS

Dated as of February 2, 2010

Read more: http://74.125.155.132/search?q=cache:JbaggHuBRtQJ:www.faqs.org/sec-filings/100204/MEDQUIST-INC_8-K/medquistfinalapa.htm+MEdquist+received+tax+benefits+from+government&cd=5&hl=en&ct=clnk&gl=us&client=firefox-a#ixzz0i5VDylci

â��Funded India Transfer Pricing Taxâ�� means cash paid or pledged, to the taxing authorities in India, or otherwise deemed Spheris India Restricted Cash, in respect of tax assessments resulting from one or more transfer pricing tax audits.

"Foreign Benefit Plansâ�� means each Indian Benefit Plan and any other plan, program or contract that is subject to or governed by the laws of a jurisdiction other than the United States which would have been treated as a U.S. Benefit Plan had it been a U.S. plan, program or contract.

MedQuist Reports Results for the Fourth Quarter and 2009

PR Newswire

MOUNT LAUREL, N.J., March 12

MOUNT LAUREL, N.J., March 12 /PRNewswire-FirstCall/ -- MedQuist Inc., (Nasdaq: MEDQ), a leading provider of medical transcription services, and a leader in the technology-enabled clinical documentation workflow, today announced its financial results for the fourth quarter and full year ended December 31, 2009.

â��We are pleased with our results for the fourth quarter and full year ended 2009 during which we increased Adjusted EBITDA 41% and 75%, respectively,â�� said CEO Peter Masanotti. "Backed by a competitive set of product offerings, strong sales performance and improved customer retention, our transcription volumes have increased year over year. While declining industry price levels have dampened our revenue results, these declines have been matched with systemic unit cost improvements including increased use of technology and an expanded relationship with our affiliate company CBay yielding the positive Adjusted EBITDA results.â��

Fourth Quarter Results

Net revenues for the fourth calendar quarter of 2009 were $73.9 million, a decline of $5.5 million or 6.9% as compared to the fourth quarter of 2008. We grew transcription volumes during the fourth quarter and experienced lower average pricing.

Operating income for the fourth quarter of 2009 was $7.1 million compared to an operating loss in the fourth quarter of 2008 of $79.6 million. Total operating costs and expenses for the fourth quarter of 2009 were $66.9 million compared to $76.7 million for the same quarter in 2008 (excluding a goodwill impairment charge of $82.2 million). The decline of 12.8% from 2008 to 2009 is largely the result of cost reduction programs that significantly reduced cost of revenues as well as most other categories of expense. Cost control and cost reduction programs are ongoing as the Company addresses a very competitive pricing environment for our products and services.

Net income for the fourth quarter of 2009 was $5.9 million or $0.16 per diluted share compared to a net loss of $60.5 million ($1.61) per diluted share for the fourth quarter of 2008.

Adjusted EBITDA (which is operating earnings (loss) excluding depreciation, amortization of intangible assets, cost of legal proceedings and settlements, net, acquisition related charges, goodwill impairment charge and restructuring charges) increased 41.3% to $15.7 million in the fourth quarter of 2009 as compared to $11.1 million reported in the same quarter for 2008.

Full Year Results:

For the year ended December 31, 2009, the company reported $307.2 million in net revenues or a 6.0% decline when compared to the prior year when $326.9 million in net revenues were reported. The decline in net revenues is due primarily to lower prices realized for our transcription services and declining maintenance revenues associated with legacy systems that are currently being replaced with enhanced technology solutions at certain customer locations.

Total operating costs and expenses for the year ended December 31, 2009 were $283.8 million, substantially lower than total operating costs and expenses of $333.1 million for the year ended December 31 2008 (excluding a goodwill impairment charge of $82.2 million). The decrease in operating costs and expenses of $49.2 million or 14.8% (when excluding the goodwill impairment charge of $82.2 million for the year ended December 31, 2008) was the result of broad cost reduction and restructuring programs that significantly reduced both the cost of revenues and most other categories of expense.

Operating income for the year ended December 31, 2009 was $23.4 million compared to an operating loss of $88.4 million for the same period in 2008. Net income for the year ended December 31, 2009 was $23.3 million or $0.62 per diluted share compared to a net loss of $68.8 million or ($1.83) per diluted share for the same period in 2008.

Adjusted EBITDA for the year ended December 31, 2009 increased 74.8% to $57.9 million when compared to the $33.1 million reported for the same period in 2008.

As of December 31, 2009, the Company had $25.2 million of cash and cash equivalents and no debt.

In addition to the United States generally accepted accounting principles, or GAAP, results provided throughout this document, MedQuist has provided Adjusted EBITDA which is a non-GAAP financial measurement. Management believes that this non-GAAP financial measure used to manage the business may provide our investors with useful information in addition to the GAAP financial measures presented here. The tables attached to this press release include a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure and a description of why we believe the non-GAAP financial measure is useful to investors.

http://www.benzinga.com/pressreleases/n171307/medquist-reports-results-for-the-fourth-quarter-and-2009

MQ does it again - Michael

[ In Reply To ..]
and doesn't even give anybody a kiss.

My husband keeps hounding me how we all need - to band together and go public.

[ In Reply To ..]
THE COMPANY IS JUST USING US! GET A CLUE PEOPLE! We should stand and fight, but yet we all just put up with the crap and then at the end, you will be left high and dry with no job period! Then you are going to wish that you did do something earlier.

I feel like a cow in that CNN video clipping on Youtube from California. We all just keep our mouths shut and put up with the abuse and being mistreated.

http://www.youtube.com/watch?v=6OjhPVL48Ks

And you suggest? - LucyK

[ In Reply To ..]
What do you suggest we do? Strike? Sue? We are in a recession. Many of us have no choice but to stay until we find something better. We can't force the suits to stop being greedy, selfish and completely immoral. I have thought, however, of contacting the clients, and also the media. Don't know if it would do much good, though.

I am sick of MQ games, too, - but I know there is not much

[ In Reply To ..]
we can do about it. The clients wouldn't care. The media already knows. So does our government. What MQ and CBay are doing is status quo for big business today. Not sure what options there would really be, besides get out of the business, get a different job out of transcription, or find a transcription job at a small hospital or clinic or doctor's office that doesn't outsource, or go back to school and learn an entirely new trade, or start your own business of some sort, or hit on the lottery for a few million and good luck on that one.

Other than that, I'm not sure what can be done. Sad but true.

And in essence, we are all paying taxes out of our own paychecks - towards our own demise.

[ In Reply To ..]
And to help the Indian transcription industry thrive.

What a great government we got!!!

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