Q2 and Half Year Results -3-
19 August 2010 - 4:00PM
UK Regulatory
| income of affiliated | | | | | | | | |
| companies | | | | | | | | |
+----------------------+----------+---------+----------+---------------+----------+--------+----------+----------------+
| | | | | | | | | |
+----------------------+----------+---------+----------+---------------+----------+--------+----------+----------------+
| Adjusted EBITDA | | $ | | $ | | $ | | $ 27,970 |
| | | 19,668 | | 14,782 | | 33,652 | | |
+----------------------+----------+---------+----------+---------------+----------+--------+----------+----------------+
| | | | | | | | | | |
+--------+-------------+----------+---------+----------+---------------+----------+--------+----------+----------------+
Adjusted EBITDA and EBITDA are financial measures not computed in accordance
with United States generally accepted accounting principles, or GAAP. The
Company believes that this non-GAAP measure, when presented in conjunction with
comparable GAAP measures, is useful to both management and investors in
analyzing the Company's ongoing business and operating performance. The Company
believes that providing the non-GAAP information to investors, in addition to
the GAAP presentation, allows investors to view the Company's financial results
in the way that management views financial results. Management believes Adjusted
EBITDA and EBITDA are useful as supplemental measures of the Company's financial
results because it removes costs not related to the Company's operating
performance. Management believes that Adjusted EBITDA and EBITDA should be
considered in addition to, but not as a substitute for items presented in
accordance with GAAP that are presented in this press release. A reconciliation
of Adjusted EBITDA to Net income (loss) attributable to CBaySystems Holdings
Limited is provided above.
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+
| CBaySystems Holdings Limited and Subsidiaries |
+----------------------------------------------------------------------------------------------------------------------------------------------------+
| Non-GAAP Supplemental Disclosure |
+----------------------------------------------------------------------------------------------------------------------------------------------------+
| (US Dollars , in thousands) |
+----------------------------------------------------------------------------------------------------------------------------------------------------+
| Unaudited |
+----------------------------------------------------------------------------------------------------------------------------------------------------+
| | | | |
+-----------------+-----------------------------------------------------------+----------+-----------------------------------------------------------+
| | | | |
+-----------------+-----------------------------------------------------------+----------+-----------------------------------------------------------+
| | | | |
+-----------------+-----------------------------------------------------------+----------+-----------------------------------------------------------+
| | Three months ended | | Six months ended |
+-----------------+-----------------------------------------------------------+----------+-----------------------------------------------------------+
| | June 30, | | June 30, |
+-----------------+-----------------------------------------------------------+----------+-----------------------------------------------------------+
| | 2010 | | 2009 | | 2010 | | 2009 |
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+
| Revenues | | | | | | | |
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+
| MedQuist | $ | | $ | | $ | | $ |
| | 97,528 | | 77,471 | | 171,509 | | 156,415 |
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+
| CBay | 23,763 | | 19,182 | | 43,065 | | 37,005 |
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+
| Eliminations | (9,303) | | (2,782) | | (13,982) | | (4,881) |
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+
| Consolidated | $ | | $ | | $ | | $ |
| | 111, 988 | | 93,871 | | 200,592 | | 188,539 |
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+
| | | | | | | | |
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+
| Adjusted EBITDA | | | | | | | |
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+
| MedQuist | $ | | $ | | $ | | $ |
| | 17,106 | | 13,982 | | 30,176 | | 26,251 |
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+
| CBay(1) | 4,151 | | 2,641 | | 6,407 | | 5,474 |
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+
| Eliminations | (159) | | (771) | | (327) | | (1,912) |
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+
| Corporate | (1,430) | | (1,070) | | (2,604) | | (1,843) |
| expenses(2) | | | | | | | |
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+
| Consolidated | $ | | $ | | $ | | $ |
| | 19,668 | | 14,782 | | 33,652 | | 27,970 |
+-----------------+-----------------------+----------+------------------------+----------+------------------------+----------+-----------------------+
Basis of presentation
The non-GAAP presentation above shows the results of operations for CBay
(excluding MedQuist) and MedQuist for the quarter ended June 30, 2010 and 2009
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