Q2 and Half Year Results -7-
19 8월 2010 - 3:00PM
UK Regulatory
+---------------------------------------------+-+----------+----------------------+---+----------+
+-----------------------------------+------+--------+--+-------+
| Supplemental cash flow | | | | |
| information | | | | |
+-----------------------------------+------+--------+--+-------+
| | | | | |
+-----------------------------------+------+--------+--+-------+
| Cash (refunded) paid for income | $ | (478) | $ | 497 |
| taxes | | | | |
+-----------------------------------+------+--------+--+-------+
| Cash paid for interest | | 3,404 | | 302 |
+-----------------------------------+------+--------+--+-------+
| Accommodation payments paid with | | - | | 82 |
| credits | | | | |
+-----------------------------------+------+--------+--+-------+
| Non cash debt incurred in | | 13,570 | | - |
| connection with Spheris | | | | |
| acquisition | | | | |
+-----------------------------------+------+--------+--+-------+
The accompanying notes are an integral part of these consolidated financial
statements.
CBaySystems Holdings Limited and Subsidiaries
Notes to Consolidated Financial Statements
(USD in thousands, except per share amounts)
(Unaudited)
1. Basis of Presentation
The consolidated financial statements and footnotes are unaudited. Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with U.S. generally accepted accounting principles (GAAP)
have been omitted pursuant to such rules and regulations although the Company
believes that the disclosures are adequate to make the information presented not
misleading. The consolidated financial statements include the Company's accounts
and the accounts of all of its majority-owned subsidiaries. All significant
inter-company accounts and transactions have been eliminated in consolidation.
These statements reflect all normal recurring adjustments that, in the opinion
of management, are necessary for the fair presentation of the Company's results
of operations, financial position and cash flows. Interim results are not
necessarily indicative of results for a full year. The information in this
report should be read in conjunction with the Company's 2009 Annual Report.
Recent Developments
On April 22, 2010, the Company through its subsidiaries, MedQuist and CBay Inc
("Purchasers"), completed the acquisition (the "Acquisition") of substantially
all of the assets of Spheris, Inc. (Spheris) and certain of its affiliates,
including the acquisition of the stock of Spheris India Private Limited,
("SIPL") (collectively with Spheris and SIPL, the "Sellers"), pursuant to the
terms of the Stock and Asset Purchase Agreement (the "Purchase Agreement")
entered into between the Purchasers and Sellers on April 15, 2010. See Note 9
for a description of the Acquisition. Costs incurred for the Acquisition and
direct integration costs are included in the line item Acquisition and
integration related charges on the accompanying statements of operations.
Certain reclassifications were made to prior period financial statements to
conform to the current presentation.
Recent Accounting Pronouncements
In September 2009, the Financial Accounting Standards Board (FASB) ratified two
consensuses affecting revenue recognition:
The first consensus, Revenue Recognition-Multiple-Element Arrangements, sets
forth requirements that must be met for an entity to recognize revenue from the
sale of a delivered item that is part of a multiple-element arrangement when
other items have not yet been delivered. One of those current requirements is
that there be objective and reliable evidence of the standalone selling price of
the undelivered items, which must be supported by either vendor-specific
objective evidence (VSOE) or third-party evidence (TPE).
This consensus eliminates the requirement that all undelivered elements have
VSOE or TPE before an entity can recognize the portion of an overall arrangement
fee that is attributable to items that already have been delivered. In the
absence of VSOE or TPE of the standalone selling price for one or more delivered
or undelivered elements in a multiple-element arrangement, entities will be
required to estimate the selling prices of those elements. The overall
arrangement fee will be allocated to each element (both delivered and
undelivered items) based on their relative selling prices, regardless of whether
those selling prices are evidenced by VSOE or TPE or are based on the entity's
estimated selling price. Application of the "residual method" of allocating an
overall arrangement fee between delivered and undelivered elements will no
longer be permitted.
The second consensus, Software-Revenue Recognition addresses the accounting for
transactions involving software to exclude from its scope tangible products that
contain both software and non-software components that function together to
deliver a product's functionality.
The Consensuses are effective prospectively for revenue arrangements entered
into or materially modified in fiscal years beginning on or after June 15, 2010.
The Company is evaluating the potential impact of these requirements on its
financial statements.
2. Comprehensive (loss) income
Comprehensive (loss) income was as follows:
+------------------------------+----------+-------------+----------+-------+----------+-------+----------+---------+
| | | Three months ended | | Six months ended June |
| | | June 30, | | 30, |
+------------------------------+----------+--------------------------------+----------+----------------------------+
| | | 2010 | | 2009 | | 2010 | | 2009 |
+------------------------------+----------+-------------+----------+-------+----------+-------+----------+---------+
| Net (loss) income | | (1,535) | $ | 425 | $ | 553 | $ | (2,770) |
| attributable to CBaySystems | $ | | | | | | | |
| Holdings | | | | | | | | |
+------------------------------+----------+-------------+----------+-------+----------+-------+----------+---------+
| Foreign currency translation | | (705) | | 865 | | (675) | | 421 |
| adjustment | | | | | | | | |
+------------------------------+----------+-------------+----------+-------+----------+-------+----------+---------+
| Comprehensive (loss) income | $ | (2,240) | $ | 1,290 | $ | (122) | $ | (2,349) |
+------------------------------+----------+-------------+----------+-------+----------+-------+----------+---------+
3. Net income (loss) per Share
Basic net income (loss) per share is computed by dividing net income (loss) by
the weighted average number of shares outstanding during each period. Diluted
net income (loss) per share is computed by dividing net income (loss) by the
weighted average shares outstanding, as adjusted for the dilutive effect of
common stock equivalents, which consist of stock options, convertible note and
certain obligations, which may be settled by the Company through issue of
shares, using the treasury stock method.
The table below reflects basic and diluted net loss per Share for:
+------------------+----------+---------+----------+---------+-+----------+----------+---------+
| | | Three months ended June 30, | | Six months ended June 30, |
+------------------+----------+------------------------------+-+-------------------------------+
| | | 2010 | | 2009 | | 2010 | | 2009 |
+------------------+----------+---------+----------+---------+-+----------+----------+---------+
| Net income | | (1,535) | | 425 | | 553 | | (2,770) |
| (loss) | | | | | | | | |
| attributable to | $ | | $ | | $| | $ | |
| CBaySystems | | | | | | | | |
| Holdings Limited | | | | | | | | |
+------------------+----------+---------+----------+---------+-+----------+----------+---------+
| Less: amount | | (688) | | (688) | | (1,375) | | (1,375) |
| payable to | | | | | | | | |
| principal | | | | | | | | |
| shareholders | | | | | | | | |
+------------------+----------+---------+----------+---------+-+----------+----------+---------+
| Net loss | | (2,223) | | (263) | | (822) | | (4,145) |
| attributable to | $ | | $ | | $| | $ | |
| common | | | | | | | | |
| shareholders | | | | | | | | |
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