Q2 and Half Year Results -4-


and for the six months ended June 30, 2010 and 2009. These results include the 
operations of the acquired Spheris assets from the acquisition date. 
Notes to non-GAAP Supplemental Disclosure 
(1)           CBay performs transcription services for its subsidiary, MedQuist, 
pursuant to an intercompany agreement. The transcription volumes involved are 
significant and CBay has expanded its production capacity in India to respond to 
the increased MedQuist demand. The rapid increase in India capacity has resulted 
in significant inefficiencies as new facilities were opened and 
transcriptionists were hired and trained.  The Company estimates that the 
financial impact of the startup inefficiencies was $344 and $106 for the 
quarters ended June 30, 2010 and 2009, respectively, and $468 and $587 for the 
six months ended June 30, 2010 and 2009, respectively. 
 
(2)           Corporate expenses consist of personnel costs, legal, audit, and 
other costs incurred by the corporate holding companies and primarily relate to 
the oversight of the MedQuist and CBay operating entities. 
                  CBaySystems Holdings Limited and Subsidiaries 
                      Consolidated Statements of Operations 
                  (USD, in thousands, except per share amounts) 
                                  (Unaudited) 
 
+---------------------------------------+--------+---------+--------+---------+----------+-+---------+--------+---------------------+ 
|                                       |        |    Three months ended      |          |            Six months ended              | 
|                                       |        |          June 30,          |          |                June 30,                  | 
+---------------------------------------+--------+----------------------------+----------+------------------------------------------+ 
|                                       |        |  2010   |        |  2009   |            |  2010   |        |        2009         | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
|                                       |        |         |        |         |            |         |        |                     | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Net revenues                          |  $     | 111,988 |   $    |  93,871 |     $      | 200,592 |   $    |             188,539 | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Operating costs and expenses:         |        |         |        |         |            |         |        |                     | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Cost of revenues                      |        |  72,128 |        |  59,651 |            | 128,641 |        |             121,755 | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Selling, general and administrative   |        |  16,880 |        |  15,757 |            |  32,706 |        |              31,764 | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Research and development              |        |   3,312 |        |   2,380 |            |   5,593 |        |               4,796 | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Depreciation and amortization         |        |   8,705 |        |   7,007 |            | 15,068  |        |              13,610 | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Cost of legal proceedings and         |        |   1,109 |        |   4,384 |            |   2,152 |        |            12,158   | 
| settlements                           |        |         |        |         |            |         |        |                     | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Acquisition and integration related   |        |   5,121 |        |       - |            |   6,045 |        |                   - | 
| charges                               |        |         |        |         |            |         |        |                     | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Restructuring charges                 |        |     906 |        |       - |            |     966 |        |                   - | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Total operating costs and expenses    |        | 108,161 |        |  89,179 |            | 191,171 |        |             184,083 | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
|                                       |        |         |        |         |            |         |        |                     | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Operating income                      |        |   3,827 |        |   4,692 |            |   9,421 |        |               4,456 | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
|                                       |        |         |        |         |            |         |        |                     | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Other income                          |        |       - |        |       - |            |     108 |        |                   - | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Interest expense, net                 |        | (5,460) |        | (2,317) |            | (7,351) |        |             (4,660) | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Equity in income of  affiliated       |        |      32 |        |     336 |            |     546 |        |                 408 | 
| company                               |        |         |        |         |            |         |        |                     | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Net income (loss) attributable to     |        | (1,601) |        |   2,711 |            |   2,724 |        |                 204 | 
| CBaySystems Holdings Limited          |        |         |        |         |            |         |        |                     | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
|                                       |        |         |        |         |            |         |        |                     | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Income tax (provision) benefit        |        |     334 |        |   (286) |            |     326 |        |               (639) | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Net income (loss)                     |        | (1,267) |        |   2,425 |            |   3,050 |        |               (435) | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Net (income) attributable to          |        |   (268) |        | (2,000) |            | (2,497) |        |             (2,335) | 
| noncontrolling interest               |        |         |        |         |            |         |        |                     | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
|                                       |        |         |        |         |            |         |        |                     | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Net income (loss) attributable to     |   $    | (1,535) |   $    |     425 |     $      |     553 |   $    |             (2,770) | 
| CBaySystems Holdings Limited          |        |         |        |         |            |         |        |                     | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Net loss per share:                   |        |         |        |         |            |         |        |                     | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Basic                                 |   $    |  (0.01) |   $    |  (0.00) |     $      |  (0.01) |   $    |              (0.03) | 
+---------------------------------------+--------+---------+--------+---------+------------+---------+--------+---------------------+ 
| Diluted                               |   $    |  (0.01) |   $    |  (0.00) |     $      |  (0.01) |   $    |              (0.03) |
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