Brief: Viq Solutions Reports First Quarter 2020 Results And Updates 2020 Outlook

VIQ Solutions

07/05/2020 23:17

May 7 (Reuters) - Viq Solutions Inc  VQS.V :
    * VIQ SOLUTIONS REPORTS FIRST QUARTER 2020 RESULTS AND
UPDATES
2020 OUTLOOK
    * VIQ SOLUTIONS INC - QTRLY REVENUE OF $7.5 MILLION
INCREASED 19%
QUARTER-OVER-QUARTER
    * VIQ SOLUTIONS INC - QTRLY RECURRING REVENUE INCREASED 31%
FROM
$5.5 MILLION TO $7.2 MILLION
    * VIQ SOLUTIONS INC - ANNOUNCED A 2020 REVENUE GOAL RANGE OF
BETWEEN $34 AND $37 MILLION
    * VIQ SOLUTIONS INC - COVID-19 PANDEMIC IMPACTED AUSTRALIAN
COURTS
ABILITY TO CONDUCT HEARINGS, EXPECTED TO GENERATE 8%-12% LOWER
2020 REVENUE THAN EXPECTED
    * VIQ SOLUTIONS INC - IN APRIL, VIQ RECEIVED A LOAN UNDER US
PAYCHECK PROTECTION PROGRAM OF $2.1 MILLION
    * VIQ SOLUTIONS INC - EARNINGS PER SHARE FOR 2020 WILL
INCLUDE
$0.41 PER SHARE IMPACT IN Q1 RELATED TO NON-CASH CHARGES ON
NOTES CONVERSION
    * VIQ SOLUTIONS INC - CURRENT BACKLOG OF BOOKED ORDERS BUT
NOT YET
DELIVERED IS APPROXIMATELY $3 MILLION
    * VIQ SOLUTIONS INC - EXCLUDING ITEMS, NET LOSS PER SHARE IN
Q1
WAS $0.06
    * VIQ SOLUTIONS - RECOGNIZED NET $5.1 MILLION IN ONE-TIME,
NON-CASH EXPENSES RELATED TO CONVERSION OF NOTES TO EQUITY IN Q1

Source text for Eikon:  ID:nBw66sQFza 
Further company coverage:  VQS.V 

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