Philips notified of filing of MedQuist audited financial statements for the period 2003 to 2005
Friday, July 06, 2007
Amsterdam, The Netherlands– Royal Philips Electronics (NYSE:PHG, AEX:PHI) was informed yesterday that MedQuist Inc. (Pink Sheets: MEDQ.PK) announced the filing with the United States Securities and Exchange Commission (SEC) of its Form 10-K Annual Report for the year ended December 31, 2005. The filing contains annual and quarterly financial information of MedQuist for the years ended December 31, 2005, 2004 and 2003. The financial information contained in MedQuist’s Form 10-K filing has no material impact on the financial information contained in Philips’ Annual Reports for the years 2005, 2004 and 2003.
In its announcement, MedQuist has also indicated that it is now immediately shifting its attention to completing the work on its remaining outstanding SEC filings, which MedQuist anticipates filing during the third quarter of 2007. The MedQuist announcement can be found on the MedQuist internet site at http://www.medquist.com. The filing can be found on the SEC’s website at http://www.sec.gov.
In commenting on MedQuist’s announcement of the filing with the SEC, Pierre-Jean Sivignon, Chief Financial Officer of Royal Philips Electronics, said: “We’re very pleased to see that MedQuist has taken this major step forward in its filings with the SEC. In light of this progress, Philips is reviewing all of its future options for its approximate 70% stake in MedQuist, as Philips views this stake as a non-core holding.” To this end, Philips is making an amendment to its Schedule 13D filing with the SEC, in which Philips indicates it may consider possible transactions or other changes in its ownership stake in MedQuist.
In accordance with US GAAP accounting standards, Philips annually tests goodwill for impairment in the second quarter. As a result of the test of its MedQuist-related goodwill, Philips will recognize a non-cash impairment charge of approximately EUR 35 million in the second quarter of 2007. This charge will have no impact on the 2007 EBITA for Philips Medical Systems or for Royal Philips Electronics.
Philips North America Corporate Communications
Tel +1 646 508 4545
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a global leader in healthcare, lifestyle and technology, delivering products, services and solutions through the brand promise of “sense and simplicity”. Headquartered in the Netherlands, Philips employs approximately 124,300 employees in more than 60 countries worldwide. With sales of EUR 27.0 billion in 2006, the company is a market leader in medical diagnostic imaging and patient monitoring systems, energy efficient lighting solutions, personal care and home appliances, as well as consumer electronics. News from Philips is located at www.philips.com/newscenter.
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
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