2008-08-13 23:39:02 -
www.medicalconnections.com - Press: Barry Kaplan Associates Andrew J. Kaplan, 732-747-0702 FAX 732-758-1837 smallkap@aol.com OR Company: Anthony Nicolosi, 561-353-1110 President anicolosi@medicalconnections.com www.medicalconnections.com Medical Connections Holdings, Inc. (OTC Bulletin Board: MCTH) announced its results for the three and six months ended June 30, 2008. Revenue increased 96% to $1,824,074 for the three months ended
June 30, 2008 from $930,964 for the three months ended June 30, 2007. The net loss increased to $1,743,423, or $0.07 per share, for the three months ended June 30, 2008. This compares to a loss of $1,067,055, or $0.10 per share, for the three months ended June 30, 2007.
For the six months ended June 30, 2008, revenue increased 68% to $3,490,409 from $2,078,793 for the six months ended June 30, 2007. The net loss increased to $3,604,304, or $0.15 per share, for the six months ended June 30, 2008, compared to a loss of $2,623,190, or $0.31 per share, for the same period in 2007.
The increase in revenue was the result of a significant increase in recruiting staff, an escalation of marketing efforts and the securing of new clients. In addition, Medical Connections has continued to execute its business model and increase its position in all current markets.
On July 2, 2008, the Company signed a seven year lease on larger office space to accommodate its expansion plans. The space offers approximately 18,966 square feet of space, a substantial increase over the existing 4,600 square feet of office space the Company currently occupies. The build-out of the office space is expected to be completed by December 31, 2008. The office space is located in the Boca Corporate Center and Campus, the former location of the corporate headquarters of IBM.
The Company's President, Anthony Nicolosi, said, "We are excited and optimistic about the positive results achieved in the past six months. We anticipate these revenue increases to continue to be realized for the balance of 2008. The Medical Connections strategic plan for the near term includes continued internal growth, increase in stockholder's equity, advancement to a major stock exchange and focus on potential acquisitions."
Medical Connections, Inc. is a fast-growing national provider of medical recruitment and staffing services. Established in 2002 to satisfy the increasing need for highly qualified healthcare professionals, the Company's business is to identify, select and place the industry's most talented healthcare specialists, nurses, pharmacists, physicians and hospital management executives. The Company provides recruiting and staffing services for permanent and contract positions, leaving options for both clients and candidates to decide the optimal formula for working together.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this report reflect the good faith judgment of our management and the statements are based on facts and factors as we currently know them. Forward-looking statements are subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements, as a result of either the matters set forth or incorporated in this report generally or certain economic and business factors, some of which may be beyond the control of Medical Connections. These factors include adverse economic conditions, entry of new and stronger competitors, inadequate capital to support our operations, projections of revenues and profitability. Readers are urged not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of the press release.
Shareholders' Equity Increases to $3,989,146 from $2,262,524
