Medical Connections Holdings, Inc. Reports Second Quarter 2009 Results

Medical Connections Holdings, Inc. (OTC Bulletin Board: MCTH) announced its results for the three and six months ended June 30, 2009. Revenue for the second quarter was $1,555,315, a decrease of $268,759, or 14.7%, when compared to the $1,824,074 in revenue for the same three-month period one year ago. Operating expenses declined $340,892 to $3,208,269 as the Company made significant strides in reducing its costs during the second quarter. The net losses for the three months ended June 30, 2009 and June 30, 2008 were $1,736,503 and $1,743,423, respectively.

For the six months ended June 30, 2009, revenue was $3,084,963, a decrease of $405,446, or 11.6%, when compared to the $3,490,409 for the six months ended June 30, 2008. Operating expenses declined $895,506 to $6,199,044 primarily due to year-long cost reduction efforts. The net losses for the six months ended June 30, 2009 and June 30, 2008 were $3,216,831 and $3,604,304, respectively.

The Company’s President, Anthony Nicolosi, said, “2009 has been a challenging year for all of us in the healthcare staffing industry. Yet, our contract revenue has managed to remain virtually the same as the first six months of last year. Revenue from permanent placement did decline due to economic conditions across the country. We embarked on a focused cost cutting effort during the first half of the year, which has resulted in a significant reduction in our overhead. We will continue to stay focused on increasing revenue and managing costs. In addition, growth through acquisition remains a major focus of ours.”

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.

Medical Connections (CE) (USOTC:MCTH)
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