Medical Connections Holdings, Inc. Reports Full Year 2009 Results
March 30 2010 - 5:00PM
Business Wire
Medical Connections Holdings, Inc. (OTCBB:MCTH) has
announced its results for the year ended December 31, 2009. Revenue
in 2009 was $6,131,611, a decrease of $935,379, or 13.2%, when
compared with revenue of $7,066,990 in 2008. Revenue from contract
appointments decreased $193,578 to $5,103,422 in 2009, or 3.6%,
from $5,297,000 in 2008. Revenue from permanent placement decreased
41.9% to $1,028,189 in 2009 compared with revenue of $1,769,990 in
2008. Net losses for the years ended December 31, 2009 and December
31, 2008 were $7,711,887 and $7,542,210, respectively.
The Company’s President, Anthony Nicolosi, said, "Due to the
state of the overall economy, 2009 proved to be a very challenging
year. Regardless, we managed to reduce our operating expenses by
over one million dollars during the year. In addition, we recently
announced that we had entered into a definitive agreement to
acquire a very successful healthcare staffing company that will
serve as our operating platform in the future. This business
combination will present opportunities that will benefit our teams
internally as well as our candidates and clients nationwide. Going
forward, we will continue to aggressively market our company to
foster growth and will continue to pursue additional acquisition
opportunities.”
About Medical Connections, Inc.
Founded in 2002, Medical Connections, Inc. is a pioneering
medical recruitment and staffing company dedicated to satisfying
the increasing demands for qualified personnel in the healthcare
industry. The company identifies and places medical professionals -
from nurses and physicians to pharmacists and medical scientists –
in facilities throughout the U.S. Medical Connections applies both
established and innovative methods to meet the needs of its
clientele, capitalizing on the more than 40 years’ industry
experience of its key personnel.
With headquarters in Boca Raton, Florida, Medical Connections is
ideally positioned to increase its presence in the U.S. healthcare
market. Medical Connections Holdings, Inc. is a fully reporting
company trading on the OTC B/B under the ticker: MCTH.
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This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include (a) failure to successfully
acquire existing staffing companies to grow its staffing business;
(b) whether the company will have adequate financing to expand its
business; (c) whether the company will effectively manage its
expanding operations which will place significant demands on its
managerial, financial and informational systems; (d) competition
among medical staffing companies for clients and qualified nurses
and other healthcare professionals and personnel; (e) the company’s
ability to locate and fill staffing orders; (f) whether general
economic conditions and the regulatory environment will be
favorable to the growth of the company’s business; (g) the
company’s ability to grow organically. The company’s past
performance is not necessarily indicative of its future
performance. The company does not undertake, and the company
specifically disclaims any obligation, to update any
forward-looking statements to reflect occurrences, developments,
events or circumstances after the date of such statement
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release regarding
Medical Connections Holdings, Inc. business which are not
historical facts are "forward-looking statements" that involve
risks and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from
those contained in the forward-looking statements, see "Risk
Factors" in the Company's Annual Report or Form 10-K filed with the
Securities and Exchange Commission for the most recently ended
fiscal year at www.sec.gov.
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