Medical Connections (OTC Bulletin Board: MCTH) reported that for the three months ended September 30, 2008, revenues increased 58% to $1,855,671 from $1,176,850 for the three months ended September 30, 2007. Net loss for the three months ended September 30, 2008 was $2,006,885, as compared to $1,811,517 for the same period in 2007. This represents a 30% decrease in net loss margin period to period.
For the nine months ended September 30, 2008, revenues increased 64% to $5,346,080 from $3,255,643 for the nine months ended September 30, 2007. Net loss for the nine months ended September 30, 2008 was $5,611,189, as compared to $4,434,706 for the same period in 2007. This represents a 24% decrease in net loss margin period to period.
The Company's President, Anthony Nicolosi, said, "We very excited with our year-to-date results and anticipate similar organic growth in 2009. A primary focus has been on building the infrastructure necessary for future strategic acquisitions and the further implementation of strong internal controls as we pursue our growth and profitability objectives."
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.
