Medical Connections Holdings, Inc. Reports Third Quarter 2009 Results

BOCA RATON, Fla., Nov 13, 2009 (BUSINESS WIRE) -- Medical Connections Holdings, Inc. (OTC Bulletin Board: MCTH) announced its results for the three and nine months ended September 30, 2009. Revenue for the third quarter was $1,552,899, a decrease of $302,772, or 16.3%, when compared to the $1,855,671 in revenue for the same three-month period one year ago. Operating expenses declined $555,151 to $3,311,864 as the Company continued its expense reduction efforts. The net losses for the three months ended September 30, 2009 and September 30, 2008 were $1,924,987 and $2,006,885, respectively.

For the nine months ended September 30, 2009, revenue was $4,637,862, a decrease of $708,218, or 13.2%, when compared to the $5,346,080 for the nine months ended September 30, 2008. Operating expenses declined $1,450,657 to $9,510,908 primarily due to year-long cost reduction efforts. The net losses for the nine months ended September 30, 2009 and September 30, 2008 were $5,141,818 and $5,611,189, respectively.

The Company's President, Anthony Nicolosi, said, "Our efforts during the first nine months of 2009 to cut expenses have certainly paid-off. We have managed to reduce overhead by over $1.4 million so far this year. In terms of revenue, the third quarter was very similar to last quarter. Our contract revenue has managed to remain virtually the same as the first nine months of last year. Permanent placement revenue, however, has seen a decline over the comparable period. We remain focused on our acquisition strategy and continue to be encouraged by the acquisition opportunities that exist." Medical Connections, Inc. is a 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 and other risks described in our 10-K for our fiscal year ended December 31, 2008. 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.

SOURCE: Medical Connections Holdings, Inc.

CONTACT: Medical Connections Holdings, Inc. Anthony Nicolosi, 561-353-1110 President [e-mail] www.medicalconnections.com Copyright Business Wire 2009 -0- KEYWORD: United States

North America

Florida INDUSTRY KEYWORD: Practice Management

Health

Nursing

Managed Care SUBJECT CODE: Earnings