BOCA RATON, Fla.--(BUSINESS WIRE)-- Medical Connections Holdings, Inc. (OTCBB:MCTH) a national provider of healthcare staffing services, announced today its operating results for the second quarter and the first six months of 2011. Revenue for the second quarter of 2011 was $1,779,938, a decrease of 6.8% when compared to the second quarter of 2010. The decrease was due to a 39.7% drop in permanent placement hires during the period. Gross margin improved to 29.1% when compared to the 25.9% one year ago. The Company had a net loss of $935,093 in the second quarter 2011, a 54.1% improvement when compared to the net loss of $2,038,600 in the second quarter of 2010.
Revenue for the first six months of 2011 was $3,810,577, an increase of $471,785 or 14.1%, when compared to $3,338,792 in revenue for the same period one year ago. Gross margin remained consistent at 26% when compared to the prior period. The Company posted a net loss of $1,802,513 in the first six months of 2011, a 60.3% improvement when compared to the net loss of $4,540,473 in 2010.
Anthony Nicolosi, Company President, stated, “We continue to make progress towards our goal of building a strong company. We have focused our efforts on increasing our travel revenue and related margins, as well as controlling costs. While making good progress, the adverse condition of our economy continues to present obstacles to growth. We will continue to work hard to improve our business.”
Medical Connections, Inc., headquartered in Boca Raton, Florida, is a national provider of medical recruitment and staffing services. 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.
Medical Connections Holdings, Inc. is a fully reporting company trading on the OTC B/B under the ticker: MCTH.
"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 press release 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 economic and business factors, some of which are 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/A for our fiscal year ended December 31, 2010 filed with the SEC on July 1, 2011. 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.
KEYWORDS: United States North America Florida
INDUSTRY KEYWORDS: Practice Management Health Hospitals Other Health Nursing General Health Managed Care