Published on August 18, 2011 at 9:39 AM
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."
Source Medical Connections, Inc.,