NEW YORK, April 3 /PRNewswire-FirstCall/ -- MGT Capital Investments, Inc. (NYSE AMEX: MGT), a holding company, today reported financial results for the year ended December 31, 2008 and provided an update on strategic milestones.

For the year ended December 31, 2008 MGT Capital Investments, Inc. reported total revenue of $354,000 compared to $89,000 for the year ended December 31, 2007. Total operating expenses for the year December 31, 2008 were $29.7 million, compared to total operating expenses of $22.0 million in the comparable period for 2007. For the year ended December 31, 2008 net loss was $20.0 million, or ($0.60) per basic and diluted share, compared to a net loss of $13.8 million, or ($0.35) per basic and diluted share, for the same period in 2007. Net loss per share for the year ended December 31, 2008 was based on a weighted average of 33,188,294 million shares outstanding, compared to a weighted average of 38,900,383 million shares outstanding for the comparable period in 2007.

As of December 31, 2008 cash, cash equivalents and marketable securities were $40.2 million compared to $94.6 million at December 31, 2007. The decrease in the cash balance is primarily attributable to general operations, preparing the products for regulatory approval and a share buy-back program. In addition, exchange rates during the year impacted cash and cash equivalents as the U.S. dollar strengthened, reducing the value of these assets by approximately $10.1 million.

'MGT's operating costs for 2008 increased 35% compared to last year predominantly as a result of expanded commercial operations for Medicsight. The increase in Medicsight's operating expenses was to generate greater market awareness of Medicsight's ColonCAD software and move through the regulatory processes in the U.S. and Japan.