Mastech Holdings News Release (07/25/12)
Mastech Holdings Inc. has announced its financial results for the second quarter ended June 30, 2012. Revenues for the second quarter were $25.3 million, which represented a 14% increase over the corresponding quarter last year and approximately a 4% improvement over first-quarter 2012 results. Gross profit in the second quarter of 2012 totaled $4.8 million compared with $4.4 million in the second quarter of 2011. Consolidated net income for the second quarter of 2012 totaled $458,000, or $0.14 per diluted share, compared with $382,000, or $0.10 per diluted share, in the same period last year.
Demand for the company’s staffing services remained solid during the second quarter as the company grew its information technology billable consultant-base by 5% and achieved sequential revenue growth for the eighth consecutive quarter in its health care staffing business. Overall gross margins in the second quarter showed a marked improvement over the previous quarter, but continued to be impacted negatively by emerging supply-side pricing pressures in the marketplace.