Mastech Holdings News Release (10/24/12)

Mastech Holdings Inc. announced today its financial results for the third quarter ended Sept. 30, 2012. Revenues for the quarter totaled $25.6 million, which represented a 9% increase over the corresponding quarter last year and a slight improvement over second quarter 2012 revenues. Gross profit in the third quarter was $4.9 million, compared with $4.6 million in the third quarter of 2011. Consolidated net income for the third quarter totaled $601,000, compared with $441,000 during the same period last year.

Demand for staffing services remained solid, with the firm’s information technology billable consultant base growing by 8% during the quarter and achieving sequential revenue growth for the ninth consecutive quarter. Overall gross margins in the third quarter were 19.1%, which was flat when compared to the previous quarter and lower than the 19.8% gross margins reported a year earlier.