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Third-quarter revenue at Mastech Holdings Inc. (AMEX: MHH) fell 5.7% to $24.1 million, compared with $25.6 million in the same period last year. Also in the third quarter, the Pittsburgh-based information technology staffing spun off from its parent company iGate Corp.
"Our third quarter performance reflects reduced demand for our services that we believe is attributable to the current U.S. economic downturn and its impact on our customers, especially within the financial services industry," said CEO Steven Shangold. "In addition to lower demand for IT staffing services, pricing pressures have adversely affected our gross margins and impacted our operating results."
Gross margin declined to 18.7% from 21.2%.
Net income fell 16.5% to $1.2 million from $1.4 million in the third quarter of 2007.
Mastech Holdings Inc. (AMEX: MHH)
For the third quarter ended Sept. 30, 2008, compared with the same period in 2007.
Revenue: $24.1 million, -5.7%
Net income: $1.2 million, -16.5%