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IGate Corp. (NASD: IGTE) said Thursday its spin off of staffing operations should wrap up in the third quarter. Currently operating as the company's professional services division, iGate's staffing businesses include iGate Mastech and RPOworldwide. The spinoff will operate under the name Mastech Holdings Inc.
IGate also reported second-quarter professional services revenue of $24.4 million, down 9.7% from $27.0 million in the same period last year. Gross margin edged down to 19.5% from 22.1%.
Total second-quarter revenue for the Pittsburgh-based company, including its IT solutions business, rose 5.9% to $80.0 million from $75.6 million in the same period last year.
Net income surged to $8.4 million from $2.1 million in the same period last year. The company said it had a one-time non-cash charge of $2.5 million in the second quarter of 2007.
IGate Corp. (NASD: IGTE)
For the second quarter ended June 30, 2008, compared with the same period in 2007.
Revenue: $80.0 million, +5.9%
Net income: $8.4 million, +305.8%