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Third-quarter revenue rose 24.5 percent at Mastech Holdings Inc. (AMEX: MHH), a Pittsburgh-based information technology and healthcare staffing firm, to $23.5 million from $18.9 million in the same period last year.
Third-quarter gross margin improved to 19.8 percent from 19.3 percent in the year-ago quarter.
Net income more than doubled to $441,000 from $187,000 in the third quarter of 2010.
Demand for IT staffing services was higher than in the second quarter and the healthcare staffing business continued to achieve sequential revenue growth for the fifth consecutive quarter, the company reported.
“This solid performance reflects operating leverage opportunities in our cost structure and improvements in operating efficiencies, as selling, general and administrative expenses declined to 16.7 percent of revenues,” said CEO Kevin Horner.
Mastech Holdings Inc. (AMEX: MHH)
For the quarter ended Sept. 30, 2011, compared with the same period in 2010.
Revenue: $23.5 million, +24.5 percent
Net income: $441,000, +135.8 percent