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Mastech Holdings Inc. (AMEX: MHH), a Pittsburgh-based information technology staffing firm, reported a decline in first-quarter revenue of 23.5%, and said it acquired healthcare staffing firm Curastat Inc.
Mastech posted first-quarter revenue of $15.7 million compared with revenue of $20.6 million in the first quarter of last year. The company said its new healthcare business brought in $1.5 million in revenue for the most recent quarter. However, Mastech had sold its brokerage operations business in January; the brokerage business had brought in $3.0 million in revenue in the first quarter of 2009.
Although revenue fell, first quarter gross margin rose to 19.6% from 18.7% in the year-ago quarter.
Mastech posted first-quarter net income of $63,000 compared with net income of $495,000 in the first quarter of 2009.
Along with the company's acquisition of Curastat, Mastech announced that it hired Tim Bosse to serve as president of its new healthcare division, Mastech Healthcare Inc.
Mastech Healthcare will provide nurses, allied healthcare professionals and physicians. It will also provide healthcare IT services.
Mastech Holdings Inc. (AMEX: MHH)
For the first quarter ended March 31, 2010, compared with the same period in 2009.
Revenue: $15.7 million, -23.5%
Net income: $63,000, -87.3%