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Third-quarter revenue fell 28.5% at Mastech Holdings Inc. (AMEX: MHH), a Pittsburgh-based information technology staffing firm, to $17.2 million. The company reported signs of stabilization, but said the pricing environment remained competitive.
"While we continue to see encouraging signs of market stabilization within most staffing segments, general economic conditions still remain challenging," CEO Thomas Moran said.
Gross margin narrowed to 18.4% in the third quarter from 18.7% in the same period last year.
Third-quarter net income was $427,000, down 63.3% from $1.2 million in the third quarter of last year. The company said its net income got a $390,000 boost in the third quarter of 2008 because of tax benefits while still part of its former parent company -- iGate Corp. Mastech spun off into its own company in the fourth quarter of 2008.
Mastech Holdings Inc. (AMEX: MHH)
For the third quarter ended Sept. 30, 2009, compared with the same period in 2008.
Revenue: $17.2 million, -28.5%
Net income: $427,000, -63.3%