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Mastech Holdings Inc. (AMEX: MHH) reported a 32.5% year-over-year decline in fourth-quarter revenue, but cited an improving economic environment and an increase in gross margin.
Fourth-quarter revenue at the Pittsburgh-based information technology staffing firm fell to $15.6 million from $23.1 million in the fourth quarter of 2008.
Gross margin rose to 19.2% in the fourth quarter from 17.8% in the year-ago quarter.
"As we enter 2010, we are encouraged by signs of improving market conditions within most staffing segments," CEO Thomas Moran said in a statement. "We're also pleased with the progress made to strengthen our business model and enhance our ability to capitalize on improving economic conditions."
Fourth-quarter net income declined 24.2% to $219,000 from $289,000 in the same period a year ago.
Mastech shares fell by 0.16, or 3.37%, in morning trading.
Full-year 2009 revenue fell 26.5% to $71.1 million from $96.7 million in 2008. Gross margin narrowed to 18.9% from 19.0%.
2009 net income was $1.4 million, down 60.3% from $3.5 million in 2008.
Mastech Holdings Inc. (AMEX: MHH)
For the fourth quarter ended Dec. 31, 2009, compared with the same period in 2008.
Revenue: $15.6 million, -32.5%
Net income: $219,000, -24.2%
For the full year ended Dec. 31, 2009, compared with the previous year.
Revenue: $71.1 million, -26.5%
Net income: $1.4 million, -60.3%