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View All NewsMastech revenue up 6%
Pittsburgh-based information technology staffing firm Mastech Holdings Inc. (NYSE MKT: MHH) reported second-quarter revenue rose 5.8 percent year over year to $27.7 million.
IT staffing services remained in-line with activity levels of a quarter ago, according to the company. However, new assignments declined from the previous quarter as the ratio of new assignments-to-activity levels fell during the second quarter. Mastech also had an unexpected project termination during the quarter which resulted in an overall decline in consultants on billing.
Gross margin for the second quarter fell to 18.5 percent from 19.0 percent in the year-ago quarter.
Mastech reported second-quarter net income rose 13.2 percent to $893,000.
Quote
“We are disappointed with our performance in the second quarter when compared to our historical trend lines,” said CEO Kevin Horner. “The challenges that we faced in second quarter plainly illustrate a pressing need to accelerate the scale of our recruitment engine. With demand likely to remain at healthy levels during the second half of the year, we will look to aggressively ramp-up our off-shore recruiter hiring.”
Revenue
Q2 2014 ($000s) | Q2 2013 ($000s) | % growth | |
Revenue | $27,656 | $26,135 | 5.8% |
Gross margin
Q2 2014 | Q2 2013 | |
Gross margin | 18.5% | 19.0% |
Net income
Q2 2014 ($000s) | Q2 2013 ($000s) | % growth | |
Net income | $893 | $789 | 13.2% |
Share price and market cap
Shares in Mastech were down 13.35 percent in early afternoon trading to $13.95 and Mastech has a market cap of approximately $59.94 million, according to Yahoo!