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US - Mastech says demand solid, Q4 revenue up 21%

January 29 2014

Mastech Holdings Inc. (NYSE MKT: MHH) reported solid demand in the fourth quarter despite disruptions due to the holiday season. Revenue at the Pittsburgh-based information technology staffing firm rose 21.3 percent year over year in the fourth quarter to $28.5 million.

Shares in Mastech were up 3.63 percent in early afternoon trading to $14.00.

Mastech reported fourth-quarter net income rose 32.0 percent to $961,000. Diluted earnings per share were 22 cents, but the company reported that a dividend and a year-end “appreciation bonus” for tenured employees impacted earnings by four cents per share.

Fourth-quarter gross margin was unchanged year over year 19.1 percent.

Full-year 2013 revenue rose 17.8 percent to $106.9 million, and full-year net income rose 77.9 percent to $3.8 million.

Mastech completed the sale of its healthcare business to Accountable Healthcare Staffing Inc. in the third quarter of this year in order to focus on IT staffing services.

Mastech has a market cap of approximately $58.8 million, according to Yahoo!

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