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Mastech Holdings Inc. (AMEX: MHH) reported first-quarter revenue rose 26.6 percent on year-over-year basis to $19.9 million. First-quarter gross margin at the Pittsburgh-based information technology and healthcare staffing firm narrowed to 19.3 percent from 19.6 percent in the year-ago quarter.
Mastech reported net income of $37,000, down 41.3 percent from $63,000 in the first quarter of 2010.
“During the quarter, we established IT branch operations in Chicago, increased our offshore recruitment staff to support higher activity flow and new client wins, and adjusted the alignment of our recruitment reporting structure to improve efficiency and accountability,” said CEO Thomas Moran. “I’m confident that these first quarter investments will benefit the balance of 2011 as we capitalize more effectively on market opportunities.”
Mastech Holdings Inc. (AMEX: MHH)
For the first quarter ended March 31, 2011, compared with the same period in 2010.
Revenue: $19.9 million, +26.6 percent
Net income: $37,000, -41.3 percent