Mastech Holdings Inc. (NYSE MKT: MHH) reported revenue rose 24.2 percent to $28.3 million in the third quarter ended Sept. 30 from $22.8 million in the same period last year. The Pittsburgh-based IT staffing firm reported solid demand for information staffing services, in line with the year-ago quarter.
Mastech completed the sale of its healthcare business to Accountable Healthcare Staffing Inc. during the quarter, generating a net gain of $442,000, and will now focus more on IT staffing services.
Gross margin from continuing operations narrowed to18.9 percent from 19.2 percent in last year’s third quarter. Mastech attributed the decline to higher bench costs and the continued shift of revenue toward its wholesale sales channel.
Net income jumped 146.3 percent to $1.5 million from $601,000 in the third quarter of 2012. Mastech reported net income from continuing operations rose 78.1 percent to $999,000 from $561,000 in the same period last year. Net income from discontinued operations totaled $481,000 in the third quarter and included the $442,000 gain on the sale of the company’s healthcare business.
Mastech Holdings Inc. (NYSE MKT: MHH)
For the third quarter ended Sept. 30, 2013, compared with the same period in 2012.
Revenue: $28.3 million, +24.2 percent
Net income: $1.5 million, +146.3 percent