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Mastech revenue down 18%

May 07, 2009

Pittsburgh-based information technology staffing firm Mastech Holdings Inc. (AMEX: MHH) announced first-quarter revenue fell 17.7% year-over-year to $20.6 million.

"The recession continued to impact our operations during the first quarter of 2009," said interim CEO Sunil Wadhwani. "While the decline in activity levels seems to be moderating, pricing pressures continue to accelerate, not only for new assignments, but on existing assignments as well."

First-quarter gross margin narrowed to 18.7% from 19.8% in the year-ago quarter.

Net income fell 49.1% to $495,000 from $972,000 in the first quarter of 2008.

Mastech Holdings Inc. (AMEX: MHH)
For the first quarter ended March 31, 2009, compared with the same period in 2008.
Revenue: $20.6 million, -17.7%
Net income: $495,000, -49.1%