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Mastech Holdings, Inc. (MHH) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Mastech Digital, Inc.

CIK: 1437226 Ticker: MHH

Exhibit 99.1

 

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FOR IMMEDIATE RELEASE:

Mastech Holdings, Inc. Reports Fourth Quarter and Full Year 2015 Results:

PITTSBURGH, PA – February 3, 2016 -

Mastech Holdings, Inc. (NYSE MKT: MHH), a national provider of Information Technology staffing services, announced today its financial results for the fourth quarter and full year ended December 31, 2015.

Fourth Quarter 2015 Highlights:

 

    Revenues totaled $32.5 million, compared to $28.5 million in the 2014 fourth quarter;

 

    Gross profit margins increased to 20.6% from 18.3% in the fourth quarter of 2014;

 

    GAAP diluted earnings per share were $0.29 versus $0.18 in the 2014 fourth quarter;

 

    Non-GAAP diluted earnings per share were $0.31 versus $0.18 in the 2014 fourth quarter.

Fourth Quarter Results:

Revenues for the fourth quarter of 2015 totaled $32.5 million compared to $28.5 million during the corresponding quarter last year. Gross profit in the fourth quarter of 2015 was $6.7 million, compared to $5.2 million in the fourth quarter of 2014. GAAP net income for the fourth quarter of 2015 totaled $1.3 million, compared to $782,000 during the same period last year. Non-GAAP net income for the fourth quarter of 2015 was $1.4 million, compared to $804,000 in the fourth quarter of 2014. GAAP diluted earnings per share were $0.29 in the 2015 fourth quarter, compared to $0.18 in the fourth quarter of 2014. Non-GAAP diluted earnings per share were $0.31 in the fourth quarter of 2015, compared to $0.18 for the corresponding period in 2014.

Demand for the Company’s staffing services remained strong from the third quarter of 2015. Despite this solid demand, we had a 5% decline in our billable consultant base during the quarter. While this decline reflected a high-level of assignment ends, which historically occur in fourth quarter, we also had challenges in converting demand opportunities into new starts.

Commenting on the Company’s 2015 fourth quarter, Kevin Horner, Mastech’s Chief Executive Officer, stated, “While our fourth quarter operating results and year-over-year comparables indicate that we have done an excellent acquisition in Hudson IT, I am disappointed with our performance in driving new starts during the fourth quarter. While our consultant-base decline did reflect a high level of assignment ends, we had ample opportunities on the starts side to mitigate this negative impact. As we enter 2016, our primary operational objective is to address these start issues and return the Company to a consistent growth trajectory with respect to our billable consultant base.”


The following information was filed by Mastech Digital, Inc. (MHH) on Wednesday, February 3, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Operations (parenthetical)
Consolidated Statements Of Shareholders' Equity
Business Combinations
Business Combinations (tables)
Business Combinations - Additional Information (detail)
Business Combinations - Schedule Of Valuation Of Net Assets Acquired (detail)
Business Combinations - Summary Of Source Of Funds (detail)
Business Combinations - Summary Of Unaudited Pro Forma Results Of Hudson It (detail)
Cash And Cash Equivalents
Cash And Cash Equivalents - Additional Information (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Schedule Of Minimum Future Rental Payments (detail)
Credit Facility
Credit Facility (tables)
Credit Facility - Additional Information (detail)
Credit Facility - Schedule Of Annual Aggregate Outstanding Debt (detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (tables)
Derivative Instruments And Hedging Activities - Additional Information (detail)
Derivative Instruments And Hedging Activities - Effect Of Derivative Instruments On Consolidated Statements Of Operations And Comprehensive Income (detail)
Derivative Instruments And Hedging Activities - Information On Location And Amounts Of Derivative Fair Values In Consolidated Balance Sheets (detail)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Additional Information (detail)
Discontinued Operations - Cash Flows Provided By (used In) Discontinued Operations (detail)
Discontinued Operations - Condensed Statements Of Operations Of Discontinued Operations (detail)
Discontinued Operations - Gain On Sale Of Healthcare Business (detail)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (detail)
Earnings Per Share - Basic And Diluted Eps Weighted-average Shares Outstanding (detail)
Earnings Per Share - Computation Of Basic Eps (detail)
Earnings Per Share - Computation Of Diluted Eps (detail)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Summary Of Financial Assets At Fair Value Measured On Recurring Basis (detail)
Goodwill And Other Intangible Assets - Additional Information (detail)
Goodwill And Other Intangible Assets - Components Of Goodwill And Other Intangible Assets (detail)
Goodwill And Other Intangible Assets - Reconciliation Of Goodwill (detail)
Goodwill And Other Intangible Assets - Schedule Of Estimated Amortization Expense (detail)
Goodwill And Other Intangible Assets, Net
Goodwill And Other Intangible Assets, Net (tables)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (detail)
Income Taxes - Components Of Income Before Income Taxes From Continuing Operations (detail)
Income Taxes - Provision For Income Taxes (detail)
Income Taxes - Reconciliation Of Income Taxes (detail)
Income Taxes - Unrecognized Tax Benefits Related To Uncertain Tax Positions (detail)
Quarterly Financial Information
Quarterly Financial Information (tables)
Quarterly Financial Information From Continuing Operations - Summary Of Quarterly Financial Information From Continuing Operations (detail)
Revenue Concentration
Revenue Concentration - Additional Information (detail)
Schedule Ii - Valuation And Qualifying Accounts (detail)
Schedule Ii-valuation And Qualifying Accounts
Severance Charges
Severance Charges - Additional Information (detail)
Shareholders' Equity
Shareholders' Equity - Additional Information (detail)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
Stock-based Compensation - Summary Of Information Regarding The Company's Outstanding And Exercisable Stock Options (detail)
Stock-based Compensation - Summary Of Mastech Performance Share Unit Activity (detail)
Stock-based Compensation - Summary Of Mastech Stock Option Activity (detail)
Stock-based Compensation - Summary Of Mastech's Restricted Stock Unit Activity (detail)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Estimated Useful Lives Of Depreciable Assets (detail)
Ticker: MHH
CIK: 1437226
Form Type: 10-K Annual Report
Accession Number: 0001193125-16-517521
Submitted to the SEC: Fri Mar 25 2016 6:22:15 AM EST
Accepted by the SEC: Fri Mar 25 2016
Period: Thursday, December 31, 2015
Industry: Management Consulting Services

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