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Mastech Digital, Inc. (MHH) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Mastech Digital, Inc.

CIK: 1437226 Ticker: MHH

Exhibit 99.1

 

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FOR IMMEDIATE RELEASE:

Mastech Digital Reports Double-Digit Fourth Quarter Growth and Full Year 2017 Results

2017 Revenues grow by 12% year over year: Steady growth in digital revenues

PITTSBURGH, PA – February 7, 2018 - Mastech Digital, Inc. (NYSE American: MHH), a leading provider of Digital Transformation IT Services, announced today its financial results for the fourth quarter and full year ended December 31, 2017.

Fourth Quarter 2017 Highlights:

 

    Revenues increased 25% to a total of $40.5 million, compared to revenues of $32.4 million in the 2016 fourth quarter;

 

    The Company’s data and analytics services segment, acquired on July 13, 2017, experienced 26% growth over the third quarter 2017’s reported revenues and contributed $5.1 million of revenues during the quarter;

 

    The number of billable consultants at year-end 2017 grew to 983 in the Company’s IT staffing services segment - 12% higher than year-end 2016;

 

    GAAP diluted earnings per share were $0.16 versus $0.14 in the 2016 fourth quarter and included a $0.07 loss related to the effect of recent tax reforms in the U.S.;

 

    Non-GAAP diluted earnings per share were $0.32 versus $0.19 in the 2016 fourth quarter.

Fourth Quarter Results:

Revenues for the fourth quarter of 2017 totaled $40.5 million compared to $32.4 million during the corresponding quarter last year. Gross profit in the fourth quarter of 2017 was $9.5 million, compared to $6.4 million in the fourth quarter of 2016. GAAP net income for the fourth quarter of 2017 totaled $865,000 or $0.16 per diluted share and included $372,000 of income tax expense related to U.S. tax reform, compared to $640,000 or $0.14 per diluted share during the same period last year. Non-GAAP net income for the fourth quarter of 2017 was $1.7 million or $0.32 per diluted share, compared to $841,000 or $0.19 per diluted share in the fourth quarter of 2016.

Activity levels at the Company’s data and analytics services segment, acquired in July 2017, were up from the previous quarter, as revenues for the fourth quarter 2017 improved significantly over revenues reported in the third quarter of 2017. Demand for the Company’s IT staffing services remained robust during this quarter and largely offset the expected higher level of assignment ends that the Company experiences during the fourth quarter as compared to other quarterly periods.


The following information was filed by Mastech Digital, Inc. (MHH) on Wednesday, February 7, 2018 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 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 Fair Value Of Consideration For Acquired Business (detail)
Business Combinations - Summary Of Fair Value Of Consideration For Acquired Business (parenthetical) (detail)
Business Combinations - Summary Of Source Of Funds (detail)
Business Combinations - Summary Of Unaudited Pro Forma Results (detail)
Business Segments And Geographic Information
Business Segments And Geographic Information (tables)
Business Segments And Geographic Information - Additional Information (detail)
Business Segments And Geographic Information - Summary Of Assets By Segment (detail)
Business Segments And Geographic Information - Summary Of Operating Segments (detail)
Business Segments And Geographic Information - Summary Of Revenue From External Customers (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 Condensed Consolidated Balance Sheets (detail)
Derivative Instruments And Hedging Activities - Information On Location And Amounts Of Derivative Fair Values In Condensed Consolidated Balance Sheets (parenthetical) (detail)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (detail)
Earnings Per Share - Computation Of Basic Eps (detail)
Earnings Per Share - Computation Of Diluted Eps (detail)
Earnings Per Share - Schedule Of Denominators Of Basic And Diluted Eps Computations (detail)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Summary Of Financial Assets And (liabilities) At Fair Value Measured On Recurring Basis (detail)
Goodwill And Other Intangible Assets - Additional Information (detail)
Goodwill And Other Intangible Assets - Components Of Identifiable 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 (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 Assumptions With Respect To The Black-scholes Option Pricing Model (detail)
Stock-based Compensation - Summary Of Company's Stock Option Activity (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's Restricted Stock Unit Activity (detail)
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: 0001193125-18-093873
Submitted to the SEC: Fri Mar 23 2018 1:47:10 PM EST
Accepted by the SEC: Fri Mar 23 2018
Period: Sunday, December 31, 2017
Industry: Management Consulting Services

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