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Mastech Digital, Inc. (MHH) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Mastech Digital, Inc.

CIK: 1437226 Ticker: MHH

Exhibit 99.1

 

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FOR IMMEDIATE RELEASE:

Mastech Digital Reports Double-Digit Growth in Fourth Quarter and Full Year 2018

2018 Revenues up 20% year over year: Strong growth in digital technologies

PITTSBURGH, PA – February 12, 2019 - 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, 2018.

Fourth Quarter 2018 Highlights:

 

   

Revenues increased 10% to $44.6 million, compared to revenues of $40.5 million in the 2017 fourth quarter;

 

   

The Company’s data and analytics services segment, acquired on July 13, 2017, reported revenues of $5.4 million, compared to revenues of $5.1 million in the corresponding quarter of 2017;

 

   

The IT staffing segment achieved organic revenue growth of 11% during the fourth quarter of 2018, compared to the fourth quarter of 2017;

 

   

The number of billable consultants at year-end 2018 grew to 1,100 in the Company’s IT staffing services segment - 12% higher than year-end 2017;

 

   

GAAP diluted earnings per share were $0.08 versus $0.08 in the 2017 fourth quarter;

 

   

Non-GAAP diluted earnings per share were $0.16 versus $0.16 in the 2017 fourth quarter.

Fourth Quarter Results:

Revenues for the fourth quarter of 2018 totaled $44.6 million, compared to $40.5 million during the corresponding quarter last year. Gross profit in the fourth quarter of 2018 was $10.7 million, compared to $9.5 million in the same quarter of 2017. GAAP net income for the fourth quarter of 2018 totaled $874,000 or $0.08 per diluted share, compared to $865,000 or $0.08 per diluted share during the same period last year. Non-GAAP net income for the fourth quarter of 2018 was $1.8 million or $0.16 per diluted share, compared to $1.7 million or $0.16 per diluted share in the fourth quarter of 2017.

Activity levels at the Company’s data and analytics services segment were up from the previous quarter, and revenues for the fourth quarter of 2018 improved by $245,000 over revenues reported in the fourth quarter of 2017. Demand for the Company’s IT staffing services remained strong during the quarter and more than offset the expected higher level of seasonal assignment ends that the Company experiences during the fourth quarter.


The following information was filed by Mastech Digital, Inc. (MHH) on Tuesday, February 12, 2019 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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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 Consolidated Balance Sheets (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 - Additional Information (Detail)
Fair Value Measurements - Schedule Of Changes In Level 3 Fair Values For Contingent Consideration Liability (Detail)
Fair Value Measurements - Summary Of Financial Assets (Liabilities) At Fair Value Measured On Non-Recurring Basis (Detail)
Fair Value Measurements - Summary Of Financial Assets (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 From Contract With Customer - Additional Information (Detail)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Summary Of Disaggregation Of Our Revenues By Contract Type And Operating Segment (Detail)
Revenue From Contracts With Customers - Summary Of Revenue From External Customers (Detail)
Schedule Ii-Valuation And Qualifying Accounts
Schedule Ii-Valuation And Qualifying Accounts (Detail)
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: 0001193125-19-091669
Submitted to the SEC: Fri Mar 29 2019 8:01:53 AM EST
Accepted by the SEC: Fri Mar 29 2019
Period: Monday, December 31, 2018
Industry: Management Consulting Services

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