Mastech Digital, Inc. (MHH) 10-Q Quarterly Report May 2019

PITTSBURGH, PA – May 1, 2019 - Mastech Digital, Inc. (NYSE American: MHH), a leading provider of Digital Transformation IT Services, announced today its financial results for the first quarter ended March 31, 2019.

First Quarter 2019 Highlights:

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Total revenues increased 4% to $45.2 million, compared to revenues of $43.3 million in the 2018 first quarter;

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The Company’s data and analytics services segment reported revenues of $5.8 million, compared to revenues of $6.6 million in first quarter 2018, but exceeded fourth quarter 2018 revenues of $5.4 million - as pipeline and project wins increased;

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The IT staffing segment achieved organic revenue growth of 7% during the first quarter of 2019, compared to the first quarter of 2018;

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The number of billable consultants at March 31, 2019 grew to 1,116 in the Company’s IT staffing services segment – the fifth consecutive quarter of headcount expansion;

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GAAP diluted earnings per share were $0.09 versus $0.12 in the 2018 first quarter;

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Non-GAAP diluted earnings per share were $0.15 versus $0.18 in the 2018 first quarter.

First Quarter Results:

Revenues for the first quarter of 2019 totaled $45.2 million compared to $43.3 million during the corresponding quarter last year. Gross profit in the first quarter of 2019 was $10.8 million, compared to $10.2 million in the same quarter of 2018. GAAP net income for the first quarter of 2019 totaled $1.0 million or $0.09 per diluted share, compared to $1.4 million or $0.12 per diluted share during the same period last year. Non-GAAP net income for the first quarter of 2019 was $1.6 million or $0.15 per diluted share, compared to $2.0 million or $0.18 per diluted share in the first quarter of 2018.

Activity levels at the Company’s data and analytics services segment were up from the previous quarter, and revenues for the first quarter of 2019 increased by approximately $0.4 million over revenues reported in the fourth quarter of 2018. This 7% sequential growth reflected more pipeline opportunities and a better project win ratio. Demand for the Company’s IT staffing services remained strong during the quarter as we grew our consultants on billing for the fifth consecutive quarter.

“I am happy to state that our Data and Analytics segment is once again showing sequential growth - thanks to accelerated positive momentum in terms of pipeline expansion and project wins”, commented Vivek Gupta, Mastech Digital’s Chief Executive Officer. “We continue to see positive developments in this segment, including the recent appointment of industry veteran Paul Burton as its Chief Executive. Our IT staffing segment continued to deliver above industry average growth at higher gross margins, on the strength of our focus on digital technologies” he added.

The following information was filed by Mastech Digital, Inc. (MHH) on Wednesday, May 1, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Mastech Digital, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: MHH
CIK: 1437226
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-19-146182
Submitted to the SEC: Tue May 14 2019 10:57:02 AM EST
Accepted by the SEC: Tue May 14 2019
Period: Sunday, March 31, 2019
Industry: Management Consulting Services

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Mastech Digital, Inc. (MHH) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

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