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

PITTSBURGH, PA – July 31, 2019 - Mastech Digital, Inc. (NYSE American: MHH), a leading provider of Digital Transformation IT Services, announced today its financial results for the second quarter ended June 30, 2019.

Second Quarter 2019 Highlights:

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Total revenues increased 8% to $48.5 million, compared to revenues of $44.9 million in the 2018 second quarter;

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The Company’s data and analytics services segment reported record quarterly revenues of $6.7 million, representing 9% growth over the same quarter last year and a 15% sequential increase over our last quarter;

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The IT staffing segment achieved organic revenue growth of 8% during the second quarter of 2019 compared to the second quarter of 2018 and a 6% sequential increase over our last quarter;

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GAAP diluted earnings per share were $0.53 in the second quarter of 2019 versus $0.25 in the 2018 second quarter; the current quarter benefited by a $6.1 million pretax revaluation of a contingent consideration liability;

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Non-GAAP diluted earnings per share were $0.20 in the second quarter of 2019 compared to $0.21 in the 2018 second quarter;

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Bank debt, less cash balances on hand, was reduced by $7.6 million during the quarter, as cash conversion issues related to system implementation disruptions materially improved.

Second Quarter Results:

Revenues for the second quarter of 2019 totaled $48.5 million compared to $44.9 million during the corresponding quarter last year. Gross profit in the second quarter of 2019 was $12.1 million, compared to $10.9 million in the same quarter of 2018. GAAP net income for the second quarter of 2019 totaled $6.0 million or $0.53 per diluted share, compared to $2.8 million or $0.25 per diluted share during the same period last year. Non-GAAP net income for the second quarter of 2019 was $2.2 million or $0.20 per diluted share, compared to $2.3 million or $0.21 per diluted share in the second quarter of 2018. Activity levels at the Company’s data and analytics services segment continued to strengthen from the previous quarter and revenues in the second quarter of 2019 increased by approximately $0.9 million over revenues reported in the first quarter of 2019. This 15% sequential growth reflected an increase in activity levels for the third consecutive quarter. Demand for the Company’s IT staffing services also remained strong during the quarter.

“I am extremely pleased with the performance of our data and analytics segment, which once again showed healthy sequential growth on the strength of continued pipeline expansion and project wins,” commented Vivek Gupta, Mastech Digital’s Chief Executive Officer. “During the quarter, we significantly enlarged our services stack and hired several key executives, and I am happy to say that we are already seeing payback from these investments. Going forward, we will continue to invest, in a disciplined manner, to capitalize on the bullish conditions that we are seeing in the marketplace. Our IT staffing segment continued to deliver above industry average growth, at higher gross margins, as we continue our focus on digital technologies,” Mr. Gupta added.

The following information was filed by Mastech Digital, Inc. (MHH) on Wednesday, July 31, 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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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: 0001193125-19-217406
Submitted to the SEC: Fri Aug 09 2019 7:02:11 AM EST
Accepted by the SEC: Fri Aug 09 2019
Period: Sunday, June 30, 2019
Industry: Management Consulting Services

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