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Mastech Digital, Inc. (MHH) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Mastech Digital, Inc.

CIK: 1437226 Ticker: MHH

Exhibit 99.1

 

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FOR IMMEDIATE RELEASE:

Mastech Digital Reports 8% Revenue Growth in Second Quarter 2019

Data & Analytics Segment Generates Record Revenues

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:

 

   

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

 

   

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;

 

   

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;

 

   

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;

 

   

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

 

   

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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Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
Condensed Consolidated Statements Of Shareholders' Equity
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)
Commitments And Contingencies
Credit Facility
Credit Facility - Additional Information (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)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Policies)
Earnings Per Share
Earnings Per Share - Additional Information (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 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 - Components Of Identifiable Intangible Assets (Detail)
Goodwill And Other Intangible Assets, Net
Goodwill And Other Intangible Assets, Net (Tables)
Goodwill And Other Intangible Assets, Net - Additional Information (Detail)
Goodwill And Other Intangible Assets, Net - Reconciliation Of Goodwill (Detail)
Goodwill And Other Intangible Assets, Net - Schedule Of Estimated Amortization Expense (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (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)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Schedule Of Future Minimum Rental Payments For Operating Leases (Detail)
Leases - Summary Of Balance Sheet Classification Of Lease Asset And Related Lease Liability (Detail)
Recently Issued Accounting Standards
Recently Issued Accounting Standards - Additional Information (Detail)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Additional Information (Detail)
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)
Shareholders' Equity
Shareholders' Equity - Additional Information (Detail)
Stock-Based Compensation
Stock-Based Compensation - Additional Information (Detail)

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

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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