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

Mastech Digital, Inc.

CIK: 1437226 Ticker: MHH

Exhibit 99.1

 

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FOR IMMEDIATE RELEASE:

Mastech Digital Reports 12% Organic Revenue Growth in Third Quarter 2019

Data & Analytics Segment Generates Record Revenues for the Second Consecutive Quarter

PITTSBURGH, PA—October 29, 2019—Mastech Digital, Inc. (NYSE American: MHH), a leading provider of Digital Transformation IT Services, announced today its financial results for the third quarter ended September 30, 2019.

Third Quarter 2019 Highlights:

 

   

Total revenues increased 12% to $49.5 million, compared to revenues of $44.3 million in the 2018 third quarter;

 

   

The Company’s data and analytics services segment reported record quarterly revenues for the second consecutive quarter; Revenues of $7.1 million, represented 22% growth over the same quarter last year and a 6% sequential increase over Q-2 2019;

 

   

The IT staffing segment achieved revenue growth of 10% compared to the third quarter of 2018; Consultant headcount increased by 84 consultants, the Company’s largest quarterly increase since going public in 2008;

 

   

GAAP diluted earnings per share were $0.17 in the third quarter of 2019 versus $0.14 in the 2018 third quarter;

 

   

Non-GAAP diluted earnings per share were $0.23 in the third quarter of 2019 versus $0.20 in the 2018 third quarter;

 

   

Bank debt was reduced by $5.8 million during the quarter.

Third Quarter Results:

Revenues for the third quarter of 2019 totaled $49.5 million compared to $44.3 million during the corresponding quarter last year. Gross profits in the third quarter of 2019 were $12.3 million, compared to $10.7 million in the same quarter of 2018. GAAP net income for the third quarter of 2019 totaled $1.9 million or $0.17 per diluted share, compared to $1.6 million or $0.14 per diluted share during the same period last year. Non-GAAP net income for the third quarter of 2019 was $2.6 million or $0.23 per diluted share, compared to $2.2 million or $0.20 per diluted share in the third quarter of 2018. Activity levels at both of the Company’s business segments were strong during the quarter.

Commenting on the quarterly performance, Vivek Gupta, President and CEO, Mastech Digital, said, “This clearly has been our best quarter in many ways. I am pleased with the performance of both our business units. Our data and analytics segment reported record revenues, with an expanded pipeline and strong gross margins of 46%. Despite investments made to our operating cost structure, we saw a 15% improvement in our year-on-year operating profits. We continue to grow faster than the industry average in our IT staffing business, with a revenue growth of 10%, operating profit growing at 13% and with expanded gross margins, on a year-on-year basis.”

Commenting on the Company’s financial position, Jack Cronin, Mastech Digital’s Chief Financial Officer, stated, “During the quarter, we reduced bank debt by $5.8 million. For the nine months ended September 30, 2019, we lowered bank debt by $11.7 million with cash flows generated from operations. At quarter-end, we had approximately $17.2 million of borrowing capacity available to us under our revolving credit line.”


The following information was filed by Mastech Digital, Inc. (MHH) on Tuesday, October 29, 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

Cover Page
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)

Material Contracts, Statements, Certifications & more

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

Ticker: MHH
CIK: 1437226
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-19-287806
Submitted to the SEC: Fri Nov 08 2019 7:02:02 AM EST
Accepted by the SEC: Fri Nov 08 2019
Period: Monday, September 30, 2019
Industry: Management Consulting Services

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