Last10K.com

Mastech Digital, Inc. (MHH) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Mastech Digital, Inc.

CIK: 1437226 Ticker: MHH

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE:

Mastech Digital Reports 13% Organic Revenue Growth in Fourth Quarter 2019

Data & Analytics Segment Generates Record Revenues with 34% YOY Growth

PITTSBURGH, PA – February 5, 2020—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, 2019.

Fourth Quarter 2019 Highlights:

 

   

Total revenues increased 13% to $50.4 million, compared to revenues of $44.6 million in the 2018 fourth quarter;

 

   

The Company’s Data and Analytics Services segment reported record revenues for the third consecutive quarter;

 

   

The IT Staffing Services segment achieved revenue of $43.2 million, which represented growth of 10% compared to the fourth quarter of 2018;

 

   

GAAP diluted earnings per share were $0.20 in the fourth quarter of 2019 versus $0.08 in the 2018 fourth quarter; and

 

   

Non-GAAP diluted earnings per share were $0.26 in the fourth quarter of 2019 versus $0.16 in the 2018 fourth quarter.

Fourth Quarter Results:

Revenues for the fourth quarter of 2019 totaled $50.4 million compared to $44.6 million during the corresponding quarter last year. Gross profits in the fourth quarter of 2019 were $12.8 million, compared to $10.7 million in the same quarter of 2018. GAAP net income for the fourth quarter of 2019 totaled $2.3 million or $0.20 per diluted share, compared to $0.9 million or $0.08 per diluted share during the same period last year. Non-GAAP net income for the fourth quarter of 2019 was $2.9 million or $0.26 per diluted share, compared to $1.8 million or $0.16 per diluted share in the fourth quarter of 2018.

Activity levels at the Company’s Data and Analytics Services segment were especially strong during the quarter culminating in the signing of a number of significant orders with blue-chip customers in the financial services, pharmaceutical and healthcare verticals. Demand for the Company’s IT Staffing Services segment also remained positive during the quarter, despite the high seasonal assignment completions at year-end.

Full Year Results:

Revenues for the full year of 2019 totaled $193.6 million compared to $177.2 million in 2018, an increase of 9% for the year. Gross profits for 2019 totaled $48.0 million or 24.8% of total revenues, compared to $42.5 million or 24.0% of total revenues in 2018. GAAP net income for 2019 was $11.1 million or $0.99 per diluted share, compared to $6.7 million or $0.60 per diluted share in 2018. Non-GAAP net income for 2019 totaled $9.3 million or $0.82 per diluted share, compared to $8.2 million or $0.74 per diluted share in 2018.

“I am very pleased with Mastech Digital’s performance in the fourth quarter as well as the full year 2019,” said Vivek Gupta, the Company’s President and Chief Executive Officer. “Both of our business segments performed very well during the fourth quarter, growing revenues, expanding gross margins and increasing operating profits. What I am particularly happy to announce is that our Data and Analytics Services segment had an outstanding quarter with respect to scaling the pipeline of opportunities and winning several multi-year multi-million dollar orders. With the continued positive momentum in both business segments, I am looking forward to a strong 2020 for Mastech Digital.”


The following information was filed by Mastech Digital, Inc. (MHH) on Wednesday, February 5, 2020 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.

View differences made from one year to another to evaluate Mastech Digital, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Mastech Digital, Inc..

Continue

Assess how Mastech Digital, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Mastech Digital, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
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
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 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 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)
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)
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) - Summary Of Accumulated Other Comprehensive Income (Loss) (Detail)
Other Comprehensive Income (Loss) (Tables)
Quarterly Financial Information
Quarterly Financial Information (Tables)
Quarterly Financial Information From Continuing Operations - Summary Of Quarterly Financial Information From Continuing Operations (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 (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's Restricted Stock Unit Activity (Detail)
Subsequent Event
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: 0001193125-20-090186
Submitted to the SEC: Mon Mar 30 2020 8:43:23 AM EST
Accepted by the SEC: Mon Mar 30 2020
Period: Tuesday, December 31, 2019
Industry: Management Consulting Services

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/mhh/0001193125-20-090186.htm