Mastech Digital, Inc. (MHH) 10-K Annual Report March 2020

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:

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

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

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

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

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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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 4.3: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.18: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

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-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

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

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