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Mastech Digital, Inc. (MHH) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Mastech Digital, Inc.

CIK: 1437226 Ticker: MHH

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Exhibit 99.1

FOR IMMEDIATE RELEASE:

Mastech Digital Reports Strong Second Quarter 2020 Results, Despite COVID-19

Net Income Significantly Benefited from Austerity Measures

PITTSBURGH, PA – July 29, 2020 - 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, 2020.

Second Quarter 2020 Highlights:

 

   

Total revenues declined 2% to $47.6 million, compared to revenues of $48.5 million in the 2019 second quarter, reflecting the impact of COVID-19;

 

   

The Company’s Data and Analytics Services segment reported $6.8 million of revenues, which represented a 2% increase compared to the second quarter of 2019;

 

   

The IT Staffing Services segment achieved revenue of $40.8 million, which represented a decline of approximately 2% compared to a year earlier;

 

   

Gross margins grew to a record 26.6%, which was 170 basis points higher than the second quarter of 2019;

 

   

GAAP diluted earnings per share were $0.25 in the second quarter of 2020 versus $0.53 in the 2019 second quarter. The 2019 second quarter included a favorable $6.1 million pretax benefit for the revaluation of a contingent consideration liability which favorably impacted GAAP diluted earnings per share by $0.40; and

 

   

Non-GAAP diluted earnings per share were $0.33 in the second quarter of 2020 versus $0.20 in the 2019 second quarter.

Mastech’s Response to COVID-19:

Vivek Gupta, the Company’s President and Chief Executive Officer, stated, I am pleased to say that the revenue decline was smaller than anticipated; and that our proactive actions, such as moving our entire workforce to a work-from-home model, instituting balanced austerity measures, and resisting temporary pricing pressures, allowed us to largely eliminate any negative impact on our gross margins and operating profits during the second quarter of 2020. Additionally, I believe our approach to date in responding to the crisis will serve us well in preparation for a future economic recovery.”

Second Quarter Results:

Revenues for the second quarter of 2020 totaled $47.6 million compared to $48.5 million during the corresponding quarter last year. Gross profits in the second quarter of 2020 were $12.7 million, higher than the $12.1 million in the same quarter of 2019, despite lower revenues in the 2020 period. Gross margins in the second quarter of 2020 were a record 26.6% or 170-basis points higher than gross margins in the second quarter of 2019. GAAP net income for the second quarter of 2020 totaled $3.0 million or $0.25 per diluted share, compared to $6.0 million or $0.53 per diluted share during the same period last year. It should be noted that the second quarter of 2019 results benefited from a $6.1 million pretax revaluation of a contingent consideration liability. Non-GAAP net income for the second quarter of 2020 was $3.9 million or $0.33 per diluted share, compared to $2.2 million or $0.20 per diluted share in the second quarter of 2019.


The following information was filed by Mastech Digital, Inc. (MHH) on Wednesday, July 29, 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-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 - 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 - 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
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: 0001193125-20-212453
Submitted to the SEC: Fri Aug 07 2020 7:01:15 AM EST
Accepted by the SEC: Fri Aug 07 2020
Period: Tuesday, June 30, 2020
Industry: Management Consulting Services

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