Mastech Holdings reports Q4 & full year 2013 results
Fourth Quarter 2013 Financial Highlights:
• 21% Year-Over-Year Revenue Growth
• Expansion of the Company's Consultant-base for the 4th Consecutive Quarter
• 23% Year-Over-Year Increase in Operating Profits from Continuing Operations.
Full Year 2013 Financial Highlights:
• Record Earnings of $0.75 Per Diluted Share from Continuing Operations Total Diluted Earnings Per Share of $0.88
• 18% Year-Over-Year Revenue Growth
• Consultant-base Expansion of 17%
• 57% Year-Over-Year Increase in Operating Profits from Continuing Operations.
Fourth Quarter Results:
Revenues from continuing operations for the fourth quarter of 2013 totaled $28.5 million and represented a 21% increase over the corresponding quarter last year. Gross profit from continuing operations in the fourth quarter of 2013 was $5.4 million compared to $4.5 million in the fourth quarter of 2012. Consolidated net income from continuing operations for the fourth quarter 2013 totaled $961,000 or $0.22 per diluted share, compared to $744,000 or $0.18 per diluted share, during the same period last year. The earnings per share numbers for both periods have been adjusted to reflect the Company's November 2013 five-for-four stock split.
Demand for the company's staffing services was solid during the fourth quarter, despite some activity disruptions due to the holiday season. Accordingly, the Company was able to grow its billable consultant-base for the 4th consecutive quarter and nine of the last ten quarters. Gross margins from continuing operations in the fourth quarter of 2013 were 19.1%, in-line with gross margins reported a year earlier.
Commenting on the company's fourth quarter 2013 performance, Kevin Horner, Mastech's chief executive officer stated, "We are pleased to deliver financial results that included strong revenue growth, the continued expansion of our billable consultant-base and increases in operating profits. While income from operations grew at a respectable 23% in the fourth quarter of 2013 from a year earlier, these results included additional operating expenses related to the early vesting of equity shares via the attainment of performance targets and the decision to institute a year-end 'appreciation bonus' for our tenured employees, linked to and paid on the same day as we paid the