Connecting to LinkedIn...

Blank

Mastech Holdings, Inc. Reports Third Quarter 2015 Results

Third Quarter 2015 Highlights:

Revenues totaled $34.6 million, compared to $28.6 million in the 2014 third quarter

Gross profit margins increased to 19.9% from 18.3% in the third quarter of 2014

Non-GAAP diluted earnings per share were $0.25 versus $0.21 in the 2014 third quarter

GAAP diluted earnings per share were $0.20 versus $0.20 in the 2014 third quarter.

Third Quarter Results:

Revenues for the third quarter of 2015 totaled $34.6 million compared to $28.6 million during the corresponding quarter last year.  Gross profit in the third quarter of 2015 was $6.9 million, compared to $5.2 million in the third quarter of 2014. GAAP net income for the third quarter of 2015 totaled $887,000, compared to $879,000 during the same period last year.  Non-GAAP net income for the third quarter of 2015 was $1.1 million, compared to $956,000 in the third quarter of 2014.  GAAP diluted earnings per share were $0.20 in the 2015 third quarter, compared to $0.20 in the third quarter of 2014.  Non-GAAP diluted earnings per share were $0.25 in the third quarter of 2015, compared to $0.21 for the corresponding period in 2014.

Demand for the Company's staffing services was up from the previous quarter as we worked Hudson IT client activity for the first full quarter since our June 2015acquisition. Gross margins in the third quarter of 2015 were 19.9%, representing a significant increase from both the previous quarter's 18.8% gross margin results, and the 18.3% gross margins for the corresponding period in 2014.

Commenting on the Company's third quarter 2015, Kevin Horner, Mastech's Chief Executive Officer, stated, "Third quarter's financial performance reflected the first full quarter of Hudson IT's operating results, an acquisition that we completed in June 2015.  In addition to adding scale to Mastech, the merits of this business combination can be clearly seen in our overall revenue and gross margin performance as well as our overall profitability."   

Jack Cronin, Mastech's Chief Financial Officer, stated, "As of September 30, 2015 we had bank debt, net of cash balances on hand, of $15.6 million and approximately $8.5 million of borrowing capacity available to us under our revolving credit line.  Our net bank debt position increased by $2.2 million during the quarter and reflected an investment in operating working capital of $3.5 million, largely related to the Hudson IT acquisition."

Tags:

Articles similar to

Articles similar to