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Mastech Holdings, Inc. Reports Second Quarter 2013 Results 4912

Wall Street Resources

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Daily Notes:
7/31/2013

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***Headline News***


Mastech Holdings, Inc. Reports Second Quarter 2013 Results

PITTSBURGH, July 24, 2013 /PRNewswire/ — Mastech Holdings, Inc. (NYSE MKT: MHH), a national provider of Information Technology and Specialized Healthcare staffing services, announced today its financial results for the second quarter ended June 30, 2013.

Second Quarter Results:

Revenues for the second quarter of 2013 totaled $28.9 million, which represented a 14% increase over the corresponding quarter last year and a 7% improvement over first quarter 2013 results. Gross profit in the second quarter of 2013 was $5.5 million compared to $4.8 million in the second quarter of 2012. Consolidated net income for the second quarter 2013 totaled $789,000 or $0.23 per diluted share, compared to $458,000 or $0.14 per diluted share, during the same period last year.

Demand for our IT staffing services was solid in the current quarter and largely in-line with activity levels of a quarter ago. Market conditions in the healthcare staffing business were steady; however, higher than expected assignment ends in our travel nursing business negatively impacted revenues during the quarter. Gross margins in the second quarter of 2013 were 18.9%, which were slightly below gross margins of 19.1% reported a year earlier, but represented an improvement over first quarter 2013 gross margins of 18.1%.

Kevin Horner, Mastech's Chief Executive Officer stated, We are pleased to deliver another quarter of both operational progress and sequential improvement to our financial results. During the quarter, we were able to increase our IT billable consultant-base by 9% and sequentially grew revenues by 7% despite some headwinds in our travel nursing business. Operationally, we are now generating a return on our focused investments made to our recruiting organization. Commercially, we are beginning to see gross margin expansion as our sales organization takes a more disciplined approach in securing new assignments.

Commenting on the Company's financial position, Jack Cronin, Chief Financial Officer, stated, Our financial position at June 30, 2013 remains strong, with over $14 million of available borrowing capacity under our existing credit facility. During the quarter we continued to invest in operating working capital to support revenue growth. At June 30, 2013 our Days Sales Outstanding measurement stood at 52 days, which is an indication of our high-quality accounts receivables and predictable cash conversion metrics.

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