Pittsburgh-based Mastech Holdings Inc. is a nationwide provider of information technology and specialized healthcare staffing services to hospitals and other healthcare facilities. The company announced its financial results for the first quarter ended March 31, 2011.
Revenues for the period came in at $19.9 million and represented a 27 percent increase over the corresponding quarter of 2010. Gross profit for the first quarter of 2011 totaled $3.8 million or approximately $800,000 above the gross profit for the first quarter of last year. Consolidated net income for the first quarter of 2011 totaled $37,000 or $0.01 per diluted share versus last year’s figure of $63,000 or $0.02 per diluted share.
Demand for Mastech’s IT staffing services remained solid in the first quarter as the company increased its billable consultant headcount by 3.5 percent and established IT branch operations in Chicago. According to Mastech, market conditions in the healthcare industry continue to show signs of improvement. It was this improvement which led to the company achieving sequential revenue growth for the third consecutive quarter.
Mastech’s balance sheet remains strong with $4.8 million of cash on hand and no outstanding bank debt. The company also has access to $8.7 million of credit under its existing revolving credit facility. For additional information on Mastech Holdings, please visit its website at www.mastech.com.
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