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Mastech Holdings 2nd-quarter Profit Sinks 77 Pct

PITTSBURGH (AP) ¿ Mastech Holdings Inc. reported Thursday that its profit dropped nearly 77 percent in the second quarter on weak revenue.

The information technology consulting company said it earned $256,000, or 7 cents per share for the quarter ended June 30, down from $1.1 million, or 30 cents per share, earned last year.

The company also suffered by comparison to the prior quarter, which had a 7-cent-per-share benefit from income tax benefits.

Revenue fell 28 percent to $17.7 million from $24.4 million in the prior year.

Mastech CEO Thomas Moran said the company is seeing signs of market stabilization from the first quarter and the company is focused on high-margin business and market opportunities, including possible acquisitions, as it moves forward.

Shares of Mastech fell 24 cents, or 5.9 percent, to $3.81 in afternoon trading. The stock has traded between $1 and $9.75 over the past 12 months, and is up 70 percent since the start of the year.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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