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.
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