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Mastech Holdings, Inc. Reports Second Quarter 2011 Results

PITTSBURGH July 27, 2011 June 30, 2011

http://photos.prnewswire.com/prnh/20100507/NE01385LOGO

Second Quarter Results:

$22.1 million $4.4 million $1.1 million $382,000 $0.10 $109,000 $0.03

Demand for our IT staffing services increased during the second quarter of 2011 as we grew our billable consultant headcount by 12.3%. Market conditions in healthcare continue to show some signs of improvement and we were able to achieve sequential revenue growth for the fourth consecutive quarter.

Thomas Moran

Jack Cronin $5.3 million $9.3 million

July 27, 2011 www.mastech.com August 3, 2011

About Mastech Holdings, Inc.:

Leveraging the power of over 20 years of IT experience, Mastech (NYSE Amex: MHH) provides Information Technology Staffing services in the disciplines which drive today’s business operations and Specialized Healthcare Staffing services to hospitals and other healthcare facilities.  More information about Mastech can be found at Mastech’s website: www.mastech.com .

Forward-Looking Statements:

December 31, 2010

MASTECH HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(unaudited)

June 30,

December 31,

2011

2010

ASSETS

Current assets:

    Cash and cash equivalents

$   5,333

$            6,334

    Accounts receivable, net

11,702

9,721

    Prepaid and other current assets

564

1,395

    Deferred income taxes

220

177

          Total current assets

17,819

17,627

Equipment, enterprise software and leasehold improvements, net

187

185

Goodwill and intangible assets, net

478

498

Investment in unconsolidated affiliate

3

5

Deferred income taxes

115

82

          Total  assets

$ 18,602

$          18,397

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

    Accounts payable

$   2,202

$            2,695

    Accrued payroll and related costs

3,328

3,024

    Deferred revenue and other liabilities

274

330

          Total current liabilities

5,804

6,049

          Total liabilities

5,804

6,049

Shareholders’ equity:

    Common stock, par value $0.01 per share

37

37

    Additional paid-in capital

10,123

9,962

    Retained earnings

2,768

2,349

    Treasury stock, at cost

(130)

         Total shareholders’ equity

12,798

12,348

          Total liabilities and shareholders’ equity

$ 18,602

$          18,397

MASTECH HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

(unaudited)

Three Months ended June 30,

Six Months ended June 30,

2011

2010

2011

2010

Revenues

$ 22,115

$ 16,920

$ 42,016

$ 32,637

Cost of revenues

17,677

13,556

33,734

26,198

Gross profit

4,438

3,364

8,282

6,439

Selling, general and administrative

3,817

3,175

7,595

6,137

Income from operations

621

189

687

302

Other income/(expense), net

(7)

(8)

(14)

(14)

Income before income taxes

614

181

673

288

Income tax expense

232

72

254

116

Net income

$      382

$      109

$      419

$      172

Earnings per share:

Basic

$     0.10

$     0.03

$     0.11

$     0.05

Diluted

$     0.10

$     0.03

$     0.11

$     0.05

Weighted average common shares outstanding:

Basic

3,673

3,676

3,682

3,655

Diluted

3,755

3,749

3,777

3,739

SOURCE Mastech Holdings, Inc.

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