Mastech Corp, one of the fastest-growing players in the technology services industry, has reported third-quarter results that reveal a thriving business. The Pittsburgh-based company posted net income that surged 124% to $10.2m, or $0.20 per share, on revenue that jumped 61% to $103.4m. Both top and bottom lines beat Wall Street estimates of $96m and $0.18. For the nine-month period, net income rose 107.3% to $22.9m, or $0.46 per share, on revenue up 64.8% at $277.6m. Operating income for the quarter rose to $15m, from $7.3m a year ago, while gross margins improved to 33.5% from 30.7% in the year-ago quarter. The company says it’s made great strides in becoming a truly global full service provider, which now boasts 2,100 technical consultants, or 47% of its staff, working outside of the US. That number is up from zero three years ago. It now runs 26 offices in 10 countries. Mastech also announced that it’s just acquired IMIS Inc, a $23m services firm which specializes in the financial and banking sector. Terms of the cash transaction were not divulged, but it will be accounted for as a purchase and is expected to be accretive to earnings. Mastech says it will continue hunting for well-managed services companies, and would like to beef up its offerings in the areas of e-commerce and ERP implementations.
