Mastech Holdings Inc.'s clients are spending less these days on information technology staffing, and the cutbacks are deeper among clients in the financial services industry, Mastech CEO Steven Shangold said Thursday.
Shangold hosted the company's first investor conference call yesterday, after Mastech reported net income $1.16 million, or 32 cents a share, down from $1.39 million, or 39 cents, a year ago. Robinson-based Mastech completed its spinoff from iGate Corp. on Oct. 1.
Mastech's revenue for the three months ended Sept. 30 was $24.1 million, compared to $25.6 million a year ago.
Early this year, iGate announced plans to divest Mastech as its professional services segment, in order to focus on its worldwide businesses. The Findlay-based company's Global Solutions outsourcing unit in India generates much of its revenue.
Mastech, which had been part of iGate since 2000, has been hurt by the nationwide economic downturn, Shangold said, but the company will focus on providing excellent service and controlling costs. The company secured a $10 million revolving credit line with PNC Bank last month.
With that strategy, "we will be in a stronger position to create value for our shareholders, as market conditions improve," he said.
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