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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: Jenna who wrote (38340)	5/5/1999 8:57:00 PM
From: Jenna	Respond to of 120523

Mastech Reports 45% Revenue Growth and 64% Earnings Per Share Growth For First Quarter 1999 (beats by 1 cent) PITTSBURGH, May 5 /PRNewswire/ -- Mastech Corporation (Nasdaq: MAST - news), a global provider of high value information technology services, today announced record revenues and net income for the quarter which ended March 31, 1999. All financial results presented include the results of Mastech's acquisition of the Amber Group on January 5, 1999, which was accounted for as a pooling of interests. Revenues for the first quarter of 1999 were a record $121.4 million, a 45% increase compared to revenue of $83.7 million for the same period in 1998. Excluding one-time merger related expenses of $1.7 million, income for the first quarter of 1999 was a record $11.5 million or $.23 per diluted share which represented a per diluted share increase of 64% compared to net income of $7.0 million or $.14 per diluted share in the same period a year ago. After one-time merger related expenses net income increased to $10.1 million or $.20 per diluted share, which represents a 45% increase over 1998 net income. The Company's gross profit and income from operations continue to improve significantly. Gross profit increased to 32.8% of revenues in the first quarter of 1999 compared to 32.1% in the same period a year ago. Income from operations increased to 14.2% of revenues compared to 13.1% in the first quarter of 1998.