Description of Business and Basis of Presentation:
References in this Quarterly Report on 10-Q to “we”, “our”, “Mastech” or “the
Company” refer collectively to Mastech Holdings, Inc. and its wholly-owned operating subsidiaries, which are included in these Condensed Consolidated Financial Statements.
Description of Business
We are a provider of IT and specialized healthcare staffing services. Our IT staffing business combines technical expertise with business
process experience to deliver a broad range of services within business intelligence / data warehousing; web services; enterprise resource planning & customer resource management; and eBusiness solutions. We work with businesses and
institutions with significant IT spending and recurring staffing needs. We also support smaller organizations with their “project focused” temporary IT staffing requirements. Our services span a broad range of industry verticals including:
automotive; consumer products; education; financial services; government; healthcare; manufacturing; retail; technology; telecommunications; transportation; and utilities. Our healthcare staffing business provides specialized healthcare
professionals, including surgical nurses and therapists to hospitals and other healthcare facilities.
Basis of Presentation
The accompanying Unaudited Condensed Consolidated Financial Statements (the “Financial Statements”) have been prepared by
management in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they
do not include all of the information and disclosures required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting principally of normal recurring adjustments, considered necessary
for a fair presentation have been included. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying
notes. Actual results could differ from these estimates. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes for the year ended December 31, 2012,
included in our Annual Report on Form 10-K filed with the SEC on March 22, 2013. Additionally, our operating results for the three months ended March 31, 2013 are not necessarily indicative of the results that can be expected for the year
ending December 31, 2013 or for any other period.
Principles of Consolidation
The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All material
intercompany transactions and balances have been eliminated in consolidation. The Company utilizes the equity method of accounting, as prescribed by ASC Topic 323 “The Equity Method of Accounting for Investments in Common Stock”, when it
is able to exercise significant management influence over the entity’s operations, which generally occurs when Mastech has an ownership interest of between 20% and 50% in an entity. The cost method of accounting is used when the Company does
not exercise significant management influence, generally when Mastech has an ownership interest of less than 20%.
Critical Accounting Polices
Please refer to Note 1 “Summary of Significant Accounting Policies” of the Consolidated Financial Statements and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations–Critical Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2012 for a more detailed discussion of
our significant accounting policies and critical accounting estimates.
The Company, which aggregates its IT and healthcare operating segments
Free historical financial statements for Mastech Digital Inc.
See how revenue, income, cash flow, and balance sheet financials have changed over 46 quarters since 2012. Compare with MHH stock chart to see long term trends.
Data imported from Mastech Digital Inc SEC filings. Check original filings before making any investment decision.