This morning, we announced our earnings for the quarter, excluding non-routine charges, of $0.10 per fully diluted share which were below our expectations. The primary driver impacting our third quarter results the much lower volume of recurring repair and maintenance activity than we had expected. As stated in our April 23 press release, we had anticipated that business activity would pick up in the second half of the fiscal year. While earnings for the first half of fiscal 2010 were in line with our plan, our clients are still experiencing a challenging economic environment which had resulted in continued delays of capital projects and lower repair and maintenance spending. We see this continued into the fourth quarter which coupled with a very competitive environment, has resulted in a reduction to our EPS guidance for the fiscal year to $0.55 to $0.65 per fully diluted share.This guidance excludes the impact of non-routine charges related to acquired claim receivables and other legal matters. Having said that though, we remain confident in our long-term strategy and believe our strong balance sheet has positioned the company to grow as our markets improve. As I will discuss in a few minutes, we are seeing more encouraging signs as we move into our fiscal 2011.
Matrix Servic Q3 2010 Earnings Call Transcript
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