To begin, we are pleased to report that the fiscal 2011 is off to a good start, was followed backlog growth in both our construction services and repair and maintenance services segments. Consolidated backlog has grown in both of the last two quarters and now stands at $395 million, a 20% increase over the prior year and the highest level since May 2009. The $42 million increase in the first quarter was primarily due to awards in the aboveground storage tank market or we are seeing renewed capital investment and a pickup in repair work.In addition to the backlog growth, we are pleased with the overall operating results in the first quarter which are driven by the aboveground storage tank and the electrical and instrumentation markets. Revenue from our electrical and instrumentation business more than doubled in the first quarter compared to the prior year and the aboveground storage tank construction revenues increased 30% over the same period a year ago. Consolidated gross margins while lower compared to the prior year’s increase from the fourth quarter of fiscal of 2010 to the first quarter of fiscal 2011 despite a slow start of the quarter as I mentioned during the last conference call.
Matrix Service CEO Discusses Q1 2011 Results - Earnings Call Transcript
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