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Matrix Servic Management Discusses Q2 2011 Earnings Call Transcript

Michael Hall

Thank you, Kevin, and good morning to everyone. We appreciate your joining us today to discuss the results of our second quarter ended December 31, 2010. Joining me on the call today along with Kevin Cavanah, our Chief Financial Officer; is Joe Montalbano, our Chief Operating Officer, who will be available to answer questions after our prepared remarks.

The Board is very confident in the management team at Matrix Service Co. And is very pleased with the caliber of talent in the organization. This is evidenced by the recent appointment of Kevin Cavanah as the company's Chief Financial Officer. Kevin has been with the company seven years, most recently serving as the company's Vice President and Controller. Joe Montalbano oversees all of the company's operations, including engineering, fabrication and business development. The Board is actively engaged in the search for our next CEO and has identified a number of potential candidates, both internally and externally. We expect to complete this process early in our fiscal fourth quarter.

We are pleased that the company has continued to operate successfully, following the recent departure of our former CEO and CFO, which is demonstrated with the results for the second quarter and for the first half of 2011. Safety continues to be the cornerstone of the company's success, and we completed calendar year 2010 with the lowest total recordable incident rate in the company's history.

Revenues for the three-month and six-month periods increased over the same periods last year. While backlog of $366 million is down somewhat from the first quarter, it remains above fiscal 2010 year-end levels and that of the second quarter last year. In addition, we continue to experience substantial bid volume and improving market conditions in both segments, which supports our longer-term view of a positive backlog trend.

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