Although fiscal 2011 was a good year for Matrix Service Co., as both revenues and backlog increased from lower levels experienced during the recession that impacted fiscal 2010, gross margins are improved significantly in fiscal 2011, reflecting better project execution and a recovery of construction overhead costs due to higher business volume and man hours. Our Electrical and Instrumentation group was a major contributor to the company's improvement in fiscal 2011 with E&I group achieving revenue growth of 58% in fiscal 2011 compared to the prior year. In addition, our Aboveground Storage Tank construction group achieved revenue growth of 35% in fiscal 2011. Growth in these groups was partially offset by continued weakness in the Downstream Petroleum market with both the Repair and Maintenance Services and Construction Services segments combining for an 8% decline year-over-year.We are, however, optimistic about the near-term prospects for the Downstream Petroleum market as backlog has increased over the last half of fiscal 2011. Finally, our balance sheet and liquidity remain very strong, positioning the company to execute on our strategic plans, which I will discuss later on this call.
Matrix Service's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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