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Matrix Service's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Construction Services segment revenues were $86 million in the quarter compared to $87 million in the same period of last year. Gross margins in Construction Services segment were 14.2% compared to 1.5% in the prior year. The gross margins benefited from strong project execution throughout the quarter.

Repair and Maintenance Services segment revenues increased to $78 million in the fourth quarter compared to $54 million in the prior year. The increase resulted from higher demand in the Downstream Petroleum and Electrical and Instrumentation markets. Gross margins in Repair and Maintenance Services segment were 11.2% in the fourth quarter compared to 4.6% in the prior year.

For fiscal year 2011, revenues were $627 million, an increase of $76 million from consolidated revenues of $551 million in fiscal 2010. This 14% increase reflects improvement in many of our end markets in spite of the continued effects of the global recession. Business activity increased for our AST Construction Services and for both our Electrical and Instrumentation, Construction and Repair and Maintenance Services. Consolidated gross margins were 11.9% for fiscal 2011 compared to 9.6% in the prior year. SG&A expenses in fiscal 2011 were 7% of revenues compared to 8.2% in the prior year. Net income for fiscal 2011 was $19 million or $0.71 per fully diluted share compared to $4.9 million or $0.18 per fully diluted share in fiscal 2010.

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