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Matrix Service's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Consolidated gross profit was $23.1 million in the second quarter versus $19.8 million in the same period last year. Our consolidated gross margins of 11.5% in the second quarter was slightly higher than the 11.3% earned in the prior year period. Construction Services gross margins were 11.4% as compared to 12.1% in the second quarter last year. And as we expected, our Repair and Maintenance Services margins continued to increase as a result of improved market conditions and higher store restoration work. Repair and Maintenance margins were 11.6% in the quarter versus 10% in the second quarter last year.

SG&A expenses improved to 5.9% of revenues in the second quarter as compared to 6.4% in the prior year. For the 6 months of fiscal 2012, we have earned $0.40 per fully diluted share on revenue of $370.3 million as compared to $0.32 per fully diluted share on revenue of $327.1 million in the same period last year.

Consolidated gross profit has improved to $41.2 million versus $35.5 million in the first 6 months of fiscal 2011. Our year-to-date SG&A expenses were 6.3% of revenues compared to 6.6% of revenues in the first 6 months last year.

In the first 6 months of fiscal 2012, we purchased 887,000 shares of company stock at an average price of $9.14 per share. While we don't currently have plans to purchase additional shares, we will remain opportunistic based on market conditions. Our financial position and liquidity remain strong as our cash balance at December 31 was $37.4 million with $116 million available on our revolving credit facility.

We also recently renewed our shelf registration statement, which combined with our strong balance sheet, expanded liquidity and bonding capacity provide the resources and flexibility we need to execute our growth strategy.

I will now turn the call over to John to discuss our outlook and growth strategy. John?

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