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Matrix Service Management Discusses Q4 2012 Results - Earnings Call Transcript

This fiscal year, we opened 3 new ops locations: Baton Rouge, Louisiana, in support of our industrial cleaning business; as well as Tucson, Arizona and Salt Lake City, Utah to support our mining and minerals focus, as well as fulfilling some of our geographic expansion objectives.

In the second half of the fiscal year, we filled 2 key open positions on the senior management team, with the addition of Jack Frost, Vice President of Health, Safety and Environmental; and Alan Updyke, Vice President of Capital Construction. These individuals will provide critical leadership and experience to support our growth strategy. In addition, to provide more focus on the acquisition side of our strategy, Jason Turner, our Vice President and Treasurer, has taken on the role of Corporate Development. And finally, Jim Collins was promoted to Vice President of Electrical Infrastructure to apply more focus on the development and expansion of our high-voltage electrical services, including transmission and distribution.

Speaking of which, our Electrical Infrastructure segment continues to provide solid margins and consistent work in Northeastern region of the United States, and we are gaining a strong reputation in storm damage repair work across North America.

While new power generation projects are progressing slowly, the substation market continues to provide a steady flow of opportunities. We're investing heavily in our Electrical Infrastructure segment and are actively looking for acquisition opportunities in the high-voltage electrical space.

Additionally, we are pleased to announce one of our recent awards for Matrix SME with PSEG to upgrade 4 substations as part of the North Central reliability projects in New Jersey. Work on this project with a contract value of approximately $40 million will begin immediately with the scheduled in-service date of June 2014. Overall, this segment's backlog had increased 49% compared to fiscal 2011.

The Oil Gas & Chemical operating segment continues to see record work volumes, with fiscal 2012 revenue growth of 43.5% over fiscal 2011. Our refinery turnaround and maintenance activity in this segment continues to see robust growth, with fiscal 2012 in a record year for the company in terms of the number of turnarounds performed as well as man hours worked. In the fourth quarter alone, we had over 1,600 personnel in the field working at over 17 locations. We continue to see a large number of turnaround opportunities across the U.S., including the north slope of Alaska, the Gulf Coast and mid-continent states.

Read the rest of this transcript for free on seekingalpha.com

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