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Matrix Service Company Announces Results For The Third Fiscal Quarter And Nine Months Ended March 31, 2013

Stocks in this article: MTRX

  • Record backlog of $644.3 million on third quarter project awards of $265.2 million
  • Third quarter revenues were $226.0 million and fully diluted earnings per share was $0.25
  • Fiscal 2013 earnings guidance narrowed to between $0.87 to $0.94 per fully diluted share

TULSA, Okla., May 8, 2013 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) today reported its financial results for the third quarter and nine months ended March 31, 2013. The trend of strong revenue and backlog growth continued in the third quarter of fiscal 2013 with record quarterly revenues of $226.0 million and period end backlog of $644.3 million. Consistent with the strategic plan, the Company booked a significant award in the Industrial Segment and completed the integration of Pelichem Industrial Cleaning Services based in Reserve, Louisiana purchased in December 2012.

John Hewitt, President and CEO of Matrix Service Company, said, "Revenue and opportunities continue to be strong in both the core business and strategic growth areas with new awards in the first nine months of fiscal 2013 totaling $803.9 million, resulting in record backlog of $644.3 million. The successful integration of Pelichem is creating exciting opportunities that allow us to leverage Pelichem's geographic footprint and client base with our other service offerings."

Third Quarter Fiscal 2013 Results

Revenues for the third quarter ended March 31, 2013 were $226.0 million compared to $183.9 million in the same period a year earlier, an increase of $42.1 million, or 22.9%. Net income for the third quarter of fiscal 2013 was $6.5 million, or $0.25 per fully diluted share. In the same period a year earlier, the Company earned $4.9 million, or $0.19 per fully diluted share.

Revenues increased in all of our segments: Oil Gas & Chemical, Industrial, Storage Solutions and Electrical Infrastructure increased $18.0 million, $12.8 million, $7.2 million and $4.1 million, respectively. Consolidated gross profit was $23.1 million in the third quarter of fiscal 2013 compared to $19.8 million in the same period a year earlier. Gross margins were 10.2% in the third quarter of fiscal 2013 versus 10.8% in the third quarter of fiscal 2012. In line with our expectations, selling, general and administrative costs increased by $2.3 million which is primarily related to our planned investments in strategic growth areas and related support functions and higher business volumes.

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