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Matrix Service Company Announces Results For The Fourth Quarter And Fiscal Year Ended June 30, 2013 And Provides Fiscal 2014 Guidance

Stocks in this article: MTRX

  • Fiscal 2013 fully diluted earnings per share was $0.91 compared to $0.65 a year earlier
  • Backlog increased by 26.0% in fiscal 2013 to $626.7 million on project awards of over $1.0 billion
  • Revenues increased 27.4% in the fourth quarter and 20.8% in fiscal 2013
  • Fourth quarter revenues were $235.6 million and fully diluted earnings per share was $0.28

TULSA, Okla., Sept. 3, 2013 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) today reported its financial results for the fourth quarter and year ended June 30, 2013. In fiscal 2013, the Company achieved record performances in safety, revenue and new project awards.

John Hewitt, President and CEO of Matrix Service Company said, "We achieved record revenue in fiscal 2013 while growing our backlog 26% as a result of the leadership, hard work and values of our employees. Our operating results, backlog growth and strong balance sheet are evidence of our significant progress toward achieving our strategic goals and have positioned us for continued success in fiscal 2014."

Fourth Quarter Fiscal 2013 Results

Revenues for the fourth quarter ended June 30, 2013 were $235.6 million compared to $184.9 million in the same period a year earlier, an increase of $50.7 million, or 27.4%. Net income for the fourth quarter of fiscal 2013 was $7.4 million, or $0.28 per fully diluted share. In the same period a year earlier, the Company earned $1.8 million, or $0.07 per fully diluted share.

Revenues increased in the Industrial, Electrical Infrastructure and Oil Gas & Chemical segments by $24.2 million, $14.3 million, and $11.8 million, respectively. Revenues in the Storage Solutions segment were $96.5 million in the fourth quarter of fiscal 2013 compared to $96.1 million in the same period a year earlier. Consolidated gross profit was $27.0 million in the fourth quarter of fiscal 2013 compared to $18.7 million in the same period a year earlier. Gross margins were 11.5% in the fourth quarter of fiscal 2013 versus 10.1% in the fourth quarter of fiscal 2012. In line with our expectations, selling, general and administrative costs increased by $3.2 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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