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Matrix Service Company Announces Strong First Quarter Fiscal 2014 Results And Reaffirms Full Year Guidance

  • Backlog increased 7.4% to a record $672.8 million on project awards of $272.3 million
  • Quarterly revenues increased 7.9% to $226.2 million compared to $209.6 million a year earlier
  • Gross margins improved to 11.3% compared to 10.6% a year earlier
  • First quarter fully diluted earnings per share was $0.25 compared to $0.18 in the same period a year earlier

TULSA, Okla., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) today reported its financial results for the first quarter ended September 30, 2013. The trend of strong revenue and backlog growth continued in the first quarter of fiscal 2014 with quarterly revenues of $226.2 million and record period end backlog of $672.8 million.

John Hewitt, President and CEO of Matrix Service Company said, "Our overall opportunities in the markets we serve continue to be strong as evidenced by our record backlog and strengthening margins. We are pleased with our first quarter results and are confident that our strategic investments are providing solid business performance. In addition, our record liquidity position provides us with the necessary resources for strategic investments and acquisitions."

Financial Results

Revenues for the first quarter ended September 30, 2013 were $226.2 million compared to $209.6 million in the same period a year earlier, an increase of $16.6 million, or 7.9%. Net income for the first quarter of fiscal 2014 was $6.6 million, or $0.25 per fully diluted share. In the same period a year earlier, the Company earned $4.7 million, or $0.18 per fully diluted share.

Revenues increased in our Industrial and Storage Solutions segments by $17.7 million and $3.9 million, respectively. Revenues in the Oil Gas & Chemical segment declined by $4.6 million and Electrical Infrastructure revenues were $32.9 million compared to $33.3 million a year earlier. Gross margins were 11.3% in the first quarter of fiscal 2014 versus 10.6% in the first quarter of fiscal 2013. Consolidated gross profit was $25.5 million in the first quarter of fiscal 2014 compared to $22.2 million in the same period a year earlier due to higher revenues and higher gross margins. Selling, general and administrative costs were $14.7 million, or 6.5% of revenue, in the first quarter of fiscal 2014 compared to $14.3 million, or 6.8% of revenue, in the same period a year earlier.

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