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

 

Matrix Service Company Consolidated Statements of Income (In thousands, except per share data)
     
  Three Months Ended
  September 30, 2013 September 30, 2012
Revenues $ 226,217 $ 209,608
Cost of revenues 200,741 187,364
Gross profit 25,476 22,244
Selling, general and administrative expenses 14,714 14,320
Operating income 10,762 7,924
Other income (expense):    
Interest expense (223) (183)
Interest income 5 8
Other (88) 57
Income before income tax expense 10,456 7,806
Provision for federal, state and foreign income taxes 3,904 3,122
Net income $ 6,552 $ 4,684
Basic earnings per common share $ 0.25 $ 0.18
Diluted earnings per common share $ 0.25 $ 0.18
Weighted average common shares outstanding:    
Basic 26,116 25,788
Diluted 26,647 26,148
 
 
 
Matrix Service Company Consolidated Balance Sheets (In thousands)
     
  September 30, 2013 June 30, 2013
Assets    
Current assets:    
Cash and cash equivalents $ 79,762 $ 63,750
Accounts receivable, less allowances (September 30, 2013—$70 and June 30, 2013—$795) 150,473 140,840
Costs and estimated earnings in excess of billings on uncompleted contracts 66,678 73,773
Deferred income taxes 6,063 5,657
Inventories 3,172 2,988
Income taxes receivable 3,032
Other current assets 6,662 6,234
Total current assets 312,810 296,274
Property, plant and equipment at cost:    
Land and buildings 29,667 29,649
Construction equipment 71,132 69,998
Transportation equipment 37,126 34,366
Office equipment and software 18,763 18,426
Construction in progress 9,559 9,080
  166,247 161,519
Accumulated depreciation (92,920) (90,218)
  73,327 71,301
Goodwill 30,887 30,836
Other intangible assets 7,378 7,551
Other assets 4,586 4,016
Total assets $ 428,988 $ 409,978
 
 
 
Matrix Service Company Consolidated Balance Sheets (continued) (In thousands, except share data)
     
  September 30, 2013 June 30, 2013
Liabilities and stockholders' equity    
Current liabilities:    
Accounts payable $ 67,799 $ 68,961
Billings on uncompleted contracts in excess of costs and estimated earnings 75,783 62,848
Accrued wages and benefits 17,850 21,919
Accrued insurance 7,651 7,599
Income taxes payable 601
Other accrued expenses 2,558 3,039
Total current liabilities 172,242 164,366
Deferred income taxes 7,844 7,450
Long term debt 2,426
Total liabilities 182,512 171,816
Commitments and contingencies    
Stockholders' equity:    
Common stock—$.01 par value; 60,000,000 shares authorized; 27,888,217 shares issued as of September 30, 2013, and June 30, 2013 279 279
Additional paid-in capital 119,063 118,190
Retained earnings 147,979 141,427
Accumulated other comprehensive income 529 227
  267,850 260,123
Less: Treasury stock, at cost—1,746,259 shares as of September 30, 2013, and 1,779,593 shares as of June 30, 2013 (21,374) (21,961)
Total stockholders' equity 246,476 238,162
Total liabilities and stockholders' equity $ 428,988 $ 409,978
 
 
 
Matrix Service Company   Results of Operations   (In thousands)  
     
  Three Months Ended
  September 30, 2013 September 30, 2012
Gross revenues    
Electrical Infrastructure $ 32,877 $ 33,270
Oil Gas & Chemical 62,792 67,097
Storage Solutions 108,546 105,418
Industrial 22,691 4,975
Total gross revenues $ 226,906 $ 210,760
Less: Inter-segment revenues    
Electrical Infrastructure $ — $ —
Oil Gas & Chemical 297
Storage Solutions 392 1,152
Industrial
Total inter-segment revenues $ 689 $ 1,152
Consolidated revenues    
Electrical Infrastructure $ 32,877 $ 33,270
Oil Gas & Chemical 62,495 67,097
Storage Solutions 108,154 104,266
Industrial 22,691 4,975
Total consolidated revenues $ 226,217 $ 209,608
Gross profit (loss)    
Electrical Infrastructure $ 3,330 $ 4,706
Oil Gas & Chemical 7,531 7,867
Storage Solutions 12,837 9,969
Industrial 1,778 (298)
Total gross profit $ 25,476 $ 22,244
Operating income (loss)    
Electrical Infrastructure $ 1,300 $ 2,319
Oil Gas & Chemical 3,263 3,775
Storage Solutions 5,832 3,449
Industrial 367 (1,619)
Total operating income $ 10,762 $ 7,924
Segment assets    
Electrical Infrastructure $ 59,018 $ 56,826
Oil Gas & Chemical 79,513 71,848
Storage Solutions 157,389 186,600
Industrial 35,801 14,179
Unallocated Corporate assets 97,267 33,397
Total segment assets $ 428,988 $ 362,850

Backlog

We define backlog as the total dollar amount of revenues that we expect to recognize as a result of performing work that has been awarded to us through a signed contract, notice to proceed or other type of assurance that we consider firm. The following arrangements are considered firm:

  • fixed-price awards;  
  • minimum customer commitments on cost plus arrangements; and  
  • certain time and material arrangements in which the estimated value is firm or can be estimated with a reasonable amount of certainty in both timing and amounts.

For long-term maintenance contracts we include only the amounts that we expect to recognize into revenue over the next 12 months. For all other arrangements, we calculate backlog as the estimated contract amount less revenues recognized as of the reporting date.

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