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Matrix Service Company Announces Strong Second Quarter Results And Increases Fiscal 2014 Revenue And Earnings Guidance

Stocks in this article: MTRX

  • Matrix Service Company closed on its acquisition of Kvaerner North American Construction
  • Quarterly revenues of $311.0 million were a record and increased by 40.5% over the prior year
  • Second quarter fully diluted earnings per share was $0.38 compared to $0.21 in the same period a year earlier
  • Record backlog of $882.6 million on project awards of $278.8 million and acquired backlog of $242.0 million

TULSA, Okla., Feb. 5, 2014 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) today reported its financial results for the second quarter and six months ended December 31, 2013. The trend of strong revenue, earnings and backlog growth continued in the second quarter of fiscal 2014 with quarterly revenues of $311.0 million, $0.38 of earnings per fully diluted share and period end backlog of $882.6 million.

Impact of Previously Announced Acquisition to Earnings

As previously announced, on December 21, 2013 the Company completed the acquisition of Kvaerner North American Construction, a premier provider of capital construction and maintenance services to power generation, integrated iron and steel, and industrial process facilities in North America. Since this acquisition occurred late in the fiscal quarter, acquisition related revenues and earnings were not significant. However, the Company recorded a charge to selling, general and administrative costs of $2.0 million for transaction related fees.

John Hewitt, President and CEO of Matrix Service Company said, "Our second quarter results are visible indications of the progress we are achieving toward our strategic plan and the hard work of our talented employees, which is clearly demonstrated by our record revenues and improving margins. Our liquidity position remains strong and continues to provide us with the necessary resources to achieve both our short and long-term business objectives. The recent acquisition significantly enhances our capabilities and geographic footprint and will enable us to continue to grow the business, particularly in the Electrical Infrastructure and Industrial segments."

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