Matrix Service Company Announces Results For The Fourth Quarter And Fiscal Year Ended June 30, 2012 And Fiscal 2013 Guidance

Highlights:
  • Record backlog of $497.5 million with bookings of $227.4 million in the fourth quarter
  • Revenues increased 13.0% in the fourth quarter and 17.8% in fiscal 2012
  • Incurred an income tax charge of $3.1 million, or $0.12 per fully diluted share
  • Fiscal 2012 EPS of $0.65 per fully diluted share inclusive of the above noted income tax charge and strategic investment costs of $0.07 per fully diluted share
  • Outlook for fiscal 2013 in line with strategic plan revenue growth of 12% to 15%

TULSA, Okla., Sept. 5, 2012 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) today reported its financial results for the fourth quarter and fiscal year ended June 30, 2012.

Overview

Results for the three and twelve months ended June 30, 2012 continue to show strong revenue growth with significant increases in the Storage Solutions and Oil Gas & Chemical segments. The pace of bookings remains strong in all segments with backlog growing to a record $497.5 million as of June 30, 2012, marking six consecutive quarters of growth. Bid flow remains strong with over $831.4 million of new work booked in fiscal 2012.

John R. Hewitt, President and CEO of Matrix Service Company, said: "The solid revenue and backlog growth in the quarter and fiscal year is the result of our outstanding people and commitment to providing quality services to our customers. We continue to execute our strategic plan, including our new brand rollout last month."

Fourth Quarter of Fiscal 2012 Results

Revenues for the fourth quarter ended June 30, 2012 were $184.9 million compared to $163.6 million in the same period a year earlier, an increase of $21.3 million, or 13.0%. Net income for the fourth quarter of fiscal 2012 was $1.8 million, or $0.07 per fully diluted share. Fourth quarter earnings included an income tax charge of $3.1 million, or $0.12 per fully diluted share. The income tax charge represents adjustments of $2.1 million for prior fiscal years and $1.0 million in fiscal 2012, of which $0.2 million related to fourth quarter activity. Fourth quarter earnings were also reduced by $0.03 per fully diluted share for activity related to our strategic investments, primarily due to our investments in the mining and minerals business, industrial cleaning, corporate development, and the branding initiative. In the same period a year earlier the Company earned $5.7 million or $0.21 per fully diluted share.

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