Tulsa-based Matrix Service Co. reports net income of $7.7M for

Journal Record, The (Oklahoma City), Aug 4, 2006 by David Page

Matrix Service Co. on Thursday reported net income of $7.7 million, or 35 cents per diluted share, for the fiscal year ended May 31.

The Tulsa-based provider of construction, repair and maintenance services to energy companies reported a net loss of $38.8 million, or $2.24 per diluted share, for the fiscal year ended May 31, 2005. The loss for the previous fiscal year included pre-tax charges totaling $39 million.

Revenues for the fiscal year totaled $493.9 million, up 12.5 percent from $439.1 million a year earlier. The increase mainly was from additional construction work in the downstream petroleum industry.

Having achieved a record year of operational excellence with our backlog at an all-time high of $248.4 million, and with ample liquidity to support substantial growth, Matrix Service is well- positioned to continue its positive trends during fiscal 2007 and beyond, said Michael J. Hall, president and CEO.

In Nasdaq trading Thursday, Matrix closed up 25 cents at $12.50. The 52-week range is $12.83 and $5.10. Market capitalization totals $260.7 million.

Revenues for Matrix Service's construction services segment for the fiscal year increased 19.5 percent to $39.7 million from $243.7 million a year earlier. The repair and maintenance services sector recorded revenues for the fiscal year of $250.2 million, up 6.4 percent from $235.2 million.

Matrix reported net income for the fourth fiscal quarter of $3.3 million, or 14 cents per diluted share, compared with a net loss of $3.8 million, or 22 cents per diluted share, for the fourth quarter of the previous fiscal year.

Revenues for the quarter totaled $138.6 million, up 7.2 percent from $129.2 million a year earlier.

Market dynamics and improving operational performance in our core units continue to exceed our expectations, Hall said.

Matrix is currently searching for a new CEO. Once an appointment for the position is made, Hall will succeed I. Edgar Hendrix as chairman of the board. Hendrix will continue to serve on the board and as chairman of the audit committee.