Matrix announces revenue up 27.4 percent
By SUSAN HYLTON World Business Writer on Sep 4, 2013, at 2:25 AM Updated on 9/04/13 at 3:20 AM
Manufacturing
In just 12 years, natural gas plant builder Thomas Russell Co. grew from a Tulsa startup to a $750 million company.
Verallia North America's glass plant in Sapulpa is shutting down one furnace for the rest of the year because of slack demand.
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Matrix Service Company's fourth-quarter revenues of $235.6 million are up 27.4 percent compared to this period last year, while its revenues for the ending fiscal year were $892.6 million, up 20.8 percent, according to an earnings report released Tuesday.
Net income also increased to $7.4 million from $1.8 million in the fourth quarter and the $24 million in net income reported in fiscal 2013 was up 40 percent from fiscal 2012.
Revenues increased in its industrial, electrical infrastructure, and oil, gas and chemical segments by $24.2 million, $14.3 million and $11.8 million, respectively, the company said.
"We achieved record revenue in fiscal 2013 while growing our backlog 26 percent as a result of the leadership, hard work and values of our employees," said CEO John Hewitt in a statement. "Our operating results, backlog growth and strong balance sheet are evidence of our significant progress toward achieving our strategic goals and have positioned us for continued success in fiscal 2014."
The company's backlog of contracted projects for the year, $626.7 million, represented a 26 percent increase compared to last year. These are monies the company anticipates to receive when they complete construction projects.
Project awards totaled $217.9 million in the latest quarter and $1 billion in fiscal 2013. The ending fiscal 2013 cash balance was $63.8 million compared to $39.7 million ending fiscal year 2012.
The company is projecting continued growth in 2014 with revenue expected to be between $980 million and $1.04 billion. Matrix performs construction, repair and maintenance work for gas processing plants, oil terminals, refineries and power plants.
It closed on Nasdaq Tuesday at $15.87, up 28 cents.
Matrix Service Co. Earnings*
|
2013 |
2012 |
2013 |
2012 |
|
4Q |
4Q |
Full year |
Full year |
| Revenue |
$235.6M |
$184.9M |
$892.6M |
$739M |
| Net income (loss) |
$7.4M |
$1.8M |
$24M |
$17.2M |
| Net per share |
$0.28 |
$0.07 |
$0.91 |
$0.65 *Matrix operates on a July 1-June 30 fiscal year. |
Susan Hylton 918-581-8381
susan.hylton@tulsaworld.com
Manufacturing
In just 12 years, natural gas plant builder Thomas Russell Co. grew from a Tulsa startup to a $750 million company.
Verallia North America's glass plant in Sapulpa is shutting down one furnace for the rest of the year because of slack demand.
CONTACT THE REPORTER
918-581-8381
Email
