Matrix Service Co. reports record backlog of projects
BY ROD WALTON World Staff Writer
Thursday, February 07, 2013
2/07/13 at 7:06 AM
Matrix Service Co.'s project backlog soared to a record $605.1 million in the second fiscal quarter, the Tulsa-based energy construction and repair company announced Wednesday.
New contract awards totaled $538.7 million in the first half of the fiscal year, CEO John Hewitt stated in the earnings report. Second-quarter net income totaled $5.4 million, with profits offset by a $3.3 million charge related to costs from an above-ground storage tank project in western Canada.
"Revenue and opportunities continue to increase in both the core business and strategic growth areas," Hewitt said. "With the exception of the charge in our western Canadian operations, financial performance exceeded our expectations and we see favorable business conditions across most of our end markets."
Second-quarter revenue topped $220 million, up 10 percent from the same period in fiscal 2012.
The $605.1 million project backlog - deals under contract and awaiting construction start - is 13 percent higher than the backlog recorded a year ago. Matrix ended its second quarter with a cash balance of $33.2 million.
In November, Matrix announced it was awarded a contract in excess of $12 million for high-voltage transmission pole work in New Jersey. The crews will remove and install more than 200 power poles and also rebuild and reconduct several miles of transmission lines.
Last month, Matrix also detailed its acquisition of Pelichem Industrial Cleaning Services, based in Reserve, La.
Matrix Service performs construction, maintenance and repair work in the oil tankage and gas processing businesses, as well as electrical infrastructure and material handling. The company operates a fabrication plant at the Tulsa Port of Catoosa.
Matrix Service Co Earnings*
|Net per share
*Matrix operates on a July 1-June 30 fiscal year.
Original Print Headline: New contracts push Matrix backlog past $605 million
Rod Walton 918-581-8457