Business
Matrix Service Company Reports First Quarter 2021 Results
TULSA, Okla., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading contractor to the energy and industrial markets across North
About this update from Matrix Service Company
[{"type":"text","content":"TULSA, Okla., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading contractor to the energy and industrial markets across North America, today reported financial results for its first quarter of fiscal 2021.\n Key highlights: First quarter revenue was $182.8 million resulting in a loss per diluted share of $0.12 due to the continued impact of the global pandemic and related market disruptionsStrong project execution was offset by lower than expected revenue volume which resulted in under recovery of construction overhead costs, significantly impacting gross marginsSG&A was $18.1 million in the quarter after realization of planned cost reductionsBacklog at the end of the quarter was $678.4 million; project awards of $102.7 million for the quarterLiquidity of $133.9 million at September 30, 2020, including cash of $82.2 millionExtends revolving credit facility to November 2023 “The pandemic has continued to impact many of our clients, especially those in the energy industry, who are managing through low product demand and rigid health and safety protocols, as well as political uncertainty, all of which has resulted in delayed and reduced spending priorities. In spite of reduced revenue volumes, our project execution and consolidated direct margins have been very strong. In addition, I am extremely proud of our teams’ ability to manage not only the additional burden of maintaining a COVID-safe work environment, but also driving a zero-incident safety performance in the quarter,” said John R. Hewitt, President and CEO. “Overall, bidding opportunities are improving and our project opportunity funnel is returning to normal, however, client decision making in this environment may affect the timing of awards and starts. It is our expectation that bookings and revenue will improve as we move into the second half of this fiscal year. This improvement in business conditions, combined with our restructuring and continuing cost reduction efforts position us to deliver better financial results. We remain focused on safety, winning work, and executing our backlog. We will keep a strong balance sheet through controlling costs, minimizing capital expenditures, managing cash flow, and maintaining minimal or no debt.” Update on Company Response to COVID-19 Pandemic Throughout the course of the COVID-19 pandemic, the C...