Business
Matrix Service Company Reports Second Quarter Fiscal 2023 Results
TULSA, Okla., Feb. 09, 2023 (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., Feb. 09, 2023 (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 second quarter of fiscal 2023. Key highlights: Second quarter revenue of $193.8 million, an increase of 20% compared to the second quarter of fiscal 2022Project awards in the quarter of $318.7 million, the highest level since the first quarter of fiscal 2020Project awards produced a book-to-bill of 1.6 for the quarter and above 1.3 in each of our reporting segments reflecting accelerating activity across our end marketsBacklog increased by 25% to $740.5 million compared to the second quarter of fiscal 2022Second quarter results were negatively impacted by $9.6 million adjustment on a legacy project and a related goodwill impairment charge of $12.3 million, resulting in an aggregate negative impact of $0.82 per shareLoss per share of $1.22; adjusted loss per share of $0.53(1)Adjusted EBITDA loss of $(13.1) million(1) for the second quarter of fiscal 2023 “A legacy project awarded in calendar 2021 resulted in an unexpected negative adjustment in the quarter due to a breakdown in commercial negotiations over excessive scope changes that impacted our ability to progress the work according to forecast, as well as the impact of global supply chain issues and inflation. The project is scheduled to be mechanically complete in the fourth fiscal quarter. We will continue efforts to manage the forecasted costs and negotiate a reasonable outcome of our claims with the client. The one-time charges during the quarter overshadow the continued improvement in our business prospects, which is clearly reflected in our quarterly project awards. It is notable that our total project awards in our second fiscal quarter reached the highest level since the first fiscal quarter of 2020. This resulted in a book-to-bill of 1.6, and Matrix has now achieved a book-to-bill at or above 1.0 for six consecutive quarters. We expect the awards we have been adding to our backlog, combined with the internal initiatives we have been undertaking, will positively impact our revenue and materially improve our financial performance.” Subsequent Events Subsequent to the end of the quarter, we received notice from a client that they would not approve adequate compensat...