Business
Matrix Service Company Reports Third Quarter Fiscal 2022 Results
TULSA, Okla., May 09, 2022 (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., May 09, 2022 (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 third quarter of fiscal 2022. Key highlights: Project awards in the quarter of $179.7 million bring year-to-date awards to $638.7 million, an 81% increase compared to first nine months of the prior year, resulting in a book-to-bill of 1.3 year-to-date Recent notable awards include thermal vacuum chambers, electrical infrastructure projects, construction of a borate mining facility, and early engineering for an LNG export terminal Backlog increased to $594.2 million, an increase of 28% compared to the start of the fiscal yearLiquidity of $86.8 million and no debtThird quarter revenue of $177.0 million and loss per fully diluted share of $1.30; adjusted loss per fully diluted share of $0.50(1) excluding one-time non-cash items “Our revenue volume and financial performance have been impacted by delays in project starts on certain projects in our backlog as well as delays in awards of larger project work. While I am pleased that we achieved our third consecutive quarter with a book-to-bill of greater than 1.0 and have a book-to-bill of 1.3 through the first nine months of our fiscal year, I am more excited by our near-term project pipeline, which should lead to material increases in backlog over the next two quarters as larger energy infrastructure projects are awarded. In addition to the long-term need for reliable natural gas supply, recent global events underscore the urgency of accelerating these projects to support the world’s need for enhanced energy security by increasing the availability of LNG globally. Many of these projects are in our sales pipeline, and we expect them to materialize over the next six months,\" said John R. Hewitt, President and CEO. \"We continue to strengthen Matrix through the expansion of our shared service model to include enterprise-wide finance, accounting and human resources, and creation of a center of operational excellence to initially optimize procurement and quality, health and safety and ultimately include various project management and proposal services. This will allow us to better deliver against the opportunity set that lies ahead and also mitigate execution risk going forward.” Earni...