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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Matrix Service Company Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: February 9, 2012 05:00PM
Matrix Service Company (MTRX) filed Quarterly Report for the period ended 2011-12-31. Highlight of Business Operations:Revenues for the Construction Services segment were $118.9 million in the three months ended December 31, 2011, compared with $105.6 million in the same period a year earlier. The increase of $13.3 million, or 12.6%, was due to higher Downstream Petroleum revenues which increased to $33.3 million in the three months ended December 31, 2011 compared to $22.6 million in the same period a year earlier and higher Aboveground Storage Tank revenues which increased to $55.1 million in the three months ended December 31, 2011 compared to $49.5 million in the same period a year earlier. This increase was partially offset by lower Electrical and Instrumentation revenues, which decreased to $24.8 million in the second quarter of fiscal 2012, compared to $27.4 million in the second quarter of fiscal 2011 and lower Specialty revenues, which decreased to $5.7 million in the three months ended December 31, 2011, compared to $6.0 million in the same period a year earlier.Gross profit increased to $9.5 million in the three months ended December 31, 2011 from $7.0 million in the three months ended December 31, 2010. The increase of $2.5 million, or 35.7%, was due to higher revenues combined with higher gross margins which increased to 11.6% in the second quarter of fiscal 2012 compared to 10.0% in the same period a year earlier. The increase in gross margins was primarily due to higher levels of storm restoration work in the current fiscal year. Revenues for the Construction Services segment were $218.5 million in the six months ended December 31, 2011, compared with $203.1 million in the same period a year earlier. The increase of $15.4 million, or 7.6%, was due to higher Aboveground Storage Tank revenues which increased to $113.7 million in the six months ended December 31, 2011 compared to $90.3 million in the six months ended December 31, 2010 and higher Downstream Petroleum revenues which increased to $52.9 million in the six months ended December 31, 2011 compared to $43.6 million in the same period a year earlier, partially offset by lower Electrical and Instrumentation revenues, which were $40.0 million in the six months ended December 31, 2011, compared to $57.3 million in the same period a year earlier. Specialty revenues were unchanged at $11.9 million. Gross profit increased to $24.5 million in the six months ended December 31, 2011 compared to $24.2 million in the six months ended December 31, 2010. The increase of $0.3 million, or 1.2%, was due to higher revenues, partially offset by the effect of lower gross margins which decreased to 11.2% in the six months ended December 31, 2011 compared to 11.9% in the same period a year earlier. Revenues for the Repair and Maintenance Services segment were $151.8 million in the six months ended December 31, 2011, compared with $124.0 million in the same period a year earlier. The increase of $27.8 million, or 22.4%, was due to higher Aboveground Storage Tank revenues, which increased to $53.0 million in the six months ended December 31, 2011 compared to $43.1 million in the six months ended December 31, 2010, higher Downstream Petroleum revenues, which increased to $63.2 million in the six months ended December 31, 2011 compared to $50.8 million in the same period a year earlier, and higher Electrical and Instrumentation revenues which increased to $35.6 million in the current fiscal year compared to $30.1 million in the same period a year earlier.
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