Free 7-day Trial
All Articles and Columns »

Matrix Service Company Reports Operating Results (10-Q)

February 08, 2013 | About:
10qk

10qk

18 followers
Matrix Service Company (MTRX) filed Quarterly Report for the period ended 2012-12-31.

Matrix Service Company has a market cap of $399.675 million; its shares were traded at around $15.29 with a P/E ratio of 23.9808 and P/S ratio of 0.5027.
This is the annual revenues and earnings per share of MTRX over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of MTRX.


Highlight of Business Operations:

Consolidated revenues were $221.4 million for the three months ended December 31, 2012, an increase of $20.4 million, or 10.1%, from consolidated revenues of $201.0 million in the same period in the prior fiscal year. The increase in consolidated revenues was a result of increases in Oil Gas & Chemical and Electrical Infrastructure revenues, which increased $16.9 million and $6.5 million respectively, partially offset by decreases in Storage Solutions and Industrial revenues of $1.9 million and $1.1 million, respectively.

Revenues for the Industrial segment totaled $7.0 million in the three months ended December 31, 2012 compared to $8.1 million in the same period a year earlier. The decrease of $1.1 million, or 13.6%, was primarily due to the timing of projects related to legacy industrial work, partially offset by higher revenues in our mining and minerals and bulk material handling businesses. Gross margins decreased from 6.0% in the three months ended December 31, 2011 to (1.3%) in the same period in the current year. Gross margins in the current quarter were negatively impacted by startup costs related to entry into the bulk material handling and mining and minerals markets.

Consolidated revenues were $431.0 million for the six months ended December 31, 2012, an increase of $60.7 million, or 16.4%, from consolidated revenues of $370.3 million in the same period in the prior fiscal year. The increase in consolidated revenues was a result of increases in Oil Gas & Chemical, Electrical Infrastructure and Storage Solutions revenues, which increased $38.2 million, $17.8 million and $7.4 million respectively, partially offset by a decrease of $2.7 million in Industrial revenues.

Consolidated gross profit increased from $41.2 million in the six months ended December 31, 2011 to $44.6 million in the six months ended December 31, 2012. The increase of $3.4 million, or 8.3%, was due to higher revenues which increased by 16.4%, partially offset by lower gross margins which decreased to 10.3% in fiscal 2013 compared to 11.1% a year earlier. Fiscal 2013 results included a $3.0 million charge related to a western Canada aboveground storage tank project. This project is discussed in Note 3 of the Notes to Condensed Consolidated Financial Statements included in Part 1, Item 1 of this Report on Form 10-Q.

Consolidated SG&A expenses were $27.9 million in the six months ended December 31, 2012 compared to $23.4 million in the same period a year earlier. The increase of $4.5 million, or 19.2%, was primarily related to our planned investments in the branding initiative, strategic growth areas and related support functions. The Company also incurred a bad debt charge of $0.7 million in fiscal 2013. SG&A expense as a percentage of revenue was 6.5% in the six months ended December 31, 2012 compared to 6.3% in the same period a year earlier.

Read the The complete Report

About the author:

10qk
GuruFocus - Stock Picks and Market Insight of Gurus

Rating: 0.0/5 (0 votes)

Comments

Please leave your comment:


Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK
Hide