Matrix Service Company (MTRX, Financial) filed Quarterly Report for the period ended 2009-02-28.
MATRIX SERVICE CO. provides specialized on-site maintenance and construction services for petroleum refining and storage facilities and water storage tanks and systems for the municipal and private industry sector. Owners of these facilities use the Company's services in an effort to improve operating efficiencies and to comply with stringent environmental and safety regulations. Through its subsidiaries Matrix Service Inc. San Luis Tank Piping Construction Co. Inc. and an affiliated company West Coast Industrial Coatings Inc. Heath Engineering Ltd. Matrix Service Company has a market cap of $216.1 million; its shares were traded at around $8.27 with a P/E ratio of 6.1 and P/S ratio of 0.3.
Revenues for the Repair and Maintenance Services segment were $66.4 million in fiscal 2009 compared to $61.6 million in fiscal 2008. The improvement was due to higher Electrical and Instrumentation revenues, which increased $3.6 million to $7.0 million in fiscal 2009, compared to $3.4 million a year earlier and higher Downstream Petroleum revenues, which increased $2.9 million to $22.1 million in fiscal 2009, compared to $19.2 million a year earlier. Partially offsetting this increase was a decline of $1.7 million in Aboveground Storage Tank revenues, which decreased to $37.2 million in fiscal 2009, compared to $38.9 million in the prior fiscal year.
Revenues for the Construction Services segment were $294.7 million, compared with $334.6 million in the same period a year earlier. The decrease of $39.9 million was due to lower Specialty revenues, which decreased $42.1 million as the construction of the tanks on a Gulf Coast LNG project was completed in the fourth quarter of fiscal 2008. In addition, Aboveground Storage Tank revenues decreased $11.1 million to $137.8 million in fiscal 2009, compared to $148.9 million a year earlier, and Downstream Petroleum revenues decreased $9.8 million to $103.0 million in fiscal 2009, compared to $112.8 million a year earlier. Partially offsetting this decline was higher Electrical and Instrumentation revenues, which increased $23.1 million to $35.2 million in fiscal 2009, compared to $12.1 million a year earlier.
At February 28, 2009, the Construction Services segment had a backlog of $272.6 million, as compared to a backlog of $325.3 million as of May 31, 2008. The decrease of $52.7 million is due to declines in Aboveground Storage Tank and Downstream Petroleum of $52.7 million and $45.8 million, respectively. Partially offsetting these declines were increases in Electrical and Instrumentation of $31.8 million and Specialty of $14.0 million. Project cancellations totaling $29.5 million were largely responsible for the decrease in Downstream Petroleum while project cancellations totaling $5.1 million contributed to the reduction in Aboveground Storage Tank.
Revenues for the Repair and Maintenance Services segment were $215.1 million in fiscal 2009 compared to $202.6 million in fiscal 2008. The improvement was due to higher Aboveground Storage Tank revenues, which increased $11.5 million to $136.4 million in fiscal 2009, compared to $124.9 million in the prior fiscal year and higher Electrical and Instrumentation revenues, which increased $3.0 million to $14.1 million in fiscal 2009, compared to $11.1 million in the prior fiscal year. These increases were partially offset by lower Downstream Petroleum revenues, which decreased $2.0 million to $64.6 million in fiscal 2009 from $66.6 million during fiscal 2008.
Backlog at February 28, 2009 and May 31, 2008 for the Repair and Maintenance Services segment was $179.9 million and $142.0 million, respectively. The increase of $37.9 million was due to increases in Downstream Petroleum of $28.0 million and Electrical and Instrumentation of $13.1 million, partially offset by a decline in Aboveground Storage Tank of $3.2 million. Included in Aboveground Storage Tanks backlog decline were cancelled projects totaling $2.7 million.
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MATRIX SERVICE CO. provides specialized on-site maintenance and construction services for petroleum refining and storage facilities and water storage tanks and systems for the municipal and private industry sector. Owners of these facilities use the Company's services in an effort to improve operating efficiencies and to comply with stringent environmental and safety regulations. Through its subsidiaries Matrix Service Inc. San Luis Tank Piping Construction Co. Inc. and an affiliated company West Coast Industrial Coatings Inc. Heath Engineering Ltd. Matrix Service Company has a market cap of $216.1 million; its shares were traded at around $8.27 with a P/E ratio of 6.1 and P/S ratio of 0.3.
Highlight of Business Operations:
At February 28, 2009, the Construction Services segment had a backlog of $272.6 million, as compared to a backlog of $282.9 million as of November 30, 2008. The decrease of $10.3 million is due to declines in Downstream Petroleum and Aboveground Storage Tank of $36.1 million and $29.9 million, partially offset by increases in Electrical and Instrumentation of $48.5 million and Specialty of $7.2 million. Project cancellations totaling $29.5 million were largely responsible for the decrease in Downstream Petroleum while project cancellations totaling $5.1 million contributed to the reduction in Aboveground Storage Tank.Revenues for the Repair and Maintenance Services segment were $66.4 million in fiscal 2009 compared to $61.6 million in fiscal 2008. The improvement was due to higher Electrical and Instrumentation revenues, which increased $3.6 million to $7.0 million in fiscal 2009, compared to $3.4 million a year earlier and higher Downstream Petroleum revenues, which increased $2.9 million to $22.1 million in fiscal 2009, compared to $19.2 million a year earlier. Partially offsetting this increase was a decline of $1.7 million in Aboveground Storage Tank revenues, which decreased to $37.2 million in fiscal 2009, compared to $38.9 million in the prior fiscal year.
Revenues for the Construction Services segment were $294.7 million, compared with $334.6 million in the same period a year earlier. The decrease of $39.9 million was due to lower Specialty revenues, which decreased $42.1 million as the construction of the tanks on a Gulf Coast LNG project was completed in the fourth quarter of fiscal 2008. In addition, Aboveground Storage Tank revenues decreased $11.1 million to $137.8 million in fiscal 2009, compared to $148.9 million a year earlier, and Downstream Petroleum revenues decreased $9.8 million to $103.0 million in fiscal 2009, compared to $112.8 million a year earlier. Partially offsetting this decline was higher Electrical and Instrumentation revenues, which increased $23.1 million to $35.2 million in fiscal 2009, compared to $12.1 million a year earlier.
At February 28, 2009, the Construction Services segment had a backlog of $272.6 million, as compared to a backlog of $325.3 million as of May 31, 2008. The decrease of $52.7 million is due to declines in Aboveground Storage Tank and Downstream Petroleum of $52.7 million and $45.8 million, respectively. Partially offsetting these declines were increases in Electrical and Instrumentation of $31.8 million and Specialty of $14.0 million. Project cancellations totaling $29.5 million were largely responsible for the decrease in Downstream Petroleum while project cancellations totaling $5.1 million contributed to the reduction in Aboveground Storage Tank.
Revenues for the Repair and Maintenance Services segment were $215.1 million in fiscal 2009 compared to $202.6 million in fiscal 2008. The improvement was due to higher Aboveground Storage Tank revenues, which increased $11.5 million to $136.4 million in fiscal 2009, compared to $124.9 million in the prior fiscal year and higher Electrical and Instrumentation revenues, which increased $3.0 million to $14.1 million in fiscal 2009, compared to $11.1 million in the prior fiscal year. These increases were partially offset by lower Downstream Petroleum revenues, which decreased $2.0 million to $64.6 million in fiscal 2009 from $66.6 million during fiscal 2008.
Backlog at February 28, 2009 and May 31, 2008 for the Repair and Maintenance Services segment was $179.9 million and $142.0 million, respectively. The increase of $37.9 million was due to increases in Downstream Petroleum of $28.0 million and Electrical and Instrumentation of $13.1 million, partially offset by a decline in Aboveground Storage Tank of $3.2 million. Included in Aboveground Storage Tanks backlog decline were cancelled projects totaling $2.7 million.
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