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Matrix Service Co (MTRX) SEC Filing 10-K Annual Report for the fiscal year ending Friday, June 30, 2023

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Matrix Service Co

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CIK: 866273 Ticker: MTRX
Exhibit 99

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MATRIX SERVICE COMPANY ANNOUNCES FISCAL 2023 FOURTH QUARTER AND FULL YEAR RESULTS


TULSA, OK – September 11, 2023
– Matrix Service Company (Nasdaq: MTRX) today reported its financial results for the fourth quarter and year ended June 30, 2023.

Key highlights:
•Project awards of $463.6 million and a book-to-bill ratio of 2.3 for the quarter; full fiscal year awards of $1.3 billion and a book-to-bill ratio of 1.7; highest quarterly project awards in five years
•Backlog increased by 31% to $1.1 billion compared to the third quarter of fiscal 2023, and by 85% since the start of the fiscal year; highest backlog level since June 30, 2019
•Fourth quarter revenue of $205.9 million, an increase of 10% compared to the third quarter of fiscal 2023; full fiscal year revenue of $795.0 million
•Loss per fully diluted share of $0.01 in the fourth quarter; adjusted loss per fully diluted share of $0.11(1) excluding gain on the sale of non-core assets and other non-cash items
•Adjusted EBITDA of $2.3 million(1) for the fourth quarter of fiscal 2023 compared to $(7.7) million in the third quarter of fiscal 2023

“I am extremely pleased with the progress Matrix made over the last year and excited about the prospects for the company. We ended our fiscal year on a very strong note with backlog of $1.1 billion. In the fourth quarter alone, awards of nearly $464 million resulted in a book-to-bill ratio of 2.3. The company is positioned with high quality backlog which will generate significantly improved results in fiscal 2024 and the next several years,” said John R. Hewitt, president and CEO. “As we commence work on recently awarded large capital projects, we have strong visibility into our revenue and are focused on maximizing our profitability after undergoing an internal transformation that has optimized our cost structure. Our strategic approach to end markets supported by strong tailwinds will lead to continued backlog growth and strong performance for the foreseeable future.”
Earnings Summary
Revenue of $205.9 million during the fourth quarter of fiscal 2023 was higher than revenue of $186.9 million during the third quarter of fiscal 2023 as the contribution to revenue of newly awarded projects has begun to make an impact.
Gross margin was 7.1% in the fourth quarter of fiscal 2023 compared to a gross margin of 2.4% in the third quarter of fiscal 2023. Our margins improved sequentially due to strong project execution and improved construction overhead cost recovery.
In the Storage and Terminals Solutions segment, revenue increased to $64.1 million in the fourth quarter as compared to $52.2 million in the third quarter as a result of revenue contribution from recently awarded capital projects. Gross margin of 3.2% was negatively impacted by low revenue volume, which led to the under recovery of construction overhead costs.
In the Utility and Power Infrastructure segment, revenue increased to $39.1 million in the fourth quarter compared to $35.0 million in the third quarter. Fourth quarter gross margin was 9.6%, primarily driven by strong execution on power delivery projects and a peak shaver project added to backlog during the second quarter of fiscal 2023. This segment fully recovered construction overhead costs, which contributed to margin performance.
In the Process and Industrial Facilities segment, revenue increased to $102.7 million in the fourth quarter compared to $99.7 million in the third quarter. Fourth quarter gross margin of 8.2% was negatively impacted by continued work to close out a midstream gas processing project with a reduced margin profile. This project reached mechanical completion in line with our previous forecast, and we will be demobilized in the first quarter of fiscal 2024. Other work in the segment, including refinery
1
The following information was filed by Matrix Service Co (MTRX) on Monday, September 11, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Matrix Service Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parentheticals)
Consolidated Statements Of Income
Asset Backed Debt Provisions (Details)
Commitments And Contingencies
Commitments And Contingencies (Details Textual)
Current And Deferred Income Taxes (Details)
Debt
Deferred Income Tax Assets And Liabilities Details (Details)
Deferred Income Tax Assets And Liabilities Summary (Details)
Earnings Per Common Share
Earnings Per Common Share (Details 1)
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details Textual)
Employee Benefit Plans (Details)
Employee Benefit Plans (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Details 1)
Goodwill And Other Intangible Assets (Details Textual)
Goodwill And Other Intangible Assets (Details)
Goodwill And Other Intangible Assets (Tables)
Income Tax Credit Carryforwards (Details)
Income Tax Rate Reconciliation (Details)
Income Tax Sources (Details)
Income Taxes
Income Taxes (Tables)
Leases
Leases (Tables)
Leases - Components Of Lease Costs (Details)
Leases - Maturity Analysis (Details)
Leases - Narrative (Details)
Leases - Other Lease Information (Details)
Leases - Supplemental Cash Flow Disclosures (Details)
Other Tax Items (Details Textual)
Property, Plant, And Equipment
Property, Plant, And Equipment (Details)
Property, Plant, And Equipment (Tables)
Restructuring Costs
Restructuring Costs (Details)
Restructuring Costs (Tables)
Revenue
Revenue (Details)
Revenue (Tables)
Segment Information
Segment Information (Details 2)
Segment Information (Details)
Segment Information (Tables)
Stock-Based Compensation
Stock-Based Compensation (Details Textual)
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Restricted Stock Units (Details)
Stockholders' Equity
Stockholders' Equity (Details Textual)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details Textual)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts (Details)
Ticker: MTRX
CIK: 866273
Form Type: 10-K Annual Report
Accession Number: 0000866273-23-000058
Submitted to the SEC: Tue Sep 12 2023 4:57:08 PM EST
Accepted by the SEC: Tue Sep 12 2023
Period: Friday, June 30, 2023
Industry: Construction Special Trade Contractors

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