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 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 year
  • Liquidity of $86.8 million and no debt
  • Third 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