Press Release

TULSA, Okla., Feb. 12, 2020 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading contractor to the energy and industrial markets across North America, today announced its intent to continue to execute the Company’s previously-announced stock repurchase plan. 

“Our decision to continue our repurchase program is indicative of the strength of the Company’s opportunity pipeline and the progress we expect to make to enhance our operating performance across the enterprise.  Given our healthy liquidity profile and our outlook on the business compared to the current stock price, we believe share repurchases is a prudent use of our financial resources and the appropriate mechanism to return value to our shareholders at this time,” said Matrix Service Company President and CEO John R. Hewitt.

During the three months ended December 31, 2019, the Company acquired 500,000 shares of common stock for a total of $9.9 million.

About Matrix Service Company

Founded in 1984, Matrix Service Company (Nasdaq: MTRX) is parent to a family of companies that includes Matrix PDM Engineering, Matrix Service Inc., Matrix NAC, and Matrix Applied Technologies. Our companies design, build and maintain infrastructure critical to North America's energy and industrial markets. Matrix Service Company is headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia and Seoul, South Korea.

The Company reports its financial results based on four key operating segments: Electrical Infrastructure, Storage Solutions, Oil Gas & Chemical and Industrial.  To learn more about Matrix Service Company, visit matrixservicecompany.com.

With a culture driven by its core values of safety, integrity, stewardship, positive relationships, community involvement and delivering the best, Matrix has twice been named to Forbes Top 100 Most Trustworthy Companies in America and is consistently recognized as a Great Place to Work®.

For more information about Matrix, please contact:

Kevin S. Cavanah                                              Kellie Smythe
Matrix Service Company                                    Matrix Service Company
Vice President and CFO                                    Senior Director, Investor Relations
T: 918-838-8822                                                T: 918-359-8267
Email: ir@matrixservicecompany.com               Email: ksmythe@matrixservicecompany.com

This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including the successful implementation of the Company's business improvement plan and the factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission.  Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release, except as required by law.

Source: Matrix Service Company