UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) May 7, 2010
Matrix Service Company
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
| 001-15461 | 73-1352174 | |
| (Commission File Number) |
(IRS Employer Identification No.) | |
| 5100 E Skelly Dr., Suite 700, TULSA, OK | 74135 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
918-838-8822
(Registrant’s Telephone Number, Including Area Code)
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02 | Results of Operations and Financial Condition. |
On May 7, 2010, Matrix Service Company (the “Company”) issued a press release announcing financial results for the third quarter ending March 31, 2010 and first nine months of fiscal year 2010. The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02 and Exhibit 99.1 attached hereto is being furnished pursuant to Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 8.01 | Other Events. |
On May 7, 2010, the Company issued a press release announcing that its wholly owned subsidiary, Matrix Service Inc. has been awarded a turnkey project in excess of $20 million to construct and install a thermal vacuum chamber test facility at the GPS III Test Facility, owned and operated by Lockheed Martin Space Systems Co., a business unit of Lockheed Martin Corp. The full text of this press release is attached as Exhibit 99.2 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
The following exhibits are filed or furnished herewith:
| Exhibit No. |
Description | |
| 99.1 | Press Release dated May 7, 2010, announcing financial results for the third quarter ending March 31, 2010 and the first nine months of fiscal year 2010. | |
| 99.2 | Press Release dated May 7, 2010, announcing a turnkey project in excess of $20 million to construct and install a thermal vacuum chamber test facility. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Matrix Service Company | ||||||
| Dated: May 7, 2010 |
By: | /s/ Kevin S. Cavanah | ||||
| Kevin S. Cavanah | ||||||
| Vice President – Accounting & Financial Reporting and Principal Accounting Officer | ||||||
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | Press Release dated May 7, 2010, announcing financial results for the third quarter ending March 31, 2010 and the first nine months of fiscal year 2010. | |
| 99.2 | Press Release dated May 7, 2010, announcing a turnkey project in excess of $20 million to construct and install a thermal vacuum chamber test facility. | |
Exhibit 99.1
FOR IMMEDIATE RELEASE
MATRIX SERVICE ANNOUNCES RESULTS FOR THE THIRD QUARTER OF FISCAL 2010
ENDED MARCH 31, 2010
Third Quarter Fiscal 2010 Highlights:
| • | Revenues were $122.0 million |
| • | Gross margins were 10.9% |
| • | Fully diluted EPS was $0.00 |
| • | Backlog was $302.4 million |
| • | Cash was $53.3 million |
Nine Month Fiscal 2010 Highlights:
| • | Revenues were $410.1 million |
| • | Gross margins were 12.0% |
| • | Fully diluted EPS was $0.34 |
TULSA, OK – May 7, 2010 – Matrix Service Co. (Nasdaq: MTRX), a leading industrial services company, today reported its financial results for the three and nine months ended March 31, 2010.
Third Quarter of Fiscal 2010 Results
Net income for the third quarter of fiscal 2010 was $0.1 million, or $0.00 per fully diluted share on total revenues of $122.0 million. Third quarter operating results included non-routine charges of $0.10 per fully diluted share related to write-offs of $2.9 million on acquired claim receivables, a charge of $0.7 million related to a legal matter and a charge of $0.6 million related to collection costs on claims acquired in a recent acquisition. Total revenues were $146.3 million and net income was $4.2 million, or $0.16 per fully diluted share, in the comparable period a year earlier.
Michael J. Bradley, president and CEO of Matrix Service Company said, “Although our markets and customers are continuing to experience the effects of the recession, our financial position is strong and has not limited our ability to pursue new awards, or to execute projects safely and effectively. We believe our long-term growth strategy and cost structure have positioned us to capitalize on opportunities that we see emerging when our core markets improve.”
Revenues for the Construction Services segment were $76.3 million, compared with $79.9 million in fiscal 2009. The decrease of $3.6 million was primarily due to continued delays in project awards and a decline in our customers’ capital spending. Revenues for the Repair and Maintenance Services segment were $45.7 million in fiscal 2010 compared to $66.4 million in fiscal 2009; the decline was due to a lower volume of recurring repair and maintenance work.
Consolidated gross profit decreased from $18.0 million in fiscal 2009 to $13.3 million in fiscal 2010. The decrease of $4.7 million was due to lower business volume, lower direct gross margins and a non-routine charge relating to a legal matter of $0.7 million, which decreased gross margins to 10.9% in fiscal 2010 compared to 12.3% a year earlier. Consolidated SG&A expenses were $13.2 million in fiscal 2010 compared to $10.9 million for fiscal 2009. The change in SG&A expenses is due to write-offs of $2.9 million on acquired claim receivables and a charge of $0.6 million related to collection costs on claims acquired in a recent acquisition, partially offset by cost reductions.
Nine Month Fiscal 2010 Results
Net income for fiscal 2010 was $9.1 million, or $0.34 per fully diluted share, on total revenues of $410.1 million. Fiscal 2010 operating results included non-routine charges of $0.15 per fully diluted share related to write-offs of $2.9 million on acquired claim receivables, a charge of $2.0 million related to a legal matter and a charge of $1.5 million related to collection costs on claims acquired in a recent acquisition. Total revenues were $509.8 million and net income was $23.8 million, or $0.90 per fully diluted share, in fiscal 2009.
Revenues for the Construction Services segment were $234.6 million compared with $294.7 million in fiscal 2009. The decrease of $60.1 million was primarily due to continued delays in project awards and a decline in our customers’ capital spending. Revenues for the Repair and Maintenance Services segment were $175.5 million in fiscal 2010 compared to $215.1 million in fiscal 2009. The decline was due to lower volume of recurring repair and maintenance work.
Consolidated gross profit decreased from $71.0 million in fiscal 2009 to $49.2 million in fiscal 2010. The reduction of $21.8 million was due to lower business volume, lower direct gross margins and a non-routine charge related to a legal matter of $2.0 million, which decreased gross margins to 12.0% in fiscal 2010 compared to 13.9% in fiscal 2009. Consolidated SG&A expenses were $34.7 million in fiscal 2010 compared to $34.8 million for fiscal 2009. The change in SG&A expenses is due to write-offs of $2.9 million on acquired claim receivables and a charge of $1.5 million related to collection costs on claims acquired in a recent acquisition which were fully offset by cost reductions.
Backlog
Consolidated backlog as of March 31, 2010 was $302.4 million compared to $323.7 million as of December 31, 2009.
Financial Position
At March 31, 2010, the Company’s cash balance was $53.3 million. The Company did not borrow under its $75.0 million revolving credit facility during the nine months ended March 31, 2010.
Earnings Guidance
The Company now expects fiscal 2010 earnings to be in a range of $0.55 to $0.65 per fully diluted share. This guidance excludes the impact of non-routine charges (1) and is consistent with guidance included in the press release issued by the Company on April 23, 2010.
| (1) | To supplement our financial results presented on a GAAP basis, we used the Non-GAAP measure indicated in the table below, which excludes certain non-routine accounting entries related to acquired claim receivables and certain other legal matters that we believe are helpful in understanding our past and future financial performance. Our Non-GAAP financial measure is not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental Non-GAAP financial measure internally to understand, manage, and evaluate our business and to make operating decisions. |
Conference Call Details
In conjunction with the press release, Matrix Service will host a conference call with Michael J. Bradley, president and CEO, and Thomas E. Long, vice president and CFO. The call will take place at 11:00 a.m. (Eastern) / 10:00 a.m. (Central) today and will be simultaneously broadcast live over the Internet at www.matrixservice.com or www.vcall.com. Please allow extra time prior to the call to visit the site and download the streaming media software required to listen to the Internet broadcast. The online archive of the broadcast will be available within one hour of completion of the live call.
About Matrix Service Company
Matrix Service Company provides engineering, construction and repair and maintenance services principally to the petroleum, petrochemical, power, bulk storage terminal, pipeline and industrial gas industries.
The Company is headquartered in Tulsa, Oklahoma, with regional operating facilities located in California, Delaware, Illinois, Michigan, New Jersey, Oklahoma, Pennsylvania, Texas, and Washington in the U.S. and in Canada.
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 those 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.
For more information, please contact:
Matrix Service Company
Tom Long
Vice President and CFO
T: 918-838-8822
E: telong@matrixservice.com
Matrix Service Company
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
| Three Months Ended | Nine Months Ended | One Month Ended |
||||||||||||||||||
| March 31, 2010 |
February 28, 2009 |
March 31, 2010 |
February 28, 2009 |
June 30, 2009 |
||||||||||||||||
| Revenues |
$ | 122,013 | $ | 146,262 | $ | 410,088 | $ | 509,849 | $ | 45,825 | ||||||||||
| Cost of revenues |
108,720 | 128,301 | 360,935 | 438,848 | 40,676 | |||||||||||||||
| Gross profit |
13,293 | 17,961 | 49,153 | 71,001 | 5,149 | |||||||||||||||
| Selling, general and administrative expenses |
13,248 | 10,916 | 34,711 | 34,754 | 3,570 | |||||||||||||||
| Operating income |
45 | 7,045 | 14,442 | 36,247 | 1,579 | |||||||||||||||
| Other income (expense): |
||||||||||||||||||||
| Interest expense |
(163 | ) | (139 | ) | (525 | ) | (376 | ) | (91 | ) | ||||||||||
| Interest income |
10 | 68 | 70 | 281 | 17 | |||||||||||||||
| Other |
208 | (179 | ) | 752 | 732 | 98 | ||||||||||||||
| Income before income tax expense |
100 | 6,795 | 14,739 | 36,884 | 1,603 | |||||||||||||||
| Provision for federal, state and foreign income taxes |
37 | 2,583 | 5,634 | 13,040 | 609 | |||||||||||||||
| Net income |
$ | 63 | $ | 4,212 | $ | 9,105 | $ | 23,844 | $ | 994 | ||||||||||
| Basic earnings per common share |
$ | 0.00 | $ | 0.16 | $ | 0.35 | $ | 0.91 | $ | 0.04 | ||||||||||
| Diluted earnings per common share |
$ | 0.00 | $ | 0.16 | $ | 0.34 | $ | 0.90 | $ | 0.04 | ||||||||||
| Weighted average common shares outstanding: |
||||||||||||||||||||
| Basic |
26,307 | 26,147 | 26,258 | 26,107 | 26,192 | |||||||||||||||
| Diluted |
26,521 | 26,322 | 26,477 | 26,426 | 26,434 | |||||||||||||||
Matrix Service Company
Consolidated Balance Sheets
(In thousands)
(Unaudited)
| March 31, 2010 |
May 31, 2009 |
|||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 53,298 | $ | 34,553 | ||||
| Accounts receivable, less allowances (March 31, 2010 - $756 and May 31, 2009 - $710) |
73,574 | 122,283 | ||||||
| Costs and estimated earnings in excess of billings on uncompleted contracts |
39,761 | 35,619 | ||||||
| Inventories |
4,479 | 4,926 | ||||||
| Income taxes receivable |
2,075 | 647 | ||||||
| Deferred income taxes |
4,162 | 4,843 | ||||||
| Prepaid expenses |
3,886 | 3,935 | ||||||
| Other current assets |
1,647 | 3,044 | ||||||
| Total current assets |
182,882 | 209,850 | ||||||
| Property, plant and equipment at cost: |
||||||||
| Land and buildings |
27,862 | 27,319 | ||||||
| Construction equipment |
52,927 | 53,925 | ||||||
| Transportation equipment |
19,117 | 17,971 | ||||||
| Furniture and fixtures |
13,648 | 14,527 | ||||||
| Construction in progress |
1,750 | 812 | ||||||
| 115,304 | 114,554 | |||||||
| Accumulated depreciation |
(60,978 | ) | (55,745 | ) | ||||
| 54,326 | 58,809 | |||||||
| Goodwill |
27,336 | 25,768 | ||||||
| Other intangible assets |
4,215 | 4,571 | ||||||
| Other assets |
937 | 4,453 | ||||||
| Total assets |
$ | 269,696 | $ | 303,451 | ||||
Matrix Service Company
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
| March 31, 2010 |
May 31, 2009 |
|||||||
| Liabilities and stockholders’ equity |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 28,084 | $ | 48,668 | ||||
| Billings on uncompleted contracts in excess of costs and estimated earnings |
28,403 | 51,305 | ||||||
| Accrued insurance |
7,833 | 7,612 | ||||||
| Accrued wages and benefits |
15,338 | 16,566 | ||||||
| Current capital lease obligation |
945 | 1,039 | ||||||
| Other accrued expenses |
2,618 | 2,200 | ||||||
| Total current liabilities |
83,221 | 127,390 | ||||||
| Long-term capital lease obligation |
290 | 850 | ||||||
| Deferred income taxes |
4,101 | 4,822 | ||||||
| Stockholders’ equity: |
||||||||
| Common stock - $.01 par value; 60,000,000 shares authorized; 27,888,217 shares issued as of March 31, 2010 and May 31, 2009 |
279 | 279 | ||||||
| Additional paid-in capital |
111,295 | 110,272 | ||||||
| Retained earnings |
85,492 | 75,393 | ||||||
| Accumulated other comprehensive income |
1,158 | 596 | ||||||
| 198,224 | 186,540 | |||||||
| Less: Treasury stock, at cost – 1,580,481 shares as of March 31, 2010 and 1,696,517 shares as of May 31, 2009 |
(16,140 | ) | (16,151 | ) | ||||
| Total stockholders’ equity |
182,084 | 170,389 | ||||||
| Total liabilities and stockholders’ equity |
$ | 269,696 | $ | 303,451 | ||||
Results of Operations
(In thousands)
(Unaudited)
| Construction Services |
Repair and Maintenance Services |
Other | Total | ||||||||||
| Three Months Ended March 31, 2010 |
|||||||||||||
| Gross revenues |
$ | 79,394 | $ | 45,701 | $ | — | $ | 125,095 | |||||
| Less: Inter-segment revenues |
3,073 | 9 | — | 3,082 | |||||||||
| Revenues |
76,321 | 45,692 | — | 122,013 | |||||||||
| Gross profit |
10,098 | 3,195 | — | 13,293 | |||||||||
| Operating income (loss) |
880 | (835 | ) | — | 45 | ||||||||
| Income (loss) before income tax expense |
797 | (697 | ) | — | 100 | ||||||||
| Net income (loss) |
369 | (306 | ) | — | 63 | ||||||||
| Segment assets |
117,974 | 89,214 | 62,508 | 269,696 | |||||||||
| Capital expenditures |
63 | 276 | 871 | 1,210 | |||||||||
| Depreciation and amortization expense |
1,646 | 1,268 | — | 2,914 | |||||||||
| Three Months Ended February 28, 2009 |
|||||||||||||
| Gross revenues |
$ | 85,607 | $ | 66,520 | $ | — | $ | 152,127 | |||||
| Less: Inter-segment revenues |
5,740 | 125 | — | 5,865 | |||||||||
| Revenues |
79,867 | 66,395 | — | 146,262 | |||||||||
| Gross profit |
9,332 | 8,629 | — | 17,961 | |||||||||
| Operating income |
2,641 | 4,404 | — | 7,045 | |||||||||
| Income before income tax expense |
2,365 | 4,430 | — | 6,795 | |||||||||
| Net income |
1,451 | 2,761 | — | 4,212 | |||||||||
| Segment assets |
148,078 | 115,887 | 32,124 | 296,089 | |||||||||
| Capital expenditures |
388 | 81 | 1,559 | 2,028 | |||||||||
| Depreciation and amortization expense |
1,572 | 1,184 | — | 2,756 | |||||||||
| Nine Months Ended March 31, 2010 |
|||||||||||||
| Gross revenues |
$ | 244,484 | $ | 175,726 | $ | — | $ | 420,210 | |||||
| Less: Inter-segment revenues |
9,910 | 212 | — | 10,122 | |||||||||
| Revenues |
234,574 | 175,514 | — | 410,088 | |||||||||
| Gross profit |
33,088 | 16,065 | — | 49,153 | |||||||||
| Operating income |
11,152 | 3,290 | — | 14,442 | |||||||||
| Income before income tax expense |
11,148 | 3,591 | — | 14,739 | |||||||||
| Net income |
6,886 | 2,219 | — | 9,105 | |||||||||
| Segment assets |
117,974 | 89,214 | 62,508 | 269,696 | |||||||||
| Capital expenditures |
565 | 1,082 | 2,412 | 4,059 | |||||||||
| Depreciation and amortization expense |
4,976 | 3,904 | — | 8,880 | |||||||||
| Nine Months Ended February 28, 2009 |
|||||||||||||
| Gross revenues |
$ | 316,052 | $ | 216,186 | $ | — | $ | 532,238 | |||||
| Less: Inter-segment revenues |
21,298 | 1,091 | — | 22,389 | |||||||||
| Revenues |
294,754 | 215,095 | — | 509,849 | |||||||||
| Gross profit |
37,138 | 33,863 | — | 71,001 | |||||||||
| Operating income |
15,751 | 20,496 | — | 36,247 | |||||||||
| Income before income tax expense |
15,748 | 21,136 | — | 36,884 | |||||||||
| Net income |
10,264 | 13,580 | — | 23,844 | |||||||||
| Segment assets |
148,078 | 115,887 | 32,124 | 296,089 | |||||||||
| Capital expenditures |
2,361 | 1,825 | 4,432 | 8,618 | |||||||||
| Depreciation and amortization expense |
4,343 | 3,274 | — | 7,617 | |||||||||
| One Month Ended June 30, 2009 |
|||||||||||||
| Gross revenues |
$ | 29,224 | $ | 17,297 | $ | — | $ | 46,521 | |||||
| Less: Inter-segment revenues |
693 | 3 | — | 696 | |||||||||
| Revenues |
28,531 | 17,294 | — | 45,825 | |||||||||
| Gross profit |
3,251 | 1,898 | — | 5,149 | |||||||||
| Operating income |
1,141 | 438 | — | 1,579 | |||||||||
| Income before income tax expense |
1,116 | 487 | — | 1,603 | |||||||||
| Net income |
720 | 274 | — | 994 | |||||||||
| Capital expenditures |
121 | 64 | 163 | 348 | |||||||||
| Depreciation and amortization expense |
543 | 451 | — | 994 | |||||||||
Backlog
We define backlog as the total dollar amount of revenues that we expect to recognize as a result of performing work that has been awarded to us through a signed contract that we consider firm. The following contract types are considered firm:
| • | fixed-price arrangements; |
| • | minimum customer commitments on cost plus arrangements; and |
| • | certain time and material contracts in which the estimated contract value is firm or can be estimated with a reasonable amount of certainty in both timing and amounts. |
For long-term maintenance contracts we include only the amounts that we expect to recognize into revenue over the next 12 months. For all other arrangements, we calculate backlog as the estimated contract amount less the revenue recognized as of the reporting date.
The following table provides a summary of changes in our backlog for the three months ended March 31, 2010:
| Construction Services |
Repair and Maintenance Services |
Total | ||||||||||
| (In thousands) | ||||||||||||
| Backlog as of December 31, 2009 |
$ | 182,429 | $ | 141,285 | $ | 323,714 | ||||||
| New backlog awarded |
44,305 | 56,416 | 100,721 | |||||||||
| Revenue recognized on contracts in backlog |
(76,321 | ) | (45,692 | ) | (122,013 | ) | ||||||
| Backlog as of March 31, 2010 |
$ | 150,413 | $ | 152,009 | $ | 302,422 | ||||||
The following table provides a summary of changes in our backlog for the nine months ended March 31, 2010:
| Construction Services |
Repair and Maintenance Services |
Total | ||||||||||
| (In thousands) | ||||||||||||
| Backlog as of June 30, 2009 |
$ | 224,260 | $ | 167,837 | $ | 392,097 | ||||||
| New backlog awarded |
178,965 | 159,686 | 338,651 | |||||||||
| Revenue recognized on contracts in backlog |
(234,574 | ) | (175,514 | ) | (410,088 | ) | ||||||
| Backlog cancelled |
(18,238 | ) | — | (18,238 | ) | |||||||
| Backlog as of March 31, 2010 |
$ | 150,413 | $ | 152,009 | $ | 302,422 | ||||||
Fiscal 2010 Diluted Earnings Per Share Guidance Range Reconciliation
GAAP to Non-GAAP Reconciliation
| Low | High | |||||||
| Diluted earnings per share - GAAP |
$ | 0.40 | $ | 0.50 | ||||
| Write-off of acquired claim receivables |
0.11 | 0.11 | ||||||
| Collection costs on acquired claim receivables |
0.06 | 0.06 | ||||||
| Legal charge |
0.07 | 0.07 | ||||||
| 0.24 | 0.24 | |||||||
| Income tax effect |
(0.09 | ) | (0.09 | ) | ||||
| Effect on net income |
0.15 | 0.15 | ||||||
| Diluted earnings per share - Non-GAAP |
$ | 0.55 | $ | 0.65 | ||||
Exhibit 99.2
MATRIX SERVICE SUBSIDIARY TEAMS WITH DYNAVAC ON A THERMAL VACUUM CHAMBER
PROJECT FOR LOCKHEED MARTIN
TULSA, OK – May 7, 2010 — Matrix Service Co. (Nasdaq: MTRX) announced today that its subsidiary, Matrix Service Inc. has been awarded a turnkey project in excess of $20 million to construct and install a thermal vacuum chamber test facility at the GPS III Test Facility, owned and operated by Lockheed Martin Space Systems Co., a business unit of Lockheed Martin Corp., one of the largest U.S. aerospace companies. Matrix Service, Inc. will utilize DynaVac, based in Hingham, MA, as a subcontractor on the project.
The Matrix Service/DynaVac scope of work for the GPS III Thermal Vacuum Test Facility covers the engineering, procurement, construction and commissioning of a thermal vacuum chamber, vacuum pumping systems, gaseous nitrogen thermal shroud and systems along with all related mechanical, electrical and control systems. Matrix Service will design, fabricate and construct the vacuum chamber and install all components and systems. DynaVac will design, procure and fabricate the thermal shroud, vacuum pumping systems, control systems and thermal control units to be installed by Matrix Service. The project is scheduled to be complete and fully commissioned by November 2011.
“We are pleased that Lockheed Martin has chosen Matrix Service and its subcontractor DynaVac to provide this important thermal vacuum test facility,” said Michael J. Bradley, president and CEO of Matrix Service. “This project is a direct reflection of our continued emphasis on diversification and total capability expansion.”
About Matrix Service Company
Matrix Service Company provides engineering, construction and repair and maintenance services principally to the petroleum, petrochemical, power, bulk storage terminal, pipeline and industrial gas industries.
The Company is headquartered in Tulsa, Oklahoma, with regional operating facilities located in Oklahoma, Texas, California, Michigan, New Jersey, Pennsylvania, Illinois, Washington, New Jersey and Delaware in the U.S. and in Canada.
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 those 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.
For more information, please contact:
Matrix Service Company
Tom Long
Vice President and CFO
T: 918-838-8822
E: telong@matrixservice.com