Matrix Service Co., a Tulsa-based industrial services company, today reported its financial results for the fourth quarter and fiscal year, ended May 31, 2007.
Total revenues for the quarter were $177.9 million compared to $138.6 million reported in the fourth quarter of fiscal 2006.
Net income for the fourth quarter of fiscal 2007 was $1.9 million, which included a $10.9 million pre-tax charge for cost overruns on a liquefied natural gas construction project in the Gulf Coast region. Net income for the fourth quarter of fiscal 2006 was $3.3 million.
Construction Services revenues for fourth quarter 2007 were $102.7 million compared to $78.9 million in the same period a year earlier. This improvement was primarily due to Downstream Petroleum revenues increasing $21.2 million, but improvements were also seen in Aboveground Storage Tank revenues of $9.5 million and Electrical and Instrumentation revenues of $5.9 million.
During the quarter, repair and maintenance services revenues increased by $15.5 million to $75.2 million from $59.7 million in the same period in fiscal 2006.
For the fiscal year ended May 31, 2007, Matrix Service reported consolidated revenues of $639.8 million; a 29.5 percent increase compared to $493.9 million recorded in the fiscal year ended May 31, 2006.
Net income for fiscal year 2007 was $19.2 million compared to $7.7 million for fiscal year ended May 31, 2006. Revenues for the Construction Services segment rose significantly from $243.7 million in fiscal 2006 to $366.2 million in fiscal 2007.