Matrix Reports Earnings

Matrix Service Co. reported total revenues for the fourth quarter rose 9.1 percent to $194.1 million from the $177.9 million recorded in the fourth quarter of fiscal 2007.

Net income for the fourth quarter of fiscal 2008 was $8.9 million, or $0.34 per fully diluted share, which included pre-tax charges of $0.8 million, or $0.02 per fully diluted share.

“We have good reason to be proud of our performance this year. Fiscal 2008 was a record year for revenues (which increased 14.3 percent over the prior year), gross profit, operating income, net income, fully diluted earnings per share and backlog despite the challenges we encountered with the LNG project.

We are extremely pleased to have delivered all of the tanks on time to our customer and to be in the cleanup stage on our LNG project. We continue to see our ongoing business activity strengthen and our liquidity position remains very strong with a net cash position of $22.0 million and no borrowings under the revolving credit facility,” said Michael J. Bradley, president and chief executive officer of Matrix Service Company.

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