Matrix Service Co., a Tulsa-based industrial services company, today reported its financial results for the third quarter of fiscal 2008 ended, February 29, 2008.
Total revenues for the quarter rose 7.4 percent to $181.1 million from the $168.7 million recorded in the third quarter of fiscal 2007.
Net income for the third quarter of fiscal 2008 was $6.0 million, or $0.22 per fully diluted share, which included pre-tax charges of $2.5 million, or $0.06 per fully diluted share, related to continued cost overruns on the liquefied natural gas construction project in the Gulf Coast Region.
Consolidated SG&A expenses increased $2.6 million in the third quarter of fiscal 2008 to $10.9 million from $8.3 million in the same quarter of fiscal 2007.
EBITDA for the third quarter of fiscal 2008 increased to $12.4 million, from $12.3 million in the same period last year. Gross margins on a consolidated basis for the current quarter widened to 11.6 percent from 11.2 percent reported in the same quarter a year ago. The increase in gross margins was driven by an improvement in the Repair and Maintenance Services segment.
Construction Services revenues for the third quarter 2008 advanced 15.7 percent to $119.5 million from $103.3 million in the same period a year earlier.