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Press Releases

MATRIX SERVICE COMPANY RECEIVES NASDAQ NOTICE ON LATE FILING OF ITS FORM 10-K

Notice has no Immediate Effect on the Listing or Trading of the Company’s Shares

TULSA, Okla., Sept. 30, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that, as expected, it has received a notice from Nasdaq on September 29, 2022, notifying the Company that it is not in compliance with the periodic filing requirements for continued listing set forth in in Nasdaq Listing Rule 5250(c)(1) because the Company's Annual Report on Form 10-K for the year ended June 30, 2022 (“Fiscal Year 2022 10-K) was not filed with the Securities and Exchange Commission by the required due date of September 28, 2022.

This Notice received from Nasdaq has no immediate effect on the listing or trading of the Company's shares. Nasdaq has provided the Company with 60 calendar days, until November 28, 2022, to submit a plan to regain compliance. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for the filing of the Fiscal Year 2022 10-K as well as any subsequent periodic filings that may be due, or March 27, 2023, to regain compliance.

The Company expects and intends to submit to Nasdaq the compliance plan by November 28, 2022.
The Company continues to work diligently to complete its Fiscal Year 2022 10-K and continues to target filing the 10-K with the SEC in early October 2022, with subsequent periodic filings made on-time, after which the Company anticipates maintaining compliance with its SEC reporting obligations and Nasdaq listing requirements.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

About Matrix Service Company        

Matrix Service Company (Nasdaq: MTRX), through its subsidiaries, is a leading North American industrial engineering and construction contractor 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 in three key operating segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.

With a focus on sustainability, building strong Environment, Social and Governance (ESG) practices, and living our core values, Matrix ranks among the Top Contractors by Engineering-News Record, was recognized for its Board diversification by 2020 Women on Boards, is an active signatory to CEO Action for Diversity and Inclusion, and is consistently recognized as a Great Place to Work®. To learn more about Matrix Service Company, visit matrixservicecompany.com

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 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.

 

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MATRIX SERVICE COMPANY SETS NEW DATE FOR RELEASE OF FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FISCAL YEAR ENDED JUNE 30, 2022

TULSA, Okla., Sept. 29, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) will announce results for its Fiscal Year 2022 fourth quarter and year ended June 30, 2022, before the market opens on Friday, October 7, 2022. The release will be followed by a conference call that same day at 11:30 a.m. Eastern time /10:30 a.m. Central time.

The Company previously filed a form 12b-25, which delayed filing of our 10-K. We expected to file the 10-K by September 28 but have further delayed that filing pending the ongoing review of internal controls.

Earnings Conference Call instructions

Matrix Service Company will host a conference call with John R. Hewitt, President and CEO and Kevin S. Cavanah, Vice President and CFO at 11:30 a.m. Eastern Time / 10:30 a.m. Central Time on October 7, 2022.  The call will be simultaneously broadcast live over the Internet, which can be accessed at the Company’s website at www.matrixservicecompany.com on the Investors Relations page under Events & Presentations. To access the call by phone, please go to this link (registration link), and you will be provided with dial in details. 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 conference call will be recorded and will be available for replay within one hour of completion of the live call and can be accessed following the same link as the live call.

About Matrix Service Company        

Matrix Service Company (Nasdaq: MTRX), through its subsidiaries, is a leading North American industrial engineering, construction, and maintenance contractor headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia, Seoul, South Korea.

The Company reports its financial results in three key operating segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.

With a focus on sustainability, building strong Environment, Social and Governance (ESG) practices, and living our core values, Matrix ranks among the Top Contractors by Engineering-News Record, has been recognized for its Board diversification, is an active signatory to CEO Action for Diversity and Inclusion, and is recognized as a Great Place to Work®. To learn more about Matrix Service Company, visit www.matrixservicecompany.com and read our inaugural Sustainability Report.

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 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.

 

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Matrix Service Company to Delay Issuance of Fourth Quarter Earnings and the Filing of Annual Report for the Fiscal Year Ended June 30, 2022

 

September 12, 2022 TULSA, Okla., Sept. 12, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) (“Matrix” or the “Company”) announced today that it will delay the issuance of its fourth quarter earnings and the investor conference call previously scheduled for September 13, 2022 as well as the filing of its annual report on Form 10-K for the fiscal year ended June 30, 2022.

In the course of preparing the Company’s financial statements, management discovered that employee support and oversight time for a certain project was allocated to the Company’s general overhead expense category rather than to the specific project to which it should have been allocated. Management conducted a review and determined the amount of misallocated time was immaterial. However, as a result of this issue the Company’s Audit Committee engaged third-party advisors to conduct a review of the Company’s internal controls and the findings of the initial investigation. As a result, Matrix filed a Form 12b-25 with the Securities and Exchange Commission to request an extension until September 28, 2022 to file its Form 10-K and believes that the assessment will be concluded by such date. The Company cannot offer assurance that it will be able to meet the extended filing deadline. The Company will announce the rescheduled date and time for the issuance of its fourth quarter earnings and investor conference call in a subsequent press release.

About Matrix Service Company

Matrix Service Company (Nasdaq: MTRX), through its subsidiaries, is a leading North American industrial engineering and construction contractor 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 in three key operating segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.

With a focus on sustainability, building strong Environment, Social and Governance (ESG) practices, and living our core values, Matrix ranks among the Top Contractors by Engineering-News Record, was recognized for its Board diversification by 2020 Women on Boards, is an active signatory to CEO Action for Diversity and Inclusion, and is consistently recognized as a Great Place to Work®. To learn more about Matrix Service Company, visit matrixservicecompany.com.

 

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 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.

Read the full release

MATRIX SERVICE SELECTED BY NORTHROP GRUMMAN FOR TWO SEPARATE THERMAL VACUUM CHAMBER PROJECTS

TULSA, Okla., July 18, 2022 – Matrix Service Company (Nasdaq: MTRX) announced today that its subsidiary, Matrix Service Inc., has been selected by Northrop Grumman for two thermal vacuum chamber projects, the first of which is the Engineering Procurement and Construction (EPC) for a new state-of-the-art thermal vacuum chamber at Northrop Grumman’s Gilbert, Arizona campus. The EPC work for the Gilbert project was awarded in the fourth quarter of Fiscal 2022, following a previous award for the Front-End Engineering Design (FEED). In the third quarter of Fiscal 2022, Matrix Service was awarded a second project for EPC work related to the modernization of a thermal vacuum chamber at Northrop Grumman’s Space Park in Redondo Beach, California. The thermal vacuum chamber in Gilbert is part of Northrop Grumman’s expansion of its satellite engineering and manufacturing operations in Arizona, which was completed in April 2022. The state-of-the-art facility provides design, manufacturing, assembly, integration, and testing in support of high-profile satellite missions including critical science missions for NASA in addition to other programs that support national security. The Space Park project, which has already begun, will include EPC work on an existing thermal vacuum chamber to bring it to modern, state-of-the-art condition and will include replacement of existing thermal shrouds and mechanically insulated piping, as well as installation of advanced technology and state-of-the-art Human Machine Interface (HMI) controls. The FEED and final design and engineering on both projects will be completed by Matrix Service sister company, Matrix PDM Engineering. Long known for its expertise in the design, engineering, and construction of thermal vacuum chambers, Matrix has designed more than 70 vacuum chambers for both the aerospace industry and government laboratories. “With more than 60 years of experience in thermal vacuum chambers, this project supports our strategy of drawing on our engineering expertise to meet our customers’ needs from concept to completion and also highlights our capabilities in designing and constructing highly complex specialty vessels,” said Matrix Service Company President and CEO John R. Hewitt. “We are very proud of our team’s work with the aerospace industry and value the opportunity to support Northrop Grumman’s infrastructure and technology needs. We appreciate the trust and confidence the technology company has placed in Matrix and look forward to delivering the highest quality possible – safely, on-time, and on budget.”

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RETIRED FLUOR CORPORATION EXECUTIVE JOSE BUSTAMANTE NAMED TO MATRIX SERVICE COMPANY BOARD OF DIRECTORS

TULSA, Okla., May 16, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) today announced the addition of Jose Luis Martin de Bustamante to the Company’s Board of Directors.

“We are excited to welcome Jose to the Matrix Service Company Board of Directors. His long-standing history of leadership at Fluor Corporation, together with his proven expertise in business development, contracting, and managing large, complex projects across a wide range of end-markets, will be invaluable as Matrix responds to growing opportunities,” said Chairman of the Board Jim Mogg.  

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HENSEL PHELPS CONSTRUCTION COMPANY SELECTS MATRIX SERVICE FOR EPC OF THREE STORAGE TANKS TO EXPAND JET FUEL CAPACITY AT HOUSTON HOBBY AIRPORT

TULSA, Okla., May 10, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that its subsidiary, Matrix Service Inc., has been selected by Hensel Phelps Construction Company (“Hensel Phelps”) for the engineering, procurement, and construction (EPC) of three storage tanks for jet fuel at Houston Hobby Airport. The project is part of an expansion at an existing fuel facility and will add an additional 120,000 barrels in capacity. Construction is expected to begin in early July 2022, with all three tanks in-service by late 2022.

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