Matrix Service Company Announces Resolution on the Power Generation Project in the Electrical Infrastructure Segment
July 27 2017 - 7:00AM
Matrix Service Company (Nasdaq:MTRX)
announced today that its subsidiary, Matrix NAC, has reached
agreement with its customer, TransCanada, to modify the execution
strategy on a key project in the Electrical Infrastructure segment.
“TransCanada and Matrix NAC have worked diligently
to modify the project execution strategy to assure the best
possible schedule, most efficient cost outcome, and the highest
levels of safety and quality,” said Matrix Service Company
President and CEO, John R. Hewitt. “While Matrix NAC’s scope of
work will be reduced as a result of this agreement, the forecasted
financial outcome of the project is not expected to negatively
impact the future earnings performance of the company.”
About Matrix Service Company
Founded in 1984, Matrix Service Company is parent
to a family of companies that include Matrix Service, Matrix NAC,
Matrix PDM Engineering and Matrix Applied Technologies. Our
subsidiaries design, build and maintain infrastructure critical to
North America’s energy, power and industrial markets. Matrix
Service Company is headquartered in Tulsa, Oklahoma with subsidiary
offices located throughout the United States and Canada, as well as
Sydney, Australia and Seoul, South Korea.
The Company reports its financial results based on
four key operating segments: Electrical Infrastructure, Storage
Solutions, Oil Gas & Chemical and Industrial. To learn more
about Matrix Service Company, visit 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.
For more information, please contact:
Matrix Service Company
Kevin S. Cavanah
Vice President and CFO
+1-918-838-8822
Email: kcavanah@matrixservicecompany.com
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