Matrix Service Company Announces Continuation of Share Repurchase Program
February 12 2020 - 5:00AM
Matrix Service Company (Nasdaq: MTRX), a leading
contractor to the energy and industrial markets across North
America, today announced its intent to continue to execute the
Company’s previously-announced stock repurchase plan.
“Our decision to continue our repurchase program is indicative
of the strength of the Company’s opportunity pipeline and the
progress we expect to make to enhance our operating performance
across the enterprise. Given our healthy liquidity profile
and our outlook on the business compared to the current stock
price, we believe share repurchases is a prudent use of our
financial resources and the appropriate mechanism to return value
to our shareholders at this time,” said Matrix Service Company
President and CEO John R. Hewitt.
During the three months ended December 31, 2019, the Company
acquired 500,000 shares of common stock for a total of $9.9
million.
About Matrix Service Company
Founded in 1984, Matrix Service Company (Nasdaq:
MTRX) is parent to a family of companies that includes Matrix PDM
Engineering, Matrix Service Inc., Matrix NAC, and Matrix Applied
Technologies. Our companies design, build and maintain
infrastructure critical to North America's energy and industrial
markets. Matrix Service Company is 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 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.
With a culture driven by its core values of
safety, integrity, stewardship, positive relationships, community
involvement and delivering the best, Matrix has twice been named to
Forbes Top 100 Most Trustworthy Companies in America and is
consistently recognized as a Great Place to Work®.
For more information about Matrix, please
contact:
Kevin S. Cavanah
Kellie SmytheMatrix Service Company
Matrix Service CompanyVice
President and CFO
Senior Director, Investor RelationsT:
918-838-8822
T:
918-359-8267Email: 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 the
successful implementation of the Company's business improvement
plan and the 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, except
as required by law.
Matrix Service (NASDAQ:MTRX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Matrix Service (NASDAQ:MTRX)
Historical Stock Chart
From Apr 2023 to Apr 2024