Matrix Service Q4 revenue $174.9M, net loss $10.7M; backlog $462.6M

MATRIX SERVICE CO

Q4 revenue up 18% sequentially to $174.9M; full-year revenue $673.4M.
Net loss of $10.7M ($0.40 loss per share) due to $6.6M project cost reduction in Utility & Power and $2.9M customer settlement in Storage & Terminal.
Project awards totaled $99.1M in Q4; backlog $462.6M at June 30, 2021; book-to-bill 0.6.
Strong balance sheet: $83.9M cash, no debt. Entered new $100M asset-backed credit facility on Sept 9, 2021.
Awards accelerating in early fiscal 2022; management expects improving backlog and clean energy market tailwinds.

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