Matrix Service Q2 fiscal 2022 loss $0.93/diluted share; adjusted loss $0.38; backlog $591.6M

MATRIX SERVICE CO

2022-Q2 EPS reported -$1.59 revenue$330,058,000

Revenue $162.0M, down from $168.1M in Q1; gross margin 2.0%.
Project awards $192.2M (book-to-bill 1.2); backlog up 28% vs. start of fiscal year.
GAAP loss per diluted share $0.93; adjusted loss $0.38 excludes $14.2M DTA valuation allowance and $0.7M restructuring.
No debt; liquidity $101.7M including $65.0M cash and $36.7M ABL availability.
Estimate $80M cost structure reductions since fiscal 2020; expect return to profitability in Q4 fiscal 2022.

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