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Matrix Service builds and repairs oil-field storage tanks but also performs refinery maintenance and takes on other energy industry construction projects.
Net income tallied $4.2 million for the three months ending Feb. 28, down from $6 million in the same period of fiscal 2008.
Revenue from repair and maintenance and an uptick in Matrix Service's turnaround work for refineries fueled the executives' optimism.
"We plan to remain focused on building for the long term," CEO Michael Bradley said in a conference call with analysts and media.
Overall revenue for the first nine months of fiscal 2009 totaled $509.8 million, according to the statement.
The worldwide credit collapse and fall in commodity prices didn't leave Matrix Service unscathed.
Its constructive services segment generated $79.9 million in revenue in the quarter, compared with $119.5 million a year earlier.
Work was under way on one $30 million project when the customer shut it down, Bradley noted.
Matrix Service, however, still had a $452.5 million backlog in contracted projects.
The company also has not drawn on its $75 million credit facility, using cash on hand to close on the acquisitions of SM Electric and cryogenic
tank technology from Chicago Bridge & Iron.
"We're benefiting from a strong balance sheet and financial flexibility which will allow the company to take advantage of future business opportunities," Chief Financial Officer Thomas Long said.
Matrix Service, which celebrates its 25th year in business this month, started as an oil-field tank repair outfit with 11 people at an east Tulsa shop.
Shares of Matrix Service fell 5 percent Thursday to close at $8.11 on the Nasdaq stock market.
Rod Walton 581-8457 rod.walton@tulsaworld.com
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