MATRIX SERVICE COMPANY TO DELAY ISSUANCE OF FOURTH QUARTER EARNINGS AND THE FILING OF ANNUAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2022September 12, 2022 TULSA, Okla., Sept. 12, 2022 (GLOBE NEWSWIRE) — Matrix Service Company (Nasdaq: MTRX) (“Matrix” or the “Company”) announced today that it will delay the issuance of its fourth quarter earnings and the investor conference call previously scheduled for September 13, 2022 as well as the filing of its annual report on Form 10-K for the fiscal year ended June 30, 2022. In the course of preparing the Company’s financial statements, management discovered that employee support and oversight time for a certain project was allocated to the Company’s general overhead expense category rather than to the specific project to which it should have been allocated. Management conducted a review and determined the amount of misallocated time was immaterial. However, as a result of this issue the Company’s Audit Committee engaged third-party advisors to conduct a review of the Company’s internal controls and the findings of the initial investigation. As a result, Matrix filed a Form 12b-25 with the Securities and Exchange Commission to request an extension until September 28, 2022 to file its Form 10-K and believes that the assessment will be concluded by such date. The Company cannot offer assurance that it will be able to meet the extended filing deadline. The Company will announce the rescheduled date and time for the issuance of its fourth quarter earnings and investor conference call in a subsequent press release. About Matrix Service Company Matrix Service Company (Nasdaq: MTRX), through its subsidiaries, is a leading North American industrial engineering and construction contractor 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 in three key operating segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions. With a focus on sustainability, building strong Environment, Social and Governance (ESG) practices, and living our core values, Matrix ranks among the Top Contractors by Engineering-News Record, was recognized for its Board diversification by 2020 Women on Boards, is an active signatory to CEO Action for Diversity and Inclusion, and is consistently recognized as a Great Place to Work®. To learn more about Matrix Service Company, visit matrixservicecompany.com.
|For more information about Matrix, please contact:|
|Kevin S. Cavanah||Kellie Smythe|
|Matrix Service Company||Matrix Service Company|
|Vice President and CFO||Senior Director, Investor Relations|
|T: 918-838-8822||T: 918-359-8267|
|Email: firstname.lastname@example.org||Email: email@example.com|