Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'MTRX | ' |
Entity Registrant Name | 'MATRIX SERVICE CO | ' |
Entity Central Index Key | '0000866273 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 26,193,467 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' |
Revenues | $226,217 | $209,608 |
Cost of revenues | 200,741 | 187,364 |
Gross profit | 25,476 | 22,244 |
Selling, general and administrative expenses | 14,714 | 14,320 |
Operating income | 10,762 | 7,924 |
Other income (expense): | ' | ' |
Interest expense | -223 | -183 |
Interest income | 5 | 8 |
Other | -88 | 57 |
Income before income tax expense | 10,456 | 7,806 |
Provision for federal, state and foreign income taxes | 3,904 | 3,122 |
Net income | $6,552 | $4,684 |
Basic earnings per common share (US$ per share) | $0.25 | $0.18 |
Diluted earnings per common share (US$ per share) | $0.25 | $0.18 |
Weighted average common shares outstanding: | ' | ' |
Basic (shares) | 26,116 | 25,788 |
Diluted (shares) | 26,647 | 26,148 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $6,552 | $4,684 |
Other comprehensive income (loss), net of tax: | ' | ' |
Foreign currency translation adjustments | 302 | 467 |
Comprehensive income | $6,854 | $5,151 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $79,762 | $63,750 |
Accounts receivable, less allowances (September 30, 2013-$70 and June 30, 2013-$795) | 150,473 | 140,840 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 66,678 | 73,773 |
Deferred income taxes | 6,063 | 5,657 |
Inventories | 3,172 | 2,988 |
Income Taxes Receivable, Current | 0 | 3,032 |
Other current assets | 6,662 | 6,234 |
Total current assets | 312,810 | 296,274 |
Property, plant and equipment at cost: | ' | ' |
Land and buildings | 29,667 | 29,649 |
Construction equipment | 71,132 | 69,998 |
Transportation equipment | 37,126 | 34,366 |
Office equipment and software | 18,763 | 18,426 |
Construction in progress | 9,559 | 9,080 |
Property, plant and equipment at cost, gross | 166,247 | 161,519 |
Accumulated depreciation | -92,920 | -90,218 |
Property, plant and equipment at cost, net | 73,327 | 71,301 |
Goodwill | 30,887 | 30,836 |
Other intangible assets | 7,378 | 7,551 |
Other assets | 4,586 | 4,016 |
Total assets | 428,988 | 409,978 |
Current liabilities: | ' | ' |
Accounts payable | 67,799 | 68,961 |
Billings on uncompleted contracts in excess of costs and estimated earnings | 75,783 | 62,848 |
Accrued wages and benefits | 17,850 | 21,919 |
Accrued insurance | 7,651 | 7,599 |
Income taxes payable | 601 | 0 |
Other accrued expenses | 2,558 | 3,039 |
Total current liabilities | 172,242 | 164,366 |
Deferred income taxes | 7,844 | 7,450 |
Long-term Debt, Excluding Current Maturities | 2,426 | 0 |
Total liabilities | 182,512 | 171,816 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock-$.01 par value; 60,000,000 shares authorized; 27,888,217 shares issued as of September 30, 2013, and June 30, 2013 | 279 | 279 |
Additional paid-in capital | 119,063 | 118,190 |
Retained earnings | 147,979 | 141,427 |
Accumulated other comprehensive income | 529 | 227 |
Stockholders' Equity before Treasury Stock, Total | 267,850 | 260,123 |
Less: Treasury stock, at cost - 1,746,259 shares as of September 30, 2013, and 1,779,593 shares as of June 30, 2013 | -21,374 | -21,961 |
Total stockholders' equity | 246,476 | 238,162 |
Total liabilities and stockholders' equity | $428,988 | $409,978 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $70 | $795 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 27,888,217 | 27,888,217 |
Treasury stock, shares | 1,746,259 | 1,779,593 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities: | ' | ' |
Net income | $6,552 | $4,684 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' |
Depreciation and amortization | 3,720 | 2,826 |
Deferred income tax | -111 | 98 |
Gain on sale of property, plant and equipment | -36 | -33 |
Allowance for uncollectible accounts | -13 | 705 |
Stock-based compensation expense | 1,087 | 866 |
Other | 49 | 8 |
Changes in operating assets and liabilities increasing (decreasing) cash: | ' | ' |
Accounts receivable | -9,620 | -49,515 |
Increase (Decrease) in Cost in Excess of Billing on Uncompleted Contract | -7,095 | 9,036 |
Inventories | -184 | -785 |
Other assets | -1,048 | -1,292 |
Accounts payable | -1,111 | 12,541 |
Billings on uncompleted contracts in excess of costs and estimated earnings | 12,935 | 15,344 |
Accrued expenses | -865 | 2,591 |
Net cash provided (used) by operating activities | 18,450 | -20,998 |
Investing activities: | ' | ' |
Acquisition of property, plant and equipment | -5,763 | -5,092 |
Proceeds from asset sales | 279 | 37 |
Net cash used by investing activities | -5,484 | -5,055 |
Financing activities: | ' | ' |
Issuances of common stock | 356 | 61 |
Capital lease payments | 0 | -22 |
Excess tax benefit of exercised stock options and vesting of deferred shares | 4 | 30 |
Advances under credit agreement | 8,975 | 7,828 |
Repayments of advances under credit agreement | -6,549 | -4,473 |
Treasury shares purchased by Employee Stock Purchase Plan | 18 | 8 |
Other treasury share purchases | -4 | -350 |
Net cash provided (used) by financing activities | 2,800 | 3,082 |
Effect of exchange rate changes on cash | 246 | 415 |
Net decrease in cash and cash equivalents | 16,012 | -22,556 |
Cash and cash equivalents, beginning of period | 63,750 | 39,726 |
Cash and cash equivalents, end of period | 79,762 | 17,170 |
Supplemental disclosure of cash flow information: | ' | ' |
Income taxes | 58 | 776 |
Interest | 146 | 126 |
Non-cash investing and financing activities: | ' | ' |
Purchases of property, plant and equipment on account | $1,095 | $649 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
In Thousands | ||||||
Balances, beginning at Jun. 30, 2012 | $211,097 | $279 | $116,693 | $117,419 | ($24,065) | $771 |
Net income | 4,684 | ' | ' | 4,684 | ' | ' |
Other comprehensive loss | 467 | ' | ' | ' | ' | 467 |
Exercise of stock options (31,800 and 16,600 shares for three month period ended September 30, 2013 and 2012, respectively) | 61 | ' | 18 | ' | 43 | ' |
Tax effect of exercised stock options and vesting of deferred shares | -10 | ' | -10 | ' | ' | ' |
Issuance of deferred shares (644 and 106,394 shares for three month period ended September 30, 2013 and 2012, respectively) | 0 | ' | -276 | ' | 276 | ' |
Treasury shares sold to Employee Stock Purchase Plan (1,127 and 686 shares for three month period ended September 30, 2013 and 2012, respectively) | 8 | ' | 6 | ' | 2 | ' |
Other treasury share purchases (237 and 33,454 shares for three month period ended September 30, 2013 and 2012, respectively) | -350 | ' | ' | ' | -350 | ' |
Stock-based compensation expense | 866 | ' | 866 | ' | ' | ' |
Balances, ending at Sep. 30, 2012 | 216,823 | 279 | 117,297 | 122,103 | -24,094 | 1,238 |
Balances, beginning at Jun. 30, 2013 | 238,162 | 279 | 118,190 | 141,427 | -21,961 | 227 |
Net income | 6,552 | ' | ' | 6,552 | ' | ' |
Other comprehensive loss | 302 | ' | ' | ' | ' | 302 |
Exercise of stock options (31,800 and 16,600 shares for three month period ended September 30, 2013 and 2012, respectively) | 356 | ' | -204 | ' | 560 | ' |
Tax effect of exercised stock options and vesting of deferred shares | 3 | ' | 3 | ' | ' | ' |
Issuance of deferred shares (644 and 106,394 shares for three month period ended September 30, 2013 and 2012, respectively) | 0 | ' | -11 | ' | 11 | ' |
Treasury shares sold to Employee Stock Purchase Plan (1,127 and 686 shares for three month period ended September 30, 2013 and 2012, respectively) | 18 | ' | -2 | ' | 20 | ' |
Other treasury share purchases (237 and 33,454 shares for three month period ended September 30, 2013 and 2012, respectively) | -4 | ' | ' | ' | -4 | ' |
Stock-based compensation expense | 1,087 | ' | 1,087 | ' | ' | ' |
Balances, ending at Sep. 30, 2013 | $246,476 | $279 | $119,063 | $147,979 | ($21,374) | $529 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Exercise of stock options, shares | 31,800 | 16,600 |
Employee Stock Purchase Plan, shares | 1,127 | 686 |
Issuance of deferred shares, shares | 644 | 106,394 |
Other treasury shares purchases, shares | 237 | 33,454 |
Basis_of_Presentation_Notes
Basis of Presentation (Notes) | 3 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The condensed consolidated financial statements include the accounts of Matrix Service Company (“Matrix”, “we”, “our”, “us”, “its” or the “Company”) and its subsidiaries, all of which are wholly owned. Intercompany balances and transactions have been eliminated in consolidation. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the Securities and Exchange Commission and do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. However, the information furnished reflects all adjustments, consisting of normal recurring adjustments and other adjustments described herein, that are, in the opinion of management, necessary for a fair statement of the results of operations, cash flows and financial position for the interim periods presented. The accompanying condensed financial statements should be read in conjunction with the audited financial statements for the year ended June 30, 2013, included in the Company’s Annual Report on Form 10-K for the year then ended. | |
The Company’s business is cyclical due to the scope and timing of projects released by our customers. Therefore, results from year to year can vary. Turnarounds and planned outages at customer facilities are typically scheduled in the spring and the fall when the demand is lower. As a result, quarterly operating results can exhibit seasonal fluctuations, especially in our Oil Gas & Chemical segment. We typically see a lower level of operating activity relating to construction projects during the winter months and early in the calendar year because many of our customers’ capital budgets have not been finalized. Our business can also be affected both positively and negatively by seasonal factors such as energy demand or weather conditions, including hurricanes, snowstorms, and abnormally low or high temperatures. Accordingly, results for any interim period may not necessarily be indicative of future operating results. |
Uncompleted_Contracts_Notes
Uncompleted Contracts (Notes) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Disclosure Customer Contracts Additional Information [Abstract] | ' | |||||||
Uncompleted Contracts | ' | |||||||
Uncompleted Contracts | ||||||||
Contract terms of the Company’s construction contracts generally provide for progress billings based on project milestones. The excess of costs incurred and estimated earnings over amounts billed on uncompleted contracts is reported as a current asset. The excess of amounts billed over costs incurred and estimated earnings recognized on uncompleted contracts is reported as a current liability. Gross and net amounts on uncompleted contracts are as follows: | ||||||||
September 30, | June 30, | |||||||
2013 | 2013 | |||||||
(in thousands) | ||||||||
Costs incurred and estimated earnings recognized on uncompleted contracts | $ | 848,334 | $ | 802,588 | ||||
Billings on uncompleted contracts | 857,439 | 791,663 | ||||||
$ | (9,105 | ) | $ | 10,925 | ||||
Shown on balance sheet as: | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 66,678 | $ | 73,773 | ||||
Billings on uncompleted contracts in excess of costs and estimated earnings | 75,783 | 62,848 | ||||||
$ | (9,105 | ) | $ | 10,925 | ||||
Progress billings in accounts receivable at September 30, 2013 and June 30, 2013 included retentions to be collected within one year of $23.7 million and $19.9 million, respectively. Contract retentions collectible beyond one year totaled $3.6 million at September 30, 2013 and $3.1 million at June 30, 2013. | ||||||||
SME Receivables | ||||||||
The Company continues to pursue collection of a certain receivable acquired in connection with the purchase of S.M. Electric Company, Inc. in February 2009. The recorded values at September 30, 2013 include $0.7 million in claim receivables, which represents the Company’s best estimate of the amount to be collected under a claim, and an additional $2.9 million for amounts due under the related contract. Recovering the remaining receivables will require mediation or litigation and the ultimate amount realized may be significantly different than the recorded amounts, which could result in a material adjustment to future earnings. | ||||||||
Other | ||||||||
There were no changes in estimates that caused a material impact to our results of operations during the periods presented herein. |
Intangible_Assets_Including_Go
Intangible Assets Including Goodwill (Notes) | 3 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Intangible Assets Including Goodwill | ' | |||||||||||||||||||
Intangible Assets Including Goodwill | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
The changes in the carrying value of goodwill by segment are as follows: | ||||||||||||||||||||
Electrical | Oil Gas & | Storage | Industrial | Total | ||||||||||||||||
Infrastructure | Chemical | Solutions | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Goodwill | $ | 29,666 | $ | 8,088 | $ | 10,985 | $ | 7,097 | $ | 55,836 | ||||||||||
Cumulative impairment loss (A) | (17,653 | ) | (3,000 | ) | (922 | ) | (3,425 | ) | (25,000 | ) | ||||||||||
Net balance at June 30, 2013 | 12,013 | 5,088 | 10,063 | 3,672 | 30,836 | |||||||||||||||
Translation adjustment (B) | — | — | 51 | — | 51 | |||||||||||||||
Net balance at September 30, 2013 | $ | 12,013 | $ | 5,088 | $ | 10,114 | $ | 3,672 | $ | 30,887 | ||||||||||
(A) | A $25.0 million impairment charge was recorded in February 2005 as a result of the Company’s operating performance in fiscal 2005. | |||||||||||||||||||
(B) | The translation adjustment relates to the periodic translation of Canadian Dollar denominated goodwill recorded as a part of a prior Canadian acquisition. | |||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||
Information on the carrying value of other intangible assets is as follows: | ||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||
Useful Life | Gross Carrying | Accumulated | Net Carrying | |||||||||||||||||
Amount | Amortization | Amount | ||||||||||||||||||
(Years) | (In thousands) | |||||||||||||||||||
Intellectual property | 6 to 15 | $ | 2,460 | $ | (795 | ) | $ | 1,665 | ||||||||||||
Customer based | 1 to 15 | 4,250 | (626 | ) | 3,624 | |||||||||||||||
Non-compete agreements | 3 to 5 | 808 | (326 | ) | 482 | |||||||||||||||
Trade Name | 5 | 165 | (8 | ) | 157 | |||||||||||||||
Total amortizing intangibles | 7,683 | (1,755 | ) | 5,928 | ||||||||||||||||
Trade name | Indefinite | 1,450 | — | 1,450 | ||||||||||||||||
Total intangible assets | $ | 9,133 | $ | (1,755 | ) | $ | 7,378 | |||||||||||||
At June 30, 2013 | ||||||||||||||||||||
Useful Life | Gross Carrying | Accumulated | Net Carrying | |||||||||||||||||
Amount | Amortization | Amount | ||||||||||||||||||
(Years) | (In thousands) | |||||||||||||||||||
Intellectual property | 6 to 15 | $ | 2,460 | $ | (753 | ) | $ | 1,707 | ||||||||||||
Customer based | 1 to 15 | 4,250 | (542 | ) | 3,708 | |||||||||||||||
Non-compete agreements | 3 to 5 | 808 | (287 | ) | 521 | |||||||||||||||
Trade Name | 5 | 165 | — | 165 | ||||||||||||||||
Total amortizing intangibles | 7,683 | (1,582 | ) | 6,101 | ||||||||||||||||
Trade name | Indefinite | 1,450 | — | 1,450 | ||||||||||||||||
Total intangible assets | $ | 9,133 | $ | (1,582 | ) | $ | 7,551 | |||||||||||||
Amortization expense totaled $0.2 million in the three months ended September 30, 2013 and $0.1 million in the three months ended September 30, 2012. Amortization expense is expected to be $0.7 million annually in fiscal years 2014 through 2016, and $0.6 million in fiscal years 2017 and 2018. |
Debt_Notes
Debt (Notes) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
The Company has a five-year, $125.0 million senior secured revolving credit facility (the “Credit Agreement”) that expires November 7, 2016. Advances under the Credit Agreement may be used for working capital, issuance of letters of credit and other lawful corporate purposes. | ||||||||
The Credit Agreement includes the following covenants and borrowing limitations: | ||||||||
• | Our Senior Leverage Ratio, as defined in the agreement, may not exceed 2.50 to 1.00 as of the end of each fiscal quarter. | |||||||
• | We are required to maintain a Fixed Charge Coverage Ratio, as defined in the agreement, greater than or equal to 1.25 to 1.00 as of the end of each fiscal quarter. | |||||||
• | Asset dispositions (other than inventory and obsolete or unneeded equipment disposed of in the ordinary course of business) are limited to $15.0 million per 12-month period. | |||||||
Amounts borrowed under the Credit Agreement bear interest at LIBOR or an Alternate Base Rate, plus in each case, an additional margin based on the Senior Leverage Ratio. The additional margin on Alternate Base Rate and LIBOR-based loans ranges between 0.75% and 1.5% and between 1.75% and 2.5%, respectively. | ||||||||
The Credit Agreement also permits us to borrow in Canadian dollars with a sublimit of U.S. $15.0 million. Amounts borrowed in Canadian dollars will bear interest either at the CDOR Rate, plus an additional margin based on the Senior Leverage Ratio ranging from 1.75% to 2.5%, or at the Canadian Prime Rate, plus an additional margin based on the Senior Leverage Ratio ranging from 2.25% to 3.0%. The CDOR Rate is equal to the sum of the annual rate of interest, which is the rate determined as being the arithmetic average of the quotations of all institutions listed in respect of the relevant CDOR interest period for Canadian Dollar denominated bankers’ acceptances, plus 0.1%. The Canadian Prime Rate is equal to the greater of (i) the rate of interest per annum most recently announced or established by JPMorgan Chase Bank, N.A., Toronto Branch as its reference rate in effect on such day for determining interest rates for Canadian Dollar denominated commercial loans in Canada and (ii) the CDOR Rate plus 1.0%. | ||||||||
The Unused Credit Facility Fee is between 0.30% and 0.45% based on the Senior Leverage Ratio. | ||||||||
The Credit Agreement includes a Senior Leverage Ratio covenant which provides that Consolidated Funded Indebtedness, as of the end of any fiscal quarter, may not exceed 2.5 times Consolidated EBITDA, as defined in the Credit Agreement, over the previous four quarters. For the four quarters ended September 30, 2013, Consolidated EBITDA, as defined in the Credit Agreement, was $57.1 million. Accordingly, at September 30, 2013, the Company had full availability of the $125.0 million credit facility. Consolidated Funded Indebtedness at September 30, 2013 was $9.2 million. | ||||||||
Availability under the senior credit facility was as follows: | ||||||||
September 30, | June 30, | |||||||
2013 | 2013 | |||||||
(In thousands) | ||||||||
Senior credit facility | $ | 125,000 | $ | 125,000 | ||||
Borrowings outstanding | 2,426 | — | ||||||
Letters of credit | 13,625 | 13,372 | ||||||
Availability under the senior credit facility | $ | 108,949 | $ | 111,628 | ||||
The Company is in compliance with all affirmative, negative, and financial covenants under the Credit Agreement. |
Income_Taxes_Notes
Income Taxes (Notes) | 3 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company complies with ASC 740, “Income Taxes”. Deferred income taxes are computed using the liability method whereby deferred tax assets and liabilities are recognized based on temporary differences between the financial and tax basis of assets and liabilities using presently enacted tax rates. Valuation allowances are established against deferred tax assets to the extent management believes that it is not probable the assets will be recovered. | |
The Company provides for income taxes regardless of whether it has received a tax assessment. Taxes are provided when it is considered probable that additional taxes will be due in excess of amounts included in the tax return. The Company regularly reviews exposure to additional income taxes due, and as further information is known or events occur, adjustments may be recorded. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 3 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Insurance Reserves | |
The Company maintains insurance coverage for various aspects of its operations. However, exposure to potential losses is retained through the use of deductibles, self-insured retentions and coverage limits. | |
Typically our contracts require us to indemnify our customers for injury, damage or loss arising from the performance of our services and provide warranties for materials and workmanship. The Company may also be required to name the customer as an additional insured up to the limits of insurance available, or we may be required to purchase special insurance policies or surety bonds for specific customers or provide letters of credit in lieu of bonds to satisfy performance and financial guarantees on some projects. Matrix maintains a performance and payment bonding line sufficient to support the business. The Company generally requires its subcontractors to indemnify the Company and the Company’s customer and name the Company as an additional insured for activities arising out of the subcontractors’ work. We also require certain subcontractors to provide additional insurance policies, including surety bonds in favor of the Company, to secure the subcontractors’ work or as required by the subcontract. | |
There can be no assurance that our insurance and the additional insurance coverage provided by our subcontractors will fully protect us against a valid claim or loss under the contracts with our customers. | |
Unapproved Change Orders and Claims | |
Costs and estimated earnings in excess of billings on uncompleted contracts included revenues for unapproved change orders and claims of $10.3 million at September 30, 2013 and $9.1 million at June 30, 2013. Generally, collection of amounts related to unapproved change orders and claims is expected within twelve months. However, since customers may not pay these amounts until final resolution of related claims, collection of these amounts may extend beyond one year. | |
Other | |
The Company and its subsidiaries are participants in various legal actions. It is the opinion of management that none of the known legal actions will have a material impact on the Company’s financial position, results of operations or liquidity. |
Earnings_per_Common_Share_Note
Earnings per Common Share (Notes) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings per Common Share | ' | |||||||
Earnings per Common Share | ||||||||
Basic earnings per share (“Basic EPS”) is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share (“Diluted EPS”) includes the dilutive effect of stock options and nonvested deferred shares. | ||||||||
The computation of basic and diluted earnings per share is as follows: | ||||||||
Three Months Ended | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
(In thousands, except per share data) | ||||||||
Basic EPS: | ||||||||
Net income | $ | 6,552 | $ | 4,684 | ||||
Weighted average shares outstanding | 26,116 | 25,788 | ||||||
Basic EPS | $ | 0.25 | $ | 0.18 | ||||
Diluted EPS: | ||||||||
Weighted average shares outstanding – basic | 26,116 | 25,788 | ||||||
Dilutive stock options | 137 | 70 | ||||||
Dilutive nonvested deferred shares | 394 | 290 | ||||||
Diluted weighted average shares | 26,647 | 26,148 | ||||||
Diluted EPS | $ | 0.25 | $ | 0.18 | ||||
The following securities are considered antidilutive and have been excluded from the calculation of Diluted EPS: | ||||||||
Three Months Ended | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Stock options | — | 327 | ||||||
Nonvested deferred shares | 60 | 32 | ||||||
Total antidilutive securities | 60 | 359 | ||||||
Segment_Information_Notes
Segment Information (Notes) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Information | ' | |||||||
Segment Information | ||||||||
We operate our business through four reportable segments: Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions, and Industrial. | ||||||||
The Electrical Infrastructure segment primarily encompasses high voltage services to investor owned utilities, including construction of new substations, upgrades of existing substations, short-run transmission line installations, distribution upgrades and maintenance, and storm restoration services. We also provide construction and maintenance services to a variety of power generation facilities, such as combined cycle plants, coal fired power stations, and renewable energy installations. | ||||||||
The Oil Gas & Chemical segment includes our traditional turnaround activities, plant maintenance services and construction in the downstream petroleum industry. Another key offering is industrial cleaning services, which include hydroblasting, hydroexcavating, chemical cleaning and vacuum services. We also perform work in the industrial and natural gas, gas processing and compression, and upstream petroleum markets. | ||||||||
The Storage Solutions segment includes new construction of crude and refined products aboveground storage tanks, as well as planned and emergency maintenance services. Also included in the Storage Solutions segment is work related to specialty storage tanks including liquefied natural gas (“LNG”), liquid nitrogen/liquid oxygen (“LIN/LOX”), liquid petroleum (“LPG”) tanks and other specialty vessels including spheres. Finally, the Storage Solutions segment includes balance of plant work in storage terminals and tank farms. | ||||||||
The Industrial segment includes work in the mining and minerals industry, bulk material handling, fertilizer production facilities, as well as work for clients in other industrial markets. | ||||||||
The Company evaluates performance and allocates resources based on operating income. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. Intersegment sales and transfers are recorded at cost; therefore, no intercompany profit or loss is recognized. | ||||||||
Segment assets consist primarily of accounts receivable, costs and estimated earnings in excess of billings on uncompleted contracts, property, plant and equipment, goodwill and other intangible assets. | ||||||||
Results of Operations | ||||||||
(In thousands) | ||||||||
Three Months Ended | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
Gross revenues | ||||||||
Electrical Infrastructure | $ | 32,877 | $ | 33,270 | ||||
Oil Gas & Chemical | 62,792 | 67,097 | ||||||
Storage Solutions | 108,546 | 105,418 | ||||||
Industrial | 22,691 | 4,975 | ||||||
Total gross revenues | $ | 226,906 | $ | 210,760 | ||||
Less: Inter-segment revenues | ||||||||
Electrical Infrastructure | $ | — | $ | — | ||||
Oil Gas & Chemical | 297 | — | ||||||
Storage Solutions | 392 | 1,152 | ||||||
Industrial | — | — | ||||||
Total inter-segment revenues | $ | 689 | $ | 1,152 | ||||
Consolidated revenues | ||||||||
Electrical Infrastructure | $ | 32,877 | $ | 33,270 | ||||
Oil Gas & Chemical | 62,495 | 67,097 | ||||||
Storage Solutions | 108,154 | 104,266 | ||||||
Industrial | 22,691 | 4,975 | ||||||
Total consolidated revenues | $ | 226,217 | $ | 209,608 | ||||
Gross profit (loss) | ||||||||
Electrical Infrastructure | $ | 3,330 | $ | 4,706 | ||||
Oil Gas & Chemical | 7,531 | 7,867 | ||||||
Storage Solutions | 12,837 | 9,969 | ||||||
Industrial | 1,778 | (298 | ) | |||||
Total gross profit | $ | 25,476 | $ | 22,244 | ||||
Operating income (loss) | ||||||||
Electrical Infrastructure | $ | 1,300 | $ | 2,319 | ||||
Oil Gas & Chemical | 3,263 | 3,775 | ||||||
Storage Solutions | 5,832 | 3,449 | ||||||
Industrial | 367 | (1,619 | ) | |||||
Total operating income | $ | 10,762 | $ | 7,924 | ||||
Segment assets | ||||||||
Electrical Infrastructure | $ | 59,018 | $ | 56,826 | ||||
Oil Gas & Chemical | 79,513 | 71,848 | ||||||
Storage Solutions | 157,389 | 186,600 | ||||||
Industrial | 35,801 | 14,179 | ||||||
Unallocated Corporate assets | 97,267 | 33,397 | ||||||
Total segment assets | $ | 428,988 | $ | 362,850 | ||||
Income_Taxes_Policies
Income Taxes (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
The Company complies with ASC 740, “Income Taxes”. Deferred income taxes are computed using the liability method whereby deferred tax assets and liabilities are recognized based on temporary differences between the financial and tax basis of assets and liabilities using presently enacted tax rates. Valuation allowances are established against deferred tax assets to the extent management believes that it is not probable the assets will be recovered. | |
The Company provides for income taxes regardless of whether it has received a tax assessment. Taxes are provided when it is considered probable that additional taxes will be due in excess of amounts included in the tax return. The Company regularly reviews exposure to additional income taxes due, and as further information is known or events occur, adjustments may be recorded. |
Uncompleted_Contracts_Tables
Uncompleted Contracts (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Disclosure Customer Contracts Additional Information [Abstract] | ' | |||||||
Gross and Net Amount of Uncompleted Contracts | ' | |||||||
Gross and net amounts on uncompleted contracts are as follows: | ||||||||
September 30, | June 30, | |||||||
2013 | 2013 | |||||||
(in thousands) | ||||||||
Costs incurred and estimated earnings recognized on uncompleted contracts | $ | 848,334 | $ | 802,588 | ||||
Billings on uncompleted contracts | 857,439 | 791,663 | ||||||
$ | (9,105 | ) | $ | 10,925 | ||||
Shown on balance sheet as: | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | $ | 66,678 | $ | 73,773 | ||||
Billings on uncompleted contracts in excess of costs and estimated earnings | 75,783 | 62,848 | ||||||
$ | (9,105 | ) | $ | 10,925 | ||||
Intangible_Assets_Including_Go1
Intangible Assets Including Goodwill (Tables) | 3 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Carrying Value of Goodwill by Segment | ' | |||||||||||||||||||
The changes in the carrying value of goodwill by segment are as follows: | ||||||||||||||||||||
Electrical | Oil Gas & | Storage | Industrial | Total | ||||||||||||||||
Infrastructure | Chemical | Solutions | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Goodwill | $ | 29,666 | $ | 8,088 | $ | 10,985 | $ | 7,097 | $ | 55,836 | ||||||||||
Cumulative impairment loss (A) | (17,653 | ) | (3,000 | ) | (922 | ) | (3,425 | ) | (25,000 | ) | ||||||||||
Net balance at June 30, 2013 | 12,013 | 5,088 | 10,063 | 3,672 | 30,836 | |||||||||||||||
Translation adjustment (B) | — | — | 51 | — | 51 | |||||||||||||||
Net balance at September 30, 2013 | $ | 12,013 | $ | 5,088 | $ | 10,114 | $ | 3,672 | $ | 30,887 | ||||||||||
(A) | A $25.0 million impairment charge was recorded in February 2005 as a result of the Company’s operating performance in fiscal 2005. | |||||||||||||||||||
(B) | The translation adjustment relates to the periodic translation of Canadian Dollar denominated goodwill recorded as a part of a prior Canadian acquisition. | |||||||||||||||||||
Carrying Value of Other Intangible Assets | ' | |||||||||||||||||||
Information on the carrying value of other intangible assets is as follows: | ||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||
Useful Life | Gross Carrying | Accumulated | Net Carrying | |||||||||||||||||
Amount | Amortization | Amount | ||||||||||||||||||
(Years) | (In thousands) | |||||||||||||||||||
Intellectual property | 6 to 15 | $ | 2,460 | $ | (795 | ) | $ | 1,665 | ||||||||||||
Customer based | 1 to 15 | 4,250 | (626 | ) | 3,624 | |||||||||||||||
Non-compete agreements | 3 to 5 | 808 | (326 | ) | 482 | |||||||||||||||
Trade Name | 5 | 165 | (8 | ) | 157 | |||||||||||||||
Total amortizing intangibles | 7,683 | (1,755 | ) | 5,928 | ||||||||||||||||
Trade name | Indefinite | 1,450 | — | 1,450 | ||||||||||||||||
Total intangible assets | $ | 9,133 | $ | (1,755 | ) | $ | 7,378 | |||||||||||||
At June 30, 2013 | ||||||||||||||||||||
Useful Life | Gross Carrying | Accumulated | Net Carrying | |||||||||||||||||
Amount | Amortization | Amount | ||||||||||||||||||
(Years) | (In thousands) | |||||||||||||||||||
Intellectual property | 6 to 15 | $ | 2,460 | $ | (753 | ) | $ | 1,707 | ||||||||||||
Customer based | 1 to 15 | 4,250 | (542 | ) | 3,708 | |||||||||||||||
Non-compete agreements | 3 to 5 | 808 | (287 | ) | 521 | |||||||||||||||
Trade Name | 5 | 165 | — | 165 | ||||||||||||||||
Total amortizing intangibles | 7,683 | (1,582 | ) | 6,101 | ||||||||||||||||
Trade name | Indefinite | 1,450 | — | 1,450 | ||||||||||||||||
Total intangible assets | $ | 9,133 | $ | (1,582 | ) | $ | 7,551 | |||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Availability Under the Senior Credit Facility | ' | |||||||
Availability under the senior credit facility was as follows: | ||||||||
September 30, | June 30, | |||||||
2013 | 2013 | |||||||
(In thousands) | ||||||||
Senior credit facility | $ | 125,000 | $ | 125,000 | ||||
Borrowings outstanding | 2,426 | — | ||||||
Letters of credit | 13,625 | 13,372 | ||||||
Availability under the senior credit facility | $ | 108,949 | $ | 111,628 | ||||
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computation of Basic and Diluted Earnings Per Share | ' | |||||||
The computation of basic and diluted earnings per share is as follows: | ||||||||
Three Months Ended | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
(In thousands, except per share data) | ||||||||
Basic EPS: | ||||||||
Net income | $ | 6,552 | $ | 4,684 | ||||
Weighted average shares outstanding | 26,116 | 25,788 | ||||||
Basic EPS | $ | 0.25 | $ | 0.18 | ||||
Diluted EPS: | ||||||||
Weighted average shares outstanding – basic | 26,116 | 25,788 | ||||||
Dilutive stock options | 137 | 70 | ||||||
Dilutive nonvested deferred shares | 394 | 290 | ||||||
Diluted weighted average shares | 26,647 | 26,148 | ||||||
Diluted EPS | $ | 0.25 | $ | 0.18 | ||||
Antidilutive Securities Excluded from the Calculation of Diluted EPS | ' | |||||||
The following securities are considered antidilutive and have been excluded from the calculation of Diluted EPS: | ||||||||
Three Months Ended | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Stock options | — | 327 | ||||||
Nonvested deferred shares | 60 | 32 | ||||||
Total antidilutive securities | 60 | 359 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Results of Operations | ' | |||||||
Results of Operations | ||||||||
(In thousands) | ||||||||
Three Months Ended | ||||||||
September 30, | September 30, | |||||||
2013 | 2012 | |||||||
Gross revenues | ||||||||
Electrical Infrastructure | $ | 32,877 | $ | 33,270 | ||||
Oil Gas & Chemical | 62,792 | 67,097 | ||||||
Storage Solutions | 108,546 | 105,418 | ||||||
Industrial | 22,691 | 4,975 | ||||||
Total gross revenues | $ | 226,906 | $ | 210,760 | ||||
Less: Inter-segment revenues | ||||||||
Electrical Infrastructure | $ | — | $ | — | ||||
Oil Gas & Chemical | 297 | — | ||||||
Storage Solutions | 392 | 1,152 | ||||||
Industrial | — | — | ||||||
Total inter-segment revenues | $ | 689 | $ | 1,152 | ||||
Consolidated revenues | ||||||||
Electrical Infrastructure | $ | 32,877 | $ | 33,270 | ||||
Oil Gas & Chemical | 62,495 | 67,097 | ||||||
Storage Solutions | 108,154 | 104,266 | ||||||
Industrial | 22,691 | 4,975 | ||||||
Total consolidated revenues | $ | 226,217 | $ | 209,608 | ||||
Gross profit (loss) | ||||||||
Electrical Infrastructure | $ | 3,330 | $ | 4,706 | ||||
Oil Gas & Chemical | 7,531 | 7,867 | ||||||
Storage Solutions | 12,837 | 9,969 | ||||||
Industrial | 1,778 | (298 | ) | |||||
Total gross profit | $ | 25,476 | $ | 22,244 | ||||
Operating income (loss) | ||||||||
Electrical Infrastructure | $ | 1,300 | $ | 2,319 | ||||
Oil Gas & Chemical | 3,263 | 3,775 | ||||||
Storage Solutions | 5,832 | 3,449 | ||||||
Industrial | 367 | (1,619 | ) | |||||
Total operating income | $ | 10,762 | $ | 7,924 | ||||
Segment assets | ||||||||
Electrical Infrastructure | $ | 59,018 | $ | 56,826 | ||||
Oil Gas & Chemical | 79,513 | 71,848 | ||||||
Storage Solutions | 157,389 | 186,600 | ||||||
Industrial | 35,801 | 14,179 | ||||||
Unallocated Corporate assets | 97,267 | 33,397 | ||||||
Total segment assets | $ | 428,988 | $ | 362,850 | ||||
Uncompleted_Contracts_Gross_an
Uncompleted Contracts - Gross and Net Amounts of Uncompleted Contracts (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Disclosure Customer Contracts Additional Information [Abstract] | ' | ' |
Costs incurred and estimated earnings recognized on uncompleted contracts | $848,334 | $802,588 |
Billings on uncompleted contracts | 857,439 | 791,663 |
Total | -9,105 | 10,925 |
Shown on balance sheet as: | ' | ' |
Costs and estimated earnings in excess of billings on uncompleted contracts | 66,678 | 73,773 |
Billings on uncompleted contracts in excess of costs and estimated earnings | 75,783 | 62,848 |
Total | ($9,105) | $10,925 |
Uncompleted_Contracts_Addition
Uncompleted Contracts - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Customer Contracts [Line Items] | ' | ' |
Billings in accounts receivable to be collected within one year | $23.70 | $19.90 |
Contract Receivable Retainage, Due in Next Twelve Months | 3.6 | 3.1 |
S.M. Electric Company | ' | ' |
Customer Contracts [Line Items] | ' | ' |
Estimate of the remaining amount to be collected | 0.7 | ' |
Contract Receivable | $2.90 | ' |
Intangible_Assets_Including_Go2
Intangible Assets Including Goodwill - Carrying Value of Goodwill By Segment (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | ||
Goodwill [Line Items] | ' | ' | ||
Goodwill | ' | $55,836 | ||
Cumulative impairment loss | ' | -25,000 | [1] | |
Goodwill | 30,887 | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Net balance at June 30, 2013 | 30,836 | ' | ||
Translation adjustment | 51 | ' | ||
Net balance at September 30, 2013 | 30,887 | ' | ||
Electrical Infrastructure [Member] | ' | ' | ||
Goodwill [Line Items] | ' | ' | ||
Goodwill | ' | 29,666 | ||
Cumulative impairment loss | ' | -17,653 | [1] | |
Goodwill | 12,013 | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Net balance at June 30, 2013 | 12,013 | ' | ||
Translation adjustment | 0 | ' | ||
Net balance at September 30, 2013 | 12,013 | ' | ||
Oil Gas & Chemical [Member] | ' | ' | ||
Goodwill [Line Items] | ' | ' | ||
Goodwill | ' | 8,088 | ||
Cumulative impairment loss | ' | -3,000 | [1] | |
Goodwill | 5,088 | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Net balance at June 30, 2013 | 5,088 | ' | ||
Translation adjustment | 0 | ' | ||
Net balance at September 30, 2013 | 5,088 | ' | ||
Storage Solutions [Member] | ' | ' | ||
Goodwill [Line Items] | ' | ' | ||
Goodwill | ' | 10,985 | ||
Cumulative impairment loss | ' | -922 | [1] | |
Goodwill | 10,114 | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Net balance at June 30, 2013 | 10,063 | ' | ||
Translation adjustment | 51 | [2] | ' | |
Net balance at September 30, 2013 | 10,114 | ' | ||
Industrial [Member] | ' | ' | ||
Goodwill [Line Items] | ' | ' | ||
Goodwill | ' | 7,097 | ||
Cumulative impairment loss | ' | -3,425 | [1] | |
Goodwill | 3,672 | ' | ||
Goodwill [Roll Forward] | ' | ' | ||
Net balance at June 30, 2013 | 3,672 | ' | ||
Translation adjustment | 0 | ' | ||
Net balance at September 30, 2013 | $3,672 | ' | ||
[1] | A $25.0 million impairment charge was recorded in February 2005 as a result of the Companybs operating performance in fiscal 2005. | |||
[2] | (B)The translation adjustment relates to the periodic translation of Canadian Dollar denominated goodwill recorded as a part of a prior Canadian acquisition. |
Intangible_Assets_Including_Go3
Intangible Assets Including Goodwill - Carrying Value of Other Intangible Assets (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 7,683 | 7,683 |
Accumulated Amortization | -1,755 | -1,582 |
Net Carrying Amount | 5,928 | 6,101 |
Indefinite Trade Names | 1,450 | 1,450 |
Total intangible assets, gross carrying amount | 9,133 | 9,133 |
Total intangible assets, accumulated amortization | -1,755 | -1,582 |
Total intangible assets, net carrying amount | 7,378 | 7,551 |
Intellectual Property [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 2,460 | 2,460 |
Accumulated Amortization | -795 | -753 |
Net Carrying Amount | 1,665 | 1,707 |
Intellectual Property [Member] | Minimum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '6 years | '6 years |
Intellectual Property [Member] | Maximum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '15 years | '15 years |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 4,250 | 4,250 |
Accumulated Amortization | -626 | -542 |
Net Carrying Amount | 3,624 | 3,708 |
Customer Relationships [Member] | Minimum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '1 year | '1 year |
Customer Relationships [Member] | Maximum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '15 years | '15 years |
Noncompete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 808 | 808 |
Accumulated Amortization | -326 | -287 |
Net Carrying Amount | 482 | 521 |
Noncompete Agreements [Member] | Minimum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '3 years | '3 years |
Noncompete Agreements [Member] | Maximum [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | '5 years |
Trade Names [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 165 | 165 |
Accumulated Amortization | -8 | 0 |
Net Carrying Amount | 157 | 165 |
Intangible_Assets_Including_Go4
Intangible Assets Including Goodwill - Additional Information (Detail) (USD $) | 3 Months Ended | ||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | |
Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Trade Names [Member] | Trade Names [Member] | ||||
Intellectual Property [Member] | Intellectual Property [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Intellectual Property [Member] | Intellectual Property [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | ||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Impairment charge | ($25) | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | 0.2 | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2014 | 0.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2015 | 0.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2016 | 0.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2017 | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
2018 | $0.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '6 years | '6 years | '1 year | '1 year | '3 years | '3 years | '15 years | '15 years | '15 years | '15 years | '5 years | '5 years | '5 years | '5 years | |
[1] | A $25.0 million impairment charge was recorded in February 2005 as a result of the Companybs operating performance in fiscal 2005. |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2013 | |
Times | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Credit Agreement Term | '5 years | ' |
Senior secured revolving credit facility | $125,000,000 | $125,000,000 |
mtrx_LineOfCreditFacilityExpirationDate | 7-Nov-16 | ' |
Senior Leverage Ratio, Maximum | 2.5 | ' |
Senior Leverage Ratio, Minimum | 1 | ' |
Fixed Charge Coverage Ratio, Maximum | 1.25 | ' |
Fixed Charge Coverage Ratio, Minimum | 1 | ' |
Limit on asset dispositions | 15,000,000 | ' |
Additional Margin on alternate base rate loans, Minimum | 0.75% | ' |
Additional Margin on alternate base rate loans, Maximum | 1.50% | ' |
Additional Margin on LIBOR loans, Minimum | 1.75% | ' |
Additional Margin on LIBOR loans, Maximum | 2.50% | ' |
Sublimit on Canadian dollar borrowings | 15,000,000 | ' |
Additional Margin on CDOR loans, Minimum | 1.75% | ' |
Additional Margin on CDOR loans, Maximum | 2.50% | ' |
Additional Margin on Canadian prime rate loans, Minimum | 2.25% | ' |
Additional Margin on Canadian prime rate loans, Maximum | 3.00% | ' |
CDOR Rate description | ' sum of the annual rate of interest, which is the rate determined as being the arithmetic average of the quotations of all institutions listed in respect of the relevant CDOR interest period for Canadian Dollar denominated bankersb acceptances, plus 0.1% | ' |
Canadian prime rate description | 'greater of (i)B the rate of interest per annum most recently announced or established by JPMorgan Chase Bank, N.A., Toronto Branch as its reference rate in effect on such day for determining interest rates for Canadian Dollar denominated commercial loans in Canada and (ii)B the CDOR Rate plus 1.0%. | ' |
Maximum limit of consolidated funded indebtedness | 2.5 | ' |
Consolidated EBITDA as defined in the Credit Agreement | 57,100,000 | ' |
Consolidated funded indebtedness | $9,200,000 | ' |
Minimum [Member] | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Unused Credit Facility Fee | 0.30% | ' |
Maximum [Member] | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Unused Credit Facility Fee | 0.45% | ' |
CDOR Rate [Member] | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Basis spread on variable rate basis | 0.10% | ' |
Canadian Prime Rate [Member] | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Variable rate basis | 'CDOR | ' |
Basis spread on variable rate basis | 1.00% | ' |
Debt_Availability_Under_The_Se
Debt - Availability Under The Senior Credit Facility (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Senior credit facility | $125,000 | $125,000 |
Line of Credit Facility, Amount Outstanding | 2,426 | 0 |
Letters of credit subject to the credit facility | 13,625 | 13,372 |
Availability under the senior credit facility | $108,949 | $111,628 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Unapproved change orders | $10.30 | $9.10 |
Earnings_per_Common_Share_Comp
Earnings per Common Share - Computation of Basic and Diluted Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share, Basic [Abstract] | ' | ' |
Net income | $6,552 | $4,684 |
Weighted average shares outstanding - basic (shares) | 26,116 | 25,788 |
Basic EPS (US$ per share) | $0.25 | $0.18 |
Earnings Per Share, Diluted [Abstract] | ' | ' |
Dilutive stock options | 137 | 70 |
Dilutive nonvested deferred shares | 394 | 290 |
Diluted weighted average shares (shares) | 26,647 | 26,148 |
Diluted EPS (US$ per share) | $0.25 | $0.18 |
Earnings_per_Common_Share_Anti
Earnings per Common Share - Antidilutive Securities Excluded from the Calculation of Diluted Earnings Per Share (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total antidilutive securities | 60 | 359 |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total antidilutive securities | 0 | 327 |
Nonvested Deferred Shares [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total antidilutive securities | 60 | 32 |
Segment_Information_Results_of
Segment Information - Results of Operations (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross revenues | $226,906 | $210,760 | ' |
Consolidated revenues | 226,217 | 209,608 | ' |
Gross profit | 25,476 | 22,244 | ' |
Operating income | 10,762 | 7,924 | ' |
Segment assets | 428,988 | 362,850 | 409,978 |
Electrical Infrastructure [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross revenues | 32,877 | 33,270 | ' |
Consolidated revenues | 32,877 | 33,270 | ' |
Gross profit | 3,330 | 4,706 | ' |
Operating income | 1,300 | 2,319 | ' |
Segment assets | 59,018 | 56,826 | ' |
Oil Gas & Chemical [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross revenues | 62,792 | 67,097 | ' |
Consolidated revenues | 62,495 | 67,097 | ' |
Gross profit | 7,531 | 7,867 | ' |
Operating income | 3,263 | 3,775 | ' |
Segment assets | 79,513 | 71,848 | ' |
Storage Solutions [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross revenues | 108,546 | 105,418 | ' |
Consolidated revenues | 108,154 | 104,266 | ' |
Gross profit | 12,837 | 9,969 | ' |
Operating income | 5,832 | 3,449 | ' |
Segment assets | 157,389 | 186,600 | ' |
Industrial [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross revenues | 22,691 | 4,975 | ' |
Consolidated revenues | 22,691 | 4,975 | ' |
Gross profit | 1,778 | -298 | ' |
Operating income | 367 | -1,619 | ' |
Segment assets | 35,801 | 14,179 | ' |
All Other Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Segment assets | 97,267 | 33,397 | ' |
Intersegment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross revenues | 689 | 1,152 | ' |
Intersegment Eliminations [Member] | Electrical Infrastructure [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross revenues | 0 | 0 | ' |
Intersegment Eliminations [Member] | Oil Gas & Chemical [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross revenues | 297 | 0 | ' |
Intersegment Eliminations [Member] | Storage Solutions [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross revenues | 392 | 1,152 | ' |
Intersegment Eliminations [Member] | Industrial [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gross revenues | $0 | $0 | ' |