Matrix Service (MTRX) 8-K Results of Operations and Financial Condition

Exhibit 99

	Fiscal 2012
	(Unaudited, in thousands)
	Three Months Ended
	September 30, 2011		December 31, 2011			March 31, 2012
Gross revenues
Electrical Infrastructure	$	22,012	$	43,628		$	37,621
Oil Gas & Chemical		45,999		49,750			55,569
Storage Solutions		95,922		99,710			88,326
Industrial		6,575		8,076			3,112
	$	170,508	$	201,164		$	184,628
Less: Intersegment revenues
Electrical Infrastructure	$	—	$	—		$	—
Oil Gas & Chemical		175		33			—
Storage Solutions		1,012		167			729
Industrial		—		—			—
	$	1,187	$	200		$	729
Consolidated revenues
Electrical Infrastructure	$	22,012	$	43,628		$	37,621
Oil Gas & Chemical		45,824		49,717			55,569
Storage Solutions		94,910		99,543			87,597
Industrial		6,575		8,076			3,112
	$	169,321	$	200,964		$	183,899
Gross profit
Electrical Infrastructure	$	2,785	$	4,991		$	4,809
Oil Gas & Chemical		4,347		4,936			5,015
Storage Solutions		10,387		12,689			9,999
Industrial		574		482			(52	)
	$	18,093	$	23,098		$	19,771
Operating income
Electrical Infrastructure	$	729	$	2,492		$	2,540
Oil Gas & Chemical		1,412		2,410			1,922
Storage Solutions		4,226		6,547			3,745
Industrial		243		(249	)		(792	)
	$	6,610	$	11,200		$	7,415

	Fiscal 2011 (Unaudited, in thousands) Three Months Ended
	September 30, 2010			December 31, 2010		March 31, 2011		June 30, 2011		Total
Gross revenues
Electrical Infrastructure	$	46,905		$	50,428	$	28,825	$	24,907	$	151,065
Oil Gas & Chemical		28,627			35,058		32,501		47,567		143,753
Storage Solutions		67,131			80,175		68,616		83,840		299,762
Industrial		9,314			9,966		6,785		7,869		33,934
	$	151,977		$	175,627	$	136,727	$	164,183	$	628,514
Less: Intersegment revenues
Electrical Infrastructure	$	7		$	—	$	—	$	—	$	7
Oil Gas & Chemical		8			113		255		23		399
Storage Solutions		124			262		139		531		1,056
Industrial		—			—		—		—		—
	$	139		$	375	$	394	$	554	$	1,462
Consolidated revenues
Electrical Infrastructure	$	46,898		$	50,428	$	28,825	$	24,907	$	151,058
Oil Gas & Chemical		28,619			34,945		32,246		47,544		143,354
Storage Solutions		67,007			79,913		68,477		83,309		298,706
Industrial		9,314			9,966		6,785		7,869		33,934
	$	151,838		$	175,252	$	136,333	$	163,629	$	627,052
Gross profit
Electrical Infrastructure	$	5,521		$	5,637	$	3,846	$	3,333	$	18,337
Oil Gas & Chemical		2,224			3,405		3,480		4,538		13,647
Storage Solutions		7,144			9,813		10,245		11,577		38,779
Industrial		813			913		999		1,426		4,151
	$	15,702		$	19,768	$	18,570	$	20,874	$	74,914
Operating income
Electrical Infrastructure	$	3,083		$	3,057	$	1,661	$	1,310	$	9,111
Oil Gas & Chemical		(229	)		877		846		1,611		3,105
Storage Solutions		1,949			4,276		4,654		5,733		16,612
Industrial		310			422		479		861		2,072
	$	5,113		$	8,632	$	7,640	$	9,515	$	30,900

	Fiscal 2010
	(Unaudited, in thousands)
	Three Months Ended
	September 30, 2009 (a)		December 31, 2009 (b)			March 31, 2010 (c)			June 30, 2010 (d)			Total
Gross revenues
Electrical Infrastructure	$	20,482	$	22,286		$	24,998		$	35,249		$	103,015
Oil Gas & Chemical		38,425		47,025			34,468			30,426			150,344
Storage Solutions		74,309		76,369			56,209			65,418			272,305
Industrial		5,453		5,420			6,890			9,859			27,622
	$	138,669	$	151,100		$	122,565		$	140,952		$	553,286
Less: Intersegment revenues
Electrical Infrastructure	$	21	$	—		$	—		$	—		$	21
Oil Gas & Chemical		589		409			407			55			1,460
Storage Solutions		409		266			145			171			991
Industrial		—		—			—			—			—
	$	1,019	$	675		$	552		$	226		$	2,472
Consolidated revenues
Electrical Infrastructure	$	20,461	$	22,286		$	24,998		$	35,249		$	102,994
Oil Gas & Chemical		37,836		46,616			34,061			30,371			148,884
Storage Solutions		73,900		76,103			56,064			65,247			271,314
Industrial		5,453		5,420			6,890			9,859			27,622
	$	137,650	$	150,425		$	122,013		$	140,726		$	550,814
Gross profit
Electrical Infrastructure	$	3,398	$	3,611		$	3,779		$	2,501		$	13,289
Oil Gas & Chemical		3,278		3,914			3,278			(1,349	)		9,121
Storage Solutions		9,824		10,456			5,453			2,073			27,806
Industrial		917		461			783			545			2,706
	$	17,417	$	18,442		$	13,293		$	3,770		$	52,922
Operating income
Electrical Infrastructure	$	1,599	$	1,601		$	(311	)	$	612		$	3,501
Oil Gas & Chemical		893		1,273			643			(3,658	)		(849	)
Storage Solutions		4,449		4,849			165			(3,280	)		6,183
Industrial		390		(657	)		(452	)		(363	)		(1,082	)
	$	7,331	$	7,066		$	45		$	(6,689	)	$	7,753

(a) The Oil Gas & Chemical segment included a charge of $0.3 million and the Storage Solutions segment included a charge of $0.9 million relating to a legal matter. These charges were recorded as a reduction to gross profit.

(b) The Electrical Infrastructure segment and the Industrial segment included charges of $0.2 million and $0.6 million respectively for claims receivable excess collection costs. These costs were recorded as selling, general and administrative costs.

(c) The Oil Gas & Chemical segment and the Storage Solutions segment included charges of $0.2 million and $0.5 million relating to a legal matter. These charges were recorded as a reduction to gross profit. The Electrical Infrastructure and Industrial segments included charges of $0.2 million and $0.4 million for claims receivable collection costs that were recorded as selling, general and administrative costs. Finally, the Electrical Infrastructure and Industrial segments included costs of $2.5 million and $0.4 million related to claims receivable write-offs. The write-offs were included as selling, general and administrative costs.

(d) The Oil Gas & Chemical segment included a charge of $4.6 million related to projects at a Gulf Coast site. This charge was recorded as a reduction to gross profit. The Oil Gas & Chemical and Storage Solutions segment included charges of $0.7 million and $2.4 million related to a legal matter. These charges were recorded as a reduction to gross profit. Finally, the Electrical Infrastructure and Industrial segments included charges of $0.1 million and $0.3 million related to claims receivable excess collection costs. These charges were recorded as an increase to selling, general and administrative costs.