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13
Sep
2010

Matrix Service Company (MTRX) delays earnings announcement

Is there a glitch in the matrix? Matrix Service Company (NASDAQ:MTRX) has announced they’re delaying their upcoming earnings release. They’ll have until Sept. 28, 2010, to file Form 10-K as they look into “recently discovered alleged fraudulent activities by current and former employees in one operating location in the United States.”

The employees involved have been suspended without pay, and the company is assuring investors that the investigation and alleged fraudulent activities will not have a material impact on the company’s earnings.

“The Company is currently evaluating the information it has obtained regarding the alleged activities, but believes the overall financial impact will not be material,” they wrote in their official press release.

Matrix Service Company’s earning call was previously scheduled for Monday, Sept. 13, 2010. They have not announced when they will reschedule the earnings conference call although it will likely be on or before Sept. 28, 2010. The extension was obtained after Matrix Service filed a Form 12B-25.

Analysts are expecting earnings of $0.13 per share – down 50 percent from last year’s $0.26 per share.

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