Matrix Service Company (NASD: MTRX), a provider of general industrial construction, repair and maintenance services principally to the petroleum, petrochemical, power, bulk storage terminal, pipeline and industrial gas industries, recently announced its financial performance for the first fiscal quarter of 2008. The company’s total revenues for the first quarter increased 15.7 percent to $186.7 million, up from the $161.3 million recorded in the first quarter of fiscal 2008. Net income for the period totaled $9.5 million, or $0.36 per fully diluted share, up significantly from $6.3 million, or $0.23 per fully diluted share during the corresponding period one year earlier.

Despite the strong increase, the company’s shares declined to a 52-week low earlier this week. Analysts had expected net income of $0.30 per share. Matrix Service Company’s management team maintains its fiscal 2009 guidance of $800 million to $850 million in consolidated revenues, earnings of $1.35 per fully diluted share