Filing Analysis
Matrix Service Company has elected Shawn P. Payne to the Board of Directors effective July 1, 2026, following his appointment as President and CEO. He will also serve on the Project Risk Committee and chair the Strategy Committee.
🚩 Red Flags
- Related-party disclosure: The CEO's son is an employee at an operating subsidiary (though compensation is below the $150k threshold).
📋 Key Facts
- Shawn P. Payne elected to the Board of Directors effective July 1, 2026.
- Term to last until the next annual meeting.
- Appointed as a member of the Project Risk Committee and Chair of the Strategy Committee.
- Peyton Payne (son of Shawn P. Payne) is employed by an operating subsidiary; compensation is <$150,000.
Matrix Service Co announced its fiscal 2026 first quarter financial results via a press release on November 5, 2025.
📋 Key Facts
- The company issued a press release announcing fiscal 2026 Q1 financial results.
- Filing date: November 5, 2025.
- Reported under Item 2.02 (Results of Operations and Financial Condition).
Matrix Service Company held its 2025 Annual Meeting of Stockholders on November 4, 2025. The meeting resulted in the election of seven directors and the approval of several key shareholder proposals including auditor ratification and executive compensation.
🚩 Red Flags
- Proposal Five (Amendment to Stock and Incentive Compensation Plan) received significant opposition with 6,641,355 votes against, though it passed.
📋 Key Facts
- Annual Meeting held on November 4, 2025.
- Seven nominees were elected to the Board of Directors for terms expiring at the 2026 Annual Meeting.
- Deloitte & Touche LLP was ratified as the independent registered public accounting firm for fiscal 2026.
- Advisory vote to approve named executive officer compensation for fiscal 2026 was approved.
- The 2026 Employee Stock Purchase Plan was approved by stockholders.
- A third amendment to the 2020 Stock and Incentive Compensation Plan was approved, increasing authorized shares from 3,975,000 to 5,000,000.
Matrix Service Co announced its financial results for the fiscal 2025 fourth quarter and full year on September 9, 2025. The filing serves as a formal announcement of the earnings release via Exhibit 99.
📋 Key Facts
- Report date: September 9, 2025
- Announcement covers fiscal 2025 fourth quarter and full year results
- Results were released via press release attached as Exhibit 99
Matrix Service Company entered into a Fourth Amendment to its Credit Agreement on August 22, 2025. The amendment primarily extends the maturity date of existing debt and provides flexibility for future credit increases.
📋 Key Facts
- The Amendment extends the maturity date of the Credit Agreement from September 9, 2026, to September 9, 2029.
- The deadline to request a $15,000,000 increase in commitments is extended to August 22, 2028.
- Additional Company subsidiaries were added as guarantors under the Credit Agreement.
- Bank of Montreal serves as the Administrative Agent and Swing Line Lender.
Matrix Service Co announced its third quarter fiscal 2025 financial results via a press release on May 7, 2025. The filing is a standard earnings announcement under Item 2.02.
📋 Key Facts
- Company issued a press release announcing Q3 fiscal 2025 financial results.
- Report date: May 7, 2025.
- The information in Item 2.02 is furnished but not considered 'filed' for liability purposes under Section 18 of the Exchange Act.
Matrix Service Company announced a leadership reorganization involving the promotion of Shawn P. Payne to the newly created role of President Engineering & Construction and the departure of COO Alan R. Updyke and President Glyn A. Rodgers.
🚩 Red Flags
- Simultaneous departure of the Chief Operating Officer (COO) and a subsidiary President during an organizational restructuring.
📋 Key Facts
- Shawn P. Payne promoted to President Engineering & Construction, effective May 5, 2025.
- Alan R. Updyke (COO) departed the company effective April 30, 2025.
- Glyn A. Rodgers (President of Matrix PDM Engineering, Inc.) departed the company effective April 30, 2025.
- Departures are stated to be unrelated to any disputes or disagreements regarding operations, policies, or practices.
- Severance for departing officers includes 1.5x base salary and continued vesting of certain stock awards subject to performance metrics.
Matrix Service Co announced its financial results for the second quarter of fiscal 2025 via a press release. The filing is a standard earnings announcement and does not contain material changes to corporate structure or unexpected news.
📋 Key Facts
- Company issued a press release on February 5, 2025, announcing Q2 fiscal 2025 financial results.
- The report was signed by Kevin S. Cavanah, Vice President and Chief Financial Officer.
- Financial results were furnished pursuant to Item 2.02 of Form 8-K.
Matrix Service Co held its 2024 Annual Meeting of Stockholders on November 5, 2024. The meeting resulted in the successful election of seven directors and the ratification of Deloitte & Touche LLP as the independent auditor for fiscal 2025.
📋 Key Facts
- Annual Meeting held on November 5, 2024.
- Seven nominees were elected to the Board of Directors (Bustamante, Carnes, Chandler, Conner, Hewitt, Hinrichs, and Miller).
- Stockholders ratified the appointment of Deloitte & Touche LLP as independent registered public accounting firm for fiscal 2025.
- Advisory vote to approve named executive officer compensation for fiscal 2024 was approved.
Matrix Service Co announced its financial results for the first quarter of fiscal 2025 via a press release on November 6, 2024.
📋 Key Facts
- Company issued a press release announcing Q1 fiscal 2025 financial results.
- Filing date: November 6, 2024.
- The information provided under Item 2.02 is furnished but not considered 'filed' for purposes of Section 18 liability.
Matrix Service Co announced its financial results for the fiscal 2024 fourth quarter and full year on September 9, 2024. The filing serves as a formal announcement of earnings via an attached press release.
📋 Key Facts
- Company reported fiscal 2024 fourth quarter and full year financial results.
- Filing date: September 9, 2024.
- The information was furnished pursuant to Item 2.02 and is not considered 'filed' for purposes of Section 18 liability.
Matrix Service Co announced its third quarter fiscal 2024 financial results via a press release on May 8, 2024. The filing is a standard earnings announcement under Item 2.02.
📋 Key Facts
- Company issued a press release announcing Q3 fiscal 2024 financial results on May 8, 2024.
- The report was signed by Kevin S. Cavanah, Vice President and Chief Financial Officer.
- Financial results were furnished pursuant to Item 2.02 of Form 8-K.
Matrix Service Co announced its financial results for the second quarter of fiscal 2024 via a press release. This is a routine earnings announcement filing.
📋 Key Facts
- The company issued a press release on February 7, 2024, announcing Q2 fiscal 2024 financial results.
- The filing includes Exhibit 99 containing the full text of the press release.