5 unchanged sentences
Dividend Policy
−Removed: We have never paid cash dividends on our common stock, and the terms of our Credit Agreement (see Item 8.
−Removed: Financial Statements and Supplementary Data, Note 5 - Debt for more information about our Credit Agreement) limit the amount of cash dividends we can pay.
−Removed: Under our Credit Agreement, we may declare and pay cash dividends on our capital stock during any fiscal year up to an amount which, when added to all other cash dividends paid during such fiscal year, does not exceed 50% of our cumulative net income for such fiscal year to date.
−Removed: While we currently do not intend to pay cash dividends, any future dividend payments will depend on our financial condition, capital requirements and earnings as well as other relevant factors.
+Added: We have never paid cash dividends on our common stock and the terms of our Credit Agreement limit dividends to stock dividends only (see Item 8.
+Added: Financial Statements and Supplementary Data, Note 5 - Debt for more information about our Credit Agreement).
+Added: Any future dividend payments will depend on the terms of our Credit Agreement, our financial condition, capital requirements and earnings as well as other relevant factors.
Issuer Purchases of Equity Securities
−Removed: Our Credit Agreement limits the Company's purchases of its equity securities to $30.0 million in any calendar year.
−Removed: The table below sets forth the information with respect to purchases made by the Company of its common stock during the fourth quarter of the fiscal year ended June 30, 2020:
−Removed: Purchased Average Price
−Removed: Per Share Total Number of
−Removed: Shares Purchased
−Removed: as Part of Publicly
−Removed: Announced Plans
−Removed: or Programs Maximum Number of
−Removed: Shares That May Yet
−Removed: Under the Plans
−Removed: or Programs (C)
−Removed: April 1 to April 30, 2020
−Removed: Share Repurchase Program (A)
−Removed: — — — 1,349,037
−Removed: Employee Transactions (B)
−Removed: May 1 to May 31, 2020
−Removed: Share Repurchase Program (A)
−Removed: — — — 1,349,037
−Removed: Employee Transactions (B)
−Removed: June 1 to June 30, 2020
−Removed: Share Repurchase Program (A)
−Removed: — — — 1,349,037
−Removed: Employee Transactions (B)
−Removed: (A) Represents shares purchased under our stock buyback program.
−Removed: (B) Represents shares withheld to satisfy the employee’s tax withholding obligation that is incurred upon the vesting of deferred shares granted under the Company’s stock incentive plans.
−Removed: (C) On November 6, 2018, the Board of Directors approved a new stock buyback program (the “November 2018 Program”), which replaced the December 2016 Program.
−Removed: Under the November 2018 Program, the Company may repurchase common stock of the Company up to a maximum of $30.0 million per calendar year provided that the aggregate number of shares repurchased may not exceed 10%, or approximately 2.7 million, of the Company's shares outstanding as of November 6, 2018.
−Removed: The November 2018 Program will continue unless and until it is modified or revoked by the Board of Directors.
+Added: The terms of our Credit Agreement limit share repurchases to $2.5 million per fiscal year provided that that we do not violate our Fixed Charge Coverage Ratio financial covenant.
+Added: We may repurchase common stock pursuant to the Stock Buyback Program, which was approved by the board of directors in November 2018.
+Added: Under the program, the aggregate number of shares repurchased may not exceed 2,707,175 shares.
+Added: We may repurchase our stock from time to time in the open market at prevailing market prices or in privately negotiated transactions and are not obligated to purchase any shares.
+Added: The program will continue unless and until it is modified or revoked by the Board of Directors.
+Added: We made no repurchases under the program in the fourth quarter of fiscal 2021 and have no current plans to repurchase stock in the near-term.
+Added: As of June 30, 2021, there were 1,349,037 shares available for purchase under the Stock Buyback Program.
Performance Graph
The following Performance Graph and related information shall not be deemed “soliciting material” or to be “filed” with the Securities and Exchange Commission, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that we specifically incorporate it by reference into such filing.
−Removed: The following graph compares, for the period from June 30, 2015 to June 30, 2020, the cumulative stockholder return on our common stock with the cumulative total return of the NASDAQ Composite Index and the S&P Construction & Engineering Index.
−Removed: The graph below assumes an investment of $100 (with reinvestment of all dividends) in our common stock, the NASDAQ Composite Index and the S&P Construction & Engineering Index on June 30, 2015 and tracks their relative performance through June 30, 2020.
+Added: The following graph compares, for the period from June 30, 2016 to June 30, 2021, the cumulative stockholder return on our common stock with the cumulative total return of the NASDAQ Composite Index, the Dow Jones U.S.
+Added: Heavy Construction Index, and the S&P Construction & Engineering Index.
+Added: We intend to replace the S&P Construction & Engineering Index with the Dow Jones U.S.
+Added: Heavy Construction Index beginning in fiscal 2022 to be more consistent with the indexes to which our peers compare themselves.
+Added: The graph below assumes an investment of $100 (with reinvestment of all dividends) in our common stock, the NASDAQ Composite Index, the Dow Jones U.S.
+Added: Heavy Construction Index, and the S&P Construction & Engineering Index on June 30, 2016 and tracks their relative performance through June 30, 2021.
The stock price performance reflected in the following graph is not necessarily indicative of future stock performance.
3 unchanged sentences
S&P Construction & Engineering $ 100.00 $ 110.34 $ 121.21 $ 126.69 $ 128.70 $ 225.71
+Added: Dow Jones US Heavy Construction $ 100.00 $ 106.22 $ 114.10 $ 120.55 $ 104.68 $ 190.54
Selected Financial Data
15 unchanged sentences
Operating income (loss) % (6.5) % (3.3) % 2.7 % (1.0) % 0.4 %
−Removed: Net income (loss) (33,074) 27,982 (11,480) 138 25,537
−Removed: Net income (loss) attributable to noncontrolling interest — — — 321 (3,326)
Net income (loss) attributable to Matrix Service Company (31,224) (33,074) 27,982 (11,480) (183)
9 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.