Mr. Corbett [of money mgr. "Perritt"] also prefers what he calls shareholder-friendly management; he especially likes to see executives own large stakes of their companies' shares. [Well, nobody said MTRX was "perfect" -- c'mon execs, show some FAITH! -- L.Y.]
In November 2000, he began buying shares of the Matrix Service Company, which is based in Tulsa, Okla., and provides on-site construction, maintenance and inspection of above-ground industrial storage tanks. The company will benefit from a new Environmental Protection Agency standard, to be effective late this year, that will force the company's customers in the oil and gas industry to increase spending for storage tanks, Mr. Corbett said. The company's purchase of a competitor, the Hake Group, early this year will increase earnings, he said, and the financing costs of the acquisition should be repaid within two years.
He paid $9 a share, on average, for the entire position; the shares now trade at $20.80.