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ENGlobal Reports Third Quarter Results

About ENGlobal

ENGlobal provides project delivery solutions through its engineering, automation, land and government groups primarily to the energy sector throughout the United States and internationally. The Company's multi-disciplined staff develops projects from the initial planning stages, including right-of-way acquisition and permitting, and detailed design, fabrication, and inspection. ENGlobal has over 2,400 employees in 17 offices and 11 cities. ENGlobal has been named one of the fastest growing engineering firms in the United States and Canada by ZweigWhite in each of the last six years. Further information about the Company and its businesses is available at www.ENGlobal.com.

Safe Harbor for Forward-Looking Statements

The statements above regarding the Company's expectations regarding its financial results and certain other matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties including, but not limited to: (1) our ability to respond appropriately to the current worldwide economic situation and the resulting decrease in demand for our services and competitive pricing pressure; (2) our ability to achieve our business strategy while effectively managing costs and expenses; (3) our ability to collect accounts receivable in a timely manner; (4) our ability to accurately estimate costs and fees on fixed-price contracts; (5) the effect of changes in laws and regulations with which the Company must comply and the associated costs of compliance with such laws and regulations, either currently or in the future, as applicable; (6) the effect of changes in the price of oil; (7) the effect of changes in accounting policies and practices as may be adopted by regulatory agencies, as well as by the FASB; (8) the effect on our competitive position within our market area in view of, among other things, increasing consolidation currently taking place among our competitors; and (9) our ability to increase or replace our line of credit. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in ENGlobal's filings with the Securities and Exchange Commission. In addition, reference is hereby made to cautionary statements set forth in the Company's most recent reports on Form 10-K and 10-Q, and other SEC filings. Also, the information contained in this press release is subject to the risk factors identified in the Company's most recent Form 10-K.

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Financial Highlights
(in thousands, except earnings per share)
 
  Quarter Ended Nine Months Ended
  September 30 September 30
  2010 2009 2010 2009
         
Operating Revenue $ 85,752 $ 87,271 $ 227,441 $ 260,639
Direct cost 79,288 80,103 212,074 235,940
Gross Profit 6,464 7,168 15,367 24,699
         
Selling, general and administrative 14,531 6,980 32,187 20,838
Operating Income (loss) (8,067) 188 (16,820) 3,861
         
Other Income (Expense):        
Other income (expense) (34) 31 114 182
Interest income (expense), net (101) (148) (255) (479)
Income (Loss) before Provision for Income Taxes (8,202) 71 (16,961) 3,564
         
Provision for Income Taxes (3,001) 140 (5,705) 1,570
         
Net Income (Loss) $ (5,201) $ (69) $ (11,256) $ 1,994
         
Earnings (Loss) Per Common Share:        
Basic $ (0.19) $ 0.00 $ (0.41) $ 0.07
Diluted $ (0.19) $ 0.00 $ (0.41) $ 0.07
         
Weighted Average Shares Used in Computing Earnings (Loss) Per Share:        
Basic 27,073 27,305 27,309 27,299
Diluted 27,073 27,305 27,309 27,573
Selected Balance Sheet Information (in thousands):   As of
    September 30, 2010 December 31, 2009
       
Cash   $ 357 $ 143
Working capital   27,688 36,308
Property and equipment, net   4,910 5,983
Total assets   105,784 110,635
Long-term debt, net of current portion   1,317 6,149
Stockholders' equity   65,475 78,711
       
CONTACT:  ENGlobal
          Natalie S. Hairston
          (281) 878-1000
          ir@ENGlobal.com

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