HOUSTON, March 10, 2011 (GLOBE NEWSWIRE) -- ENGlobal (Nasdaq:ENG), a leading provider of engineering and related project services, announced today its financial results for the fourth quarter and fiscal year ended December 31, 2010.
Fourth Quarter and Fiscal 2010 Highlights Compared to Fourth Quarter and Fiscal 2009:
- Revenue for the fourth quarter of $93.2 million, an increase of 13%
- $(0.02) earnings per diluted share for the fourth quarter, an increase of 33%
- Revenue for the year of $320.6 million, a decrease of 7%
- $(0.43) earnings per diluted share for the year, a decrease of 1,175%
- Total backlog at December 31 increased 8% year-over-year to $244.2 million
Commenting on the quarter and year end results, ENGlobal's Chief Executive Officer, Edward L. Pagano, said, "We continue to be disappointed in our financial performance. We are looking closely at our under-performing operations as well as those divisions that are not performing up to their current budget. As previously reported, we are now recognizing $2.0 million in adjustments made during 2010, including capital lease reductions in several of our offices. This process is ongoing and we expect to find additional areas for reducing costs over time.""On a positive note, we were awarded approximately $28 million worth of business in January 2011. This compares to $25 million and $21 million worth of awards in all of the fourth and third quarters, respectively. We believe that our performance will improve over the course of the year as we begin the project work from these awards, gain additional backlog, and continue to provide quality execution to our clients. In addition, we have recently seen an increase in proposal activity for larger projects and have identified several large, sole-sourced opportunities." Fourth Quarter 2010: ENGlobal reported a net loss of $0.5 million, or $(0.02) per diluted earnings per share, for the quarter ended December 31, 2010. This represents an increase of 38% over net loss of $0.8 million and an increase of 33% over diluted earnings per share of $(0.03) for the same period last year. Fourth-quarter revenue increased to $93.2 million, 13% higher than the $82.8 million for the fourth quarter of fiscal year 2009.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV