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ENGlobal Reports Fourth Quarter And Fiscal Year 2010 Results

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. 

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