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ENGlobal Reports Fourth Quarter And Fiscal Year 2010 Results

For fiscal year 2010, ENGlobal reported a net loss of $11.8 million and earnings per diluted share from continuing operations of $(0.43), primarily due to previously announced SLE and Bigler write offs in the second and third quarters of 2010, respectively. This represents a decrease of 1,083% over net income of $1.2 million and a decrease of 1,175% over earnings per diluted share of $0.04 as compared to fiscal year 2009. Revenue for fiscal year 2010 was $320.6 million - 7% lower than fiscal year 2009.

The following table illustrates the composition of the Company's revenue for the fiscal years ended December 31, 2010 and 2009, respectively:

  Year Ended Year Ended
  December 31, 2010 December 31, 2009
  (dollars in millions)
                 
Segment Total Revenue % of Total Revenue Gross Profit Margin Operating Profit Margin Total Revenue % of Total Revenue Gross Profit Margin Operating Profit Margin
                 
Engineering & Construction $ 161.1 50.2% 7.6% (3.6)% $ 153.7 44.7% 7.4% 3.0%
Automation 64.0 20.0% 5.2% (1.8)% 72.3 21.1% 12.0% 6.3%
Field Solutions 95.5 29.8% 7.5% 3.9% 117.5 34.2% 9.3% 6.4%
  $ 320.6 100.0%     $ 343.5 100.0%    

The Company estimates its current backlog, $244.2 million as of December 31, 2010, is approximately 8% higher than the $227.0 million reported for the same prior year period.

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