This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

ENGlobal Reports Fourth Quarter And Fiscal Year 2010 Results

Stocks in this article: ENG

Overall selling, general and administrative ("SG&A") expenses increased $12.0 million, or 43%, from $28.0 million in 2009 to $40.0 million for the twelve months ended December 31, 2010, largely due to the Bigler and SLE writeoffs. As a percentage of revenue, SG&A increased from 8.2% in 2009 to 12.5% in 2010.

The Company's days of sales outstanding increased slightly to 56 days at December 31, 2010, from 55 days at December 31, 2009. Bad debt expense was approximately 3.3% and 0.2% of revenue for the years ended December 31, 2010 and 2009, respectively.  

Long-term debt, net of current portion, decreased 95%, or $5.8 million, from $6.1 million at December 31, 2009 to $0.3 million at December 31, 2010. As a percentage of stockholders' equity, long-term debt decreased to 0.4% from 7.7% at these dates. The decrease in long-term debt primarily relates to the reclass of our credit facility to a current liability during the second quarter as a result of covenant defaults, all of which have now been waived. Cash on hand at December 31, 2010 totaled $49,000 and availability under the Company's credit facility totaled $5.4 million resulting in total liquidity of $5.5 million. At December 31, 2010, the amount outstanding on the Wells Fargo Credit Facility was $18.7 million compared to $6.0 million at December 31, 2009. The Company has been in negotiations with Wells Fargo since the fourth quarter of 2010 to increase availability under its credit facility.

ENGlobal's employee count decreased to approximately 2,000 for the quarter ended December 31, 2010. ENGlobal averaged 174,000 billable hours per two-week period during the fourth quarter 2010, an 11% increase, when compared to 157,000 billable hours in the same period in 2009. The fourth quarter 2010 average represents a 5% increase over 166,000 billable hours in the third quarter 2010. The Company's overall utilization percentage was approximately 91% for the fourth quarter 2010, compared with approximately 89% for the comparable period of 2009. 

4 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs