Safe Harbor for Forward-Looking Statements
The statements above regarding the Company's expectations regarding its new alliance contract 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 increase or replace our line of credit; (2) our ability to respond appropriately to the current worldwide economic situation and the resulting changes in demand for our services and competitive pricing pressure; (3) our ability to achieve our business strategy while effectively managing costs and expenses; (4) our ability to collect accounts receivable in a timely manner; (5) our ability win new projects that we can perform on a profitable basis; (6) our ability to accurately estimate costs and fees on fixed-price contracts; (7) the profitability of our alliance agreements; (8) 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; (9) the effect of changes in the price of oil; (10) the effect of changes in accounting policies and practices as may be adopted by regulatory agencies, as well as by the FASB; (11) the effect of changes in our competitive position within our market in view of, among other things, increasing consolidation currently taking place among our competitors. 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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|(in thousands, except per basic data)|
|Quarter Ended||Year Ended|
|December 31||December 31|
|Operating Revenue||$ 93,174||$ 82,823||$ 320,615||$ 343,462|
|Selling, general and administrative||7,788||7,189||39,975||28,027|
|Operating Income (Loss)||(436)||(835)||(17,256)||3,026|
|Other Income (Expense):|
|Other income (expense)||(433)||(8)||(319)||174|
|Interest income (expense), net||(187)||(94)||(442)||(573)|
|Income (Loss) before Provision for Income Taxes||(1,056)||(937)||(18,017)||2,627|
|Provision for Income Taxes||(560)||(176)||(6,265)||1,394|
|Net Income (Loss)||$ (496)||$ (761)||$ (11,752)||$ 1,233|
|Earnings (Loss) Per Common Share:|
|Basic||$ (0.02)||$ (0.03)||$ (0.43)||$ 0.05|
|Diluted||$ (0.02)||$ (0.03)||$ (0.43)||$ 0.04|
|Weighted Average Shares Used in Computing Earnings (Loss) Per Share:|
|Selected Balance Sheet Information (in thousands):|
|December 31, 2010||December 31, 2009|
|Cash||$ 49||$ 143|
|Property and equipment, net||4,503||5,983|
|Long-term debt, net of current portion||252||6,098|
CONTACT: Natalie S. Hairston (281) 878-1000 ir@ENGlobal.com
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