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ENGlobal Reports Fourth Quarter And Fiscal Year 2010 Results

Stocks in this article: ENG

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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Financial Highlights
(in thousands, except per basic data)
 
  Quarter Ended Year Ended
  December 31 December 31
  2010 2009 2010 2009
         
Operating Revenue $ 93,174 $ 82,823 $ 320,615 $ 343,462
Direct cost 85,822 76,469 297,896 312,409
Gross Profit 7,352 6,354 22,719 31,053
         
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:        
Basic 26,676 27,367 27,151 27,330
Diluted 26,676 27,367 27,151 27,567
   
Selected Balance Sheet Information (in thousands):  
  As of
  December 31, 2010 December 31, 2009
     
Cash $ 49 $ 143
Working capital 30,112 36,308
Property and equipment, net 4,503 5,983
Total assets 110,324 110,635
Long-term debt, net of current portion 252 6,098
Stockholders' Equity 65,102 78,711
CONTACT: Natalie S. Hairston
         (281) 878-1000
         ir@ENGlobal.com

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