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ENGlobal Reports Second Quarter Results

HOUSTON, Aug. 20, 2012 (GLOBE NEWSWIRE) -- ENGlobal (Nasdaq:ENG), a leading provider of energy-related project delivery solutions, announced today its financial results for the second quarter ended June 30, 2012.

Second Quarter 2012 Compared to Second Quarter 2011, except as otherwise noted:
  • $0.37 loss per diluted share  
  • Revenues of $76.9 million, an increase of 5.3%  
  • Gross profit from operations of $5.6 million, a decrease of 29.4%  
  • Consolidated gross profit margin as a percentage of revenue of 7.3%, a decrease from 10.9%

"We are aggressively addressing the challenges facing our Company and believe we have strategies in place to return to profitability." William A. Coskey, ENGlobal's Chairman and Chief Executive Officer said. "I reassumed the CEO role three weeks ago with the intent of instilling confidence in our employees and customers. During our recovery, I am prepared to make the decisions necessary to increase profitability and ultimately deliver value for our stakeholders. The number of project opportunities available to ENGlobal is encouraging."

ENGlobal reported a net loss of $9.8 million, or $(0.37) per diluted share, for the quarter ended June 30, 2012, compared to net income of $0.1 million, or $0.01 per diluted share for the same period last year. Second quarter revenues increased to $76.9 million, 5.3% higher than the $73.1 million for the second quarter of fiscal year 2011. The second quarter 2012 results included the effects of a $6.2 million non-cash charge relating to a valuation allowance that was taken against the Company's deferred tax assets.

Mr. Coskey stated, "While ENGlobal's second quarter of 2012 produced poor results, the majority of the loss is attributable to events we expect to be non-recurring. The largest portion relates to a non-cash charge being taken against our deferred tax assets. In addition, there were charges on one project that has been completed and on another we expect will be completed in the near future in our discontinued operations."

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