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 Second Quarter Results

Stocks in this article: ENG

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."

1 of 4

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