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ENGlobal Reports Second Quarter Results

Stocks in this article: ENG

On August 21, 2012, the Company will host a conference call to discuss its quarterly results at 11:00 a.m. EDT (10:00 a.m. CDT). To participate in the conference call, please dial (877) 711-4010 (Domestic) or (706) 643-4549 (International), and enter the Conference ID #94115037 approximately 10 minutes before the scheduled start time and request the "ENGlobal Second Quarter 2012 Earnings Conference Call." If you are unable to join the call, a replay will be available approximately three hours after the conclusion of the call until Tuesday, September 4, 2012. The replay can be accessed by dialing (855) 859-2056 (Domestic) or (404) 537-3406 (International), Conference ID #94115037. The call will be webcast live at www.englobal.com in the Investor Relations section, and an audio archive will be available on the Company's website shortly after the call concludes.

The Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 will be filed with the Securities and Exchange Commission this afternoon reflecting these results.

About ENGlobal

ENGlobal (Nasdaq:ENG), founded in 1985, is a provider of engineering and related project services principally to the energy sector throughout the United States and internationally. ENGlobal operates through three business segments: Engineering & Construction, Field Solutions, and Automation. The Engineering & Construction segment provides consulting services relating to the development, management and execution of projects requiring professional engineering as well as construction management, mechanical integrity, field support, quality assurance and plant asset management. ENGlobal's Field Solutions segment provides project management and staffing for right-of-way and site acquisition, inspection, permitting, regulatory services, and legislative outreach. The Automation segment provides services related to the design, fabrication and implementation of process distributed control and analyzer systems, advanced automation, and related information technology. ENGlobal has approximately 1,900 employees in 12 offices and 9 cities. Further information about the Company and its businesses is available at www.ENGlobal.com .

Safe Harbor for Forward-Looking Statements

The statements above regarding the Company's expectations regarding its operations 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 achieve profitability and positive cash flow from operations; (2) our ability to collect accounts receivable and process accounts payable in a timely manner; (3) our ability to obtain the cure or waiver of defaults under our credit facility with PNC Bank and our existing letter of credit facility with Export-Import Bank of the United States; (4) our ability to respond appropriately to the current worldwide economic situation and the resulting decrease in demand for our services and competitive pricing pressure; (5) our ability to achieve our business strategy while effectively managing costs and expenses; (6) our ability to accurately estimate costs and fees on fixed-price contracts; (7) the effect of changes in the price of oil; (8) delays related to the award of domestic and international contracts; (9) our ability to execute to our internal performance plans such as our productivity improvement and cost reduction initiatives; (10) 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; (11) the effect of changes in accounting policies and practices as may be adopted by regulatory agencies, as well as by the FASB; (12) the effect on our competitive position within our market area in view of, among other things, increasing consolidation currently taking place among our competitors; (13) our ability to win new business and convert those orders to sales within the fiscal year in accordance with our annual business plan; (14) achievement of our acquisition and related integration plans; and (15) the uncertainties of the outcome of litigation. 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.

 Click here to join our email list: http://www.b2i.us/irpass.asp?BzID=702&to=ea&s=0 .

Financial Highlights
(dollars in thousands, except per share amounts)
     
     
  Quarter Ended June 30,
  2012 2011
     
Operating revenues  $ 76,944  $ 73,102
Operating costs 71,303 65,109
Gross profit 5,641 7,993
     
Selling, general and administrative expenses 7,821 6,759
Operating income (loss) (2,180) 1,234
     
Other income (expense):    
Other income (expense), net  $ (4)  $ (17)
Interest expense, net  $ (375)  $ (191)
     
Income (loss) from continuing operations before income taxes (2,559) 1,026
     
Provision (benefit) for federal and state income taxes  $ 5,195  $ 454
     
Income (loss) from continuing operations  $ (7,754)  $ 572
     
Income (loss) from discontinued operations, net of taxes  $ (2,073)  $ (430)
     
Net income (loss)  $ (9,827)  $ 142
     
(Loss) per common share - diluted:    
Loss from continuing operations  $ (0.29)  $ 0.02
Income (loss) from discontinued operations  $ (0.08)  $ (0.01)
Net loss  $ (0.37)  $ 0.01
     
Weighted average shares used in computing losses per share - diluted (in thousands): 26,804 26,958
     
Selected Balance Sheet Information (in thousands):    
    As of
    June 30, 2012 December 31, 2011
       
Cash and cash equivalents (1)  $ 1,553  $ 26
Working capital 17,925 26,675
Property and equipment, net 3,279 3,384
Total assets 108,808 104,179
Long-term debt, net of current portion
Stockholders' Equity 48,665 58,500
(1) ENGlobal uses its cash position to pay down its revolving line of credit. 
CONTACT: Natalie S. Hairston
         (281) 878-1000
         ir@ENGlobal.com

ENGlobal Logo

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