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
TheStreet Open House

ENGlobal Reports Fourth Quarter And Fiscal Year 2012 Results

HOUSTON, April 15, 2013 (GLOBE NEWSWIRE) -- ENGlobal (Nasdaq:ENG), a leading provider of energy-related engineering and automation services, today announced its financial results for the fourth quarter and fiscal year ended December 29, 2012.

Fiscal Year 2012

Revenues for the year ended December 29, 2012 were $227.9 million, a decrease of approximately 4% from the $237.6 million posted for the year ended December 31, 2011. Excluding certain non-cash charges, such as the impairment of goodwill and the write-off of a deferred tax asset, ENGlobal reported a net loss from continuing operations of $8.7 million, or $(0.32) per diluted share for fiscal year 2012, compared to a net loss of $4.4 million from continuing operations, or $(0.16) per diluted share for fiscal year 2011.

Fourth Quarter 2012

Revenues in the fourth quarter of 2012 were approximately $52.1 million, a decrease of 30% from $74.6 million from the prior year period. ENGlobal reported a net loss of $2.5 million from continuing operations, or $(0.09) per diluted share, for the quarter ended December 29, 2012, compared to a net loss of $2.6 million, or $(0.10) per diluted share for the quarter ended December 31, 2011.

Management's Assessment

William A. Coskey, P.E., ENGlobal's Chairman and Chief Executive Officer, stated: "ENGlobal's turnaround plan essentially began in the fourth quarter of last year. While the Company experienced a difficult 2012 and continues to face a number of challenges, we are cautiously optimistic about our operations resulting from measures that were implemented in the last six months. During this time, the Company sold two non-strategic businesses, discontinued another, and we are now focused on our core operational segments."

Mark A. Hess, ENGlobal's Chief Financial Officer, added: "We are also operating more efficiently and seeing significant margin improvement from our continuing operations. The latter of which is primarily due to ENGlobal's ongoing efforts to significantly reduce overruns on its projects and to improve commercial terms on its contracts. We remain dedicated to reducing our dependence on our working capital credit facility. As a result of the implementation of the above initiatives and the sale of our Field Solutions divisions, we have reduced the level of borrowings under our working capital credit facility to $26.8 million at the end of 2012 and we are currently borrowing significantly below that level."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
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 17,156.85 +24.88 0.15%
S&P 500 2,001.57 +2.59 0.13%
NASDAQ 4,562.1890 +9.43 0.21%

Brokerage Partners

Rates from Bankrate.com

  • 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