Rev 4.0
ENGlobal Provides Post-Divestiture Corporate Update
HOUSTON, Feb. 10, 2014 (GLOBE NEWSWIRE) -- ENGlobal Corporation (Nasdaq:ENG), a leading provider of energy-related engineering and automation services, today provided a corporate update after considering its 2012-2013 business divestitures, the most recent of which was closed in the third quarter of 2013.
While the Company has yet to complete its final year-end accounting and audit processes, ENGlobal provided the following analysis of its post-divestiture performance and estimated fourth quarter 2013 financial data from continuing operations:
1. Revenue of approximately $25.0 million."Our current business is best represented by an increase in gross profit margins and an improved financial condition as a smaller, more focused Company," said William A. Coskey, P.E., ENGlobal's President and Chief Executive Officer. "The position that we find ourselves in today is a direct result of steps initiated in late 2012, which includes a largely rebuilt and highly motivated management team, an emphasis on customer satisfaction, project execution and cost containment; and innovative strategies for future business development. While we are not satisfied with our overall results, we are pleased with the progress we have made to date and look forward to additional improvements in the coming year."
2. Consolidated gross profit margin of approximately 19% of revenue.
3. Selling, general and administrative (SG&A) expenses of approximately 17% of revenue, including non-recurring transition expenses.
4. At December 28, 2013, cash on hand of approximately $5.5 million, without borrowing from the Company's working capital facility.
As previously reported, the Company discontinued its electrical services division and divested its land/right of way and midstream inspection divisions during 2012, as well as divested its Gulf Coast engineering and in-plant operations in the third quarter of 2013. ENGlobal experienced operating losses through the first half of 2013 and, therefore, expects to report an operating loss for the full year 2013, despite post-divestitures operating improvements.
ENGlobal plans to issue its results for the year ended December 31, 2013 and file its Annual Report on Form 10-K on or about March 13, 2014.
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ENGlobal Provides Update on Recent Automation Awards
HOUSTON, Feb. 6, 2014 (GLOBE NEWSWIRE) -- ENGlobal Corporation (Nasdaq:ENG), a leading provider of energy-related engineering and automation services, today reports on a range of project scopes that were recently awarded to its Automation Segment. The cumulative value of the awards to ENGlobal is in excess of $10.0 million.
•An automated pipe handling equipment company has awarded ENGlobal additional projects to procure, integrate, and test a number of automated driller's cabins, which include consolidated drilling controls, automated pipe handling controls, programmable logical controller (PLC) hardware and data processing systems.
•A large engineering and construction firm has awarded ENGlobal a continuous emissions monitoring system (CEMS), which is specifically designed to meet the environmental pollution regulatory requirements for stack emissions and air quality standards.
•ENGlobal is providing design and integration services for several analyzer shelters and remote instrument enclosure (RIE) buildings to a large refiner. The Company's scope also includes engineering, procurement, and testing of the analyzer shelters and RIEs.
•A midstream master limited partnership (MLP) has selected ENGlobal as its automation systems integration contractor. Specifically, the Company is providing procurement, fabrication, and testing of process control shelters, PLC systems, railcar and truck loading/unloading facilities, and satellite stations.
"We are pleased to receive these project awards from both new and existing clients," said William A. Coskey, P.E., ENGlobal's President and Chief Executive Officer. "ENGlobal has been successful in marketing its new operational direction, as illustrated by these recent project awards. We are especially proud to showcase our midstream/downstream Engineering and Automation services and new-to-market upstream capabilities."
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HOUSTON, Dec. 20, 2013 (GLOBE NEWSWIRE) -- ENGlobal (Nasdaq:ENG), a leading provider of engineering and related project services, today announced the results of its 2013 annual stockholders' meeting held this morning in North Houston.
The formal business of the meeting included the election of the following directors to a one-year term: William A. Coskey, P.E., David W. Gent, P.E., Randall B. Hale, and David C. Roussel. In addition, ENGlobal's stockholders approved: (1) the amendment to the ENGlobal 2009 Equity Incentive Plan to increase the number of shares of common stock reserved for issuance thereunder from 980,000 shares to 1,830,000 shares; (2) the ratification of the appointment of Hein & Associates LLP as the independent auditors of ENGlobal for fiscal year 2013; (3) approved the compensation of our named executive officers; and (4) approved "three years" as to the frequency of the occurrence of future advisory votes on executive compensation.
Approximately 91.94% of ENGlobal's total common stock outstanding was represented at the meeting, either in person or by proxy. Of those shares, approximately 97.99% were cast in favor of the election of the Company's directors, 77.21% were cast in favor of the approval of an amendment to the ENGlobal 2009 Equity Incentive Plan, approximately 94.04% were cast in favor of the ratification of the appointment of Hein & Associates LLP, 92.8% were cast in favor of the compensation of our named executive officers, and 68.96% were cast in favor of "three years" as the stockholders' choice as to the frequency of the occurrence of future advisory votes on executive compensation. Upon conclusion of the formal business of the meeting, ENGlobal's President and CEO, Mr. Coskey, provided an operational update to the stockholders.
Editorial: Since the company was not sold in entirety a later than usual Annual Meeting was scheduled to meet SEC requirements. The common events happened but of note the share reserve was increased (almost doubled) from 980K to 1.83 million shares. These shares can be used for a number of reasons and most commonly as incentive for attracting top level employees and as a leadership retaining incentive. On one hand it is dilution and shares are used as the cost of stockholders, which is unfavorable. On the other hand, it is common business for companies that have weakness or more diplomatically said, less resources. The reasons for such can be pondered...however, IF I was faced with the same conditions I would probably request those extra shares also.
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The old Blog Update has become: Summer and Fall News and Events 2013. You can find the previous information within that post.
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