HOUSTON,
Nov.
6,
2014 (GLOBE NEWSWIRE) -- ENGlobal (Nasdaq:ENG),
a leading provider of engineering and automation services,
today announced its financial results for the third quarter and nine months ended September 27,
2014.
2014 Third Quarter Highlights for Continuing Operations as compared to 2013 Third Quarter results:
- Revenue of $26.9 million, a 17.0% increase from comparable operations
- Gross profit margin of 22.6%, an increase of 640 basis points from comparable operations
- Net income from continuing operations of $1.8 million, an increase from a net loss of $0.1 million
- Earnings of $0.07 per diluted share from continuing operations, an increase from $0.00 earnings per diluted share
On a comparable basis,
revenue from the continuing businesses increased to $26.9 million or a
17.0% increase from $23.0 million in the third quarter of 2013.
ENGlobal reported net income from continuing operations of $1.8 million,
or $0.07 per diluted share,
for the quarter ended September 27,
2014,
compared to a loss of $0.1 million from continuing operations or $0.00
per diluted share,
for the quarter ended September 28,
2013.
During the quarter ended September 27,
2014,
the company incurred non-cash expenses for depreciation,
amortization and stock compensation expense of $0.7 million as compared
to $0.5 million for the comparable period in 2013.
2014 Nine Months Highlights for Continuing Operations as compared to 2013 Nine Months results:
- Revenue of $81.0 million, a 26.8% increase from comparable operations
- Gross profit margin of 22.2%, an increase of 700 basis points from comparable operations
- Net income from continuing operations of $5.2 million, an increase from a net loss of $2.6 million
- Earnings of $0.19 per diluted share from continuing operations, an increase from a loss of $0.10 per diluted share
On a comparable basis,
revenue from the continuing businesses increased to $81.0 million for the nine months ended September 27,
2014 or a 26.8% increase from $63.9 million for the nine months ended September 28,
2013.
ENGlobal reported net income from continuing operations of $5.2 million,
or $0.19 per diluted share,
for the nine months ended September 27,
2014,
compared to a loss of $2.6 million from continuing operations or $0.10 per diluted share,
for the nine months ended September 28,
2013.
During the nine months ended September 27,
2014,
the company incurred non-cash expenses for depreciation,
amortization and stock compensation expense of $2.1 million as compared to $1.6 million for the comparable period in 2013.
Management's Assessment
Mark Hess, ENGlobal's Chief Financial Officer, said: "We are continuing to see positive results from initiatives that have been undertaken at ENGlobal over the last two years. Our improved performance is best demonstrated by a significant increase in margins, consistent project execution, as well as substantial internal growth in our continuing operations. We maintained a substantial cash balance and had no borrowings during the quarter. We also successfully replaced our current credit facility on September 16th with a similar three year facility that will help provide the working capital to sustain our growth."
William Coskey,
P.E.,
Chairman and Chief Executive Officer of ENGlobal added: "ENGlobal is
continuing to perform well,
both operationally and financially,
as evidenced by this fourth consecutive quarter of profitability.
All stakeholders in our Company can and should take pride in the
significant turnaround that we together have accomplished over the last
two years.
Our solid financial footing now gives us an excellent base from which to
extend our Company's growth."
The following table illustrates the composition of the Company's
revenue and profitability for its operations for the three months ended
September 27,
2014 and September 28,
2013: click here for tables
The numbers are looking better I will take a closer look at the SEC filing and make additional comments as necessary. Good luck to everyone.
