ENG Receives $2.2 Million Order to Build Security Trailers

Rhea-AI Summary

ENG (NASDAQ:ENG) has received purchase orders totaling $2.2 million for the construction of 120 parking lot security trailers. These trailers will enhance electronic surveillance for increased safety and will be fabricated in Henderson, Texas, with assembly in Houston. Production will commence this month, with a commitment to deliver a minimum of 10 trailers per month, aiming for full delivery by year-end. Last year, ENG delivered 50 trailers generating $950,000 in revenue. This contract is viewed as a sign of a potential turnaround for the company.

Positive

• Received purchase orders worth $2.2 million for 120 security trailers.
• Monthly delivery commitment of a minimum of 10 trailers.
• Shows significant increase in project diversity compared to last year.

Negative

• None.

HOUSTON, TX / ACCESSWIRE / January 18, 2022 / ENG (NASDAQ:ENG), a leading provider of innovative, project delivery solutions for the energy industry, today announced it has received purchase orders worth $2.2 million to build 120 parking lot security trailers. The trailers, whose primary purpose is to provide electronic surveillance that keeps parking lots safer and which can be used for other remote surveillance, will be built at the company's fabrication facility in Henderson, Texas and assembled in Houston, Texas at its 80,000 square foot indoor integration facility.

ENG will build and deliver a minimum of 10 trailers per month starting this month and expects to deliver all 120 trailers by the end of this year. ENG engineered, designed, built and delivered a total of 50 trailers in 2021, receiving revenue of $950,000.

"We are excited to receive this order," said chief executive Mark A. Hess. "Although not a huge contract in terms of revenue, it is a significant increase on last year's order and I believe it speaks to our project diversity and provides further evidence that a turnaround is coming for ENG in the first half of this year.

"We look forward to announcing additional developments of this turnaround in the near future."

Today's announcement follows one made on January 6, 2022, that ENG's wholly-owned subsidiary, ENGlobal Government Services, Inc. (EGS), had been awarded a $4.4 million contract extension by the U.S. Defense Logistics Agency (DLA) to provide automated fuel handling equipment support.

About ENG
ENG (NASDAQ:ENG) is a leading provider of complete project solutions for renewable and traditional energy throughout the United States and internationally. ENG operates through two business segments: Commercial and Government Services. The Commercial segment provides engineering, design, fabrication, construction and integration of automated control systems as a complete packaged solution for our clients. The Government Services segment provides engineering, design, installation, operations, and maintenance of various government, public sector, and international facilities, specializing in turnkey automation and instrumentation systems for the U.S. Defense industry worldwide. 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, including those relating to its future results, 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. For a discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ENG's filings with the Securities and Exchange Commission, including the Company's most recent reports on Form 10-K and 10-Q, and other SEC filings.

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CONTACT:
Market Makers - Investor Relations
Jimmy Caplan
512-329-9505
Email: jimmycaplan@me.com

Market Makers - Media Relations
Rick Eisenberg
212-496-6828
Email: eiscom@msn.com

SOURCE: ENGlobal

View source version on accesswire.com:
https://www.accesswire.com/683825/ENG-Receives-22-Million-Order-to-Build-Security-Trailers

FAQ

What is the recent order value announced by ENG on January 18, 2022?

ENG announced a purchase order valued at $2.2 million.

How many security trailers will ENG deliver by the end of 2022?

ENG plans to deliver 120 security trailers by the end of 2022.

What is the production capacity of ENG for the new trailers?

ENG will build a minimum of 10 trailers per month starting this month.

What was the revenue generated by ENG from trailer sales in 2021?

ENG generated $950,000 in revenue from the sale of 50 trailers in 2021.

What does the recent order indicate about ENG's business outlook?

The order indicates a significant increase in project diversity and potential for a turnaround.