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ENGlobal Corp (NASDAQ: ENG) is an engineering and professional services firm, founded in 1985, that primarily serves the energy industry globally. The company operates through two main segments: Commercial and Government Services.
The Commercial segment offers a wide array of services including engineering, design, fabrication, construction management, and integration of automated control systems. This segment is pivotal in delivering advanced automation solutions that cater to the upstream, midstream, downstream, pulp and paper, and alternative energy markets.
The Government Services segment, on the other hand, focuses on engineering, design, installation, operations, and maintenance of various government facilities. This segment specializes in turnkey automation and instrumentation systems for the U.S. Defense industry, providing critical support to government-related projects.
ENGlobal is committed to its core values of health, safety, environmental responsibility, integrity, accountability, teamwork, and communication. With a vision to become the preferred provider of innovative automation integration services and select EPCM (engineering, procurement, construction management) projects, ENGlobal continues to evolve and adapt to meet the dynamic needs of the energy sector.
Recent achievements include the repayment of its credit facility with Pacific Western Business Finance and the entry into a new credit agreement with Alliance 2000, Ltd. This strategic move is part of ENGlobal's ongoing efforts to reposition the company financially and operationally. Moreover, the company has streamlined its engineering assets to focus on middle-market projects across the energy value chain and has made significant reductions in payroll and overhead costs to improve profitability.
ENGlobal’s latest operational updates show an emphasis on full-service engineering, automation project work, and enhanced procurement and fabrication capabilities. Despite challenges, the company has maintained a strong project backlog and continues to secure new business opportunities.
As of the latest updates, ENGlobal has shown a steady trajectory towards financial recovery, with efforts in place to improve margins, control overhead, and regain profitability. The company remains committed to delivering high-quality engineering project solutions to both its commercial and government clients.
ENGlobal Corporation (NASDAQ:ENG) reported a net loss of $625,000, or $(0.02) per share, for the year ended December 26, 2020, improving from a net loss of $(1.466 million in 2019. Revenue increased by $8 million (14.2%) to $64.4 million, driven by a 33.5% rise in its EPCM segment. Cash on hand rose to $13.7 million, including a PPP loan of $4.9 million. Despite challenges from COVID-19, ENGlobal is positioned for growth with significant proposal activity valued at $278 million in early 2021, aiming to rebuild its backlog, which ended 2020 at $24 million.
ENGlobal (NASDAQ:ENG), a leading engineering and automation services provider for the energy sector, will host a conference call on March 11, 2021, at 9:00 am EST to discuss its year-end 2020 financial results, which will be released at 8:00 am. Newly appointed CEO Mark Hess, CFO Darren Spriggs, and President Roger Westerlind will highlight 2020 achievements and offer insights into potential contract awards and growth outlook for 2021. Interested parties can join via a toll-free number or through a live broadcast on the Internet.
ENGlobal (NASDAQ:ENG) has scheduled a conference call on March 11, 2021, at 9:00 AM EST to discuss its year-end 2020 financial results. The results will be released at 8:00 AM on the same day. Key executives, including CEO Mark Hess and CFO Darren Spriggs, will highlight the company's performance, potential contract awards, and growth outlook for 2021. The call can be accessed both via phone and online, with a replay available until March 18.
HOUSTON, TX / ACCESSWIRE / March 1, 2021 / ENGlobal Corporation (NASDAQ:ENG) announced the retirement of CEO William A. Coskey, effective March 12, 2021, with CFO Mark A. Hess succeeding him. Coskey will remain as chairman. Roger Westerlind will become President, and Darren Spriggs will take over as CFO. The leadership transition aims to leverage opportunities in the green energy sector. ENGlobal continues to strengthen its integrated project solutions capabilities in automation and engineering services.
ENGlobal Corporation (NASDAQ:ENG) has provided a progress report on its contract to engineer and fabricate the first modular hydrogen production facility in the U.S., valued at approximately $25 million. The project is on schedule and within budget, with engineering completed and fabrication underway. Utilizing a hydrogen reforming technology that consumes 20% less feed gas, the facility promises reduced operating costs and a lower carbon footprint. ENGlobal is also pursuing various projects valued between $20 million and $120 million, expanding its role in green energy technologies.
ENGlobal (NASDAQ: ENG) has announced that it has regained compliance with the NASDAQ minimum bid price requirement. The official notification, dated December 4, 2020, confirmed that for 10 consecutive business days, from November 19 to December 3, the company's stock price was at $1.00 or above. This compliance with NASDAQ Listing Rule 5550(a)(2) allows ENGlobal to maintain its listing. The company offers engineering and automation services mainly to the energy sector.
ENGlobal Corporation (NASDAQ:ENG) reported a 13% increase in Q3 2020 revenue, reaching $15.7 million, compared to $14.0 million in Q3 2019. The growth was driven by an 88% revenue increase in the Engineering, Procurement and Construction Management (EPCM) segment, although offset by a 21% decrease in the Automation segment due to COVID-19. ENGlobal's net loss widened to $(1.1 million), or $(0.04) per share. Year-to-date, revenue grew by 33% to $52.9 million, leading to a net income of $59,000 for the first nine months.
ENGlobal (NASDAQ:ENG) will announce its third quarter 2020 financial results on November 5, 2020, at 8:00 am EST. Following this, a conference call hosted by CEO William Coskey and CFO Mark Hess will take place at 9:00 am EST to discuss the highlights, updates on potential contract awards, and the company's growth outlook. Participants can join via telephone or listen online. Key risks affecting the company's business include the impact of COVID-19, economic downturns, and dependence on key clients.
ENGlobal Corporation (NASDAQ:ENG) reported progress on its hydrogen production facility, a pioneering green energy project in the U.S. The facility is set to use 20% less feed and fuel gas, reducing operational costs and carbon emissions. The engineering phase will be completed by November 2020, transitioning into module fabrication, expected to finish by May 2021. Additional work awarded has raised the project value to approximately $25 million.
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