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2004 |
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NEWS RELEASE
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
ENGlobal Corporation
CONTACT: Natalie S. Hairston
(281) 821-3200
ENGLOBAL CORPORATION ANNOUNCES IMPROVED THIRD QUARTER RESULTS
AND RECORD BACKLOG
HOUSTON, TX, NOVEMBER 9, 2004 - ENGlobal Corporation (AMEX: ENG), a leading
provider of engineering services, today reported net income of $0.03 per share
on revenues of $37.2 million for the quarter ended September 30, 2004. These
results reflect increases when compared to the prior year quarter ended
September 30, 2003, which produced net income of $0.02 per share on revenues of
$35.4 million. Results for the nine months ended September 30, 2004 also compare
favorably to the same nine months of 2003, with net income increasing from $0.06
to $0.07 per share, and revenue increasing from approximately $88 million to
$103 million for the two comparison periods.
Michael L. Burrow, P.E., ENGlobal's Chairman and Chief Executive Officer,
stated, "In previous reports, I have made general observations that our industry
appears to be strengthening and we have recently received what we believe may be
confirmation of this trend. The new work awarded to ENGlobal climbed steadily
during recent months, from $5.3 million in June, to $6.8 million in July, $10.3
million in August and a record $18 million for September." Mr. Burrow continued,
"This improved business environment has resulted in a record backlog for
ENGlobal of approximately $82 million, with billable hours also showing
increases since July. Another encouraging sign for our business is the
significantly improved financial results for our Systems segment this quarter."
While contracts may be modified, expanded or canceled, historically ENGlobal has
successfully completed its work under a high percentage of its outstanding
contracts.
The Company's Quarterly Report on Form 10-Q for the quarter ended September 30,
2004 will be filed with the Securities and Exchange Commission on or about
November 11, 2004 reflecting these results.
About ENGlobal Corporation
--------------------------
ENGlobal Corporation provides engineering services and systems principally to
the petroleum refining, petrochemical, pipeline, production, and process
industries throughout the United States and internationally. ENGlobal's
multi-disciplinary engineering services group develops projects from the initial
planning stage through detailed design, procurement, and construction
management. The systems group develops, manufactures, installs, and services
control and instrumentation systems utilized in various energy and
process-related industries, and provides services and products that support the
advanced automation and environmental technology fields. The Company, with its
subsidiaries, now employs over 1,300 employees and occupies over 275,000 square
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