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ENGlobal Corp. (ENG) Maintains Stride for Continued Growth
ENGlobal is a specialty engineering services firm specializing in oil and gas automation solutions, subsea control systems and engineering and construction projects. The company offers its vast suite of services through its automation and engineering business segments, servicing the upstream, midstream, downstream, pulp and paper, alternative energy, and government sectors.
ENGlobal’s Automation segment provides services related to the design, fabrication and implementation of distributed control, instrumentation and process analytical systems.
The Engineering segment provides consulting services for the development, management and execution of projects requiring professional engineering, construction management, and related support services. Within the Engineering segment, ENGlobal’s Government Services group is responsible for the engineering, design, installation and operation and maintenance of various government, public sector and international facilities. This group also specializes in the turnkey installation and maintenance of automation and instrumentation systems for the U.S. Defense industry worldwide.
In the second quarter of 2014, ENGlobal reported revenue growth of 32% to $27.2 million compared to the comparable quarter a year ago. Net income was $1.6 million, or $0.05 per diluted share, compared to a loss of $1.6 million, or a loss of $0.06 per share, in the year ago quarter. The second quarter of 2014 marked three consecutive quarters of profit.
ENGlobal CFO Mark Hess attributes the year-over-year improvements to initiatives executed over the last two years. With expectations to continue this pattern of growth, the company recently secured a $10 million revolving credit facility with Regions Bank, replacing the company’s former facility with PNC Bank.
The Regions facility provides ENGlobal with ongoing working capital for general corporate purposes as the company maintains its focus on exploring external growth opportunities and capitalizing on its differentiated expertise and proprietary technologies. ENGlobal’s overarching vision is to become a leading provider of automation integration services and select EPCM projects for clients worldwide.
For more information, visit www.englobal.com
