ENGlobal Corporation (ENG)

[Devon Rocks]

Looking to buy, but cannot get over fact that the stock will be hammered in early May with what appear to be horrendous earnings. I will state my logic, someone please correct me and explain how you see it differently.

2014 backlog was $68,000m , revenue was $79,605m
2015 backlog is $36,000. Only a few new contracts awarded and those earnings will not come to quarter 2 and beyond.

Company seems to have strong leadership and been very proactive. I see a solid future when the oil industry rebounds, but that money will not flow until after industry has improved and profits start to fill the coffers. This is very likely multiple quarters and quite probably a year away minimum. The delisting bullet seems to have been dodged, but this is likely only temporary as the stock will likely be below $1 soon. Like I said, please correct me as I am looking to get it. Just seems prudent to wait for the bottom.