Tue, 04 Oct 2022

ENG Reports Q2 2022 Results

ACCESSWIRE
04 Aug 2022, 22:01 GMT+10

HOUSTON, TX / ACCESSWIRE / August 4, 2022 / ENG (NASDAQ:ENG), a leading provider of innovative project delivery solutions for the energy industry, announced today that for the second quarter ended June 25, 2022 it reported a net loss of $1.5 million, or $(.04) per share, on revenue of $11.4 million, compared with a net loss of $4.3 million, or $(.14) per share, on revenue of $11.1 million for the second quarter ended June 26, 2021.

'We have seen steady growth in our bookings, revenue and backlog over the last four quarters, said chief executive Mark A. Hess. Our revenue was $5.9 million in Q3 last year, $7.0 million in Q4 last year, $7.4 million in Q1 this year and $11.4 million this quarter, for example. In addition, our backlog has more than doubled from $8.4 million at the end of Q3 last year to over $19 million at the end of this quarter.'

'These increases are very encouraging and show that the plans we put in place are producing the desired results, continued Mr. Hess. These increases have also allowed us to utilize our people more fully, which, in turn, contributed to the increased gross margin.'

'These results do not include revenues we expect to generate from our field service operations recently started in the Permian basin and the GTL technology that we recently acquired. We expect to deploy our first field service crew this month and expect crews and resulting revenue to increase over time. We signed an agreement in July granting the Dubai-based oilfield services company OiLSERV the rights to license our GTL technology in Iraq, Libya, Algeria, and the UAE and we are seeing a lot of interest for this solution from the region. We are completing the designs for our small-scale GTL plants and expect to deploy the first commercial unit early to mid next year.'

'I am satisfied with the many emerging developments here at ENG, as well as with the improved outlook in both the traditional and renewable energy markets,' said Mr. Hess. 'These events, we believe, will directly facilitate our continuing recovery and propel ENG to steadily improving performance going forward.'

For the six months ended June 25, 2022, the company had a net loss of $5.1 million, or $(.15) per share, on revenue of $18.7 million, compared with a net loss of $4.2 million, or $(.15) per share, on revenue of $23.5 for the six months ended June 26, 2021.

ENG's $0.9 million decrease in six-month bottom line performance compared with the same period in 2021 was primarily due to a $4.8 million decrease in revenue and the related decrease in gross profit of $0.4 million, an increase in commercial segment costs and increased proposal activity expenses. The company's decrease in six-month revenue compared to the first six months of 2021 was primarily due to the completion of several large commercial segment projects that were not renewed due to COVID-19 related restrictions. This decrease was partially offset by revenue from project awards with new customers.

Cash on hand at June 25, 2022 was $14.1 million with no long-term debt.

Basic and diluted weighted average shares at June 25, 2022 was 35,444,000 and 29,599,000 at June 26, 2021.

The following is a summary of the income statements for the three- and six-month periods ended June 25, 2022 and June 26, 2021:

The following table illustrates the composition of the company's revenue and profitability for its operations for the three- and six-month periods ended June 25, 2022 and June 26, 2021:

The following table presents certain balance sheet items as of June 25, 2022 and December 25, 2021:

ENGlobal Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
(amounts in thousands, except per share data)

ENGlobal Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
(amounts in thousands, except share and per share amounts)

ENGlobal Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(amounts in thousands)

For further information on ENG's second quarter 2022 financial results, please refer to its Form 10-Q filing on the company's website at www.englobal.com , or on the SEC's website at www.sec.gov .

Conference Call

Management will host a conference call at 9:00 am Eastern time today to discuss ENG's second quarter 2022 financial results, provide updates on potential contract awards, and discuss the company's growth outlook for the remainder of the year.

To participate in the conference call, please dial in five to ten minutes before the call: (Toll Free) 888-506-0062 domestically, or 973-528-0011 internationally. Entry code: 712824.

The conference call will also be broadcast live over the Internet and can be accessed at:

https://www.webcaster4.com/Webcast/Page/2272/46147

The teleconference replay will be available shortly after the completion of the live event through 9:00 am Eastern time on August 11, 2022. You may access the replay by dialing (Toll Free) 877-481-4010 domestically, or 919-882-2331 internationally, and referencing conference ID 46147.

You may also access the replay by visiting the company's web site:

https://www.englobal.com/investors/events-and-presentations/

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 its 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 future 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.

Click here to join our email list: https://www.englobal.com/investors/

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/710795/ENG-Reports-Q2-2022-Results

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