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ENGlobal Corp Reports Operating Results (10-Q)

May 11, 2009 | About:

ENGlobal Corp (ENG) filed Quarterly Report for the period ended 2009-03-31.

ENGlobal Corporation provides engineering automation systems field inspection and land management and regulatory services principally to the petroleum refining petrochemical pipeline production and process industries throughout the United States and internationally. It has very quickly become one of the fastest growing engineering firms in the United States. From its roots as a small local engineering and design company to its current position as an international organization ENGlobal has always focused on providing innovative cost-effective solutions. ENGlobal is organized to meet the total needs of our clients from a single individual for an in-plant assignment to large EPCm projects. ENGlobal Corp has a market cap of $163.77 million; its shares were traded at around $6 with a P/E ratio of 8.96 and P/S ratio of 0.33.

Highlight of Business Operations:

Detailed revenue:

Detail-design $ 30,506 71.7% $ 37,935 72.9%

Field services 10,493 24.6% 12,988 25.0%

Procurement services 309 0.7% 34 0.1%

Fixed-price 1,267 3.0% 1,072 2.0%

- -

Total revenue: 42,575 100.0% 52,029 100.0%



Our detail-design services decreased 19.5%, or $7.4 million, to $30.5

million for the three months ended March 31, 2009, from $37.9 million for

the comparable period in 2008. As a percentage of the total Engineering

segment revenue during these periods, detail-design revenue decreased 1.2%

to 71.7% in 2009 from 72.9% in 2008. The decrease is related to the lower

amount of capital project work available for the reasons described above.



Our field services revenues decreased 19.2%, or $2.5 million, to $10.5

million for the three months ended March 31, 2009, from $13.0 million for

the comparable period in 2008. As a percentage of the total Engineering

segment revenue during these periods, field services revenue decreased 0.4%

to 24.6% in 2009 from 25.0% in 2008.



Fixed-price revenue increased 18.2%, or $0.2 million, to $1.3 million for

the three months ended March 31, 2009, from $1.1 million for the comparable

period in 2008. As a percentage of the total Engineering segment revenue,

fixed-price revenue increased 1.0% to 3.0% for the three months ended March

31, 2009, from 2.0% for the comparable period in 2008. Due to the current

economy, more clients are requesting work to be performed on a fixed price

basis to control their costs and shift risk to their contractors.



Detailed revenue:

Inspection $ 18,203 85.7% $ 23,394 87.0%

Construction services 3,034 14.3% 3,506 13.0%

- -

Total revenue: 21,237 100.0% 26,900 100.0%



Detailed revenue:

Fabrication $ 7,194 34.9% $ 6,683 64.3%

Non-fabrication 13,397 65.1% 3,719 35.7%

- -

Total revenue: 20,591 100.0% 10,402 100.0%



Read the The complete Report

Rating: 3.5/5 (4 votes)

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