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ENGlobal Announces Third Quarter 2023 Financial and Operating Results

ENGlobal Announces Third Quarter 2023 Financial and Operating Results

EngLobal 公佈2023年第三季度財務和經營業績
Accesswire ·  2023/11/14 05:00

HOUSTON, TX / ACCESSWIRE / November 13, 2023 / ENGlobal Corporation (NASDAQ:ENG), a provider of innovative engineering project solutions focused on the energy industry, today announced it has filed its third quarter report on Form 10-Q with the U.S. Securities and Exchange Commission for the quarter ended September 30, 2023. The report details ENGlobal's third quarter financial and operational results.

德克薩斯州休斯敦/ACCESSWIRE/2023 年 11 月 13 日/Englobal Corporation(納斯達克股票代碼:ENG), 專注於能源行業的創新工程項目解決方案提供商今天宣佈,它已向美國證券交易委員會提交了截至2023年9月30日的季度10-Q表的第三季度報告。該報告詳細介紹了EngLobal第三季度的財務和運營業績。

"ENGlobal continued to make significant progress in our quest to reemerge as a leading project engineering and automation company in the third quarter," said William A. Coskey, P.E., ENGlobal's Founder, Chairman and Chief Executive Officer. "While we still have a number of important initiatives to complete, our financial and operational performance meaningfully improved in the quarter. I am increasingly optimistic about our future and excited about the repositioning of ENGlobal's business."

EngLobal創始人、董事長兼首席執行官William A. Coskey表示:“EngLobal在尋求在第三季度重新成爲領先的項目工程和自動化公司方面繼續取得重大進展。”“儘管我們還有許多重要舉措需要完成,但我們的財務和運營業績在本季度有了顯著改善。我對我們的未來越來越樂觀,也對Englobal業務的重新定位感到興奮。”

Revenues for the three months ended September 30, 2023 were $9.5 million, a decrease of $3.6 million, from $13.1 million for the three months ended September 24, 2022. Net loss for the third quarter of 2023 was $0.7 million compared to net loss of $2.3 million for the comparable period in 2022. ENGlobal lost $0.02 per fully diluted share in the third quarter of 2023 compared to a loss of $0.07 per fully diluted share for the comparable period a year ago.

截至2023年9月30日的三個月,收入爲950萬美元,較截至2022年9月24日的三個月的1,310萬美元減少了360萬美元。2023年第三季度的淨虧損爲70萬美元,而2022年同期的淨虧損爲230萬美元。EngLobal在2023年第三季度全面攤薄後每股虧損0.02美元,而去年同期全面攤薄每股虧損0.07美元。

Revenues for the nine-month period ended September 30, 2023 were $32.4 million, compared to $31.8 million for the comparable period a year ago.

截至2023年9月30日的九個月期間,收入爲3,240萬美元,而去年同期爲3180萬美元。

"While I won't be pleased until ENGlobal is consistently profitable, our financial performance has improved meaningfully throughout the year," noted Coskey. "Our gross profit margin of 19.4% in the third quarter was a vast improvement over prior quarters and the first positive quarter in over a year." The Company's third-quarter results benefited from revenue from an adjustment to a contract with the U.S. Government of approximately $1.5 million.

科斯基指出:“儘管在EnGlobal持續盈利之前我不會感到高興,但我們的財務業績全年都有顯著改善。”“我們在第三季度的毛利率爲19.4%,與前幾個季度相比有了很大的改善,這是一年多來的第一個正季度。”該公司第三季度的業績受益於對與美國政府簽訂的約150萬美元合同的調整所帶來的收入。

ENGlobal's comprehensive financial statements can be found in the Company's quarterly report filed on Form 10-Q with the U.S. Securities and Exchange Commission.

EngLobal的全面財務報表可以在公司向美國證券交易委員會提交的10-Q表的季度報告中找到。

Since the announced management changes in February, ENGlobal has achieved a number of financial and operational milestones:

自2月份宣佈管理層變動以來,EnGlobal已經實現了許多財務和運營里程碑:

  • Improved utilization of our billable resources from approximately 70% to nearly 90%. This has occurred through increased business opportunities across the Company's business lines as well as optimization of our labor force.
  • Largely completed unprofitable legacy projects in the renewables, construction, field services and fabrication businesses. We have significantly reduced operating losses by exiting those businesses.
  • Streamlined the Company's engineering services group to create a more cohesive team focused on added-value project engineering with offices in Houston and Tulsa. This initiative should lead to improved-margin engineering and design projects and the ability to provide full EPC services through third-party fabrication and construction partnerships.
  • Significantly reduced the Company's credit risk by refinancing the former credit facility with a term loan provided by Mr. Coskey.
  • Improved the Company's receivables collection process, including collecting outstanding tax credits and government project payments, which has improved liquidity. The Company continues to aggressively pursue unpaid project receivables from legacy projects which, if successful, will further improve liquidity.
  • Added significant capabilities in the fabrication of modular structures in the Company's automation business focused on higher-margin electrical power distribution centers, process analytical systems and remote-instrument equipment.
  • Reduced overall payroll costs by more than 50% while maintaining best-in-class engineering, design and automation professionals. Streamlined accounting, payroll, cost control and other administrative functions with the goal of significantly reducing administrative overhead expense. The Company has also reduced other overhead expenses such as insurance.
  • 我們的計費資源利用率從大約 70% 提高到近 90%。這是通過增加公司各業務領域的商機以及優化我們的勞動力實現的。
  • 在可再生能源、建築、現場服務和製造業務中基本完成了無利可圖的傳統項目。通過退出這些業務,我們大大減少了營業虧損。
  • 精簡了公司的工程服務團隊,以創建一支更具凝聚力的團隊,專注於增值項目工程,在休斯敦和塔爾薩設有辦事處。該計劃應提高工程和設計項目的利潤率,並使他們能夠通過第三方製造和施工合作伙伴關係提供全面的EPC服務。
  • 通過使用Coskey先生提供的定期貸款對以前的信貸額度進行再融資,從而大大降低了公司的信用風險。
  • 改善了公司的應收賬款收繳流程,包括收取未繳稅收抵免和政府項目付款,從而改善了流動性。公司繼續積極追討傳統項目的未付項目應收賬款,如果成功,將進一步改善流動性。
  • 爲公司的自動化業務增加了模塊化結構製造方面的重要能力,該業務側重於利潤率更高的配電中心、過程分析系統和遠程儀表設備。
  • 在留住一流的工程、設計和自動化專業人員的同時,將總體工資成本降低了50%以上。簡化會計、薪資、成本控制和其他管理職能,目標是顯著減少管理費用。該公司還減少了其他管理費用,例如保險。

"We continue to look for and find ways to further improve our efficiency and remain acutely focused on returning ENGlobal to profitability," added Mr. Coskey. "However, I am confident we have largely moved from the triage phase to the recovery phase of the process. The entire ENGlobal team is focused on engaging with clients and prospective clients to forge mutually rewarding relationships that add value to our clients and create profitable project opportunities for ENGlobal. Both our engineering group - led by Lonnie Smith - and our automation and government services group - led by Kevin Holfeld - are working diligently to meet both our revenue and profit objectives in the year ahead."

科斯基補充說:“我們將繼續尋找和尋找進一步提高效率的方法,並將繼續專注於使EnGlobal恢復盈利。”“但是,我相信我們已經從該過程的分流階段基本進入了恢復階段。整個EngLobal團隊專注於與客戶和潛在客戶互動,以建立互惠互利的關係,爲我們的客戶增加價值併爲EngLobal創造有利可圖的項目機會。我們由朗尼·史密斯領導的工程團隊和由凱文·霍爾菲爾德領導的自動化和政府服務團隊都在努力實現來年的收入和利潤目標。”

The Company booked approximately $6.5 million in new business in the third quarter and, as of September 30, 2023, our backlog was $15.5 million. In addition, the Company has a probability-weighted pipeline of approximately $70 million in project opportunities.

該公司在第三季度獲得了約650萬美元的新業務,截至2023年9月30日,我們的積壓業務爲1,550萬美元。此外,該公司還有大約7,000萬美元的概率加權項目機會。

"We continue to pursue a number of strategic initiatives that are focused on growing our core business, improving our operating and financial metrics and increasing shareholder value," stated Coskey. "While there are no guarantees that we will be successful in these opportunities, we believe - combined with the continued hard work and dedication of the entire ENGlobal team - we move closer to our goal of recreating a profitable, best-in-class engineering and automation firm."

科斯基說:“我們將繼續推行多項戰略計劃,重點是發展我們的核心業務,改善我們的運營和財務指標以及增加股東價值。”“儘管無法保證我們會在這些機會中取得成功,但我們相信,再加上整個Englobal團隊的持續辛勤工作和奉獻精神,我們離重建一家盈利、一流的工程和自動化公司的目標越來越近了。”

"Finally, I want to thank the entire ENGlobal family for their continued efforts, loyalty and unwavering dedication," concluded Coskey. "I am grateful, especially at this time of the year, for the talent and contributions of each member of our team. I look forward to continuing to work with this exceptional group toward a profitable future."

科斯基總結說:“最後,我要感謝整個Englobal大家庭的持續努力、忠誠和堅定不移的奉獻精神。”“我很感激我們團隊中每位成員的才華和貢獻,尤其是在每年的這個時候。我期待繼續與這個卓越的團隊合作,邁向盈利的未來。”

About ENGlobal

關於 engLobal

ENGlobal Corporation (NASDAQ:ENG) is a provider of innovative, delivered project solutions primarily to the energy industry. ENGlobal operates through two business segments: Commercial and Government Services. The Commercial segment provides engineering, design, fabrication, construction management and integration of automated control systems. 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. Further information about the Company and its businesses is available at .

EngLobal Corporation(納斯達克股票代碼:ENG)是一家主要爲能源行業提供創新的、交付的項目解決方案的提供商。EngLobal通過兩個業務部門運營:商業和政府服務。商業部門提供工程、設計、製造、施工管理和自動化控制系統的集成。政府服務部門提供各種政府、公共部門和國際設施的工程、設計、安裝、運營和維護,專門爲美國國防工業提供交鑰匙自動化和儀器系統。有關公司及其業務的更多信息,請訪問。

For further information, please email ir@englobal.com.

欲了解更多信息,請發送電子郵件至 ir@englobal.com。

Cautionary Note Regarding Forward Looking Statements

關於前瞻性陳述的警示說明

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 ENGlobal'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.

上述關於公司預期的陳述,包括與公司未來業績、未來運營以及本新聞稿中討論的某些其他事項有關的陳述,可能構成聯邦證券法所指的前瞻性陳述,存在風險和不確定性。有關可能導致實際業績與前瞻性陳述中包含的結果不同的風險和不確定性的討論,請參閱EnGlobal向美國證券交易委員會提交的文件,包括該公司最新的10-K和10-Q表報告以及美國證券交易委員會的其他文件。

SOURCE: ENGlobal

來源: engLobal


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