ENGlobal, a leading provider of engineering and automation services, today reported its financial results for the second quarter ended June 27, 2015.
Second quarter 2015 revenues totaled $21.1 million, a $6.1 million decrease from $27.2 million reported for the prior year period. Net income totaled $1 million, or $0.03 per diluted share, for the quarter ended June 27, 2015, compared to net income of $1.6 million, or $0.06 per diluted share, for the quarter ended June 28, 2014. During the quarter ended June 27, 2015, the company incurred non-cash expenses for depreciation, amortization and stock compensation of $0.5 million as compared to $0.7 million for the same period in 2014.
Mark Hess, ENGlobal’s Chief Financial Officer, stated, “We are pleased to report today’s profitable results—which I’m proud to say represents six consecutive profitable quarters. ENGlobal’s profit margins remain respectable given the current environment, and our available capital has improved over the last year. The Company continues to maintain a healthy cash balance and working capital of $25.4 million, and we have no borrowings under our current credit facility.”
“ENGlobal’s response to the current energy marketplace has been to increase our efforts in developing new business,” added William Coskey, P.E., Chairman and Chief Executive Officer of ENGlobal. “While we are excited about several new opportunities and client relationships that this internal process has produced, it also appears to be a great time to consider strategic acquisitions.”
For more information on ENGlobal, visit www.englobal.com
