Boston, MA 05/14/2014 (wallstreetpr) – The Houston, Texas based engineering and professional service provider, ENGlobal Corp (NASDAQ:ENG), continues to trade in green after it reported a positive performance during the period of three months, representing its first quarter that ended on March 29, 2014.
Improved First-Quarter Results
ENGlobal Corp (NASDAQ:ENG) was able to record revenue to the tune of $26.9 million, representing a growth of 33% from that of the last quarter. However, it represents a fall of 46%, when compared with revenue of $49.8 million in the previous year’s same quarter. The higher revenue in the previous year was mainly due to the proceeds accrued from the sale of the EPCM business of the company in August 2013. The gross profit margin grew 22.6% during the period. The company posted net income from continuing operations at $1.8 million, denoting an increase as against a net loss of $(1.0) million in the same quarter in 2013. The earnings per diluted share stood at $0.07, which too increased from a net loss of $(0.04) per share a year ago. The company incurred non-cash expenses amounting $0.7 million as against $0.6 million in the previous year period.
Efforts Bear Fruits, Management Satisfied
Commenting on the progress made by the company during the first quarter, its CFO, Mark Hess said that the company is starting to witness the fruits of the efforts that were taken by the company in between late 2012 to early 2013. Hess added that they have reduced the focus of its operations to a smaller area and has also cut down the risk profile of the projects that it is undertaking. Moreover, Hess confirms that the company is following a strict cost control of its overhead expenses, which resulted in improved margins during the period. ENGlobal Corp (NASDAQ:ENG) currently does not have any borrowings and is balanced with a sound cash profile.
