ENGlobal Provides Corporate Update.HOUSTON -- ENGlobal (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ENG ENG electronystagmography. ENG abbr. electronystagmography ENG enzootic nasal granuloma. ), a leading provider of engineering and related project services, today announced multiple project awards for its Automation and Engineering segments and revealed its trend analysis of recent project awards. Since October 2008, the Company's Automation and Engineering segments have been awarded several projects valued at approximately $60 million, including an estimated $15 million which was booked after January 1, 2009. Under the agreements, ENGlobal expects to: (i) assist with the rebuilding of multiple Gulf Coast facilities following the flooding associated with Hurricane Ike in September 2008; (ii) retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in state-of-the-art distributed control systems A distributed control system (DCS) refers to a control system usually of a manufacturing system, process or any kind of dynamic system, in which the controller elements are not central in location (like the brain) but are distributed throughout the system with each component at certain facilities along the Gulf Coast; and (iii) fabricate remote instrument enclosures (RIEs) and analyzer shelters at several U.S. refineries and at a grassroots petrochemical complex in the Middle East. Most of the work on these projects is expected to be completed in 2009. The Company also announced the results of its trend analysis of all projects over $100,000 awarded during January 2009. The purpose of the internal study was to assess the underlying drivers of recent new work. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. this analysis, current trends show that approximately 75% of anticipated 2009 revenue is likely to come from projects relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc : * "Run and Maintain" projects, such as small capital projects, alliance work, ongoing maintenance, and cost efficiency projects; and * Control System Upgrades due to technological obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. ; * Recovery efforts (e.g. Hurricane Ike or fire); * Regulatory Compliance, such as process safety management, pipeline integrity, and environmental mandates. The Company anticipates that the remaining 25% of 2009 revenue will result from large capital projects that are economically motivated. ENGlobal's core competencies can be applied to all of the areas referenced above, however, during economic downturns, large capital projects tend to be impacted to a higher degree than other projects. "We are pleased with these project awards received over the last six months," said, ENGlobal's Founder, Chairman and Chief Executive Officer, William A. Coskey, P.E. "In addition, the results of our internal analysis are consistent with our expectation that a majority of our work is not tied to spending on large capital projects." About ENGlobal ENGlobal provides engineering, construction, automation, land and regulatory services principally to the energy sector throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and internationally. The Company has over 2,700 employees in 20 offices and occupies over 500,000 square feet of office and fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. space. ENGlobal has been named one of the fastest growing engineering firms in the United States and Canada by ZweigWhite in each of the last five years. Further information about the Company and its businesses is available at www.ENGlobal.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain 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 including, but not limited to; (1) the Company's ability to continue profitable operations in the current economic downturn; (2) fluctuations in the price of oil; (3) the Company's ability to achieve its business strategy while effectively managing costs and expenses; (4) the Company's ability to successfully and profitably integrate acquisitions; and (5) the successful financial performance of each business unit; and (6) the Company's ability to successfully complete the contracted projects described in this press release as well as its other projects. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in ENGlobal's filings with the Securities and Exchange Commission. In addition, reference is hereby made to cautionary statements set forth in the Company's most recent reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 10-Q, and other SEC filings. Also, the information contained in this press release is subject to the risk factors identified in the Company's most recent Form 10-K. Click here to join our email list: http://www.b2i.us/irpass.asp?BzID=702&to=ea&s=0. |
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