ENGlobal recently released its
financial results for the 2014 fiscal year, showcasing impressive growth in the
competitive engineering and automation services industries throughout the
United States and abroad.
“We are proud to have exceeded
our financial targets for 2014,” stated Mark Hess, Chief Financial Officer of
ENGlobal. “We maintained a substantial cash balance and had no borrowings from
our working capital lines during 2014.”
In addition to a 21.1 percent
increase in revenue as compared to 2013, ENGlobal also reported a net income of
$6 million, a boost of over $8 million from the results of the previous year.
Driven by increased margins, consistent project execution and internal growth,
the company’s results are encouraging, particularly with its midstream and
downstream clientele maintaining continued levels of spending.
“Having regained our footing
once again, we now expect to explore acquisition opportunities for external
growth,” added William Coskey, Chairman and Chief Executive Officer of
ENGlobal.
ENGlobal has established itself
as a leader in the Engineering, Procurement and Construction Management (EPCM)
field over the years, claiming a spot on Engineering News Record magazine’s
annual Top 500 Engineering Design Firm list for more than a decade. This
recognition comes as a result of the company’s global reputation for
state-of-the-art plant automation systems, as well as a world-class safety
performance record with more than 22.6 million man-hours without a single lost
time injury.
Multiple alliance agreements
with leading industry clients put ENGlobal in a formidable position to continue
building on last year’s strong financial results, and the company has wasted no
time in continuing its prosperity into 2015. In March, the company announced a
renewed agreement with Xcel Energy to provide EPCM support for its natural gas
pipeline and facility projects in all operating regions.
Unlike the Engineering,
Procurement, Construction (EPC) model, the EPCM model allows ENGlobal to
maximize its influence in the global energy sector without assuming unnecessary
risk. With the company’s model, the majority of risk is typically transferred
to the owner of the project, as the contractor doesn’t provide performance
guarantees or fixed completion schedules. For this reason, ENGlobal is a
relatively safe choice for investors in the traditionally high-risk energy and
automation sectors.
With newly improved access to
the working capital needed to promote external growth, ENGlobal is in a strong
position to build on its financial successes into the future. Look for the
company to make significant strides in the industry over the coming years.
For more information, visit
www.englobal.com
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