would like to highlight ENGlobal Corp.
), an engineering services firm that specializes in oil and gas automation solutions, subsea control systems, and engineering and construction projects. Housed within its Subsea Controls and Integration (SCI) group is the company’s patented Universal Master Control Station (UMCS), the result of a collaborative development effort with a major global oil company that recognized an important need in the offshore oil and gas industry.
In the company’s news,
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.
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This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.