HOUSTON, TX / ACCESSWIRE / May 9, 2024 / ENGlobal Corporation (NASDAQ:ENG), a provider of innovative engineering project solutions focused on the energy industry, today announced it has filed its first quarter 2024 report on Form 10-Q with the U.S. Securities and Exchange Commission for the three-months ended March 30, 2024. The report details ENGlobal's financial and operational results.

"ENGlobal continued to make progress in repositioning its business in the first three months of 2024 as we focus on returning to our roots as a firm providing best-in-class project engineering and automation services to both private sector and government clients," said William A. Coskey, P.E. Chairman and Chief Executive Officer of ENGlobal. "While we posted a modest loss in the first quarter, we believe we are on a path to profitability through improved operating efficiencies and a commitment to enhanced project execution."

Revenues for the three months ended March 30, 2024 were $6.5 million compared to $13.2 million for the same period in 2023. Net loss in the quarter was $1.4 million, compared to a net loss of $6.3 million in the same quarter a year ago. ENGlobal lost $0.27 per fully diluted share in the first quarter of 2024 compared to a loss of $1.33 per fully diluted share in the first quarter of 2023.

Financial and operational highlights for the quarter include:

• Gross profit was $464,000, or 7.1% of revenue, an increase of $2.3 million, when compared to a gross loss of $1.8 million for the first quarter of 2023.

• Selling, general and administrative expense was $2.0 million in the quarter, a decrease of $2.4 million from $4.4 million in the first quarter of 2023.

• Improved utilization of our billable resources from approximately 70% a year ago to over 80%. This occurred through improved optimization of our labor force.

"While we will not be pleased until ENGlobal is once again profitable, the ENGlobal team continues to pursue opportunities that demonstrate our expertise in executing complex engineering projects," continued Coskey. "We are actively pursuing new opportunities that, if successful, create a path for significant revenue and earnings growth. Moreover, while there are no guarantees, we are encouraged by our ongoing discussions with potential strategic partners that could be transformational for ENGlobal and its shareholders."

ENGlobal's comprehensive financial statements can be found in the Company's quarterly report filed on Form 10-Q with the U.S. Securities and Exchange Commission.