ENGlobal Announces 2022 Financial and Operating Results - Seite 2

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

"While ENGlobal was successful in increasing revenues during the past year, we did not achieve better margins or profitability," noted Mr. Coskey. "As I return, we are acutely focused on improving margins and a path forward to positive cash generation and profitability. While those changes will not come overnight, we are aggressively working to reduce costs, focus on business lines that require lower levels of working capital and opportunities to generate positive cash flow."

ENGlobal is undertaking a comprehensive review of all business operations with a focus on capital efficiency, cost reduction and a goal of recreating a profitable engineering project company. The Company has retained Enerecap Partners to assist in this analysis and to help consider various structural and strategic opportunities.

"While there is work to do to ensure ENGlobal's bright future, we have a remarkable team of professionals that is committed to hard work and exceptional performance, and dedicated to exceeding the expectations of our clients," concluded Mr. Coskey. "If we make smart business decisions, invest in the right opportunities and focus on margins and execution, ENGlobal can once again be a public engineering project company that can make a difference in the energy industry, focused both on traditional sources as well as new energy technologies. The ENGlobal team is up to the challenge."

Conference Call

The Company will not host an earnings conference call for the year ended December, 31, 2022. Any questions should be directed to [e-mail].

About ENGlobal

ENGlobal Corporation (NASDAQ:ENG) is a leading provider of engineering project solutions for the traditional and renewable energy industry. ENGlobal operates through two business segments: Commercial and Government Services. The Commercial segment provides engineering, design, fabrication, construction and integration of automated control systems. The Government Services segment provides engineering, design, installation, operations, and maintenance of various government, public sector, and international facilities, specializing in turnkey automation and instrumentation systems for the U.S. Defense industry. Further information about the Company and its businesses is available at www.englobal.com.

Cautionary Note Regarding Forward Looking Statements

The statements above regarding the Company's expectations, including those relating to its future results, its future operations and certain other 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. For a discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ENGlobal's filings with the U.S. Securities and Exchange Commission, including the Company's most recent reports on Form 10-K and 10-Q, and other SEC filings.

SOURCE: ENGlobal

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