Nevada
|
|
001-14217
|
|
88-0322261
|
(State
or other jurisdiction
of
incorporation)
|
|
(Commission
File
Number)
|
|
(IRS
Employer
Identification
No.)
|
654 N. Sam Houston Parkway E., Suite 400,
Houston, Texas
|
|
77060-5914
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
Title
of each class
|
Trading
Symbol(s)
|
Name of
each exchange on which registered
|
Common Stock, $0.001 par value
|
ENG
|
The Nasdaq Stock Market LLC
|
Exhibit
No.
|
Description
|
|
|
Press
release dated May 6, 2021
|
|
|
ENGlobal Corporation
|
|
|
(Registrant)
|
|
|
|
May 6, 2021
|
|
/s/ Darren W. Spriggs
|
(Date)
|
|
Darren
W. Spriggs,
Chief Financial Officer, Treasurer
and Corporate Secretary
|
Exhibit
No.
|
Description
|
|
|
Press release dated
May 6, 2021
|
|
|
(amounts
in thousands)
|
Three months
ended
March 27,
2021
|
Three months
ended
March 28,
2020
|
Revenue
|
$12,449
|
$19,260
|
Gross
Profit
|
1,004
|
3,260
|
Selling, General
and Administrative Expenses
|
2,561
|
2,133
|
Operating Income
(Loss)
|
(1,557)
|
1,127
|
Net
Income
|
46
|
1,101
|
|
Three Months
Ended
|
Three Months
Ended
|
||||||
(amounts in
thousands)
|
March 27,
2021
|
March 28,
2020
|
||||||
Segment
|
Total
Revenue
|
% of Total
Revenue
|
Gross Profit
Margin
|
Operating Profit
Margin
|
Total
Revenue
|
% of Total
Revenue
|
Gross Profit
Margin
|
Operating Profit
Margin
|
|
|
|
|
|
|
|
|
|
Commercial
|
$10,048
|
80.7%
|
9.1%
|
(3.8)%
|
$16,510
|
85.7%
|
17.2%
|
12.2%
|
Government
Services
|
2,401
|
19.3%
|
3.7%
|
(5.0)%
|
2,750
|
14.3%
|
15.1%
|
8.9%
|
Consolidated
|
12,449
|
100.0%
|
8.1%
|
(12.5)%
|
19,260
|
100.0%
|
16.9%
|
5.9%
|
(amounts in
thousands)
|
As
of
March 27,
2021
|
As
of
December 26,
2020
|
Cash
|
$13,927
|
$13,706
|
Working
capital
|
13,021
|
14,039
|
|
For the Three
Months Ended
|
|
|
March 27,
2021
|
March 28,
2020
|
Operating
revenues
|
$12,449
|
$19,260
|
Operating
costs
|
11,445
|
16,000
|
Gross
profit
|
1,004
|
3,260
|
|
|
|
Selling, general
and administrative expenses
|
2,561
|
2,133
|
Operating
income (loss)
|
(1,557)
|
1,127
|
|
|
|
Other
income (expense):
|
|
|
Other income,
net
|
1,684
|
1
|
Interest expense,
net
|
(58)
|
(5)
|
Income
from operations before income taxes
|
69
|
1,123
|
|
|
|
Provision
for federal and state income taxes
|
23
|
22
|
|
|
|
Net
income
|
46
|
1,101
|
|
|
|
Basic
and diluted income per common share:
|
$0.00
|
$0.04
|
|
|
|
Basic
and diluted weighted average shares used in computing income (loss)
per share:
|
27,557
|
27,414
|
|
|
|
|
March
27, 2021
|
December
26, 2020
|
ASSETS
|
|
|
Current
Assets:
|
|
|
Cash
|
$13,927
|
$13,706
|
Trade receivables,
net of allowances of $272 and $386
|
9,111
|
7,789
|
Prepaid expenses
and other current assets
|
531
|
891
|
Employee retention
credit
|
1,676
|
—
|
Contract
assets
|
1,322
|
4,090
|
Total Current
Assets
|
26,567
|
26,476
|
Property
and equipment, net
|
1,223
|
1,263
|
Goodwill
|
720
|
720
|
Other
assets
|
|
|
Right of use
asset
|
1,539
|
1,628
|
Deposits and other
assets
|
342
|
351
|
Total Other
Assets
|
1,881
|
1,979
|
Total
Assets
|
$30,391
|
$30,438
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
Current
Liabilities:
|
|
|
Accounts
payable
|
$2,151
|
$2,138
|
Accrued
compensation and benefits
|
2,172
|
3,048
|
Current portion of
leases
|
1,294
|
1,541
|
Contract
liabilities
|
2,234
|
1,258
|
Current portion of
note
|
4,579
|
3,707
|
Current portion of
deferred payroll tax
|
519
|
—
|
Other current
liabilities
|
597
|
745
|
Total Current
Liabilities
|
13,546
|
12,437
|
|
|
|
Deferred
payroll tax
|
519
|
1,037
|
Long-term
debt
|
1,897
|
2,733
|
Long-term
leases
|
715
|
608
|
Total
Liabilities
|
16,677
|
16,815
|
Commitments
and Contingencies (Note 8)
|
|
|
Stockholders’
Equity:
|
|
|
Common stock -
$0.001 par value; 75,000,000
shares authorized; 27,588,389 shares issued and outstanding at
March 27, 2021 and 27,560,686 shares issued and outstanding at
December 26, 2020
|
28
|
28
|
Additional paid-in
capital
|
37,202
|
37,157
|
Accumulated
deficit
|
(23,516)
|
(23,562)
|
Total
Stockholders’ Equity
|
13,714
|
13,623
|
Total Liabilities
and Stockholders’ Equity
|
$30,391
|
$30,438
|
|
For the Three
Months Ended
|
|
|
March 27,
2021
|
March 28,
2020
|
Cash
Flows from Operating Activities:
|
|
|
Net
income
|
$46
|
$1,101
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities:
|
|
|
Depreciation and
amortization
|
82
|
96
|
Share-based
compensation expense
|
45
|
15
|
Changes in current
assets and liabilities:
|
|
|
Trade accounts
receivable
|
(1,322)
|
655
|
Contract
assets
|
2,768
|
(1,912)
|
Other current
assets
|
(1,307)
|
165
|
Accounts
payable
|
13
|
444
|
Accrued
compensation and benefits
|
(876)
|
(408)
|
Contract
liabilities
|
976
|
(1,801)
|
Income taxes
payable
|
19
|
258
|
Other current
liabilities, net
|
(167)
|
(97)
|
Net cash provided
by (used in) operating activities
|
$277
|
$(1,484)
|
|
|
|
Cash
Flows from Investing Activities:
|
||
Property and
equipment acquired
|
(57)
|
(34)
|
Net cash used in
investing activities
|
$(57)
|
$(34)
|
|
|
|
Cash
Flows from Financing Activities:
|
|
|
Payments on finance
leases
|
(36)
|
(20)
|
Interest on PPP
loan
|
12
|
—
|
Proceeds from
revolving credit facility
|
25
|
—
|
Net cash provided
by (used in) financing activities
|
$1
|
$(20)
|
Net change in
cash
|
221
|
(1,538)
|
Cash
at beginning of period
|
13,706
|
8,307
|
Cash
at end of period
|
$13,927
|
$6,769
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
Cash paid during
the period for interest
|
$58
|
$5
|
Right of use assets
obtained in exchange for new operating lease liability
|
$256
|
$963
|
Cash paid during
the period for income taxes (net of refunds)
|
$1
|
—
|