My question is what happened with the repurchase plan? Will they announce the result and if so will the share retirement have effect on share price? Will the repurchased shares be used are stock rewards to management?
Did notice that volume was about double yesterday, interest but only up .02. Not so good.
Note announcements of large contracts, the Norway project being huge. So how much work will eng get from these contracts. The coincidence of the ENG article yesterday to the announcement this morning of these contracts is telling.
They say they are as good as JEC and KBR. So why don't they look at the pr of those other two companies and learn how it is done! Maybe develop a following with a brokerage house, have earnings calls, etc.. It is not rocket engineering!
While I'll admit this downward price pressure is puzzling to say the least.... Bankruptcy? They have no debt.... This company makes wild swings.... what a surprise earnings report would do now....
And no new business. Cash flow was wonderful and received payment of some 5 million after the end of the quarter boosting flow even higher. Backlog cut significantly leaving a smaller backlog of which 1/2 is the pipeline project in Russia region. No debt, 10 million credit facility and 2 million stock buy back. And yet a 2 cent profit. Why do I want to hold? Anyone have ideas? It is almost like management has painting this bleak picture for the buy back?
I am still in hold mode. Interesting to see what they will say about the stock buy back in the next quarterly. report.
Problem is the stock price will be 1.00 or less without some stimulus. It is about at my sell price.