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ENGlobal Corp. Message Board

ben.grein 10 posts  |  Last Activity: Dec 23, 2013 12:42 PM Member since: Nov 20, 2012
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  • Reply to

    #$%$?

    by beauty90210211 Dec 23, 2013 12:23 PM
    ben.grein ben.grein Dec 23, 2013 12:42 PM Flag

    Just doubled my holding on this down turn. This stock is going up next year!

    Sentiment: Strong Buy

  • Reply to

    #$%$?

    by beauty90210211 Dec 23, 2013 12:23 PM
    ben.grein ben.grein Dec 23, 2013 12:27 PM Flag

    I would say it's the Dec 27th option traders if I had to guess. Look at the number of $53 and $52 Puts.

    Sentiment: Buy

  • ben.grein by ben.grein Dec 23, 2013 12:05 PM Flag

    Did I read that right, that ENG voted at it's annual meeting to almost double the shares of it's common stock reserved for issuance? If I understand this right it puts more common stock (and hence more control) in the insider's hands. Of course it's not like that wasn't alread the case in this company. In reality I'm not sure whether to view this as a good thing or a bad move. I don't have alot of trust in the managment group and am skeptical of anything that continues to line their pockets. Perhaps those of you who are more stock savy than myself can explain this better to me.

    Sentiment: Sell

  • ben.grein by ben.grein Nov 18, 2013 3:53 PM Flag

    I haven't been by the board for awhile. I'm impressed that the stock is up above $1 for this long. It looks like ENG has gotten a new lease on life. What they do with it is left to be seen.

    For those saying that ENG sold off the unprofitable parts - get real. Furmanite did overpay for what they got, but they certainly didn't buy a truck load of garbage either. However ENG also has some good divisions left and if they play it right can grow this into something bigger and better. I would still have mangement concerns though. This is basically the same group that nearly drove the company into bankruptcy to begin with, and for those that know there really is no difference between Edd P. and Coskey. Edd P was Coskey's guy.

    If Automation can get back to basics and mimic the model when Olan W. was running it then that could be a huge plus. The Gov. group announcement while a nice job award was not a contract expansion, it should be concenring that management doesn't understand the difference. Would like to see some new ENG Engineering awards come in also given how much the energy sector is growing right now.

    I almost bit and purchased at $1.30, but I'm still not ready to conceed that this management team knows how to turn a long turn profit. If the next few quarters look good then who knows, might be time to buy again.

    Sentiment: Hold

  • ben.grein ben.grein Jul 17, 2013 1:32 PM Flag

    Well, they still have significant engineering staff in Houston and Tulsa. It's not like ENG has suddenly just become a staffing company. Also, all the revenue in the world won't mean anything if they can't make money. It's all about turning the profit. It's possible that they can now that they have shrunk back down, but until this management groups prove they can, I wouldn't give them the benefit of the doubt. I guess I've just gotten cynical over the last 12 quarters. Also, their refusal to do conference calls shows their disdain for the investors.

    Sentiment: Hold

  • ben.grein ben.grein Jul 17, 2013 11:17 AM Flag

    Well, last year ENG had to sell 1/3rd of the company to stay afloat. Now they have had to sell off 1/2 of the 2/3rds that was left. I'm not sure anyone should be laughing, however I agree that eventually the company will get small enough to basically hit the reset button and see if they can make a fresh go of it.

    In the 2Q report, both the Automation and Engineering Divisions made a profit, all of which was sucked away by corporate expenses. Lets hope they figure out a way to reduce these expenses dramtically now that the company is 1/2 the size. ENG has always been a top heavy company and the blame for that rests soley on executive management.

    I hear that the Denver and Chicago offices are starting to pick up steam which is good, I also hear the Gov Division revenues are down (prob to be expected in this political environment). All in all it will be interesting to see what happens going forward. I would still hold if you have, but wouldn't buy just yet.

    Sentiment: Hold

  • Reply to

    Back in the Black

    by tom_rosplock May 15, 2013 9:25 AM
    ben.grein ben.grein May 15, 2013 12:08 PM Flag

    Not so fast my friend, profit came from sale of field services, not from current ops($1 mil loss). They decided to recognize this revenue in Q1 of 2013 instead of Q4 of 2012. Its a one-time thing and a strategy to try and build momentum.

    Debt is down however which is good and should help with interest cost. If they can turn a profit in current ops, then a corner will be turned.

    Basically saw some good news, some bad news in the report. Interesting to see where they go from here but I would say Hold right now.

  • ben.grein ben.grein May 15, 2013 11:55 AM Flag

    Read further into the report. The profit came from recognizing the sale of field services this quarter. They got $1mil up front and $1.9 in a promissory note to be paid over 4 years, but they claimed all 2.9 mil this quarter. That is a onetime thing that offsets the $1 million loss on continuing operations. They wont have this next quarter if they can't turn a profit on their current operations.. Also, even though SG&A was down in amount, it was up as a % of revenue from 2012. Not a sign that the company is operating lean. Lastly they are in default with two different banks on their two lines of credit and no forbearance extensions to date.

    On the bright side debt is down, and it looks like the company has some operating cash. Again this is from the sale of field services but it does give them some breathing room. Be interesting to see what they do with it. IMHO the biggest challenges they face are keeping the banks from acting and trying to get their stock price above delisting value. Turn a real profit (in operations, not by selling assets) and both of these issues could resolve. I guess we wait for 2Q now,

  • Reply to

    What about it being delisted?

    by gebenhoeh Feb 19, 2013 9:56 AM
    ben.grein ben.grein Feb 19, 2013 11:04 AM Flag

    It looks like the first week of April is the end of the grace period given by NASDAQ to get back into compliance. I'm not sure if the company can request additional time at that point or not. It does appear they can move to the NASDAQ Capital Market for a time if they can't get the stock back above $1. The Pink Sheets is also another option.

    They can also move to the Pink Sheets if need be

  • Reply to

    Clown Brigade

    by ingsakalapsin Nov 15, 2012 7:42 AM
    ben.grein ben.grein Nov 20, 2012 12:16 PM Flag

    Well said rstarsky

    The threats and intimidation used by ENG against their ex employees is shameful. Many of us left due to untenable circumstances despite our love for the company. The cliff that ENG is marching towards was very avoidable and many people who left tried to offer solutions to an arrogant corporate management team that has continued to do nothing but pile up loss after loss after loss. Most of us understand that the core problems with ENG start at the very top and are steeped in an attitude of greed and ineptitude. I wish this wasn't the case, but the facts can't continue to be ignored. These 3Q numbers are beyond any defense. The tired rumblings of the CEO about how improvement is just around the corner are so transparent to be laughable. It's obvious the current management is looking for a buyer. IMHO this is the only hope for the continued operation of this company.

ENG
1.71+0.11(+6.88%)Apr 17 3:59 PMEDT

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