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.
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.