Revenue for fiscal 2007 increased 20% to $363 million from $303 million for fiscal 2006. In 2007, total gross profit was $57.6 million, or 16% of total revenue, representing an increase of approximately 119%, or $31.3 million in gross profit year-over-year.
During the quarter ended December 31, 2007, the company’s operating activities produced cash of $7.7 million. During the same period, the company paid down the outstanding balance borrowed under its working capital line of credit by $7.9 million, ending 2007 with outstanding borrowings of $27.8 million.
William Coskey, chairman and CEO of ENGlobal, said: By most any measure, 2007 was a record year for our company, and everyone at ENGlobal can take pride in the fact that our business produced record net income for the year. Judging by the current trends in our business, we have every reason to believe that 2008 will be another year of growth for ENGlobal.
