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TheStreet Open House

Furmanite 4Q Profit Climbs As Sales Increase

DALLAS (AP) ¿ Furmanite Corp. said Monday its profit climbed 50 percent in the fourth quarter as sales improved despite the stronger dollar's negative effect.

The engineering services company reported net income increased to $5.1 million, or 14 cents per share, for the three months ended Dec. 31 compared with $3.4 million, or 9 cents per share, a year ago.

Analysts polled by Thomson Reuters expected profit of 11 cents per share. Analysts' estimates typically exclude one-time items.

"We did see the effect of currency fluctuations on our reported revenues and income for 2008, when compared with 2007, and this was particularly evident in the fourth quarter in Europe, as well as Australia and New Zealand," Chairman and Chief Executive Michael L. Rose said in a statement.

Revenue rose 12 percent to $81.5 million from $72.9 million.

Full-year earnings surged 75 percent to $21.9 million, or 59 cents per share, from $12.5 million, or 35 cents per share. Annual revenue grew to $320.9 million from $290.3 million.

The company will hold its annual shareholders meeting on May 28.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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