Furmanite Corporation (NYSE: FRM) today reported results for the quarter ended March 31, 2010. Revenues for the quarter were $66.4 million, compared with $63.0 million for the first quarter 2009. The company reported net income of $391,000 for the quarter, inclusive of $1.6 million, net of tax, in restructuring costs. This compares with net income of $880,000 for the same period in 2009. The company’s first quarter revenues, operating income and net income were favorably impacted by foreign currency fluctuations by approximately $3.3 million, $230,000 and $49,000, respectively, for the first quarter 2010. Earnings per share (diluted) were $0.01 for the first quarter 2010, compared with earnings per share (diluted) of $0.02 for the prior year’s quarter.
“Our plan is working, and we are pleased that Furmanite is back in the black for the first quarter. Although market conditions showed little improvement, we maintained our revenues for the quarter at a level equivalent to the same period last year, after accounting for currency effects,” said Charles R. Cox, chairman and CEO of Furmanite Corporation. “Our results this quarter begin to show the kind of improvement that can be produced by lowering our costs and achieving greater efficiencies in our operating structure. Across all of our operations, we are committed to doing what is needed to control our own destiny and continue to deliver positive results.”
As part of the company’s ongoing initiative to contain costs and improve performance, Furmanite also announced today that it will restructure its operations in Scandinavia and Central Europe, and rename its Europe, Middle East and Africa operations, now called EMEA.
“The change in EMEA is part of Furmanite’s continuing drive to serve our customers better and increase our competitiveness. In effect, we are creating greater operating and administrative efficiencies among all offices in the region, while expanding our geographic and service coverage in Europe,” said Joseph E. Milliron, president and chief operating officer of Furmanite Corporation.