Furmanite Corporation Reports Third Quarter Results
Furmanite Corporation (NYSE: FRM) today reported results for the quarter ended September 30, 2010. Revenues were $66.9 million, compared with $70.8 million for the third quarter 2009. Net income rose to $1.8 million for the quarter, after net-of-tax restructuring costs of $1.9 million. This compares with net income of $203,000 for the same period in 2009. Foreign currency fluctuations unfavorably impacted the company’s third quarter revenues by approximately $(800,000), but favorably impacted operating income and net income by approximately $300,000 and $400,000, respectively. Earnings per share (diluted) were $0.05 for the third quarter 2010, compared with earnings per share (diluted) of $0.01 for the prior year’s same quarter.
For the nine months ended September 30, 2010, Furmanite reported revenues of $210.9 million, compared with $203.5 million for the same period in 2009. Net income increased to $5.8 million, after $4.3 million of restructuring costs, net of tax, for the nine months ended September 30, 2010, compared with net income of $1.3 million for the same period in 2009. Revenues, operating income and net income were favorably affected by foreign currency fluctuations of approximately $2.2 million, $700,000 and $500,000, respectively. Earnings per share (diluted) were $0.16 for the nine months ended September 30, 2010, compared with $0.04 for the prior year’s same period.
“Furmanite is performing in line with our intentions, and we continue to meet our goals as planned. We are extremely pleased to be nearing the end of our announced restructuring efforts, with a significant portion of the remaining related costs absorbed in the third quarter. Excluding restructuring costs of $1.9 million for the quarter and $4.3 million year to date, our underlying financial results are beginning to reflect the positive impact of this action, with improvement of approximately $3.5 million and $8.7 million respectively at the net income level,” said Charles R. Cox, chairman and CEO of Furmanite Corporation. “The restructuring has improved our effectiveness, as well as our efficiency, and has helped us direct our attention more precisely on further performance improvement opportunities. Our highest priorities are customer service, culture change and responsible growth. Our entire organization is now fully focused on what we want our company to be and where we want it to go in the future.”
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