This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Furmanite Corporation Reports 2010 Results

Furmanite Corporation (NYSE: FRM) today reported results for the year ended December 31, 2010. Revenues were $286.0 million, compared with $276.0 million for 2009. Net income increased to $9.5 million for 2010, after net-of-tax restructuring costs of $5.2 million. This compares with a net loss of $(2.8) million for 2009, which included net-of-tax restructuring costs of $0.9 million. Foreign currency fluctuations favorably impacted the company’s 2010 revenues, operating income and net income by approximately $1.8 million, $1.1 million and $1.0 million, respectively, for the year. Earnings per share (diluted) were $0.26 for 2010, compared with a 2009 loss per share (diluted) of $(0.08).

“Our 2010 results confirm that the actions we have taken to improve our performance and return Furmanite to profitability have been effective,” said Charles R. Cox, chairman and CEO of Furmanite Corporation. “The positive impact of our reduction in selling, general and administrative expenses in 2010 – almost $13 million excluding restructuring costs – is now becoming very clear in our results, with adjusted net income of $14.7 million after deducting the $5.2 million in restructuring costs associated with the cost reductions. Without those restructuring costs, our results would show improvement in net income of more than $16.0 million. Simultaneous with this strategic cost restructuring, we have moved forward aggressively to establish our long term strategic direction, our vision for the future and a culture focused on delivering expanded service and improved responsiveness to our customers.”

Joseph Milliron, Furmanite President and COO, said: “In addition to our improved financial results, the other part of the story is the positive attitude of our people. We have met with our local teams around the world to roll out our mission, strategic direction and commitment to a culture that is 100% customer-focused and quality-driven. These strategies and changes to our operations and culture give us the flexibility to adapt to market conditions, identify and respond to new opportunities, expand our customer relationships and maintain the momentum of growth. I can say with confidence that, across the entire company, we share the same vision and are working toward the same goal of being the industry leader in every service we provide by 2014.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 0.00%
FB $118.06 0.00%
GOOG $695.70 0.00%
TSLA $222.56 0.00%
YHOO $36.00 0.00%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs