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Furmanite Corporation Reports 2010 Results

Stocks in this article: FRM

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.”

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