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Furmanite Corporation Reports 2010 Results

Stocks in this article: FRM

ABOUT FURMANITE CORPORATION

Furmanite Corporation (NYSE: FRM) is a worldwide technical services firm. Headquartered in Dallas, Texas, Furmanite, one of the world’s largest specialty technical services companies, delivers a broad portfolio of engineering solutions that keep facilities operating, minimizing downtime and maximizing profitability. Furmanite’s diverse, global operations serve a broad array of industry sectors, including offshore drilling operations, pipelines, refineries and power generation facilities, chemical and petrochemical plants, steel mills, automotive manufacturers, pulp and paper mills, food and beverage processing plants, semi-conductor manufacturers and pharmaceutical manufacturers. Furmanite operates more than 75 offices on six continents. The company recently expanded its global capabilities to deliver specialized solutions for large-scale equipment or operations through the acquisition of Self Leveling Machines International Pty Ltd. and Self Leveling Machines, Inc. (collectively "SLM"), based in Melbourne, Australia, and Houston, Texas. For more information, visit www.furmanite.com.

Certain of the Company’s statements in this press release are not purely historical, and as such are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements regarding management’s intentions, plans, beliefs, expectations or projections of the future. Forward-looking statements involve risks and uncertainties, including without limitation, the various risks inherent in the Company’s business, and other risks and uncertainties detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission. One or more of these factors could affect the Company’s business and financial results in future periods, and could cause actual results to differ materially from plans and projections. There can be no assurance that the forward-looking statements made in this document will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and the Company assumes no obligation to update any forward-looking statements.

FURMANITE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 
(Unaudited)
  For the Three Months       For the Twelve Months
Ended December 31, Ended December 31,
2010     2009 2010     2009
 
Revenues $ 75,070 $ 72,425 $ 285,953 $ 275,940
 
Costs and expenses:
Operating costs 51,296 50,838 194,594 187,269
Depreciation and amortization expense 1,723 1,642 6,490 5,995
Selling, general and administrative expense   17,084     22,443     71,209     81,142  
Total costs and expenses   70,103     74,923     272,293     274,406  
 
Operating income (loss) 4,967 (2,498 ) 13,660 1,534
 

Interest income and other income (expense), net

15 24 549 434
 
Interest expense   (223 )   (263 )   (943 )   (1,379 )
 
Income (loss) before income taxes 4,759 (2,737 ) 13,266 589
 
Income tax expense   (1,035 )   (1,407 )   (3,780 )   (3,419 )
 
Net income (loss) $ 3,724   $ (4,144 ) $ 9,486   $ (2,830

)

 
Earnings (loss) per common share - Basic $ 0.10   $ (0.12 ) $ 0.26   $ (0.08 )
Earnings (loss) per common share - Diluted $ 0.10   $ (0.12 ) $ 0.26   $ (0.08 )
 
FURMANITE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
 
     
December 31, December 31,
2010     2009
 
Cash

$

37,170

$ 36,117
Trade receivables, net 63,630 52,021
Inventories 24,366 26,827
Other current assets   5,951       9,085
Total current assets 131,117 124,050
 
Property and equipment, net 30,720 30,168
Other assets   20,264       20,771
Total assets $ 182,101     $ 174,989
 
Total current liabilities $ 42,936 $ 44,439
Total long-term debt 30,085 30,139
Other liabilities 10,992 15,081
Total stockholders' equity   98,088       85,330
Total liabilities and stockholders' equity $ 182,101     $ 174,989
 
FURMANITE CORPORATION
CONDENSED CONSOLIDATED CASH FLOWS
(In thousands)
 
 
For the Twelve Months Ended

December 31,

2010     2009
   
Net income (loss) $ 9,486 $ (2,830 )
 
Depreciation, amortization and other non-cash items 7,661 6,524
Working capital changes   (9,311 )       14,263  
Net cash provided by operating activities 7,836 17,957
 
Capital expenditures (7,312 ) (6,541 )
Payments on debt (237 ) (40,435 )
Proceeds on issuance of debt 78 35,049
Debt issuance costs (658 )
Other, net 802 (328 )
Effect of exchange rate changes on cash   (114 )       280  
 
Increase in cash and cash equivalents 1,053 5,324
Cash and cash equivalents at beginning of year   36,117         30,793  
Cash and cash equivalents at end of year $ 37,170       $ 36,117  




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