This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Furmanite Corporation Reports First Quarter 2011 Results

Stocks in this article: FRM

Furmanite Corporation (NYSE: FRM) today reported results for the quarter ended March 31, 2011. Revenues were up 10% to $73.1 million, compared with $66.4 million for the first quarter 2010. Net income for the quarter increased to $4.0 million after net-of-tax restructuring costs of $89,000 and an income tax benefit of $1.2 million related to the SLM acquisition. This compares with net income for the prior year first quarter of $391,000, which included net-of-tax restructuring costs of $1.6 million. Foreign currency fluctuations favorably impacted the company’s first quarter 2011 revenues, operating income and net income by approximately $1.7 million, $176,000 and $68,000, respectively, for the quarter. Earnings per share (diluted) were $0.11, or $0.08 excluding the acquisition related tax benefit in the quarter. This compares with first quarter 2010 earnings per share (diluted) of $0.01.

“Our first quarter performance confirms the progress we anticipated as a result of the restructuring initiatives we substantially completed last year. We benefited from a $6.6 million improvement in revenues and a $745,000 reduction in sales, general and administrative expenses, exclusive of restructuring costs, when compared with the first quarter last year. Those expenses as a percentage of revenue continue to move downward from 2010, and are substantially below 2009 levels,” said Charles R. Cox, chairman and CEO of Furmanite Corporation.

Mr. Cox continued, “This improvement is primarily the result of actions we have taken to impact the variables we control. On a global basis, we have not yet seen a consistent pattern of improvement in our markets from the tough conditions we experienced throughout 2009 and 2010. Although we are encouraged by early signs of improvement in some regions and industries we serve, we are taking nothing for granted. We remain focused on doing what is absolutely within our control to maximize our performance and profitability, no matter how dynamic or challenging future markets may prove to be. With our cost structure now balanced to our revenues, we continue a relentless drive to improve customer service, execution fundamentals, organizational effectiveness and marketing outreach, while embedding the culture change needed to support our long term success. These objectives are among our top priorities as we move beyond the turnaround of Furmanite in 2010 to the fundamental transformation needed to assure significant and sustainable future growth. Our first quarter results simply indicate we are doing the right things and moving in the right direction.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs