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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Furmanite Corporation Reports First Quarter 2011 Results

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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