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 Second Quarter 2011 Results

Furmanite Corporation (NYSE: FRM) today reported results for the quarter ended June 30, 2011. Revenues were up 7% to $83.0 million, compared with $77.5 million for the second quarter 2010. Net income for the quarter increased to $5.1 million. This compares with net income for the prior year second quarter of $3.6 million, which included net-of-tax restructuring costs of $797,000. Foreign currency fluctuations favorably impacted the company’s second quarter 2011 revenues, operating income and net income by approximately $5.3 million, $507,000 and $94,000, respectively, for the quarter. Earnings per share (diluted) were $0.14 for the second quarter 2011 compared with $0.10 in the second quarter of 2010.

“We are pleased to be reporting one of our best ever revenue quarters under market conditions which continue to be very average overall,” said Charles R. Cox, chairman and CEO of Furmanite Corporation. “Our primary focus going forward continues to be on preparing the company for future growth while maintaining the operating efficiency gained from last year’s restructuring program.”

Joseph Milliron, Furmanite President and COO, said: “The core success of our performance this quarter was the result of our sales staff, support group and our technicians embracing teamwork and collaboration. We had no help from large, one-off projects this quarter. Contribution from the Americas’ region provided a significant portion of the quarter’s improvement and EMEA second quarter revenues were up almost 16%. All in all, company-wide, the second quarter was a result of lots of hard work.”


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

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.
(in thousands, except per share data)

  For the Three Months   For the Six Months
Ended June 30, Ended June 30,
2011   2010 2011   2010
Revenues $ 83,009 $ 77,513 $ 156,063 $ 143,948
Costs and expenses:
Operating costs 56,425 51,922 106,868 97,584
Depreciation and amortization expense 2,198 1,572 4,073 3,121
Selling, general and administrative expense   17,779     18,493     34,690     37,256  
Total costs and expenses   76,402     71,987     145,631     137,961  
Operating income 6,607 5,526 10,432 5,987

Interest income and other income (expense), net

120 (246 ) 242 96
Interest expense   (255 )   (241 )   (495 )   (482 )
Income before income taxes 6,472 5,039 10,179 5,601
Income tax expense   (1,326 )   (1,479 )   (1,007 )   (1,650 )
Net income $ 5,146   $ 3,560   $ 9,172   $ 3,951  
Earnings per common share - Basic $ 0.14   $ 0.10   $ 0.25   $ 0.11  
Earnings per common share - Diluted $ 0.14   $ 0.10   $ 0.25   $ 0.11  
(in thousands)
June 30, December 31,
2011 2010


$ 37,170
Trade receivables, net 74,014 63,630
Inventories 26,168 24,366
Other current assets   5,769   5,951
Total current assets 136,806 131,117
Property and equipment, net 35,189 30,720
Other assets   25,456   20,264
Total assets $ 197,451 $ 182,101
Total current liabilities $ 43,113 $ 42,936
Total long-term debt 32,855 30,085
Other liabilities 11,189 10,992
Total stockholders' equity   110,294   98,088
Total liabilities and stockholders' equity $ 197,451 $ 182,101
(in thousands)
For the Six Months Ended

June 30,
2011   2010
Net income $ 9,172 $ 3,951
Depreciation, amortization and other non-cash items 3,672 4,297
Working capital changes   (14,807 )   (7,729 )
Net cash (used in) provided by operating activities (1,963 ) 519
Capital expenditures (1,579 ) (3,451 )
Acquisition of assets and business (4,029 ) (350 )
Proceeds from sale of assets 105 195
Payments on debt (69 ) (99 )
Issuance of common stock 126
Effect of exchange rate changes on cash   1,094     (1,094 )
Decrease in cash and cash equivalents (6,315 ) (4,280 )
Cash and cash equivalents at beginning of period   37,170     36,117  
Cash and cash equivalents at end of period $ 30,855   $ 31,837  

1 of 2

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 $93.24 -0.41%
FB $117.81 -0.21%
GOOG $701.43 0.82%
TSLA $211.53 -4.96%
YHOO $36.94 2.61%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs