Furmanite Corporation (NYSE: FRM) today reported results for the quarter ended September 30, 2011. Revenues were up 17% to $78.3 million, compared with $66.9 million for the third quarter 2010. Net income for the quarter increased to $3.6 million. This compares with net income for the prior year third quarter of $1.8 million, which included net-of-tax restructuring costs of $1.9 million. Foreign currency fluctuations favorably impacted the company’s third quarter 2011 revenues, operating income and net income by approximately $3.0 million, $441,000 and $199,000, respectively, for the quarter. Earnings per share (diluted) were $0.10 for the third quarter 2011 compared with $0.05 in the third quarter of 2010.
"We are very pleased with this continued revenue and earnings growth, and are optimistic with the early signs of improved conditions we now see in more of our markets,” said Charles R. Cox, Furmanite Chairman and CEO. “Our year-to-date net income, excluding restructuring costs, is up approximately $3.0 million or nearly 30% over 2010 results, even after absorbing approximately $0.7 million of legal expenses related to legacy matters. In addition to this solid current performance, good progress is also being made re-aligning our global organization to accelerate future growth, continuing to implement our new culture, and planning the relocation of our corporate office to Houston next year.”
Joseph Milliron, Furmanite President and COO, said: “The commitment to a culture that is 100% customer-focused and quality-driven led to our best third quarter revenue performance in the history of our company. While the Americas provided the primary revenue growth during the first half of the year, significant improvements in both EMEA and APAC have also played a key role in our positive operating results during the third quarter. Even without the benefit of major turnaround projects, and in spite of weather-related impediments over the past year, we are pleased to report the fourth consecutive quarter with year over year revenue growth, and look forward to continued success across our global operations.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV