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Furmanite Corporation Reports Third Quarter 2011 Results

Stocks in this article: FRM

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.”

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