Furmanite Corporation (NYSE: FRM) today reported results for the year ended December 31, 2011. Revenues were $316.2 million compared with $286.0 million for 2010. Net income for 2011 increased to $24.0 million from $9.5 million in 2010. Net income for 2011 was favorably impacted by income tax benefits of $7.7 million related to the net effect of a fourth quarter reversal of valuation allowances on U.S. deferred income taxes as well as $1.2 million associated with the first quarter SLM acquisition. In addition, 2011 net income was unfavorably affected by net-of-tax charges of $0.3 million of restructuring costs and a fourth quarter $0.9 million charge associated with the Company’s decision to exit the heat exchanger business in Germany.
Revenues for the fourth quarter of 2011 were $81.4 million, compared with $75.1 million for the fourth quarter of 2010. Net income for the fourth quarter of 2011 increased to $11.2 million from $3.7 million for the fourth quarter of 2010. Net income for the fourth quarter of 2011 was favorably impacted by a $7.7 million income tax benefit related to the net effect of the reversal of valuation allowances on U.S. deferred income taxes. In addition, 2011 net income was unfavorably impacted by net-of-tax charges of $0.1 million of restructuring charges and the $0.9 million charge in Germany discussed above.
Foreign currency fluctuations favorably impacted the Company’s 2011 revenues, operating income and net income by approximately $9.8 million, $1.2 million and $0.3 million, respectively, for 2011. Foreign currency fluctuations in the fourth quarter of 2011 were insignificant. Earnings per share (diluted) were $0.64 for 2011, compared with 2010 earnings per share (diluted) of $0.26. Earnings per share (diluted) were $0.30 for the fourth quarter of 2011, compared with fourth quarter 2010 earnings per share (diluted) of $0.10.
“Our full year 2011 results indicate good progress in our commitment to transform Furmanite into a world leading and top performing specialty services firm,” said Charles R. Cox, chairman and CEO of Furmanite Corporation. “Revenue growth of nearly 11% and income before income tax growth of 46% in 2011 represents significant improvement over 2010, but still well below our potential. We have improvement opportunities before us in virtually every aspect of our business which are being addressed by our restructuring, culture change and strategic re-direction. We are confident our efforts are on target to deliver significant continued future growth.”
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