This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Furmanite Corporation Reports Strong Fourth Quarter 2012 Operating Results; Issues Full Year 2012 Results; Initiates 2013 Guidance

Furmanite Corporation (NYSE: FRM) today reported results for the quarter and year ended December 31, 2012.

Fourth Quarter 2012 Results

Revenues for the three months ended December 31, 2012 were $93.2 million, an increase of $11.4 million, or 13.9% above the $81.8 million reported for the three months ended December 31, 2011. Adjusted operating income for the quarter was $6.9 million (A) before $2.7 million of EMEA restructuring costs, an increase of $2.3 million (A), or 50.9%, over adjusted operating income of $4.6 million (A) for the three months ended December 31, 2011. Net income for the quarter was $1.1 million or $0.03 per diluted share after a 73% effective income tax rate, which was heavily impacted by the effects of the restructuring costs. Foreign currency effects had an insignificant impact on quarterly revenues and operating income.

Year Ended December 2012 Results

Revenues for the year ended December 31, 2012 were $326.5 million compared with $316.2 million for the year ended December 31, 2011, an increase of $10.3 million or 3.3%. Foreign currency effects impacted revenues unfavorably by $3.7 million, but had minimal effect on operating income. Operating income for the year ended December 31, 2012, including $3.6 million of restructuring costs, was $7.5 million. Net income for the year was $0.8 million, or $0.02 per diluted share.

The EMEA restructuring actions implemented were greater than anticipated with total direct restructuring costs for the year of $3.6 million, $0.9 million above the Company’s initial estimates. The initiative was substantially complete as of the end of the year, with any remaining costs expected to be negligible. In addition to the direct restructuring costs, significant related indirect costs and inefficiencies impacted operating results.

The Company also absorbed direct costs associated with its corporate headquarters’ relocation of $1.6 million, as well as substantial costs associated with the startup of its new inspection service line, other acquisition timing, integration and assimilation, and implementation of the Company’s new global organizational structure.

1 of 4

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

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