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Furmanite Corporation Reports Second Quarter 2013 Results

Stocks in this article: FRM

Furmanite Corporation (NYSE: FRM) today reported results for the three and six months ended June 30, 2013.

Second Quarter 2013 Results

Revenues for the three months ended June 30, 2013 were $108.4 million, an increase of $22.5 million, or 26.1%, over the $85.9 million reported for the three months ended June 30, 2012. Operating income for the quarter ended June 30, 2013 increased $6.8 million to $11.6 million, versus $4.8 million in the second quarter of 2012. Net income for the current year second quarter was $6.8 million, or $0.18 per diluted share.

Six Months Ended June 2013 Results

Revenues for the six months ended June 30, 2013 were $197.4 million compared with $157.7 million for the six months ended June 30, 2012, an increase of $39.7 million, or 25.2%. Operating income for the six months ended June 30, 2013 was $15.7 million, an increase of $11.6 million over the prior year same period $4.1 million. Net income for the six months ended June 30, 2013 was $9.3 million, or $0.25 per diluted share.

Foreign currency effects had a slightly unfavorable impact on revenues for both the three and six months ended June 30, 2013 however had minimal effect on operating income.

Charles R. Cox, Chairman and CEO of Furmanite Corporation said, “These are still very early days in the transformation of Furmanite, but this quarter’s results give some indication of our future performance potential as we increasingly engage our entire global team. We have had all fundamental elements of our chosen culture, strategy and structure in place now for only six months, so this initial market validation of our direction is encouraging.”

Joseph Milliron, Furmanite President and COO, added, “Our second quarter results continue to affirm that the Orange Way, operating as One Global team, is the way for Furmanite to maximize its growth potential. The outcomes in the Americas’ operations, yielding a second quarter revenue increase of 58% and an operating income improvement of 110% compared to prior year, were essentially as expected. This was fueled by all parts of our organization working effectively together to leverage our synergies and extend the full-range of our services to our clients.”

Mr. Milliron continued, “In this quarter we also began to see the Orange Way Culture extending beyond the Americas, including our UK operations delivering their highest revenue ever for the month of June, and with solid indicators of other such performances to follow.”

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