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TheStreet Open House

Furmanite Corporation Reports Third Quarter 2013 Results

Stocks in this article: FRM

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

Third Quarter 2013 Results

Revenues for the three months ended September 30, 2013 were $99.5 million, an increase of $23.9 million, or 31.7%, over the $75.6 million reported for the three months ended September 30, 2012. Operating income for the three months ended September 30, 2013 was $4.4 million compared to an operating loss of $0.7 million for the three months ended September 30, 2012, an increase of $5.2 million. Net income for the 2013 third quarter was $2.1 million, or $0.06 per diluted share.

Nine Months Ended September 30, 2013 Results

Revenues for the nine months ended September 30, 2013 were $296.9 million compared with $233.3 million for the nine months ended September 30, 2012, an increase of $63.6 million, or 27.3%. Operating income for the nine months ended September 30, 2013 was $20.1 million, an increase of $16.8 million over the corresponding prior year period of $3.3 million. Net income for the nine months ended September 30, 2013 was $11.4 million, or $0.30 per diluted share.

Foreign currency effects had an unfavorable impact on revenues for both the three and nine months ended September 30, 2013 of approximately $1.2 million and $1.9 million, respectively, however had minimal effect on operating income in the same periods.

Charles R. Cox, Chairman and CEO of Furmanite Corporation said, “We are pleased with the continuing improvement this quarter in our operating results and we remain on track with all key strategic and financial goals. This was also a solid quarter of progress in many other ways, with the continued maturing of our organization to truly work as one global team, further strengthening of our existing service lines and the addition of our new engineering capabilities.”

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