Furmanite Corporation Reports Fourth Quarter And Full Year 2013 Results

Furmanite Corporation (NYSE:FRM) today reported results for the three and twelve months ended December 31, 2013.

Fourth Quarter 2013 Results

Revenues for the three months ended December 31, 2013 were $130.4 million, an increase of $37.2 million, or 39.9%, over the $93.2 million reported for the three months ended December 31, 2012. Operating income for the three months ended December 31, 2013 was $4.7 million compared to $4.2 million for the three months ended December 31, 2012, an increase of $0.5 million. Net income for the 2013 fourth quarter was $2.6 million, or $0.07 per diluted share.

Year Ended December 31, 2013 Results

Revenues for the twelve months ended December 31, 2013 were $427.3 million compared with $326.5 million for the twelve months ended December 31, 2012, an increase of $100.8 million, or 30.9%. Operating income for the twelve months ended December 31, 2013 was $24.8 million, an increase of $17.3 million over the corresponding prior year period of $7.5 million. Net income for the twelve months ended December 31, 2013 was $14.0 million, or $0.37 per diluted share.

Foreign currency effects had an unfavorable impact on revenues for both the three and twelve months ended December 31, 2013 of approximately $0.7 million and $2.5 million, respectively, as well as an unfavorable impact on operating income for the three and twelve months ended December 31, 2013 of approximately $0.2 million and $0.6 million, respectively.

Charles R. Cox, Chairman and CEO of Furmanite Corporation said, “We are very pleased with our revenue and earnings growth for this year, as well as our continued progress in the transformation of Furmanite! We have also now initiated our efforts to realize the substantial synergy available through the 900 engineering and project execution professionals who joined Furmanite as part of the ENGlobal asset acquisition completed last September!”

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