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8-K - FORM 8-K - FURMANITE CORP | d84090e8vk.htm |
EX-99.2 - EX-99.2 - FURMANITE CORP | d84090exv99w2.htm |
Exhibit 99.1
For immediate release | For more information, contact: | |
Investor Relations (972) 699-4055 Email: investor@furmanite.com |
FURMANITE CORPORATION REPORTS SECOND QUARTER 2011 RESULTS
Revenues Up 7%; Net Income Increased to $5.1 million; Earnings per Share to $0.14
Revenues Up 7%; Net Income Increased to $5.1 million; Earnings per Share to $0.14
DALLAS, TEXAS (August 9, 2011) Furmanite Corporation (NYSE: FRM) today reported results for the
quarter ended June 30, 2011. Revenues were up 7% to $83.0 million, compared with $77.5 million for
the second quarter 2010. Net income for the quarter increased to $5.1 million. This compares with
net income for the prior year second quarter of $3.6 million, which included net-of-tax
restructuring costs of $797,000. Foreign currency fluctuations favorably impacted the companys
second quarter 2011 revenues, operating income and net income by approximately $5.3 million,
$507,000 and $94,000, respectively, for the quarter. Earnings per share (diluted) were $0.14 for
the second quarter 2011 compared with $0.10 in the second quarter of 2010.
We are pleased to be reporting one of our best ever revenue quarters under market conditions which
continue to be very average overall, said Charles R. Cox, chairman and CEO of Furmanite
Corporation. Our primary focus going forward continues to be on preparing the company for future
growth while maintaining the operating efficiency gained from last years restructuring program.
Joseph Milliron, Furmanite President and COO, said: The core success of our performance this
quarter was the result of our sales staff, support group and our technicians embracing teamwork and
collaboration. We had no help from large, one-off projects this quarter. Contribution from the
Americas region provided a significant portion of the quarters improvement and EMEA
second
quarter revenues were up almost 16%. All in all, company-wide, the second quarter was a result of
lots of hard work.
ABOUT FURMANITE CORPORATION
Furmanite Corporation (NYSE: FRM) is a worldwide technical services firm. Headquartered in Dallas,
Texas, Furmanite, one of the worlds largest specialty technical services companies, delivers a
broad portfolio of engineering solutions that keep facilities operating, minimizing downtime and
maximizing profitability. Furmanites diverse, global operations serve a broad array of industry
sectors, including offshore drilling operations, pipelines, refineries and power generation
facilities, chemical and petrochemical plants, steel mills, automotive manufacturers, pulp and
paper mills, food and beverage processing plants, semi-conductor manufacturers and pharmaceutical
manufacturers. Furmanite operates more than 75 offices on six continents. The company recently
expanded its global capabilities to deliver specialized solutions for large-scale equipment or
operations through the acquisition of Self Leveling Machines International Pty Ltd. and Self
Leveling Machines, Inc. (collectively SLM), based in Melbourne, Australia, and Houston, Texas.
For more information, visit www.furmanite.com.
Certain of the Companys statements in this press release are not purely historical, and as
such are forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These include statements regarding managements intentions, plans, beliefs,
expectations or projections of the future. Forward-looking statements involve risks and
uncertainties, including without limitation, the various risks inherent in the Companys business,
and other risks and uncertainties detailed from time to time in the Companys periodic reports
filed with the Securities and Exchange Commission. One or more of these factors could affect the
Companys business and financial results in future periods, and could cause actual results to
differ materially from plans and projections. There can be no assurance that the forward-looking
statements made in this document will prove to be accurate, and issuance of such forward-looking
statements should not be regarded as a representation by the Company, or any other person, that the
objectives and plans of the Company will be achieved. All forward-looking statements made in this
press release are based on information presently available to management, and the Company assumes
no obligation to update any forward-looking statements.
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FURMANITE CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
(Unaudited)
CONDENSED CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share data)
(Unaudited)
For the Three Months | For the Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues |
$ | 83,009 | $ | 77,513 | $ | 156,063 | $ | 143,948 | ||||||||
Costs and expenses: |
||||||||||||||||
Operating costs |
56,425 | 51,922 | 106,868 | 97,584 | ||||||||||||
Depreciation and amortization expense |
2,198 | 1,572 | 4,073 | 3,121 | ||||||||||||
Selling, general and administrative
expense |
17,779 | 18,493 | 34,690 | 37,256 | ||||||||||||
Total costs and expenses |
76,402 | 71,987 | 145,631 | 137,961 | ||||||||||||
Operating income |
6,607 | 5,526 | 10,432 | 5,987 | ||||||||||||
Interest income and other income
(expense), net |
120 | (246 | ) | 242 | 96 | |||||||||||
Interest expense |
(255 | ) | (241 | ) | (495 | ) | (482 | ) | ||||||||
Income before income taxes |
6,472 | 5,039 | 10,179 | 5,601 | ||||||||||||
Income tax expense |
(1,326 | ) | (1,479 | ) | (1,007 | ) | (1,650 | ) | ||||||||
Net income |
$ | 5,146 | $ | 3,560 | $ | 9,172 | $ | 3,951 | ||||||||
Earnings per common share Basic |
$ | 0.14 | $ | 0.10 | $ | 0.25 | $ | 0.11 | ||||||||
Earnings per common share Diluted |
$ | 0.14 | $ | 0.10 | $ | 0.25 | $ | 0.11 | ||||||||
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FURMANITE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
Cash |
$ | 30,855 | $ | 37,170 | ||||
Trade receivables, net |
74,014 | 63,630 | ||||||
Inventories |
26,168 | 24,366 | ||||||
Other current assets |
5,769 | 5,951 | ||||||
Total current assets |
136,806 | 131,117 | ||||||
Property and equipment, net |
35,189 | 30,720 | ||||||
Other assets |
25,456 | 20,264 | ||||||
Total assets |
$ | 197,451 | $ | 182,101 | ||||
Total current liabilities |
$ | 43,113 | $ | 42,936 | ||||
Total long-term debt |
32,855 | 30,085 | ||||||
Other liabilities |
11,189 | 10,992 | ||||||
Total stockholders equity |
110,294 | 98,088 | ||||||
Total liabilities and stockholders equity |
$ | 197,451 | $ | 182,101 | ||||
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FURMANITE CORPORATION
CONDENSED CONSOLIDATED CASH FLOWS
(in thousands)
(Unaudited)
CONDENSED CONSOLIDATED CASH FLOWS
(in thousands)
(Unaudited)
For the Six Months Ended | ||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
Net income |
$ | 9,172 | $ | 3,951 | ||||
Depreciation, amortization and other non-cash items |
3,672 | 4,297 | ||||||
Working capital changes |
(14,807 | ) | (7,729 | ) | ||||
Net cash (used in) provided by operating
activities |
(1,963 | ) | 519 | |||||
Capital expenditures |
(1,579 | ) | (3,451 | ) | ||||
Acquisition of assets and business |
(4,029 | ) | (350 | ) | ||||
Proceeds from sale of assets |
105 | 195 | ||||||
Payments on debt |
(69 | ) | (99 | ) | ||||
Issuance of common stock |
126 | | ||||||
Effect of exchange rate changes on cash |
1,094 | (1,094 | ) | |||||
Decrease in cash and cash equivalents |
(6,315 | ) | (4,280 | ) | ||||
Cash and cash equivalents at beginning of period |
37,170 | 36,117 | ||||||
Cash and cash equivalents at end of period |
$ | 30,855 | $ | 31,837 | ||||
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