Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - FURMANITE CORP | d578175d8k.htm |
| EX-99.1 - EX-99.1 - FURMANITE CORP | d578175dex991.htm |
 Furmanite Corporation
QUARTER AND SIX MONTHS ENDED
JUNE 30, 2013
Charles R. Cox, Chairman & CEO
Joseph E. Milliron, President & COO
Robert S. Muff, Principal Financial Officer
Exhibit 99.2 |
 2
Safe Harbor Statement
Safe Harbor Statement
Certain of the Company’s statements in this
presentation 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 management’s plans, beliefs, expectations, intentions or
projections of the future. Forward-looking statements involve risks
and uncertainties, including without limitation, the various risks
inherent in the Company’s business, and other risks and
uncertainties detailed most recently in this presentation and the Company’s
Form 10-K as of December 31, 2012 filed with the Securities and
Exchange Commission. One or more of these factors could affect the
Company’s 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
presentation are based on information presently available to management,
and the Company assumes no obligation to update any forward-looking
statements. |
 Furmanite Corporation
QUARTER AND SIX MONTHS ENDED
JUNE 30, 2013
Charles R. Cox, Chairman & CEO
3 |
 4
2013 First Half Perspective
•
Our First Six Months Working as One Global Team have been
Great Fun!
•
Nice Continuing Revenue and Earnings Growth
•
Three Years of Preparation Now Showing Early Results in
Americas
•
Now Engaging Everyone
in Accelerated Growth and Execution
Excellence
•
ALL Global Operations now making Our Transformation Global,
Consistent and Permanent |
 5
2013 –
2015 Strategic Direction
•
Committed to Substantial Global Growth
•
Growth in Both Market Share and Target Market Size
•
Expanded Technical Solutions and Program Management
Capabilities
•
Well on Our Way to World Leadership by Year End 2014
•
Expanding Growth Platform and Differentiation
•
Broadening Customer Engagement and Value
•
Staying Focused! On Specialty Industrial Services for Complex,
Specialized Energy Sector Projects |
 Furmanite Corporation
QUARTER AND SIX MONTHS ENDED
JUNE 30, 2013
Financial Review
Robert S. Muff, Principal Financial Officer
6 |
 Condensed
Consolidated Income Statements (Amounts in 000s except percentages and per share
amounts) (Unaudited) 7
For the Three Months Ended
June 30,
2013
% of
Rev
2012
% of
Rev
Change
Revenues
$ 108,376
100.0%
$ 85,928
100.0%
$ 22,448
Operating costs
71,697
66.2%
58,211
67.8%
13,486
Depreciation and amortization expense
2,679
2.5%
1,964
2.3%
715
Selling, general and administrative expense
22,376
20.6%
19,526
22.7%
2,850
Operating income, excluding restructuring and
relocation costs
11,624
10.7%
6,227
7.2%
5,397
Restructuring and relocation costs
–
–
1,424
1.6%
(1,424)
Operating income
11,624
10.7%
4,803
5.6%
6,821
Interest and other income (expense), net
(459)
(269)
(190)
Income before income taxes
11,165
4,534
6,631
Income tax expense
(4,404)
(2,690)
(1,714)
Net income
$ 6,761
$ 1,844
$ 4,917
Diluted earnings per share
$ 0.18
$ 0.05
$
Adjusted diluted earnings per share *
$ 0.18
$ 0.08
$
* Excludes $1.0 million of relocation and restructuring costs, net of tax for the three months
ended June 30, 2012. Weighted-average number of common and common equivalent shares
used in computing earnings per common share: Basic
37,402
37,253
Diluted
37,552
37,342
0.13
0.10 |
 Condensed
Consolidated Income Statements (Amounts in 000s except percentages and per share
amounts) (Unaudited) 8
For the Six Months Ended
June 30,
2013
% of
Rev
2012
% of
Rev
Change
Revenues
$ 197,414
100.0%
$ 157,710
100.0%
$ 39,704
Operating costs
134,428
68.1%
110,563
70.1%
23,865
Depreciation and amortization expense
5,508
2.8%
3,989
2.5%
1,519
Selling, general and administrative expense
41,776
21.2%
36,859
23.4%
4,917
Operating income, excluding restructuring and
relocation costs
15,702
7.9%
6,299
4.0%
9,403
Restructuring and relocation costs
–
–
2,247
1.4%
(2,247)
Operating income
15,702
7.9%
4,052
2.6%
11,650
Interest and other income (expense), net
(408)
(798)
390
Income before income taxes
15,294
3,254
12,040
Income tax expense
(5,969)
(2,240)
(3,729)
Net income
$ 9,325
$ 1,014
$ 8,311
Diluted earnings per share
$ 0.25
$ 0.03
Adjusted diluted earnings per share*
$ 0.25
$ 0.07
* Excludes $1.5 million of relocation and restructuring costs, net of tax for the six months
ended June 30, 2012. Weighted-average number of common and common equivalent shares
used in computing earnings per common share: Basic
37,372
37,229
Diluted
37,521
37,357
$ 0.22
$ 0.18 |
 Business Segment
Data ($ in 000s) (Unaudited)
9
Americas
EMEA
APAC
Reconciling
Items
¹
Total
Three months ended June 30, 2013
Revenues from external customers
$ 74,347
$ 24,694
$ 9,335
$ –
$ 108,376
Operating income (loss)
$ 13,122
$ 3,001
$ 1,274
$ (5,773)
$ 11,624
Three months ended June 30, 2012
Revenues from external customers
$ 46,944
$ 27,485
$ 11,499
$ –
$ 85,928
Operating income (loss)
$ 6,244
$ 1,466
$ 2,587
$ (5,494)
$ 4,803
Six months ended June 30, 2013
Revenues from external customers
$ 135,107
$ 44,999
$ 17,308
$ –
$ 197,414
Operating income (loss)
$ 20,326
$ 3,803
$ 1,909
$ (10,336)
$ 15,702
Six months ended June 30, 2012
Revenues from external customers
$ 87,642
$ 50,512
$ 19,556
$ –
$ 157,710
Operating income (loss)
$ 10,599
$ 270
$ 2,813
$ (9,630)
$ 4,052
¹
Reconciling Items represent certain corporate overhead costs, including executive management,
strategic planning, treasury, legal, human resources, information technology,
accounting and risk management, which are not allocated to reportable segments. |
 Condensed Consolidated Balance Sheets
($ in 000s)
10
(Unaudited)
June 30,
December 31,
2013
2012
Cash
$ 24,688
$ 33,185
Trade receivables, net
93,111
77,042
Inventories
35,367
31,711
Other current assets
9,295
15,355
Total current assets
162,461
157,293
Property and equipment, net
45,267
42,243
Other assets
34,093
32,092
Total assets
$ 241,821
$ 231,628
Total current liabilities
$ 52,013
$ 50,439
Total long-term debt
41,045
39,609
Other liabilities
21,342
22,501
Total stockholders' equity
127,421
119,079
Total liabilities and stockholders'
equity
$ 241,821
$ 231,628 |
 Condensed Consolidated Statements of Cash Flows
($ in 000s) (Unaudited)
11
For the Six Months Ended
June 30,
2013
2012
Net income
$ 9,325
$ 1,014
Depreciation, amortization and other non-cash items
10,381
7,162
Working capital changes
(17,206)
(7,821)
Net cash provided by operating activities
2,500
355
Capital expenditures
(6,818)
(3,309)
Acquisition of businesses
(905)
(9,259)
Payments on debt
(2,227)
(32,714)
Proceeds from issuance of debt
–
39,300
Other, net
123
(71)
Effect of exchange rate changes on cash
(1,170)
(93)
Decrease in cash and cash equivalents
(8,497)
(5,791)
Cash and cash equivalents at beginning of period
33,185
34,524
Cash and cash equivalents at end of period
$ 24,688
$ 28,733 |
 Furmanite Corporation
QUARTER AND SIX MONTHS ENDED
JUNE 30, 2013
Operations Review
Joseph E. Milliron, President and Chief Operating Officer
12 |
 As of June 30, 2013
13
Global Service Network
The
Americas
EMEA
APAC
•
1,107 technicians
•
68% of YTD revenues
•
40 locations
•
361 technicians
•
23% of YTD revenues
•
24 locations
•
123 technicians
•
9% of YTD revenues
•
16 locations |
 14
Total
Americas
EMEA
APAC
On-line Services 2
nd
Qtr. 2013
$ 38,212
$ 23,830
$ 11,115
$ 3,267
On-line Services 2
nd
Qtr. 2012
29,949
15,977
10,485
3,487
Variance
$ 8,263
$ 7,853
$ 630
On-line Services 2
nd
YTD 2013
$ 69,565
$ 42,971
$ 19,798
$ 6,796
On-line Services 2
nd
YTD 2012
60,094
32,624
19,787
7,683
Variance
$ 9,471
$ 10,347 $
11 Business and Geographic
Data – On-line Services Revenues
($ in 000’s) (Unaudited)
$ (220)
$ (887) |
 Business
and
Geographic
Data
–
Off-line
Services
Revenues
($ in 000’s) (Unaudited)
15
Total
Americas
EMEA
APAC
Off-line Services 2
nd
Qtr. 2013
$ 58,351
$ 43,100
$ 9,579
$ 5,672
Off-line Services 2
nd
Qtr. 2012
42,652
23,312
11,866
7,474
Variance
Off-line Services 2
nd
YTD 2013
$ 103,927
$ 76,966
$ 17,324
$ 9,637
Off-line Services 2
nd
YTD 2012
71,370
40,382
20,338
10,650
Variance
$ (1,802)
$ (1,013)
$ 15,699
$ 32,557
$ 19,788
$ 36,584
$
(3,014)
$
(2,287) |
 Furmanite Corporation
Review of 2Q 2013
August 2, 2013
www.furmanite.com
16 |