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INDUSTRIAL | Construction / Construction & Design Services
frm-ts.com

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Stage

Acquired Unit | Acquired

About Furmanite Technical Solutions

Furmanite Technical Solutions (FTS) provides a complete portfolio of engineering, design, and construction management services to the pipeline, refining, petrochemical, oil and gas, petroleum, chemical, utility, telecommunication, and renewable fuels, power and energy industries. The company provides clients with a full complement of engineering and design services with a personal touch.

Furmanite Technical Solutions Headquarter Location

10370 Richmond Avenue Suite 600

Houston, Texas, 77042,

United States

713-634-7777

Latest Furmanite Technical Solutions News

Furmanite Corporation Reports Third Quarter 2015 Results

Nov 8, 2015

Furmanite Corporation Reports Third Quarter 2015 Results 11/8/15 HOUSTON--( BUSINESS WIRE )--Furmanite Corporation (NYSE:FRM) today reported results for the three and nine months ended September 30, 2015. Third Quarter 2015 Results Revenues for the three months ended September 30, 2015 were $97.4 million, an increase of $2.2 million, or 2.4%, from the $95.2 million reported for the three months ended September 30, 2014. Operating income was $3.1 million for the 2015 third quarter, compared to $2.5 million for the same quarter last year. Income from continuing operations was $1.5 million, or $0.04 per diluted share in the 2015 third quarter, compared to $1.2 million, or $0.03 per diluted share, in the 2014 third quarter. Loss from discontinued operations, which reflects the operations and disposal of the Company’s former Furmanite Technical Solutions (“FTS”) division, was $(1.4) million, or $(0.04) per diluted share, in the 2015 third quarter, compared to $(0.1) million, or less than $(0.01) per diluted share, for the same quarter last year. Net income was $0.2 million, or less than $0.01 per diluted share, in the 2015 third quarter, compared to $1.1 million, or $0.03 per diluted share, for the same quarter last year. Foreign currency exchange rate changes unfavorably impacted revenues, operating income, income from continuing operations and diluted earnings per share from continuing operations by $5.2 million, $0.3 million, $0.2 million and less than $0.01 per share, respectively, for the three months ended September 30, 2015. Excluding the foreign currency impacts and certain non-routine items, adjusted operating income for the three months ended September 30, 2015 increased by $0.5 million to $3.8 million(A), compared to $3.3 million(A), for the three months ended September 30, 2014. Adjusted income from continuing operations increased to $1.8 million(A), or $0.05(A) adjusted diluted earnings per share, for the 2015 third quarter, from $1.7 million(A), or $0.04(A) adjusted diluted earnings per share, in the 2014 third quarter. Nine Months Ended September 30, 2015 Results Revenues for the nine months ended September 30, 2015 were $296.5 million, a decrease of $10.8 million, or 3.5%, from the $307.3 million reported for the nine months ended September 30, 2014. Operating income was $12.2 million in the nine months ended September 30, 2015, compared to $14.4 million for the same period last year. Income from continuing operations was $5.4 million, or $0.14 per diluted share, compared to $7.4 million, or $0.19 per diluted share, in the nine months ended September 30, 2014. Loss from discontinued operations was $(1.6) million, or $(0.04) per diluted share for the nine months ended September 30, 2015, compared to $(0.9) million, or $(0.02) for the same period last year. Net income was $3.8 million, or $0.10 per diluted share, compared to $6.6 million, or $0.17 per diluted share, in the nine months ended September 30, 2014. Foreign currency exchange rate changes unfavorably impacted revenues, operating income, income from continuing operations and diluted earnings per share from continuing operations by $15.4 million, $1.2 million, $1.9 million and $0.05 per share, respectively, for the nine months ended September 30, 2015. Excluding the foreign currency impacts, $2.2 million of incremental costs associated with the Company’s 2015 Annual Meeting and certain other non-routine items, adjusted operating income was $15.6 million(A) for the nine months ended September 30, 2015, compared to $15.3 million(A) for the same period in 2014. Adjusted income from continuing operations increased to $8.6 million(A), or $0.23(A) adjusted diluted earnings per share, for the nine months ended September 30, 2015, compared to $8.5 million(A), or $0.22(A) adjusted diluted earnings per share, for the same period in 2014. Financial Position As of September 30, 2015, the Company’s cash balance was $47.1 million. The Company’s cash balance, along with the $73.4 million of availability under its credit facility, provides the Company liquidity of $120.5 million. Proposed Merger with Team, Inc. On November 1, 2015, the Company and Team, Inc. (NYSE:TISI) (“Team”) entered into a definitive merger agreement in which Team will acquire all of the outstanding shares of the Company in a stock-for-stock transaction. The agreement was unanimously approved by the boards of directors of both companies. The transaction is subject to the required approvals of the stockholders of both companies, regulatory approvals and other customary closing conditions. It is anticipated that the closing of the transaction will occur in the first quarter of 2016. In light of the pending transaction with Team, the Company is discontinuing its quarterly conference calls for the investment community. (A) These items are financial measures not calculated in accordance with generally accepted accounting principles (“GAAP”) and exclude the impact of 1) foreign currency exchange rate changes, 2) incremental professional fees and other costs associated with the Company’s 2015 Annual Meeting of Stockholders, 3) incremental compensation expenses pursuant to the provisions of a retirement agreement with a Company executive, 4) a non-routine pension curtailment/settlement gain, 5) the write off of debt issuance costs associated with an amendment to the Company’s credit facility, 6) non-routine loss contingency and bad debt expenses and 7) a non-routine insurance-related benefit. Management believes that results excluding these impacts provide additional meaningful and comparable information to analysts and is useful in comparing the operational trends of Furmanite Corporation, by excluding the impact of foreign currency exchange rate changes and certain items not representative of core operations. Reconciliations to the applicable GAAP measures are included at the end of the press release. ABOUT FURMANITE CORPORATION Furmanite Corporation (NYSE:FRM), founded in 1920, is one of the world’s largest specialty industrial services companies, providing world class solutions to customer needs through more than 80 offices on six continents. The Company delivers a wide portfolio of inspection and mechanical services which help monitor, maintain and renew the global energy, industrial and municipal infrastructures. Furmanite serves a broad range of industry sectors, including refining, offshore, sub-sea, pipeline, power generation, chemical, petrochemical, pulp and paper, water utilities, automotive, mining, marine and steel manufacturing. World Headquarters and Global Support Operations are located in Houston, Texas; Rotterdam, Netherlands; Kendal, United Kingdom and Melbourne, Australia. For more information, visit www.furmanite.com . Stories you Need to Know Stories you Need to Know It's on us. Share your news here.

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Furmanite Technical Solutions Patents

Furmanite Technical Solutions has filed 4 patents.

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Application Date

Grant Date

Title

Related Topics

Status

11/16/2011

4/5/2016

Fluid dynamics, Piping, Submarine pipelines, Valves, Hydraulics

Grant

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00/00/0000

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Application Date

11/16/2011

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Grant Date

4/5/2016

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Title

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Related Topics

Fluid dynamics, Piping, Submarine pipelines, Valves, Hydraulics

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Grant

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