0000054441-13-000006.txt : 20131101 0000054441-13-000006.hdr.sgml : 20131101 20131101070050 ACCESSION NUMBER: 0000054441-13-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 21 CONFORMED PERIOD OF REPORT: 20131101 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131101 DATE AS OF CHANGE: 20131101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FURMANITE CORP CENTRAL INDEX KEY: 0000054441 STANDARD INDUSTRIAL CLASSIFICATION: CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700] IRS NUMBER: 741191271 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05083 FILM NUMBER: 131184206 BUSINESS ADDRESS: STREET 1: 10370 RICHMOND AVENUE STREET 2: SUITE 600 CITY: HOUSTON STATE: TX ZIP: 77042 BUSINESS PHONE: 713-634-7777 MAIL ADDRESS: STREET 1: 10370 RICHMOND AVENUE STREET 2: SUITE 600 CITY: HOUSTON STATE: TX ZIP: 77042 FORMER COMPANY: FORMER CONFORMED NAME: XANSER CORP DATE OF NAME CHANGE: 20010828 FORMER COMPANY: FORMER CONFORMED NAME: KANEB SERVICES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: KANEB PIPE LINE CO DATE OF NAME CHANGE: 19710610 8-K 1 form8-k.htm 8-K Form 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):             November 1, 2013

Furmanite Corporation
__________________________________________
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
001-05083
74-1191271
 (State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 

10370 Richmond Avenue, Suite 600
Houston, Texas


77042
(Address of principal executive offices)
 
(Zip Code)
 
 
 
Registrant's telephone number, including area code:
713-634-7777
 
 
Not Applicable
 
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 2.02 Results of Operations and Financial Condition.

Furmanite Corporation (NYSE: FRM) (the “Company”) today reported financial results for the third quarter ended September 30, 2013. The press release is attached hereto as Exhibit 99.1.

Item 7.01 Regulation FD Disclosure.
A slide presentation will be available on the Company’s web site, www.furmanite.com, to support management’s discussion during the conference call, which is scheduled to be held at 10:00 a.m. Eastern time on November 1, 2013. The slide presentation is attached as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits.

99.1        November 1, 2013 press release
99.2        Slide Presentation dated November 1, 2013
 
 
 









SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
 
 
 
Furmanite Corporation
 
 
 
 
Date: November 1, 2013
By:
 
/s/ ROBERT S. MUFF
 
 
 
Robert S. Muff
 
 
 
Chief Accounting Officer
 
 
 
(Principal Financial and Accounting Officer)






EXHIBIT INDEX

Exhibit Number
 
Description
 
 
 
99.1
 
November 1, 2013 press release
99.2
 
Slide Presentation dated November 1, 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



EX-99.1 2 exhibit991.htm EXHIBIT 99.1 Exhibit 99.1


For more information, contact:
Investor Relations
(713) 634-7775
Email: investor@furmanite.com

FURMANITE CORPORATION REPORTS THIRD QUARTER 2013 RESULTS
Revenues increased $23.9 million, or 31.7%, to $99.5 million;
Operating income increased $5.2 million to $4.4 million; Net income of $2.1 million or $0.06 diluted earnings per share

HOUSTON, TEXAS (November 1, 2013) – 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. ”

Joseph Milliron, Furmanite President and COO, added, “Just ten months into the launch of the 'Orange Way' it has been great to see the speed with which our leadership team has embraced the new structure and culture, which they were a part of creating. While the assimilation of the 'Orange Way' has been more rapid in the Americas, it is apparent that we have just scratched the surface of



our potential to both deliver greater value to our customers and through that, seriously drive growth." Mr. Milliron continued, “With increased engagement and full implementation of our 'Orange Way' into the EMEA and APAC regions underway, we look forward to the further positive impact of these operations on our results over the next six to twelve months.”

Mr. Cox concluded, “Although it has only been two months since we added the 900 strong Furmanite Technical Solutions group, we are substantially through the 'acquisition transition' and every day our team is discovering many new synergies and opportunities to better meet our customers' needs. We have certainly experienced a very positive reception for this new service offering thus far!”

Financial Position

As of September 30, 2013, the Company’s cash balance was $31.7 million. The Company’s cash balance, along with the $39.3 million of availability under its credit facility, provides the Company liquidity of $71.0 million.

Earnings Guidance

The Company is increasing its annual revenue guidance for the year to a range of $420 million to $430 million, including the impact of the recently announced purchase of certain assets of ENGlobal’s Gulf Coast operations, and although third quarter and projected full year effective income tax rates are higher than previously estimated, the Company is reiterating its previously issued 2013 earnings guidance, with net income available to common shareholders for the year expected to be in the range of $0.44 to $0.48 per diluted share. The Company expects no incremental effect of the ENGlobal asset acquisition to net income available to common shareholders for 2013 due to the integration costs associated with this transaction.

Conference Call Details

In conjunction with the earnings release, Furmanite Corporation will host a conference call with Charles R. Cox (Chairman and CEO), Joseph E. Milliron (President and COO) and Robert S. Muff (Principal Financial Officer). The call will begin at 10:00 a.m. (Eastern) / 9:00 a.m. (Central) on Friday, November 1, 2013.

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, mechanical and engineering services which help monitor, maintain, renew and construct 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

2



Certain of the Company’s 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 management’s 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 Company’s business, and other risks and uncertainties detailed most recently in this earnings release 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 press release are based on information presently available to management, and the Company assumes no obligation to update any forward-looking statements.
 

3



FURMANITE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
 
 
For the Three Months
 
For the Nine Months
 
Ended September 30,
 
Ended September 30,
 
2013
 
2012
 
2013
 
2012
 
 
 
 
 
 
 
 
Revenues
$
99,523

 
$
75,579

 
$
296,937

 
$
233,289

 
 
 
 
 
 
 
 
Costs and expenses:
 
 
 
 
 
 
 
Operating costs
71,851

 
56,253

 
206,279

 
166,931

Depreciation and amortization expense
2,724

 
2,329

 
8,232

 
6,318

Selling, general and administrative expense
20,501

 
17,725

 
62,277

 
56,716

Total costs and expenses
95,076

 
76,307

 
276,788

 
229,965

 
 
 
 
 
 
 
 
Operating income (loss)
4,447

 
(728
)
 
20,149

 
3,324

 
 
 
 
 
 
 
 
Interest income and other income
(expense), net
(420
)
 
(79
)
 
(272
)
 
(279
)
 
 
 
 
 
 
 
 
Interest expense
(377
)
 
(230
)
 
(933
)
 
(828
)
Income (loss) before income taxes
3,650

 
(1,037
)
 
18,944

 
2,217

 
 
 
 
 
 
 
 
Income tax expense
(1,530
)
 
(243
)
 
(7,499
)
 
(2,483
)
 
 
 
 
 
 
 
 
Net income (loss)
$
2,120

 
$
(1,280
)
 
$
11,445

 
$
(266
)
 
 
 
 
 
 
 
 
Earnings (loss) per common share - Basic
$
0.06

 
$
(0.03
)
 
$
0.31

 
$
(0.01
)
Earnings (loss) per common share - Diluted
$
0.06

 
$
(0.03
)
 
$
0.30

 
$
(0.01
)
 
 
 
 
 
 
 
 
Weighted average number of common and common equivalent shares used in computing earnings (loss) per common share:
Basic
37,431

 
37,301

 
37,392

 
37,253

Diluted
37,715

 
37,301

 
37,586

 
37,253

 
 
 
 
 
 
 
 


4



FURMANITE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
 
 
(Unaudited)
 
 
 
September 30,
December 31,
 
 
2013
2012
 
 
 
 
Cash
 
$
31,698

$
33,185

Trade receivables, net
 
111,239

77,042

Inventories
 
37,964

31,711

Other current assets
 
10,755

15,355

Total current assets
 
191,656

157,293

 
 
 
 
Property and equipment, net
 
52,854

42,243

Other assets
 
35,006

32,092

Total assets
 
$
279,516

$
231,628

 
 
 
 
Total current liabilities
 
$
61,535

$
50,439

Total long-term debt
 
63,337

39,609

Other liabilities
 
22,651

22,501

Total stockholders' equity
 
131,993

119,079

Total liabilities and stockholders' equity
 
$
279,516

$
231,628


5






FURMANITE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
 
 
 
 
 
For the Nine Months Ended
September 30,
 
 
2013
2012
 
 
 
 
Net income (loss)
 
$
11,445

$
(266
)
 
 
 
 
Depreciation, amortization and other non-cash items
 
14,418

10,200

Working capital changes
 
(14,657
)
256

Net cash provided by operating activities
 
11,206

10,190

 
 
 
 
Capital expenditures
 
(13,496
)
(6,108
)
Acquisition of businesses
 
(16,695
)
(11,700
)
Proceeds from sale of assets
 
30

121

Payments on debt
 
(2,180
)
(32,720
)
Proceeds from issuance of debt
 
20,000

39,300

Debt issuance costs
 

(595
)
Issuance of common stock
 
271

537

Effect of exchange rate changes on cash
 
(623
)
177

Decrease in cash and cash equivalents
 
(1,487
)
(798
)
Cash and cash equivalents at beginning of period
 
33,185

34,524

Cash and cash equivalents at end of period
 
$
31,698

$
33,726




6
EX-99.2 3 exhibit992.htm EXHIBIT 99.2 frm3q2013webcastslidesfi
Furmanite Corporation THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 Charles R. Cox, Chairman & CEO Joseph E. Milliron, President & COO Robert S. Muff, Principal Financial Officer


 
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. 2


 
Furmanite Corporation THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013  Charles R. Cox, Chairman & CEO 3


 
4 2013 Third Quarter Perspective • Continuing Overall Revenue and Earnings Growth • FTS Now Solidly On Board and “Linked In” • Orange Way Implementation in EMEA and APAC • Lots of Room for Growth and Improvement • Our Goal is to Make Our Transformation Global, Consistent and Permanent


 
5 2013 – 2015 Strategic Update • Committed to Continuing Substantial Global Growth • Growth in Both Market Share and Target Market Size • Technical Solutions and Program Management Capabilities • Both Organic and Acquisition Future Growth • Maintain Tight Focus on What WE Do Well • Continued Customer Drive to Fewer Contractors • Our People are Our Company!


 
Furmanite Corporation THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 Financial Review  Robert S. Muff, Principal Financial Officer 6


 
Condensed Consolidated Statements of Operations (Amounts in 000s except percentages and per share amounts) (Unaudited) 7 For the Three Months Ended September 30, 2013 % of Rev 2012 % of Rev Change Revenues $ 99,523 100.0% $ 75,579 100.0% $ 23,944 Operating costs 71,851 72.2% 56,141 74.3% 15,710 Depreciation and amortization expense 2,724 2.7% 2,329 3.1% 395 Selling, general and administrative expense 20,501 20.6% 17,613 23.3% 2,888 Operating income (loss), excluding restructuring and relocation costs 4,447 4.5% (504) -0.7% 4,951 Restructuring and relocation costs – – 224 0.3% (224) Operating income (loss) 4,447 4.5% (728) -1.0% 5,175 Interest and other income (expense), net (797) (309) (488) Income (loss) before income taxes 3,650 (1,037) 4,687 Income tax expense (1,530) (243) (1,287) Net income (loss) $ 2,120 $ (1,280) $ 3,400 Diluted earnings (loss) per share $ 0.06 $ (0.03) $ 0.09 Adjusted diluted earnings (loss) per share * $ 0.06 $ (0.03) $ 0.09 * Excludes $0.2 million of relocation and restructuring costs, net of tax for the three months ended September 30, 2012. Weighted-average number of common and common equivalent shares used in computing earnings (loss) per common share: Basic 37,431 37,301 Diluted 37,715 37,301


 
Condensed Consolidated Statements of Operations (Amounts in 000s except percentages and per share amounts) (Unaudited) 8 For the Nine Months Ended September 30, 2013 % of Rev 2012 % of Rev Change Revenues $ 296,937 100.0% $ 233,289 100.0% $ 63,648 Operating costs 206,279 69.4% 166,704 71.5% 39,575 Depreciation and amortization expense 8,232 2.8% 6,318 2.7% 1,914 Selling, general and administrative expense 62,277 21.0% 54,472 23.3% 7,805 Operating income, excluding restructuring and relocation costs 20,149 6.8% 5,795 2.5% 14,354 Restructuring and relocation costs – – 2,471 1.1% (2,471) Operating income 20,149 6.8% 3,324 1.4% 16,825 Interest and other income (expense), net (1,205) (1,107) (98) Income before income taxes 18,944 2,217 16,727 Income tax expense (7,499) (2,483) (5,016) Net income (loss) $ 11,445 $ (266) $ 11,711 Diluted earnings (loss) per share $ 0.30 $ (0.01) $ 0.31 Adjusted diluted earnings (loss) per share* $ 0.30 $ 0.04 $ 0.26 * Excludes $1.7 million of relocation and restructuring costs, net of tax for the nine months ended September 30, 2012. Weighted-average number of common and common equivalent shares used in computing earnings (loss) per common share: Basic 37,392 37,253 Diluted 37,586 37,253


 
Revenues Adjusted for Currency Rates 2013 amounts at 2012 exchange rates ($ in 000s except percentages) (Unaudited) 9 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2013 2012 Change % Change 2013 2012 Change % Change Revenues Americas $ 66,761 $ 39,623 $ 27,138 68% $ 201,868 $ 127,265 $ 74,603 59% EMEA 24,984 26,881 (1,897) -7% 69,983 77,393 (7,410) -10% Asia-Pacific 7,778 9,075 (1,297) -14% 25,086 28,631 (3,545) -12% Total revenues $ 99,523 $ 75,579 $ 23,944 32% $ 296,937 $ 233,289 $ 63,648 27% Currency adjusted revenues: Americas $ 66,845 $ 39,623 $ 27,222 69% $ 201,975 $ 127,265 $ 74,710 59% EMEA 25,106 26,881 (1,775) -7% 70,584 77,393 (6,809) -9% Asia-Pacific 8,736 9,075 (339) -4% 26,262 28,631 (2,369) -8% Total currency adjusted revenues $ 100,687 $ 75,579 $ 25,108 33% $ 298,821 $ 233,289 $ 65,532 28%


 
Business Segment Data ($ in 000s) (Unaudited) 10 Americas EMEA APAC Reconciling Items¹ Total Three months ended September 30, 2013 Revenues from external customers $ 66,761 $ 24,984 $ 7,778 $ – $ 99,523 Operating income (loss) $ 5,164 $ 2,533 $ 676 $ (3,926) $ 4,447 Three months ended September 30, 2012 Revenues from external customers $ 39,623 $ 26,881 $ 9,075 $ – $ 75,579 Operating income (loss) $ 1,833 $ 1,846 $ 295 $ (4,702) $ (728) Nine months ended September 30, 2013 Revenues from external customers $ 201,868 $ 69,983 $ 25,086 $ – $ 296,937 Operating income (loss) $ 25,490 $ 6,336 $ 2,585 $ (14,262) $ 20,149 Nine months ended September 30, 2012 Revenues from external customers $ 127,265 $ 77,393 $ 28,631 $ – $ 233,289 Operating income (loss) $ 12,432 $ 2,116 $ 3,108 $ (14,332) $ 3,324 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) 11 (Unaudited) September 30, December 31, 2013 2012 Cash $ 31,698 $ 33,185 Trade receivables, net 111,239 77,042 Inventories 37,964 31,711 Other current assets 10,755 15,355 Total current assets 191,656 157,293 Property and equipment, net 52,854 42,243 Other assets 35,006 32,092 Total assets $ 279,516 $ 231,628 Total current liabilities $ 61,535 $ 50,439 Total long-term debt 63,337 39,609 Other liabilities 22,651 22,501 Total stockholders' equity 131,993 119,079 Total liabilities and stockholders' equity $ 279,516 $ 231,628


 
Condensed Consolidated Statements of Cash Flows ($ in 000s) (Unaudited) 12 For the Nine Months Ended September 30, 2013 2012 Net income (loss) $ 11,445 $ (266) Depreciation, amortization and other non-cash items 14,418 10,200 Working capital changes (14,657) 256 Net cash provided by operating activities 11,206 10,190 Capital expenditures (13,496) (6,108) Acquisition of businesses (16,695) (11,700) Payments on debt (2,180) (32,720) Proceeds from issuance of debt 20,000 39,300 Other, net 301 63 Effect of exchange rate changes on cash (623) 177 Decrease in cash and cash equivalents (1,487) (798) Cash and cash equivalents at beginning of period 33,185 34,524 Cash and cash equivalents at end of period $ 31,698 $ 33,726


 
Furmanite Corporation THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013 Operations Review  Joseph E. Milliron, President and Chief Operating Officer 13


 
The Americas EMEA APAC FTS •1,132 technicians & engineers •65% of YTD revenues •40 locations •384 technicians & engineers •24% of YTD revenues •24 locations •130 technicians & engineers •8% of YTD revenues •16 locations •915 technicians & engineers •3% of YTD revenues •5 locations As of September 30, 2013 14


 
15 Total Americas EMEA APAC On-line Services 3rd Qtr. 2013 $ 33,141 $ 18,880 $ 11,347 $ 2,914 On-line Services 3rd Qtr. 2012 30,525 16,380 10,214 3,931 Variance $ 2,616 $ 2,500 $ 1,133 $ (1,017) On-line Services 3rd YTD 2013 $ 102,706 $ 61,851 $ 31,145 $ 9,710 On-line Services 3rd YTD 2012 90,619 49,004 30,001 11,614 Variance $ 12,087 $ 12,847 $ 1,144 $ (1,904) Business and Geographic Data – On-line Services Revenues ($ in 000’s) (Unaudited)


 
Business and Geographic Data – Off-line Services Revenues ($ in 000’s) (Unaudited) 16 Total Americas¹ EMEA APAC Off-line Services 3rd Qtr. 2013 $ 54,736 $ 41,314 $ 9,093 $ 4,329 Off-line Services 3rd Qtr. 2012 32,082 17,335 10,407 4,340 Variance $ 22,654 $ 23,979 $ (1,314) $ (11) Off-line Services 3rd YTD 2013 $ 158,663 $ 118,280 $ 26,417 $ 13,966 Off-line Services 3rd YTD 2012 103,452 57,717 30,745 14,990 Variance $ 55,211 $ 60,563 $ (4,328) $ (1,024) ¹ Includes $9.5 million of new technical solution engineering services for the three and nine months ended September 30, 2013


 
Furmanite Corporation Review of 3Q 2013 November 1, 2013 www.furmanite.com 17


 
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