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 6, 2009

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.)
2435 N. Central Expressway, Richardson, Texas		75080
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 972-699-4000

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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o 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.

On November 6, 2009, Furmanite Corporation issued a press release announcing its financial results for the third quarter ended September 30, 2009. A copy of the press release is attached as Exhibit 99.1, and the information in Exhibit 99.1 is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

Furmanite Corporation will hold its quarterly conference call with analysts and fund managers to discuss the information released today. The call will be web cast and the slide presentation of support materials is attached as exhibit 99.2.

Item 9.01 Financial Statements and Exhibits.

Furmanite Corporation today announced earnings for the period ended September 30, 2009. A copy of the press release is attached as Exhibit 99.1, and the information in Exhibit 99.1 is incorporated herein by reference.

The information in Item 2.02 and Item 9.01 in this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly set forth by specific reference in such a filing.

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
November 5, 2009	By:	Miguel A. Desdin
		Name:	Miguel A. Desdin
		Title:	CFO

Exhibit Index

Exhibit No.	Description
99.1	3Q 2009 earnings announcement
99.2	3Q 09 Slide Presentation

EX-99.1

Exhibit 99.1

For immediate release	For more information, contact:
	Investor Relations
	(972) 699-4055
	Email: investor@furmanite.com

FURMANITE CORPORATION REPORTS 3Q 2009 RESULTS

Results affected by slow recovery in markets and currency fluctuations;

Company reports net income of $203,000 and EPS of $0.01

DALLAS, TEXAS (November 6, 2009) — Furmanite Corporation (NYSE: FRM) today reported results for the quarter ended September 30, 2009. Revenues for the quarter were $70.8 million, compared with $75.9 million for the same period in 2008. The company reported net income of $203,000 for the quarter, compared with $5.4 million for the same period in 2008. Earnings per share (diluted) were $0.01, compared with $0.15 for the prior year’s quarter.

For the nine months ended September 30, 2009, Furmanite reported revenues of $203.5 million, compared with $239.5 million for the same period in 2008. Net income for the nine-month period ended September 30, 2009 was $1.3 million, compared with $16.8 million for the same period in 2008.

“We continue to work in an environment of diminished industrial activity, coupled with the very slow pace of recovery in many of our markets,” said Michael L. Rose, chairman and chief executive officer of Furmanite Corporation. “Likewise, we continued to see the negative effect of currency fluctuations on our results this quarter, when compared to last year’s third quarter.”

Mr. Rose continued: “Given these conditions, we have taken this year as an opportunity to enhance our primary assets – our skilled technicians and fundamental financial strength. We continue to implement our strategic alignment of talent and services to address the broader market, with a corollary alignment of our sales and marketing operations to meet the needs

2435 North Central Expressway, Suite 700 Richardson, Texas 75080 972-699-4055

within our known areas of activity. This has enabled us to preserve a strong core of business and operate profitably in these trying times. In line with this strategy, we made the decision this year to invest in much more sophisticated systems for standardizing technical training as well as tracking and deploying our talent and equipment globally. These systems will be fully operational in 2010. We are confident that they will give us a strong competitive advantage as well as enable us to be more fleet and flexible in responding to market opportunities.”

Joseph Milliron, president and chief operating officer of Furmanite Corporation, added: “While the current environment is difficult and less predictable, we have been able to generate revenues in the third quarter that are just 7% under the prior year quarter. Under pressure services were a strong contributor to the third quarter, up 12% over 2008, while our turnaround services were 16% down from third quarter last year. For the nine months, we are about 15% below 2008 revenues and this is primarily attributable to an overall 28% drop in turnaround services, which is very consistent with the impact of the downturn on refineries, the chemical and petrochemical industries, mining, steel and other heavy industries. What we are closely focused on now is building back the operating income to prior year levels by reducing certain costs and gaining greater efficiencies throughout our operations.”

The company’s revenues, operating income and net income were unfavorably impacted by foreign currency fluctuations by approximately $(4.3) million, $(600,000) and $(276,000), respectively, for the third quarter of 2009. For the nine-month period ended September 30, 2009, currency fluctuations unfavorably affected revenues, operating income and net income by $(19.4) million, $(1.7) million and $(1.1) million, respectively.

ABOUT FURMANITE CORPORATION

Furmanite Corporation (NYSE: FRM) is a worldwide technical services firm. Headquartered in Dallas, Texas, Furmanite, one of the world’s largest specialty technical services companies, delivers a broad portfolio of engineering solutions that keep facilities operating, minimizing downtime and maximizing profitability. Furmanite’s 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

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processing plants, semi-conductor manufacturers and pharmaceutical manufacturers. Furmanite operates more than 80 offices on six continents. For more information, visit www.furmanite.com.

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 from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission. One or more of these factors have affected, and could in the future 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.

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FURMANITE CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENTS
(In thousands, except per share data)
(Unaudited)

	For the Three Months						For the Nine Months
	Ended September 30,						Ended September 30,
	2009			2008			2009			2008
Revenues	$	70,757		$	75,883		$	203,515		$	239,455
Costs and expenses:
Operating costs		46,592			50,089			136,431			153,954
Depreciation and amortization expense		1,563			1,386			4,353			4,405
Selling, general and administrative expense		21,016			17,848			58,699			58,803
Total costs and expenses		69,171			69,323			199,483			217,162
Operating income		1,586			6,560			4,032			22,293
Interest income and other income (expense), net		191			445			410			414
Interest expense		(524	)		(353	)		(1,116	)		(1,380	)
Income before income taxes		1,253			6,652			3,326			21,327
Income tax expense		(1,050	)		(1,250	)		(2,012	)		(4,556	)
Net income	$	203		$	5,402		$	1,314		$	16,771
Earnings per common share — Basic	$	0.01		$	0.15		$	0.04		$	0.46
Earnings per common share — Diluted	$	0.01		$	0.15		$	0.04		$	0.45

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FURMANITE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

	September 30,		December 31,
	2009		2008
Cash	$	36,210	$	30,793
Trade receivables, net		59,696		64,879
Inventories		27,896		24,868
Other current assets		6,854		7,187
Total current assets		130,656		127,727
Property and equipment, net		30,532		29,278
Goodwill and other assets		18,538		16,273
Total assets	$	179,726	$	173,278
Total current liabilities	$	44,067	$	43,901
Total long-term debt		35,184		35,363
Other liabilities		2,779		2,697
Total stockholders’ equity		97,696		91,317
Total liabilities and stockholders’ equity	$	179,726	$	173,278

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FURMANITE CORPORATION
CONDENSED CONSOLIDATED CASH FLOWS
(In thousands)
(Unaudited)

	For the Nine Months Ended
	September 30,
	2009			2008
Net income	$	1,314		$	16,771
Depreciation, amortization and other non-cash items		4,746			4,776
Working capital changes		5,298			(5,661	)
Net cash provided by operating activities		11,358			15,886
Capital expenditures		(5,446	)		(5,434	)
Proceeds from issuance of debt		35,049			—
Payments on debt		(35,382	)		(8,068	)
Other, net		(915	)		278
Effect of exchange rate changes on cash		753			(512	)
Increase in cash and cash equivalents		5,417			2,150
Cash and cash equivalents at beginning of period		30,793			31,570
Cash and cash equivalents at end of period	$	36,210		$	33,720

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EX-99.2

Exhibit 99.2

Furmanite Corporation Review of 3Q 2009 Michael Rose, Chairman & CEO Joseph Milliron, President & COO Miguel Desdin, Senior Vice President & CFO

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, 2008 filed with the Securities and Exchange Commission. One or more of these factors have affected, and could in the future 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 11/06/2009

Consolidated Income Statements ($ in 000s except per share amounts) (Unaudited) 11/06/2009 3 Three Months Three Months Three Months Three Months Three Months Nine Months Nine Months Nine Months Nine Months Nine Months Ended September 30, Ended September 30, Ended September 30, Ended September 30, Ended September 30, Ended September 30, Ended September 30, Ended September 30, Ended September 30, Ended September 30, 2009 2008 Change 2009 2008 Change Revenues $ 70,757 $ 75,883 $ (5,126) $ 203,515 $239,455 $ (35,940) Costs and expenses: Operating costs 46,592 50,089 (3,497) 136,431 153,954 (17,523) D D & A 1,563 1,386 177 4,353 4,405 (52) Selling, general and administrative 21,016 17,848 3,168 58,699 58,803 (104) Operating income 1,586 6,560 (4,974) 4,032 22,293 (18,261) Interest and other income (expense), net (333) 92 (425) (706) (966) 260 Income before income taxes 1,253 6,652 (5,399) 3,326 21,327 (18,001) Income tax expense (1,050) (1,250) 200 (2,012) (4,556) 2,544 Net income $ 203 $ 5,402 (5,199) $ 1,314 $ 16,771 $ (15,457) Earnings per common share - Diluted $ 0.01 $ 0.15 $ (0.14) $ 0.04 $ 0.45 $ (0.41)

Adjustments for Currency Rates ($ in 000s except percentages) 11/06/2009 4 Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, 2009 2008 Change Revenues: Americas $ 27,937 $ 30,678 (9%) Europe 32,928 37,088 (11%) Asia-Pacific 9,892 8,117 22% Total revenues $ 70,757 $ 75,883 (7%) Currency adjusted revenues: Americas $ 27,937 $ 30,678 (9%) Europe 36,716 37,088 (1%) Asia-Pacific 10,386 8,117 28% Total currency adjusted revenues $ 75,039 $ 75,883 (1%)

Adjustments for Currency Rates ($ in 000s except percentages) 11/06/2009 5 Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, 2009 2008 Change Operating income after allocation of headquarter costs: Americas $ (1,042) $ 750 (239%) Europe 1,046 4,522 (77%) Asia-Pacific 1,582 1,288 23% Total operating income after allocation of headquarter costs $ 1,586 $ 6,560 (76%) Currency adjusted operating income after allocation for headquarter costs: Americas $ (1,048) $ 750 (240%) Europe 1,581 4,522 (65%) Asia-Pacific 1,653 1,288 28% Total currency adjusted operating income after allocation of headquarter costs 2,186 6,560 (67%) Net income $ 203 $ 5,402 (96%) Currency adjusted net income $ 479 $ 5,402 (91%)

Sept 30, Dec 31, 2009 2008 Change Cash $ 36,210 $ 30,793 $ 5,417 Trade receivable, net 59,696 64,879 (5,183) Inventories 27,896 24,868 3,028 Other current assets 6,854 7,187 (333) Total current assets 130,656 127,727 2,929 Property and equipment, net 30,532 29,278 1,254 Goodwill and other assets 18,538 16,273 2,265 Total assets $ 179,726 $ 173,278 $ 6,448 Total current liabilities $ 44,067 $ 43,901 $ 166 Total long-term debt, non-current 35,184 35,363 (179) Other liabilities 2,779 2,697 82 Total stockholders' equity 97,696 91,317 6,379 Total liabilities and stockholders' equity $ 179,726 $ 173,278 $ 6,448 Condensed Consolidated Balance Sheets ($ in 000s) 11/06/2009 6

Consolidated Condensed Cash Flows ($ in 000s) 11/06/2009 7 Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, 2009 2008 Change Net income $ 1,314 $ 16,771 $ (15,457) Depreciation, amortization and other non-cash items 4,746 4,776 (30) Working capital changes 5,298 (5,661) 10,959 Net cash provided by operating activities 11,358 15,886 (4,528) Capital expenditures (5,446) (5,434) (12) Proceeds from issuance of debt 35,049 - 35,049 Payments on debt (35,382) (8,068) (27,314) Other, net (915) 278 (1,193) Effect of exchange rate changes on cash 753 (512) 1,265 Increase in cash and cash equivalents 5,417 2,150 3,267 Cash and cash equivalents at beginning of period 30,793 31,570 (777) Cash and cash equivalents at end of period $ 36,210 $ 33,720 $ 2,490

Furmanite Corporation Review of Q3 2009 11/06/2009 8