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): May 8, 2008

Furmanite Corporation
__________________________________________
(Exact name of registrant as specified in its charter)

Delaware	8K	74-1191271
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	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:

[  ]  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.

May 8, 2008, Furmanite Corporation reported first quarter results for the period ending March 31, 2008.

Item 9.01 Financial Statements and Exhibits.

May 8, 2008, Furmanite Corporation reported first quarter results for the period ending March 31, 2008.

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
May 8, 2008	By:	Howard C. Wadsworth
		Name: Howard C. Wadsworth
		Title: Senior Vice President

Exhibit Index

Exhibit No.	Description
99.1	News Release dated May 8, 2008

EX-99.1

For immediate release For more information, contact:

Investor Relations
(972) 699-4055
Email: investor@furmanite.com

FURMANITE CORPORATION REPORTS STRONG 1^st QUARTER RESULTS
Company reports net income of $3.7 million for the quarter; EPS of $0.10

DALLAS, TEXAS (May 8, 2008) – Furmanite Corporation (NYSE: FRM) today reported results for the quarter ended March 31, 2008. Revenues for the quarter were $73.4 million, compared with $68.4 million for the same period in 2007. The Company reported net income of $3.7 million for the quarter, compared with $1.6 million for the prior year period. First quarter diluted earnings per share were $0.10, compared with $0.04 for the same quarter last year.

“Furmanite’s first quarter results are the outcome of a definitive and ongoing strategy for growth. We are focused now and for the long term on expanding our capacity to deliver all our services in every location, building the quality and expertise of our management team worldwide, and establishing ourselves as the leader in all our markets,” said John R. Barnes, chairman and chief executive officer of Furmanite Corporation.

Commenting on the company’s operations, Michael L. Rose, president of Furmanite, said: “Our continuing business growth is translating not only into greater profits but also greater profit margins. This is clearly evident in our first quarter operating income margins, which grew from 4.5 percent last year to 7.1 percent this year. Around the world, we are finding business opportunities that will add to our current level of activity, affording us the platform to continue to operate at a high level of growth.”

The Company’s revenues, operating income and net income include net currency gains of $3.0 million, $298,000 and $244,000, respectively, for the quarter.

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 processing plants, semi-conductor manufacturers and pharmaceutical manufacturers. Furmanite operates more than 70 offices on five 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.

		FURMANITE CORPORATION
	CONSOLIDATED STATEMENTS OF OPERATIONS
	(In thousands, except per share data)
		(Unaudited)
			Three Months
			Ended March 31,
			2008			2007
Revenues			$	73,387		$	68,445
Costs and expenses:
Operating costs				47,308			45,123
Depreciation and amortization				1,256			1,071
Selling, general and administrative				19,598			19,151
Total costs and
expenses				68,162			65,345
Operating income				5,225			3,100
Interest and other income, net				178			176
Interest expense				(631	)		(852	)
Income before income taxes				4,772			2,424
Income tax expense				(1,062	)		(818	)
Net income			$	3,710		$	1,606
Earnings per common share — Basic			$	0.10		$	0.05
Earnings per common share — Diluted			$	0.10		$	0.04