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Furmanite Corp. Reports Operating Results (10-K)

March 15, 2011 | About:
Barel Karsan

10qk

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Furmanite Corp. (FRM) filed Annual Report for the period ended 2010-12-31.

Furmanite Corp. has a market cap of $248.4 million; its shares were traded at around $6.76 with a P/E ratio of 21.1 and P/S ratio of 0.9. Furmanite Corp. had an annual average earning growth of 27.9% over the past 5 years.

Highlight of Business Operations:

Furmanite provides on-line repairs of leaks (leak sealing) in valves, pipes and other components of piping systems and related equipment typically used in flow-process industries (see Customers and Markets below). Other on-line services provided include hot tapping, line stopping, line isolation (a new service line introduced in 2010), composite repair and valve testing. In addition, the Company provides off-line services including on-site machining, bolting, valve repair, heat treating and repair on such systems and equipment. These services tend to complement leak sealing and other on-line services since these off-line services are usually performed while a plant or piping system is not operating. In addition, Furmanite provides concrete repair, valve and other product manufacturing, and heat exchanger design, manufacture and repair. Furmanite also performs diagnostic services on valves by, among other methods, utilizing its patented Trevitest system. In performing these services, technicians generally work at the customers location, frequently responding on an emergency basis. Over its history, Furmanite has established a reputation for delivering quality service and helping its customers avoid or delay costly plant or equipment shutdowns. For each of the years ended December 31, 2010, 2009 and 2008, on-line services represented approximately 37%, 36%, and 32%, respectively, of total revenues, while off-line services accounted for approximately 46%, 46%, and 54%, respectively, of total revenue and other industrial services represented approximately 17%, 18%, and 14%, respectively, of total revenues.

Norway, Singapore, Sweden and the U.K. and by licensee and agency arrangements which are based in Argentina, Brazil, Columbia, Egypt, Hungary, India, Indonesia, Italy, Japan, Lithuania, Mexico, Pakistan, Peru, Puerto Rico, Romania, Russia, South Africa, Thailand, Trinidad, and the United Arab Emirates. Revenues by major geographic region for 2010 were 47% for the Americas, 38% for EMEA and 15% for Asia-Pacific. See Managements Discussion and Analysis of Financial Condition and Results of Operations and Note 13 under Item 8 Financial Statements and Supplementary Data, of this Annual Report on Form 10-K for additional information.

Read the The complete Report

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