FURMANITE CORP

CIK:0000054441|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Revenues	$ 97,408	$ 95,160	$ 296,539	$ 307,305
Costs and expenses:
Operating costs (exclusive of depreciation and amortization)	71,774	68,122	212,119	217,473
Depreciation and amortization expense	2,877	2,830	8,473	8,145
Selling, general and administrative expense	19,621	21,757	63,742	67,266
Total costs and expenses	94,272	92,709	284,334	292,884
Operating income	3,136	2,451	12,205	14,421
Interest income and other income (expense), net	146	174	(932)	(429)
Interest expense	(345)	(467)	(1,333)	(1,356)
Income from continuing operations before income taxes	2,937	2,158	9,940	12,636
Income tax expense	(1,418)	(986)	(4,494)	(5,197)
Income from continuing operations	1,519	1,172	5,446	7,439
Loss from discontinued operations, net of income tax	(1,359)	(110)	(1,598)	(854)
Net income	$ 160	$ 1,062	$ 3,848	$ 6,585
Basic earnings (loss) per common share:
Continuing operations	$ 0.04	$ 0.03	$ 0.14	$ 0.20
Discontinued operations	(0.04)	0.00	(0.04)	(0.02)
Net income	0.00	0.03	0.10	0.18
Diluted earnings (loss) per common share:
Continuing operations	0.04	0.03	0.14	0.19
Discontinued operations	(0.04)	0.00	(0.04)	(0.02)
Net income	$ 0.00	$ 0.03	$ 0.10	$ 0.17
Weighted-average number of common and common equivalent shares used in computing earnings (loss) per common share:
Basic (in shares)	37,882	37,659	37,823	37,615
Diluted (in shares)	37,979	37,905	37,981	37,856

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net income	$ 3,848	$ 6,585
Reconciliation of net income to net cash provided by operating activities:
Loss from discontinued operations, net of income tax	1,598	854
Depreciation and amortization	8,473	8,145
Provision for doubtful accounts	479	27
Stock-based compensation expense	1,423	1,748
Deferred income taxes	172	955
Other, net	(993)	(674)
Changes in operating assets and liabilities:
Accounts receivable	(5,916)	(2,575)
Inventories	(7,090)	(5,717)
Prepaid expenses and other current assets	2,520	3,150
Accounts payable	(1,761)	(257)
Accrued expenses and other current liabilities	2,786	530
Income taxes payable	(1,949)	(1,541)
Other, net	(18)	(32)
Net cash provided by operating activities - continuing operations	3,572	11,198
Net cash (used in) provided by operating activities - discontinued operations	(28)	4,745
Net cash provided by operating activities	3,544	15,943
Investing activities:
Capital expenditures	(7,857)	(4,985)
Acquisition of businesses	0	(265)
Proceeds from sale of assets	320	17
Other	130	0
Net cash used in investing activities - continuing operations	(7,407)	(5,233)
Net cash provided by (used in) investing activities - discontinued operations	13,839	(187)
Net cash provided by (used in) investing activities	6,432	(5,420)
Financing activities:
Proceeds from issuance of debt	44,600	0
Payments on debt	(39,056)	(916)
Debt issuance costs	(571)	0
Issuance of common stock	65	148
Proceeds from disgorgement of former officer short swing profits	18	0
Other	(334)	(214)
Net cash provided by (used in) financing activities	4,722	(982)
Effect of exchange rate changes on cash	(1,321)	(485)
Increase in cash and cash equivalents	13,377	9,056
Cash and cash equivalents at beginning of period	33,753	33,240
Cash and cash equivalents at end of period	47,130	42,296
Supplemental cash flow information:
Cash paid for interest	958	1,081
Cash paid for income taxes, net of refunds received	5,111	5,012
Non-cash investing and financing activities:
Note receivable obtained from sale of assets	600	0
Settlement of business acquisition final working capital receivable	2,474	0
Settlement of acquisition-related notes payable	$ (856)	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 47,130	$ 33,753
Accounts receivable, trade (net of allowance for doubtful accounts of $1,142 and $1,036 as of September 30, 2015 and December 31, 2014, respectively)	98,427	93,115
Inventories, net:
Raw materials and supplies	26,643	25,626
Work-in-process	17,044	10,851
Finished goods	41	219
Deferred tax assets, current	6,467	6,121
Prepaid expenses and other current assets	9,944	9,139
Current assets of discontinued operations	2,615	23,866
Total current assets	208,311	202,690
Property and equipment	112,929	109,266
Less: accumulated depreciation and amortization	(63,181)	(59,411)
Property and equipment, net	49,748	49,855
Goodwill	15,648	15,648
Deferred tax assets, non-current	3,114	3,664
Intangible and other assets, net	7,613	8,991
Non-current assets of discontinued operations	10	3,323
Total assets	284,444	284,171
Current liabilities:
Current portion of long-term debt	91	2,442
Accounts payable	16,704	18,419
Accrued expenses and other current liabilities	27,532	24,668
Income taxes payable	174	1,143
Current liabilities of discontinued operations	3,933	9,395
Total current liabilities	48,434	56,067
Long-term debt, non-current	68,891	61,853
Net pension liability	14,686	17,115
Other liabilities	7,477	6,653
Non-current liabilities of discontinued operations	$ 0	$ 19
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, no par value; 60,000,000 shares authorized; 41,892,567 and 41,749,196 shares issued as of September 30, 2015 and December 31, 2014, respectively	$ 4,851	$ 4,834
Additional paid-in capital	140,633	139,312
Retained earnings	41,632	37,784
Accumulated other comprehensive loss	(24,147)	(21,453)
Treasury stock, at cost (4,008,963 shares)	(18,013)	(18,013)
Total stockholders’ equity	144,956	142,464
Total liabilities and stockholders’ equity	284,444	284,171
Series B Preferred Stock
Stockholders’ equity:
Series B Preferred Stock, unlimited shares authorized, none issued and outstanding	$ 0	$ 0