Furmanite Corporation Reports 1Q 2009 Results

Results Affected by Project Slowdown and Negative Currency Fluctuations; Reports
Net Income of $880,000 and EPS of $0.02
DALLAS--(Business Wire)--
Furmanite Corporation (NYSE: FRM) today reported results for the quarter ended
March 31, 2009. Revenues for the quarter were $63.0 million, compared with $73.4
million for the same period in 2008. The company reported net income of $880,000
for the quarter, compared with $3.7 million in 2008. Earnings per share
(diluted) were $0.02, compared with $0.10 for the prior year`s quarter.

"Furmanite`s first quarter results show the effect of a severe slowdown in
project work in the U.S. and the continuing effect of negative currency
fluctuations that we expect will affect our results at least through the third
quarter this year," said Michael L. Rose, chairman and chief executive officer
of Furmanite Corporation. "As we discussed at year-end, we anticipated that the
recession would have an effect on our business and made substantial reductions
in our general and administrative costs, without sacrificing our plans to
increase expertise and capacity. What we could not predict was the severity of
the drop in discretionary capital projects in America, where this work
represented a significant part of our revenues. We are accelerating the pace in
strengthening our sustained base of U.S. business, in order to reduce the effect
of project variability."

Mr. Rose added: "Around the world, we have aggressive efforts underway to drive
growth in the industry sectors where there are ongoing and substantial
opportunities for our company. We have the financial resources and the
discipline it takes to weather this current economic environment and to use the
opportunities it presents to grow our capabilities and our business."

Joseph Milliron, president and chief operating officer of Furmanite Corporation,
said: "In line with our strategy to provide the full array of services in all
our locations, we saw a continuing positive impact on results for a number of
our operations, notably in the United Kingdom, Germany, Norway and the
Malaysia/Singapore region. Our operations in Australia and the Netherlands were
negatively affected in the first quarter because of contractions in the
industries that use the services we have emphasized in those markets. We have
implemented plans to broaden the industries we serve and further deploy the
additional services we offer. We expect to see improvement in both of these
operations by mid-year."

The company`s revenues, operating income and net income were unfavorably
impacted by foreign currency fluctuations by approximately $(8.0) million,
$(682,000) and $(162,000), respectively, for the first quarter in 2009.

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 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.

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

Three Months
Ended March 31,
2009 2008

Revenues $ 63,032 $ 73,387

Costs and expenses:
Operating costs 42,578 47,308
Depreciation and amortization 1,343 1,256
Selling, general and administrative 17,471 19,598
Total costs and expenses 61,392 68,162

Operating income 1,640 5,225

Interest and other income (expense), net (94 ) 178

Interest expense (293 ) (631 )

Income before income taxes 1,253 4,772

Income tax expense (373 ) (1,062 )

Net income $ 880 $ 3,710

Earnings per common share - Basic $ 0.02 $ 0.10
Earnings per common share - Diluted $ 0.02 $ 0.10

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

March 31, December 31,
2009 2008
Cash $ 34,670 $ 30,793
Trade receivables, net 55,592 64,879
Inventories 25,679 24,868
Other current assets 7,294 7,187
Total current assets 123,235 127,727
Property and equipment, net 29,126 29,278
Other assets 16,865 16,273
Total assets $ 169,226 $ 173,278

Total current liabilities $ 74,714 $ 43,901
Total long-term debt 222 35,363
Other liabilities 2,929 2,697
Total stockholders' equity 91,361 91,317
Total liabilities and stockholders' equity $ 169,226 $ 173,278

FURMANITE CORPORATION
CONDENSED CONSOLIDATED CASH FLOWS
(In thousands) (Unaudited)
Three Months
Ended March 31,
2009 2008

Net income $ 880 $ 3,710
Depreciation, amortization and other non-cash items 1,593 1,295
Working capital changes 3,282 1,660
Net cash provided by operating activities 5,755 6,665

Capital expenditures (1,410 ) (2,254 )
Payments on debt (119 ) (2,299 )
Other, net 12 55
Effect of exchange rate changes on cash (361 ) 543

Increase in cash and cash equivalents 3,877 2,710
Cash and cash equivalents at beginning of period 30,793 31,570
Cash and cash equivalents at end of period $ 34,670 $ 34,280

Furmanite Corporation
Investor Relations, 972-699-4055
investor@furmanite.com

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