Key Developments: Furmanite Corp (FRM.N)
7.42USD
1 Aug 2013
$-0.07 (-0.93%)
$7.49
$7.57
$7.67
$7.39
21,777
26,185
$8.13
$3.69
Latest Key Developments (Source: Significant Developments)
Furmanite Corp Announces Agreement To Acquire Englobal Corp's Gulf Coast Operations
Furmanite Corp announced that it has entered into an agreement to acquire certain professional service assets of ENGlobal Corporation. Included in the assets to be acquired are offices in Beaumont, Texas; Deer Park, Texas; Freeport, Texas; Baton Rouge, Louisiana and Lake Charles, Louisiana, which provide specialty technical services relating to the development, management and execution of projects, as well as ENGlobal's related In-Plant operations throughout the Gulf Coast region which are supported by those offices. The transaction has been approved by the boards of directors for both companies, and is expected to close within 60 days after the execution date for the agreement. Full Article
Furmanite Corp Reiterates FY 2013 Earnings Guidance; Raises FY 2013 Revenue Guidance
Furmanite Corp reiterated its previously issued fiscal 2013 earnings guidance, with net income available to common shareholders for the year in the range of $0.40 to $0.44 per diluted share, but adjusts upward its annual revenue guidance for the same period to a range of $380 million to $400 million. Full Article
Furmanite Corp Issues FY 2013 Guidance
Furmanite Corp announced that it is commencing earnings guidance for fiscal 2013 and expects annual revenue for fiscal 2013 to be in the range of $370-$395 million. Net income available to common shareholders is expected to be in the range of $0.40 to $0.44 per diluted share for fiscal 2013. Full Article
ENGlobal Corp Closes Divesting Of Midstream Inspection Division To Furmanite Corporation's Furmanite America, Inc
ENGlobal Corp announced that it has closed the previously announced agreement to divest Midstream Inspection division to Furmanite America, Inc. (FAI) a subsidiary of Furmanite Corporation. As announced in December 2012, the total value of the transaction to ENGlobal was approximately $6.5 million, consisting of cash at closing, retained working capital, and a promissory note issued with a parent company guarantee. ENGlobal intends to use the net proceeds from this transaction to reduce outstanding debt. The closing of this transaction completes ENGlobal's previously announced intent to divest Field Solutions segment, which included both Land/Right of Way and Midstream Inspection divisions, as a means of reducing outstanding bank indebtedness. Full Article
Furmanite Corp Announces Agreement to Acquire ENGlobal Midstream Inspection Division
Furmanite Corp announced that it is acquiring certain assets of the Inspection Services Division of ENGlobal Corporation’s Field Solutions group, based in Tulsa, Oklahoma. This division provides inspection and project management services to contractors and operators participating primarily in the midstream oil and gas market. A wide range of inspection services are offered, including Non-Destructive Examination (NDE), Quality Assurance, and Regulatory Compliance services for pipelines and other capital, turnaround, maintenance, and mechanical integrity projects. Furmanite will be transitioning employment of approximately 140 full-time skilled technicians and project managers in connection with the transaction when it closes, effective January 1, 2013. Full Article
Furmanite Corp Sees Q4 2012 Charge Guidance
Furmanite Corp announced that it now expects the remaining $1.9 million of restructuring costs to be absorbed in fourth quarter 2012. Full Article
Furmanite Corp Secures Global Pipeline Intervention Contract
Furmanite Corp announced that it has been awarded one of BP’s four global Isolation and Intervention contracts. Furmanite is an original equipment manufacturer (OEM) of the IPSCO-Furmanite brand of Process Intervention (commonly referred to as Hot Tapping and Line Stopping) equipment and custom fittings. Furmanite provides worldwide field service with a broad network of Service Delivery Centers located throughout six continents. Full Article

Earnings vs.
Estimates