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Furmanite Corporation (NYSE:FRM)

Q1 2014 Results Earnings Conference Call

May 5, 2014 10:00 AM ET

Executives

Charles Cox - Chief Executive Officer

Bob Muff - Chief Financial Officer

Joe Milliron - President and COO

Analysts

Matt Duncan - Stephens

Tristan Richardson - D.A. Davidson

Operator

Good morning and thank you for joining the call. Before I introduce your speakers today, allow me explain the format of the call. For your convenience, we have set of slides available on the website that will closely follow the speakers' today. Following the presentation today, we will invite questions from active analysts and fund managers.

At that time, I will explain the procedure for indicating that you wish to ask the question. The questions will be taken in order. In the interest of time and to allow everyone an equal opportunity, we ask that you ask your primary question and limit yourself to one follow-up question, so that everyone can give question today.

Now, I would like to introduce Mr. Charles R. Cox, CEO of Furmanite Corporation. Mr. Cox, you may begin.

Charles Cox

Good morning, everyone and welcome to our First Quarter Call. Thank you very much for joining us today. And most of you know, I have had voice issue in the past few months. The good news is that, I have recently found the cause of my problem, that turns out to be a things turned in my neck and I expect to have a much improve voice for the next earnings call.

However, to reserve my voice for now, I have asked Bob Muff, our Chief Financial Officer to read my opening remarks today. He will then cover the financial results in more detail followed by Joe Milliron, who will give us report on operations. I will join in later during the Q&A portion of our call.

Now, Bob, I will turn this over to you.

Bob Muff

Thank you, Charlie. Let me first direct your attention to the Safe Harbor statement, which always applies to this call and particular any remarks that the company may make about future expectations, plans, beliefs or intensions constitute forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995.

While we have made reasonable efforts to ensure that the information, assumptions or belief upon which this forward-looking information is based are current, reasonable and complete, a variety of factors that set forth in our SEC filings could cause actual results to differ materially from those anticipated in any forward-looking information.

Accordingly, there could be no assurance that any forward-looking information discuss today will occur or that objectives will be achieved. We assume no obligation to publicly update or revise any forward-looking statements made by the company, including those made today whether as a result of new information, future events or otherwise.

Next let me mention that we will refer during our comments to the slides which maybe found on our Investor website under the tab label Event and Presentations.

As Charlie mentioned, Joe Milliron, our President and Chief Operating Officer, is also here with us today. Now let me move on to opening comment.

As you’ve seen in this morning's press release, our results are mixed, while our first quarter global revenue numbers represents a new first quarter record for Furmanite, our net income is well below our first quarter results a year ago.

The severe winter weather in America this year, which was still uncertain as to the magnitude in March when we reported our 2013 year end results, ultimately impacted our operations to 11 of the 13 weeks in the first quarter.

While the disruptions in technician deployment caused by this weather was substantial, we are pleased to note that our new global human resource scheduling program helped us to respond more quickly and efficiently then in the past and enable us to limit somewhat the financial impact.

We are now off to a strong start in the second quarter and we are solidly on track to achieve our projective revenue. However, it will be real challenge to make up all the ground loss in the first quarter and as a result you will note that we have tempered our full year earnings guidance somewhat.

Moving onto where we stand strategically, this quarter starts the fifth year since our commitment to the long-term companywide transformation of Furmanite and we have accomplished much in our first four years.

Compared to 2009 results both revenues and employ headcount are projected to double, we have successfully completed a strategic acquisitions, reported positive earnings in 15 of the 17 quarters since then and have more than doubled our market capitalization.

For those of you who maybe new to our story and progress, we provide highly specialized nondiscretionary services to major process, power and industrial customers on over 3,000 plant sites of pipelines around the world each year.

In a highly fragmented market we serve, we also benefiting from our continuing customer movement is an ever smaller number of more highly qualified contractors with the broader range of capabilities working on these sites.

We started our transformation in 2010 with the clear vision, a customer-centered mission for the future and clearly defined new culture. We first put in place a cultural foundation of our Orange Code Values grounded in safety and ethical conduct together with eight other values focused on driving long-term continues and responsible growth.

We subsequently built on that foundation by linking all of our service line capabilities and technology under global leadership with a vision of achieving world leadership in each legacy service line by the end of 2014.

We subsequently entered two major synergistic service lines through acquisitions, nondestructive testing and inspection services and engineering and technical solutions.

We also replaced our past independent site structure with a single global team the Orange Way structure and open working relationships in our units. Finally, we put in place processes and leadership to coordinate and optimize global utilization of both human and equipment resources.

We also now optimizing our project execution and administrative work processes, as well as uniting all of our global marketing, business development and customer relationship efforts to further leverage both our unequaled brand recognition and extensive global footprint.

By now there's very little buzz, Furmanite remains untouched by change other than the enduring loyalty, commitment excellence and extraordinary depths and experience represented by now 3,200 strong global team.

All -- as all this change in investment future growth clearly demonstrates, we are not managing this great whole company for operational stability and short-term earnings optimization. We have built a strong cultural foundation and made bold strategic moves to positions our company for continuing and major long-term revenue and profitability growth.

This kind of long-term commitment almost always comes with the short-term trade-off including the cost of additional growth leadership before the result of their efforts impact the bottom line and the temporary disruption each acquisition brings together with the amortization impact reducing operating income often before that begin contributing significantly..

We’re very pleased that we have successfully managed thus far to reasonably bounce for short-term earnings expectations and investment in the future for long-term growth. We believe that as all of the changes we have made continue to take hold and the acquisitions we have made continue to mature, we will see both continue revenue growth and more of operating margin from that growth making into the bottom line.

Final comment on our strategic direction is that we are nowhere near done. We remain committed to substantial further long-term global growth for Furmanite and continue to define and target a larger market size, as well as a greater share of that larger market.

This includes continuing to explore and evaluate additional potential strategic acquisitions, which may strengthen existing capabilities or expand the range of services we offer our customers.

Moving on, to say few words, concerning two of our exciting new growth opportunity, expanding services lines, before Joe and I update you on the financial and operational status of all regions and service lines.

First, the additional world-class technical engineering and program management capabilities is showing great potential to further change and strengthen Furmanite very positive way.

The theoretical synergy we’ve projected from last year’s acquisition of the former global Gulf Coast assets is now becoming reality. While these are very early days of marketing and executing this expanded range of services, the initial reception by customers has been well beyond our expectations. As one customer put it, Furmanite is now much more than the engineering company and also much more than an industrial services company. This is going to be interesting.

While we have already had a number of specific cross-selling synergy successes, much ground work has been put in place to create potential future opportunities from our vastly expanded and different, very different base of customer relationships. The remarkable respect, teamwork and mutual support which has developed between our legacy and technical solutions teams in just seven months is largely responsible for creating this expanded customer engagement.

I’m also pleased to report that we are making faster than anticipated financial progress on bringing this acquisition of profitability. And in this second full quarter as part of Furmanite, this new 1000 employee segment is nearing the breakeven point on a current operations basis. We believe there is a good probability that we will be at the breakeven point or better by the end of the second quarter.

Going forward, our newly combined capabilities will share specialized focus on the messy, industrial and process market segment, which primarily involves smaller capital programs and highly complex revamp maintenance and turnaround projects with very challenging schedules and constantly changing scope.

We can now bring a unique single contract approach to this traditionally fragmented market serving both major EPC contractors and owner operators. We will be serving, not competing with the big boys.

The other growth opportunities expanding service line that I want to comment on is our inspection nondestructive testing service line. It initiated in 2012, also did several acquisitions. These services which cover the full range of inspection technologies reached 10% of our revenues in 2013 and continue to grow.

Like our engineering and technical services, inspection services are part of virtually all steps in the development and execution of both maintenance and expansion projects. In many cases, they also proceed the selection process for Furmanite’s legacy mechanical services, giving us far earlier visibility and opportunity to be considered to these services.

We’ll continue to drive the growth of this service line, which holds both major synergistic cross-selling opportunities with other Furmanite units and major long-term share expansion potential within the global inspection services market.

Now I’d conclude these remarks with some special comments on our future growth opportunities. Although we've grown nicely since 2009, we still enjoy a very small share of the global markets flat services particularly so in the new service lines we just discussed. Our estimated margin percentage of most of our industrial services and geographical location average no more than 5%. As a result, we continue to believe that Furmanite has virtually unlimited growth potential in all its service lines and regions.

With our two new service lines, we are now addressing a combined total market for our services, which is at least five times larger than the market we’re limited to in just three years ago. As we focus on all this opportunity, we will continue to keep ourselves tightly focused on what we know, what we do extraordinarily well and what we are confident, we’ll add value and enhance the growth and excellence of our services and as a result create remarkable outcomes for our customers, employees and shareholders.

Finally everything we do happens through the efforts of the very special people around the world who chose everyday to be a part of the Furmanite team and who creates the value of our customers ask for. We deeply appreciate their remarkable skills, loyalty to our company and commitment to delivering outstanding customer service.

Bob Muff

This concludes Charlie's instructive comments. And now I'll proceed with the discussion of this quarter’s financial information.

On the first slide, looking at the first quarter results, revenues of $124.9 million were $35.9 million higher than the prior year first quarter. Our consolidated current year margin percentage of 24.2% are somewhat impacted by the extreme weather conditions for this year is not comparable to last year's first quarter percentage, due to the addition of our Engineering & Project Solutions segment in the second half of last year, which operates at lower gross margin than our legacy Technical Services operation.

Selling, general and administrative expense dollars increased over the prior year due to the company's growth but were 2% improved as a percent of revenues compared to the prior year with the current year being helped by increased leverage from higher revenue levels as well as the lower overhead burden costs associated with our Engineering & Project Solutions segment.

These factors result in a 2% operating income for the quarter versus 4.6% last year. Our income tax rate for the current quarter are 47% of pretax income which is higher than our estimated annual effective rate and anticipated long-term normalized effective rate, which we expect to sell in the 33% to 35% range. But we’ll reduce for the quarter due to the mix of pretax income within various taxing jurisdiction. As a result, net income for the quarter was approximately $1 million or $0.03 per diluted share versus $2.5 million or $0.07 per diluted share in last year’s first quarter.

On the next slide, we’ve broken up revenues by regions to illustrate the foreign currency impacts on revenue, specifically to highlight that the decrease from revenues in the Asia-Pacific region was solely attributable to the currency rate impacts, while the EMEA increase for the quarter was somewhat bolstered by currency changes but was still 29% improved over the prior year quarter excluding those affects. Foreign currency impacts are insignificant at the operating income level and therefore are not presented here.

The next slide breaks up the quarterly results between our legacy Technical Services and our Engineering & Project Solutions segment. Within Technical Services, our revenues increased by 5% over the prior year first quarter and margins remain consistent with last year.

However, the weather impacts affecting the Americas resulted in a reduced leverage on fixed costs, specifically general and administrative costs was fully in line with our fourth quarter costs and operating income of $7.7 million in the quarter versus $8.6 million in the first quarter of last year.

The Engineering & Project Solutions segment is not up over the prior year, as the significant majority of the activity within this segment relates to our September 2013 acquisition. While the current period is reflecting an operating loss in the segment, we are very pleased with the progress as mentioned earlier on the integration of this business as the first quarter operating results, which include approximately $200,000 of direct integration costs in the quarter, as well as some short-term transitional effects, approximately $700,000 improved over the fourth quarter results exclusive of direct integration costs in both periods.

Next, looking at the balance sheet, you'll note a lot of consistency with the year end balance sheet, with the largest changes being the increase in inventory, work in process specifically and a decrease in cash which is typical and attributable to the overall increase in activity levels and jobs and progress at the end of the first quarter versus the year end.

Moving over to the cash flow statement on the next slide, you will note that our cash decrease is related to the work in process, inventory increase as mentioned in addition to the cash used for capital expenditures and paydown of debt in the quarter. Our cash balance of $29.8 million, combined with approximately $38.7 million of availability under our credit facility, provides the company with approximately $69 million of liquidity as of March 31st.

That concludes my remarks on the financial results and now I will turn it over to Joe for his discussion on operations. Joe.

Joe Milliron

Thank you, Bob. Good morning, ladies and gentlemen, I'm pleased with our first quarter financial results, considering the severe first quarter weather we experienced in the Americas. I will provide you our updated global service network, our on-line and off-line services, our Engineering & Project Solutions segment and close with providing you with several projects that we've been awarded and two that we have completed this year.

Let’s begin with our global service network. We’ll begin with the Americas where we generate 72% of our year-to-date revenue with 2,041 technicians and engineers for 45 locations. Included in the Americas number is our Engineering & Project Solution group, which has 1,077 technicians and engineers, generating 30% of our year-to-date revenue from five locations.

In EMEA, 22% of our year-to-date revenues was generated with 420 technicians and engineers from 24 locations and Asia-Pacific, 6% of our year-to-date revenues was generated with 126 technicians and engineers from 16 locations.

Now, let me speak with you about our services and how they perform. Both our on-line and off-line services are reported as our Technical Services segment. The first is on-line services.

Overall, our on-line services for the first quarter were $34.4 million, up $3 million or 9.7% compared to the same period last year. This growth was primarily driven by leak sealing. The Americas was $19 million, down $0.2 million or 1%, while EMEA was $12.9 million, up $4.2 million or 48.9% and APAC was $2.5 million, down $1 million or 29.6%.

Moving to our off-line services, overall off-line services for the first quarter was $45.3 million, up $3.2 million or 7.9%, compared with the same period last year. This growth was primarily driven by valve services and heat treatment. The Americas was $27.7 million, down $0.9 million or 3.3%, while EMEA was $11.2 million, up $3.5 million or 44.9% and APAC was $4.6 million, up $0.7 million or 16.5%, compared to the same period last year.

As we shared with you on our last earnings call, the severe weather impacted our Americas operations. I'm pleased with our overall Technical Service segment with the revenue increase of 4% over the same period in 2013. This increase was fueled by the continuation of our EMEA performance, reporting revenue increases of 6.9% and 34%.

Now let’s move to our Engineering & Project Solution business segment. Our specialty Engineering and Project Solutions business segment was $37.2 million, up $31.9 million, compared to the same period last year. $28.9 million of this increase is a result of the acquisition of specialty engineering Gulf Coast business rom ENGlobal that we close on at the end of August of last year. The other $3 million is year-over-year growth compared to the same period last year.

Now, I’d like to close by providing you with two projects that we have completed and several that have been awarded. First, I will begin with a $1.7 million valve repair job that we performed at U.K. nuclear power plant where we repaired over 800,000 valves during their spring outage.

Second, we completed a $2.6 million turnaround in a major refinery in the U.S. and included non-destructive testing, heat treatment, on-site machining, line isolation and hydro testing. This project was scheduled to start in February and be completed in the first quarter, but the start was delayed until the second week of March because of weather, thus pushing the completion of it into the second quarter.

Now I would like to share with you a few projects that had been awarded with the scheduled completion by the end of this year. A hot tapping equipment order for $5.3 million, a line stop service project for $5.2 million, and on-site machining project for $4.6 million in 2014, followed up with $5.6 million for 2015 to the same customer, and the other on-site machining project for $4.6 million, a bolting on-site machining project for $2.3 million, a [multi-server] (ph) project includes bolting on-site machining, heat treatment, line isolation, hydro testing for $1.8 million, and an onshore subsea leak sealing clamp for $1.6 million. These are just the sample of projects that we have commitments on for 2014.

The value of these jobs are increasingly larger on a consistent basis compared to what we would have been able to report a couple years ago, and this is attributable to Furmanite provided bundled solutions and cross-selling all services on a platform wide basis. We know that’s the Orange Way. I look forward to reporting our second quarter operation results in August. Bob, let me turn this back over to you.

Bob Muff

Thank you, Joe. That concludes our prepared remarks. So we will now open up the line for questions from analysts coming Furmanite and our institutional investors.

Question-and-Answer Session

Operator

(Operator Instructions) Our first question comes from Matt Duncan with Stephens. Please proceed.

Matt Duncan - Stephens

Good morning, guys.

Bob Muff

Good morning, Matt.

Joe Milliron

Good morning, Matt.

Matt Duncan - Stephens

So the first question I’ve got really is just trying to make sense of what’s going on with the guidance. So if I remember back in early March, at that point we obviously knew that the weather was negatively impacting the first quarter and it sounds like your second quarter is off to a very, very good start. The losses at the acquired business are shrinking and maybe you will make it to breakeven a little quicker than you previously thought. So what’s really changed from early March to now that caused you guys to bring the guidance down? It feels a bit like maybe there’s some conservatism in there. I’m just trying to make sure I understand what the puts and takes are.

Joe Milliron

Well, Matt, when we go back to the earnings call we had -- this is Joe -- when we go back to the earnings call we had in March, that was still pretty early in the quarter. All we really had was January numbers. We haven’t really had our February numbers. And yet quietly honestly, we’re hoping that we would see a better finish to March as weather starting to improve on us.

But in reality, as Charlie spoken in his opening comment that Bob read was we really have 11 of our 13 weeks in the first quarter that we’re impacted on with the weather. So at that time in March, we really didn’t have as much visibility on what the impact on the year was, specifically that quarter until we had -- until we’re able to close the quarter up.

Matt Duncan - Stephens

So Joe, you guys are off to a -- it sounds like a very, very good start in the second quarter, though you have been very busy the whole way through so far on turnarounds, correct?

Joe Milliron

We are off to a very good second quarter, yes.

Matt Duncan - Stephens

Okay. With the project activity that you just went through with a lot of these bigger projects you guys are starting to win, how much of that is sort of the change to the operating structure Furmanite Orange Way and are you beginning to see the end-market present you with more opportunities, especially on the Gulf Coast? I know we’ve talked a lot about the petrochem and LNG project activity, that’s coming along the Gulf Coast. Are any of the projects you just read off tied to that investment cycle?

Joe Milliron

I will you the projects I read off were spread around the world, so I would also tell you that some of these projects we spoke about, we talked about $5.4 million hot tapping equipment order, that probably would not have came about have we not had the Orange Way structure when we put the metrics, service line leadership and also the geographic leadership in place. So that was a catalyst and a number of these jobs would be the volume that we’re getting on these type of jobs are direct result of the resources from around the world coming together both from a technical capabilities and from a technical knowledge to sell the customer. With that said, though, I think in Bob’s comment, the Charlie had prepared that we did have -- I happened to be at the meeting when the customer actually said that Furmanite is much more than an engineering and solution company, much more than a leak sealing company, it has all the services to offer us.

Matt Duncan - Stephens

So you guys been do feel like you are starting to see the benefit of the cross-sell from having made the acquisition?

Joe Milliron

We are beginning to see the benefits, and currently from the legacy employees and from the engineers and technicians that we acquired last year. And I believe as we continue to move forward the year, this year we are going to have more stories to tell you and opportunities that we landed and ones that we are working on.

Matt Duncan - Stephens

Okay, great. Thanks. I will hop back in queue.

Operator

(Operator Instructions) Our next question comes from Tristan Richardson with D.A. Davidson. Please proceed.

Tristan Richardson - D.A. Davidson

Good morning, guys.

Joe Milliron

Good morning.

Tristan Richardson - D.A. Davidson

Just curious if -- in your guidance, are you guys seeing any difference in the wage environment, the labor cost environment than say a year ago or even three months ago, is that starting to become a factor in terms of the pricing

Joe Milliron

Tristan, I think at this stage, we see firming up of the entire E&C marketplace, particularly in the United States. And I think we expect it will not be long before we maybe face that issue. But really at this stage in the game, we really have not seen other than the specifically isolated cases, any significant pressure on wages and related cost.

Tristan Richardson - D.A. Davidson

Okay. Thank you. And then, Bobby talked about this a little bit. I’m curious sort of when you said your guidance back in early march and looking now at the activity you’re seeing, I mean, is the spring shaping up to be just as you thought it would thus beyond the way start to March?

Bob Muff

Yeah. So they are starting strong as we’ve mentioned. Obviously, we’re a month end here right now so. But, yeah, the quarter has kicked off consistent with our expectations.

Tristan Richardson - D.A. Davidson

Okay. Okay. That’s helpful. And then, I guess, it’s always early to ask but I’m curious sort of what your customers are saying about the fall?

Bob Muff

Right now, I’ll tell you, Tristan, the customers are pretty consistent on everything that we thought we were going to see here in the spring, we’ve seen and the things we expect to see in the fall we expect to see. We've had one customer. We did have one job that was scheduled to take place in the fall when they moved into late January, early February next year but we only have one of those. We had one job in January this year that move but it moved into July of this year. So those were only two dime we are aware of as they shared with me. And anytime we have a project moving, I tend to know about it.

Tristan Richardson - D.A. Davidson

Okay. All right. Thank you, Joe. That s helpful, I appreciate it guys.

Joe Milliron

Thank you.

Bob Muff

Thank you.

Operator

We now have a follow-up question from Matt Duncan. Please proceed.

Matt Duncan - Stephens

Hey guys. Going back to the Engineering and Project Solution segment, obviously, you made good progress in getting that towards breakeven. Can you talk a little bit about what you guys have been doing there to sort of march that business towards breakeven? And it sounds like maybe now you’re thinking it could get there in the second quarter, did I hear that correctly?

Charles Cox

Matt, I think, a lot of what you’re seeing is really related to us understanding better the operation and the financial workings and the whole process of integrating the operations within Furmanite and as we do then and as our customers are clearly getting more comfortable that we are in this firmly committed and they can award works to us and be absolutely confident we're going to be able to complete it with real excellence. We are just seeing a positive impact on that side as well. I think the efficiency improvement that we’re identifying as we find ways to operate into two ends parts of our company and more efficiently and effectively.

So it's really just a matter of the normal process of figuring them how to optimize the working relationships together with the positive reception by the customers and frankly a good bit more work coming in and frankly a lot more that we expect to get in the near future. So that’s kind of a normal process of maturation as you get to understand the business.

Matt Duncan - Stephens

Okay. That’s helpful. And then last thing, I don’t know Bob if there’s anyway to sort of quantify weather. I know that can be a difficult task but as you look at the business, it sounds like you had 11 of 13 weeks impacted by weather. If you’ve taken a stab at trying to look at how much revenue was impacted by all this winter weather you guys have to deal with.

Charles Cox

Yeah. As you said, it is kind of difficult to quantify the downside on the revenue obviously, Matt. If you’ve got the people geared up to go out to do the work and then after the job cancels that day because of weather, there’s no chance to make that back up. But as best estimate, we’ll probably say somewhere in the $5 million, maybe as high $7 million range would be probably a reasonable estimate of what did not get put into the first quarter…

Matt Duncan - Stephens

Okay.

Charles Cox

…in the weather throughout.

Operator

We have no further questions. I would now turn the call back over to management for closing remarks. Please proceed.

Charles Cox

Since there are more questions, we will sign off with our thanks to each one of you for joining our call this morning. We appreciate your interest in Furmanite and look forward to sharing our second quarter results with you in August. Thank you again and good-bye.

Operator

This concludes today’s conference. You may now disconnect. Have a great day.

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