Dec. 2, 2015, 5:30 PM
Nov. 6, 2015, 7:49 AM
- Furmanite (NYSE:FRM): Q3 EPS of $0.05 in-line.
- Revenue of $97.41M (+2.4% Y/Y)
Nov. 2, 2015, 10:59 AM
- Midstream company Team Inc. (TISI +0.9%) agrees to acquire Furmanite (FRM +6.2%) for $335M in cash and stock, in a deal that will double Team's mechanical services capabilities and bring the combined company's locations to 220 worldwide.
- The companies say the merger should bring in $20M-$25M in annual cost synergies within two years of closing; before synergies, Team expects the transaction to contribute ~$400M/year in revenue and $38M in annual adjusted EBITDA.
- FRM President/CEO Joseph Milliron will retire immediately as part of the acquisition but remain for now on the FRM board; the new interim CEO is FRM Executive Chairman Jeffery Davis, who recently was named to the board as part of a proxy battle.
Aug. 4, 2015, 12:58 PM
- Furmanite (FRM +4.1%) names Jeffery Davis, retired CEO of the Brock Group, as its new executive chairman in the wake of the proxy fight that was resolved in May.
- CEO Joseph Milliron, who served as the interim chair, said in this morning's earnings conference call that the move aligns with best governance practices and strengthens the company, and John Linnartz, the new board member who led the proxy fight, praised the selection.
- As for FRM's finances, Q2 earnings beat estimates but revenues fell short, and Milliron says he will not use the energy market weakness as an excuse and that the company will perform better moving forward.
Aug. 4, 2015, 8:07 AM
- Furmanite (NYSE:FRM): Q2 EPS of $0.14 beats by $0.03.
- Revenue of $129.63M (-11.4% Y/Y) misses by $18.37M.
Aug. 3, 2015, 5:30 PM
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May 11, 2015, 6:09 PM
- Furmanite (NYSE:FRM) CEO Joe Milliron says his company is ready to move forward after a compromise deal was reached last week to add three new board members with ties to Mustang Capital Management, which owns nearly 4% of FRM’s outstanding shares.
- FRM added the trio of activist investors to its now seven-person board of directors, one of whom had accused the corporate leadership of ineptitude and cronyism; FRM's board chairman also resigned last week.
- FRM also says it has retained Lazard Frères as its financial adviser to help evaluate a non-binding indication of interest to acquire the company.
- On FRM's Q1 results issued today, Milliron says he is not satisfied but that the company performed relatively well considering the proxy battle, low oil prices, the U.S. Steel Workers strike and a fire at the U.K. operations.
May 11, 2015, 7:49 AM
- Furmanite (NYSE:FRM): Q1 EPS of $0.04 misses by $0.01.
- Revenue of $122.34M (-2.1% Y/Y) misses by $1.66M.
May 10, 2015, 5:30 PM
May 4, 2015, 12:45 PM
May 4, 2015, 9:16 AM
May 4, 2015, 7:19 AM
- Furmanite (NYSE:FRM) announces it received a non-binding letter of interest from a potential acquirer.
- The offer is at a "substantially" higher level than Furmanite's current share price.
- The board at the company plans to hire an adviser to help assist it in evaluating the proposal.
Mar. 6, 2015, 7:31 AM
- Furmanite (NYSE:FRM): Q4 EPS of $0.14 beats by $0.04.
- Revenue of $133.9M (+2.7% Y/Y) misses by $12.1M.
Mar. 4, 2015, 5:35 PM
Dec. 29, 2014, 8:27 AM
- Charles Cox, Furmanite’s (NYSE:FRM) CEO through the end of 2014, has announced his decision to resign as a member of the Board of Directors, effective Jan. 1, for ongoing health reasons.
- His departure from the Board will coincide with the timing of his retirement as company CEO.
- Incoming chief executive officer, Joseph Milliron, will also take his place as a member of the Board.
- SEC Form 8-K
Nov. 3, 2014, 12:49 PM