Furmanite Corporation (FRM)

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Furmanite Corporation (FRM)

Q4 2008 Earnings Call

March 16, 2009 10:30 AM ET


Michael L. Rose - Chairman and Chief Executive Officer

Howard C. Wadsworth - Chief Financial Officer

Joseph E. Milliron - President and Chief Operating Officer


Matt Duncan - Stephens, Inc

Matt Tucker - Keybanc



Good morning and thank you for joining the call. Before I introduced Mr. Rose, allow me to explain the format of the call. For your convenience, we have set aside slide available on your website that will closely follow the speakers' presentation this morning. Following the presentation today, we will invite questions from analysts and fund managers. At that time, I will explain the procedure for indicating that you will wish to ask a question. (Operator Instructions)

On behalf of the company, we would like to say that certain statements that may be made in the call today may not be purely historical and, as such, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

There can be no assurance that any forward-looking statements made in this call will prove to be accurate and should not be regarded as representation that the objectives and plans of the company will be achieved. Any forward-looking statements made in this call are based on information presently available to management and the company assumes no obligation to update them.

Now, I would like to introduce Mr. Mike Rose, CEO of Furmanite Corporation. Mr. Rose, you may begin.

Michael L. Rose

Thank you, Mitchell. Good morning and welcome to our year-end conference call. I am here today with Mr. Joe Milliron, Furmanite's President and COO; and Mr. Howard Wadsworth, our CFO.

I would like to begin by telling you how excited and proud I am to serve tend to lead as the CEO of this great company. Unlike the present economic situation eliminated any honeymoon might have expected in my first 100 days, and I'm really was looking forward to that, but still be it. It is one of those challenges that we all have to face at some time in our careers, and I assure you this is not my first.

The excitement is in finding the solution to the challenge. And being realistic that an overnight fix, may not be the right answer and that combination can be difficult to times because you're hating to try and fix the problem as soon as possible.

I am honored and proud to follow the legacy of leadership that John Barnes established. On his watch, the company grew to be a global force. The balance sheet is clean and strong and our cash position is excellent. Thanks to John's leadership; we have all the tools we need to tier up Furmanite shift to the present storm through a Safe Harbor.

My plan is to continue to adhere to the strategic direction and goals we established over three years ago, while working hard with Joe to target our operational objectives, to ensure we continue to enhance our position around the world. Our strategic goals remain aggressive, and they drive us to be both prudent and optimistic in the current environment.

And while it would be unrealistic to expect double-digit operating margins in the short-term, this does not remain... this does remain one of our company's targets.

My plans for Furmanite is to recognize the company's core strengths; apply them effectively and develop them wisely. One of our core strengths is of course our excellent financial position.

We are not over levered and we have a strong cash position. In today's market, it's a highly desirable combination. Our strength is our consistent strategy of maximizing organic growth as opposed to volume growth through acquisition. We're going to stay with that. We believe that organic growth is the right way to grow in the current environment. It allows us to conserve cash while growing revenues.

Our strategic engine for organic growth is our robust service array. We intend to continue to advance our goal of providing every service in every location, as well as expanding our service offerings.

This goal is very important as it further develops another core strength of ours of longstanding customer relationships that we have maintained around the world for many years, Furmanite has been in operation.

Around the world, this starts yet another of our core strengths. We are a global company, and while the media speaks daily about the recession being global, we have found that the degree of the downturn is not the same in every part of the world, and is not the same in every industry.

Fundamentals of our global success of two other core strengths. Our reputation for quality, and our record for innovation.

These core strengths; financial stability, global footprint, our longstanding customer relationships, our quality and innovation give Furmanite a unique advantage in today's economic landscape.

The primary industry segments we serve are still providing us with opportunities and we see every indication that we'll continue.

While there are continuing opportunities and business, we also are seeing the slippage of jobs for one month or quarter to another, and in certain cases, or by cancellation of projects.

In particular, we are seeing construction projects are being slowed or cancelled. But, ladies and gentlemen, this is nothing new you have heard this before. On the other hand, we are finding a stimulus packages around the world relating to infrastructure do offer great targets for future Furmanite businesses.

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