FURMANITE CORP | 2012 | FY | 3


17. Quarterly Financial Data (Unaudited)

Quarterly operating results for 2012 and 2011 are summarized as follows (in thousands, except per share data):

 

                                 
    Quarter Ended  
    March 31,     June 30,     September 30,     December 31,  

2012:

                               

Revenues

  $ 71,782     $ 85,928     $ 75,579     $ 93,203  

Operating income (loss) 1  2

  $ (751   $ 4,803     $ (728   $ 4,188  

Net income (loss) 2

  $ (830   $ 1,844     $ (1,280   $ 1,071  

Earnings (loss) per common share:

                               

Basic

  $ (0.02   $ 0.05     $ (0.03   $ 0.03  

Diluted

  $ (0.02   $ 0.05     $ (0.03   $ 0.03  

2011:

                               

Revenues

  $ 73,054     $ 83,009     $ 78,330     $ 81,814  

Operating income 4 5 

  $ 3,825     $ 6,607     $ 5,522     $ 4,497  

Net income 7

  $ 4,026     $ 5,146     $ 3,582     $ 11,216  

Earnings per common share:

                               

Basic

  $ 0.11     $ 0.14     $ 0.10     $ 0.30  

Diluted

  $ 0.11     $ 0.14     $ 0.10     $ 0.30  

 

1 

Operating income (loss) for the quarters ended in 2012 includes restructuring charges of nil, $0.7 million, $0.1 million and $2.8 million, respectively, and corporate headquarter relocation charges of $0.8 million, $0.7 million, $0.1 million, and nil, respectively.

2 

Operating income and net income for the quarter ended December 31, 2012 include an impairment charge of $0.4 million and $0.2 million, respectively, related to a write down of certain intangible assets in the Americas.

3 

Net income (loss) for the quarters ended in 2012 includes restructuring charges, net of tax of nil, $0.6 million, $0.1 million and $2.7 million, respectively, and corporate headquarter relocation charges of $0.5 million, $0.4 million, $0.1 million and nil, respectively.

4 

Operating income for the quarters ended in 2011 includes restructuring charges of $0.1 million, $0.2 million, $0.02 million and $0.1 million, respectively, and includes relocation charges of $0.1 million for the quarter ended December 31, 2011.

5 

Operating income and net income for the quarter ended December 31, 2011 include an impairment charge of $0.9 million related to a write down of certain assets in Germany.

6 

Net income for the quarter ended March 31, 2011 includes an acquisition related deferred tax benefit of $1.2 million and net income for the quarter ended December 31, 2011 includes a $7.7 million income tax benefit related to the reversal of the valuation allowance on deferred tax assets in the United States.

7 

Net income for the quarters ended in 2011 includes restructuring charges, net of tax of $0.1 million, $0.1 million, $0.01 million and $0.1 million, respectively, and includes relocation charges, net of tax of $0.1 million for the quarter ended December 31, 2011.


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