Furmanite Corporation (NYSE: FRM) today reported results for the quarter ended September 30, 2009. Revenues for the quarter were $70.8 million, compared with $75.9 million for the same period in 2008. The company reported net income of $203,000 for the quarter, compared with $5.4 million for the same period in 2008. Earnings per share (diluted) were $0.01, compared with $0.15 for the prior year’s quarter.

For the nine months ended September 30, 2009, Furmanite reported revenues of $203.5 million, compared with $239.5 million for the same period in 2008. Net income for the nine-month period ended September 30, 2009 was $1.3 million, compared with $16.8 million for the same period in 2008.

“We continue to work in an environment of diminished industrial activity, coupled with the very slow pace of recovery in many of our markets,” said Michael L. Rose, chairman and chief executive officer of Furmanite Corporation. “Likewise, we continued to see the negative effect of currency fluctuations on our results this quarter, when compared to last year’s third quarter.”

Mr. Rose continued: “Given these conditions, we have taken this year as an opportunity to enhance our primary assets – our skilled technicians and fundamental financial strength. We continue to implement our strategic alignment of talent and services to address the broader market, with a corollary alignment of our sales and marketing operations to meet the needs within our known areas of activity. This has enabled us to preserve a strong core of business and operate profitably in these trying times. In line with this strategy, we made the decision this year to invest in much more sophisticated systems for standardizing technical training as well as tracking and deploying our talent and equipment globally. These systems will be fully operational in 2010. We are confident that they will give us a strong competitive advantage as well as enable us to be more fleet and flexible in responding to market opportunities.”

Joseph Milliron, president and chief operating officer of Furmanite Corporation, added: “While the current environment is difficult and less predictable, we have been able to generate revenues in the third quarter that are just 7% under the prior year quarter. Under pressure services were a strong contributor to the third quarter, up 12% over 2008, while our turnaround services were 16% down from third quarter last year. For the nine months, we are about 15% below 2008 revenues and this is primarily attributable to an overall 28% drop in turnaround services, which is very consistent with the impact of the downturn on refineries, the chemical and petrochemical industries, mining, steel and other heavy industries. What we are closely focused on now is building back the operating income to prior year levels by reducing certain costs and gaining greater efficiencies throughout our operations.”

The company’s revenues, operating income and net income were unfavorably impacted by foreign currency fluctuations by approximately $(4.3) million, $(600,000) and $(276,000), respectively, for the third quarter of 2009. For the nine-month period ended September 30, 2009, currency fluctuations unfavorably affected revenues, operating income and net income by $(19.4) million, $(1.7) million and $(1.1) million, respectively.

ABOUT FURMANITE CORPORATION

Furmanite Corporation (NYSE: FRM) is a worldwide technical services firm. Headquartered in Dallas, Texas, Furmanite, one of the world’s largest specialty technical services companies, delivers a broad portfolio of engineering solutions that keep facilities operating, minimizing downtime and maximizing profitability. Furmanite’s diverse, global operations serve a broad array of industry sectors, including offshore drilling operations, pipelines, refineries and power generation facilities, chemical and petrochemical plants, steel mills, automotive manufacturers, pulp and paper mills, food and beverage processing plants, semi-conductor manufacturers and pharmaceutical manufacturers. Furmanite operates more than 80 offices on six continents. For more information, visit www.furmanite.com.

Certain of the Company’s statements in this press release are not purely historical, and as such are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements regarding management’s intentions, plans, beliefs, expectations or projections of the future. Forward-looking statements involve risks and uncertainties, including without limitation, the various risks inherent in the Company’s business, and other risks and uncertainties detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission. One or more of these factors have affected, and could in the future affect the Company’s business and financial results in future periods, and could cause actual results to differ materially from plans and projections. There can be no assurance that the forward-looking statements made in this document will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and the Company assumes no obligation to update any forward-looking statements.