Q3 2013 Communication

The finish line for 2013 is within sight; it’s time to kick into overdrive and finish strong!  With the 3^rd quarter now behind us, we all know what it will take to make this a record year for Furmanite – by each one of us setting our own personal challenge, we can do it! 

 The financial results for our third quarter are significantly better than last year, and very close to external expectations. Unfortunately, however, they fell short of our internal plan. The primary reason for this miss was that we fell just 5 to 10% short of providing adequate work opportunities to keep all of our engineers and technicians busy. After exceeding our plan in Q1 and Q2, we now have some ground to make up in Q4! We finished the first half with a sense of real accomplishment, having proved to each other what was truly possible when we work as one global team.  It is us up to each one of us to renew our personal commitment, to finish the year out strong, to push ourselves, our peers and our global team to exceed our goals.  The personal commitment of each one of us to make just a 10% extra effort and create just 10% more work in November and December WILL make the difference! Let’s win ALL the work we bid and keep everyone of our engineers and technicians super busy right through these final two months and on into next year!

 Personal commitment and ownership is the rallying cry for our finish to this year!  When we talk about commitment, the first thing that comes to mind is our commitment to place Safety Above All Else. This is our obligation and responsibility to our co-workers, our families, our customers and to ourselves. This means that we will always think of safety first and send everyone home from work in the same condition they arrived.  To reinforce this ideal, you will all soon be asked to sign a personal safety commitment letter that reinforces the duty to safety that each of us carries with us every day.  For those that have been at Furmanite for some time, this is not a new idea but rather a simple public affirmation of the principles we all discuss on a daily basis.  The entire senior management team has already signed this commitment and we look forward to you joining us in carrying this message forward and making it a central discussion topic in every situation that we approach!

To carry forward the theme of personal commitment, it is up to each one of us to deliver our best possible performance to our shareholders as we work to close out 2013 with a strong finish! While we fell short of our own expectations in Q3, meeting or exceeding our financial goals and obligations is still firmly within our control. It is time for each of us to ask ourselves “What can I do to make a difference in Q4 to put us over the top?”

 

Now is the time to escalate our efforts and prove to everyone that Furmanite is the market leader!  With year-end holidays fast approaching, it is more important than ever to make sure that everyone, including our technicians, SDCs, Service-Lines and our support staff continue to work as a team to sell without limitation and spend our money wisely.  This means we leave no stone unturned and aggressively secure all of the work available at the right price.  We must ensure all potential revenue is accurately captured by documenting scope changes and securing change orders.  We have been investing in our growth at a record pace this year but every one of us can play a role in making sure we never waste our shareholders’ money; what can you personally do to eliminate waste?  Most importantly we can commit to eliminating non-billable time and keeping all of our most important assets, our technicians, busy and 100% billable – in a safe manner.  Our technicians are going to play an even larger role in helping us grow and find new work opportunities as we engage them in a sales assistance program that is just 1 part of their new Appreciation and Rewards Program – we are all in this together!

Recently, the stock market is taking notice of Furmanite and several articles have been written about the great things happening within our company, and these articles are right! And the good results are not limited to the Americas! The UK has achieved record revenue over the past several months and is continuing strong! Our team in the UK has firmly embraced their roles within the Orange Way, and the record revenues they have achieved over the past several months is proof of what is possible when we all work together while taking personal ownership of our results.  This kind of leadership and teamwork in the UK is the exact formula required to continue the momentum that will propel us to new heights in every Region and every Service Line!
As we close out what will almost certainly be the best year in the history of Furmanite, we must also make sure that we make our Plan! Please stay diligent and make a personal commitment to our entire team that we will finish this year with a fierce sense of determination to exceed our Plan! Let’s make this a year that we can all look back on with pride in our collective accomplishments, and the first of many to come in which we demonstrate to our shareholders, and to ourselves, the vast potential of the World Class organization that Furmanite is quickly becoming!

With our appreciation, confidence and full commitment to support your efforts!

Charlie and Joe