Forum energy technologies announces first quarter 2013 diluted eps of
$0.34
Houston--(business wire)--forum energy technologies, inc. (nyse:fet) today announced first quarter 2013 revenue of $373 million compared to $363 million for the first quarter 2012. net income for the first quarter 2013 was $32 million, down from the first quarter 2012 net income of $42 million. diluted earnings per share for the first quarter 2013 were $0.34, compared to first quarter 2012 diluted earnings per share of $0.57. the first quarter 2012 diluted earnings per share did not include the impact of the 16.6 million shares issued in connection with forum's initial public offering in april 2012. first quarter results by segment drilling & subsea drilling & subsea revenue in the first quarter 2013 was $222 million, an increase of $9 million, or 4%, from the first quarter 2012 primarily due to the benefit of the four acquisitions completed during the fourth quarter 2012. the subsea technologies product line had increased revenue of 28% over the first quarter 2012 on contribution from the dynacon and syntech acquisitions, and in the first quarter 2013, received a record level of new orders for remotely operated vehicles (rovs) and related equipment and products. the drilling technologies product line had decreased revenue of 11% compared to the first quarter 2012, in line with the decrease in the north america land rig count. production & infrastructure production & infrastructure revenue in the first quarter 2013 was $151 million, which was flat compared to the first quarter 2012 due to the decline in the flow equipment product line revenue from the very high levels in the 2012 period. both the production equipment and valve solutions product lines had increased revenue of approximately 20% over the first quarter 2012 on strong demand for production and processing systems and continued good market activity in the midstream transmission and petrochemical industries. forum's production equipment product line generated record revenue in the first quarter 2013. review and outlook cris gaut, chairman and chief executive officer of forum, remarked, "forum had a good first quarter and start to the year. we improved sequential revenue, operating income, and margin in both business segments on improved customer spending for our capital equipment and consumable products, and the full quarter benefit of the four acquisitions completed during the fourth quarter 2012. we are progressing well with the integration of the four acquisitions. "we are especially pleased with the performance of our subsea, valves and production equipment product lines. however, the drilling technologies product line continues to face demand softness due to the depressed north america land drilling market. although we are seeing an increase in international drilling capital equipment orders, these orders are typically associated with extended delivery times. we are also seeing pricing pressure for certain products within drilling technologies and flow equipment. "forum expects diluted earnings per share for the second quarter 2013 of $0.35 to $0.40, and the full year 2013 of $1.70 to $1.80." recent events a contract with helix energy to supply a perrytm xt1500 trenching system and two xlx 200hp rov systems. the sale of three perrytm xlx 150hp rovs and one sub-atlantictm comanche rov to integrated subsea services ltd. our production equipment product line was awarded several projects for the edgetm ii desalting technology processing equipment and additional awards for multi-well modular surface production equipment. conference call information forum's conference call is scheduled for april 26, 2013 at 9:00 am cdt. during the call, the company intends to discuss first quarter 2013 results. to access the call, please call the conference call operator at 888-713-4217 within north america, or 617-213-4869 outside of north america. the access code is 36243710. the call will also be broadcast through the investor relations link on forum's website at www.f-e-t.com. participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. a replay of the call will be available for 30 days and may be accessed by dialing 888-286-8010 within north america, or 617-801-6888 outside of north america. the access code is 68890356. forum energy technologies, inc., headquartered in houston, texas, is a global provider of manufactured technologies and applied products to the energy industry. forum's over 3,400 employees provide the products and technologies essential to solving the increasingly complex challenges of the subsea, drilling, and production sectors of the oil and gas industry. for more information, please visit www.f-e-t.com. forward-looking statements and other legal disclosure this press release contains forward-looking statements within the meaning of section 27a of the securities act of 1933 and section 21e of the securities exchange act of 1934. all statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the company, including any statement about the company's future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, new product development activities, costs and other guidance included in this press release. these statements are based on certain assumptions made by the company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and gas industry, governmental regulation and taxation of the oil and natural gas industry, the company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the company's business, and other important factors that could cause actual results to differ materially from those projected as described in the company's filings with the securities and exchange commission. any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. 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