Team, Inc. Reports Improved First Quarter Results

ALVIN, Texas, Oct. 5, 2010 (GLOBE NEWSWIRE) -- Team Inc. (Nasdaq:TISI), reported net income of $3.8 million ($0.20 per diluted share) for its first quarter ended August 31, 2010, an increase of $2.0 million compared to net income in the same quarter last year adjusted for non-recurring charges. Revenues of $104.5 million for the first quarter ended August 31, 2010, increased $3.6 million, or 4% from the prior year first quarter.

First Quarter Performance Highlights

• Revenue growth of 4% versus prior year quarter.
• Gross margins as a percent of revenue improved to 30.2% compared to 29.2% in last year's first quarter.
• SG&A expenses were down $0.8 million, or 3%, from the prior year quarter.
• Operating income as a percent of revenues was 6.5% versus an adjusted 3.7% in the prior year quarter.
• Stock repurchases totaled $1.3 million in the quarter (approximately 90,000 shares repurchased).
• Net debt (total debt less cash) at the end of the quarter was $22 million, a reduction of $14 million during the quarter.
• Unused borrowing capacity under existing credit facilities was approximately $100 million at the end of the quarter.

"The positive results achieved this quarter reflect the impact of our cost savings initiatives combined with modest business growth," said Phil Hawk, Team's Chairman and CEO. "Performance was in line with our expectations for the quarter and we are affirming our previously issued earnings guidance of $1.00 to $1.15 per fully diluted share for fiscal year 2011," said Hawk. 

Earnings Conference Call

In connection with this earnings release, Team will hold its quarterly conference call on Wednesday, October 6 at 8:00 a.m. Central Time (9:00 a.m. Eastern). The call will be broadcast over the Web and can be accessed on Team's Website, www.teamindustrialservices.com . Individuals wishing to participate in the conference call by phone may call 877-826-1586 and use confirmation code 28039338 when prompted.

About Team, Inc.

Headquartered in Alvin, Texas, Team Inc. is a leading provider of specialty industrial services required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. Team offers these services in over 100 locations throughout the world. Team's common stock is traded on the NASDAQ Global Select Market under the ticker symbol "TISI".