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ALVIN, Texas, Oct. 1, 2012 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) today announced financial results for the first quarter of fiscal year 2013 ending August 31, 2012. Team reported earnings of $0.36 per diluted share versus $0.33 per diluted share earned in the first quarter of the prior year. Revenues for the first quarter were $161 million compared to revenues of $141 million for the prior year quarter, a 14% increase.
"We are off to a very good start for fiscal year 2013," said Phil Hawk, Team's Chairman and Chief Executive Officer. "We are especially pleased with our revenue and earnings growth in the quarter given the exceptionally strong first quarter that we enjoyed last year. We are affirming our previously issued earnings guidance for the year of $1.85 to $2.00 per diluted share," said Hawk.
Highlights for First Quarter
A record first quarter in both revenues and earnings.
Total revenue growth of $20 million, up 14%.
Inspection and assessment revenues up over 40% in the quarter.
U.S. revenues up over 20% in the quarter.
Net income available to shareholders up 11% in the quarter.
Recently completed acquisitions of two inspection businesses.
Acquisitions of Inspection businesses
In August 2012, Team's subsidiary, Quest Integrity Group, acquired a specialty remote digital video inspection company based in New Zealand and, earlier today, Team acquired the common stock of TCI Services, Inc., an Oklahoma based company specializing in the inspection and repair of above ground storage tanks. The combined annual revenues for both acquired businesses are approximately $24 million and the total consideration for both is expected to be approximately $25 million, subject to adjustments for working capital true-ups and the future performance of the businesses.
"While these acquisitions will be modestly accretive in the near term, our primary interest and focus is on the opportunity to drive attractive additional organic growth by extending these new capabilities across the Team network and use the combination of our new and existing capabilities to provide higher value services to our customers," said Hawk.