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.