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Team, Inc. Reports Record Second Quarter Results; Raises FY2013 Earnings Guidance

Stocks in this article: TISI

ALVIN, Texas, Jan. 7, 2013 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) today announced financial results for its fiscal year 2013 second quarter ending November 30, 2012. Team reported earnings of $0.66 per diluted share versus adjusted earnings of $0.53 per diluted share in the second quarter of the prior year. Revenues for the second quarter were $201 million compared to revenues of $158 million for the prior year quarter. Net income available to shareholders was $13.9 million, compared to adjusted net income available to shareholders of $10.8 million in the prior year quarter.

For the fiscal year to date, earnings were $1.03 per diluted share versus adjusted earnings of $0.86 per diluted share in the first half of fiscal 2012. First half revenues were $362 million compared to $299 million in the prior year period and net income available to shareholders was $21.5 million versus adjusted net income available to shareholders of $17.6 million in the first half of fiscal 2012.

"We are on pace for another record year in fiscal year 2013," said Phil Hawk, Team's Chairman and Chief Executive Officer. "We are proud to have achieved the first $200 million revenue quarter in our history and more than a 20% revenue growth rate for both the quarter and year to date—growth rates that are consistent with our track record over more than ten years," said Hawk.

Highlights for Second Quarter

  • Record second quarter and year to date results.
  • The first quarter in Team's history with revenue over $200 million.
  • Total revenue growth rates of 27% for the quarter and 21% year to date.
  • Organic revenue growth rates of 24% for the quarter and 19% year to date.
  • Inspection and assessment revenues up over 40% for both the quarter and year to date.
  • Operating income was 11.5% of revenues for the quarter and 9.9% for the year to date.
  • EBITDA (adjusted) was 14.6% of revenues for the quarter and 13.2% for the year to date.
  • Net income available to shareholders (adjusted) up 29% in the quarter and 22% for the year to date.

Fiscal year 2013 Earnings and Revenue Guidance

Team is raising its previously issued earnings guidance for fiscal year 2013 by $0.05 per share to a revised range of $1.90 to $2.05 per diluted share and we now expect full fiscal year revenues to be $700 million to $730 million.

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