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Team, Inc. Reports Third Quarter Results

Stocks in this article: TISI

SUGAR LAND, Texas, April 2, 2013 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) today announced financial results for its fiscal year 2013 third quarter ending February 28, 2013. Team reported an adjusted loss of $0.01 per diluted share versus adjusted earnings of $0.10 per diluted share in the third quarter of the prior year. Revenues for the third quarter were $151.0 million compared to revenues of $136.5 million for the prior year quarter.  Adjusted net loss attributable to shareholders was $0.2 million, compared to adjusted net income available to shareholders of $2.0 million in the prior year quarter. The adjusted loss for the quarter excludes a $0.6 million pre-tax, non-routine charge associated with the Venezuelan currency devaluation announced by the government of Venezuela in February 2013. Including this charge, the loss in accordance with generally accepted accounting principles was $0.03 per diluted share and the net loss attributable to shareholders was $0.5 million.

For the fiscal year to date, adjusted earnings were $1.01 per diluted share versus adjusted earnings of $0.95 per diluted share in the first nine months of fiscal 2012. Year to date revenues were $513.1 million compared to $435.9 million in the prior year to date period and adjusted net income available to shareholders was $21.3 million versus adjusted net income available to shareholders of $19.6 million in the first nine months of fiscal 2012.

"In spite of the disappointing results for our third quarter announced on March 14, 2013, we remain on a pace for another record year in fiscal year 2013," said Phil Hawk, Team's Chairman and Chief Executive Officer. "While revenues declined in Canada and Europe for the reasons discussed in our pre-announcement conference call, we still achieved overall revenue growth of nearly 11% in the quarter. We remain confident in our business outlook and the overall strength of our end markets," said Hawk.

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