This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Team, Inc. Reports Third Quarter Results

Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995.  We have made reasonable efforts to ensure that the information, assumptions and beliefs upon which this forward-looking information is based are current, reasonable and complete. Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Such known factors are detailed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein will occur or that objectives will be achieved.  We assume no obligation to publicly update or revise any forward-looking statements made today or any other forward-looking statements made by the company, whether as a result of new information, future events or otherwise.

TEAM, INC. AND SUBSIDIARIES
SUMMARY OF OPERATING RESULTS
(in thousands, except per share data)
         
  Three Months Ended Nine Months Ended
   February 28 (29),  February 28 (29),  
  2013 2012 2013 2012
  (unaudited) (unaudited) (unaudited) (unaudited)
Revenues  $ 150,975  $ 136,523  $ 513,115  $ 435,889
Operating expenses  112,084  99,920  362,224  304,393
Gross margin  38,891  36,603  150,891  131,496
         
Selling, general and administrative expenses  38,278  33,210  115,280  100,116
Earnings from unconsolidated affiliates  (4)  63  862  911
Operating income  609  3,456  36,473  32,291
         
Foreign currency loss (gain)  729  (90)  917  74
Interest expense, net  743  619  2,019  1,769
Earnings before income taxes  (863)  2,927  33,537  30,448
         
Provision for income taxes  (319)  946  12,409  11,266
Net income (544) 1,981 21,128 19,182
         
Less: Income attributable to non-controlling interest (9) (30) 166  35
Net income available to common shareholders  $ (535)  $ 2,011  $ 20,962  $ 19,147
         
Earnings per common share:    
Basic  $ (0.03)  $ 0.10  $ 1.04  $ 0.98
Diluted   $ (0.03)  $ 0.10  $ 0.99  $ 0.93
         
         
Weighted average number of shares outstanding:  
Basic  20,387  19,733  20,104  19,610
Diluted   21,311  20,728  21,078  20,600
         
Divisional revenues:      
TCM  $ 91,446  $ 76,591  $ 312,104  $ 244,600
TMS  59,529  59,932  201,011  191,289
   $ 150,975  $ 136,523  $ 513,115  $ 435,889
         
Adjusted Net income:      
 Net income available to common shareholders  $ (535)  $ 2,011  $ 20,962  $ 19,147
 Venezuelan currency devaluation  597  --   597  
 Legal settlement  --   --   --   800
 Tax impact of adjustments  (221)  --   (221)  (300)
Adjusted Net income  $ (159)  $ 2,011  $ 21,338  $ 19,647
         
Adjusted Net income per common share:  
Basic  $ (0.01)  $ 0.10  $ 1.06  $ 1.00
Diluted   $ (0.01)  $ 0.10  $ 1.01  $ 0.95
         
Adjusted EBITDA:      
 Operating income ("EBIT")  $ 609  $ 3,456  $ 36,473  $ 32,291
 Legal settlement  --   --   --   800
Adjusted EBIT  609  3,456  36,473  33,091
 Depreciation and amortization  4,800  4,578  14,454  12,913
 Non-cash share-based compensation costs  902  898  3,022  3,518
Adjusted EBITDA  $ 6,311  $ 8,932  $ 53,949  $ 49,522
 
TEAM, INC. AND SUBSIDIARIES
SUMMARY CONSOLIDATED BALANCE SHEET INFORMATION
FEBRUARY 28, 2013 AND MAY 31, 2012
(in thousands)
     
  February 28, May 31,
  2013 2012
  (unaudited)  
     
Current assets  $ 234,098  $ 218,675
     
Property, plant and equipment, net  72,503  62,041
     
Other non-current assets  140,536  123,072
     
Total assets  $ 447,137  $ 403,788
     
Current liabilities  $ 55,243  $ 61,656
     
Long term debt net of current maturities  89,063  85,872
     
Other non-current liabilities  22,224  11,259
     
Stockholders' equity  280,607  245,001
     
Total liabilities and stockholders' equity  $ 447,137  $ 403,788
CONTACT: Ted W. Owen
         (281) 331-6154

Team, Inc. Logo

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7870 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs