SUGAR LAND, Texas, Aug. 6, 2013 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) today announced financial results for the fiscal year ending May 31, 2013. Team reported earnings, adjusted for non-routine items, of $32.8 million ($1.55 per diluted share), versus adjusted net income of $34.5 million ($1.67 per diluted share) for the prior year. Revenues for the year ended May 31, 2013, were $714 million, a 15% increase compared to revenues of $624 million for the prior year. Fourth quarter revenues and adjusted earnings were $201 million and $11.5 million ($0.54 per diluted share), respectively.
- Total revenue growth of $91 million for the year, up 15%.
- Total inspection and assessment revenues up 20% for the quarter and up 29% for the year.
- Operating income was 9.5% of revenue for the quarter and 7.8% for the year.
- Capital expenditures were $7 million for the quarter and $26 million for the year.
- Adjusted EBITDA was $25.2 million (12.5% of revenue) for the quarter and $79.2 million (11% of revenue) for the year.
- Net debt (debt less cash) of $39 million at May 31, 2013, with net debt to Adjusted EBITDA ratio of 0.5 to 1.0.
- On June 24, 2013, announced the new alignment of operations around three business groups—Inspection and Heat Treating Services ($381 million in FY 2013 revenues), Mechanical Services ($276 million in FY 2013 revenues) and Quest Integrity Group ($57 million in FY 2013 revenues).
- On July 25, 2013, announced the acquisition of Global Ascent, Inc., a leading provider of industrial rope access services.