This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Team, Inc. Reports FY2013 Results; Provides FY2014 Guidance

Stocks in this article: TISI

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.

"While our fourth quarter and full year results were consistent with our revised earnings guidance issued in May 2013, we are disappointed that fiscal 2013 was only a 'near-best' year for Team and not a 'new-best' year," said Phil Hawk, Team's Chairman and Chief Executive Officer. "We are pleased with our overall revenue growth for the year and quarter, but our expectation for fiscal 2014 is to rebalance our resources and restore the operating leverage that is inherent in our business, while continuing our history of double digit revenue growth."

Highlights and Other Financial Data for Fourth Quarter

  • 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.

GAAP Earnings

Team's net income available to shareholders reported in accordance with generally accepted accounting principles (including non-routine items) was $32.4 million ($1.53 per diluted share) as compared to $32.9 million ($1.59 per diluted share) in the prior year. Certain non-routine items have been excluded when arriving at adjusted earnings. A reconciliation of net income, reported in accordance with generally accepted accounting principles, to adjusted net income is contained in the tables below.

1 of 2

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!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

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