SUGAR LAND, Texas, Jan. 7, 2014 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) today announced financial results for the fiscal year 2014 second quarter ended November 30, 2013. Team reported net income available to shareholders of $14.4 million ($0.68 per diluted share). Excluding a non-routine revaluation gain, adjusted net income available to shareholders was $13.1 million ($0.62 per diluted share). Revenues for the current year quarter were $200 million, approximately the same as the prior year quarter. For the six months ended November 30, 2013, adjusted earnings were $0.85 per diluted share on revenues of $375 million.
- Adjusted operating income (also referred to as "EBIT") for the quarter of $21.7 million, or 11% of revenues.
- Adjusted EBITDA for the quarter of $28.4 million, or 14% of revenues.
- Record second quarter for Quest Integrity Group: -- $20 million in revenue, up 29% over prior year quarter. -- $5.5 million in EBIT, up 85% over prior year quarter.
- Inspection & Heat Treating ("IHT") and Mechanical Services combined business segment revenues declined 3% in the quarter, compared to a very strong prior year quarter, which had a record level of large project activity: -- IHT Inspection services up 8%. -- On-stream services up 13%. -- Turnaround services down 24%.
- Combined gross margins of IHT and Mechanical Services were virtually flat with prior year quarter (29%), reflecting progress in margin improvement initiatives.
- Repurchased 370,000 shares of our common stock in the quarter for a total consideration of approximately $13 million, leaving a remaining share repurchase authorization of about $12 million.
- Recognized a non-cash accounting gain of $2.1 million upon the revaluation of contingent consideration in a recent acquisition.