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Team, Inc. Reports Second Quarter 2014 Results; Affirms FY2014 Guidance

Stocks in this article: TISI

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.

Team is affirming its full fiscal year 2014 earnings guidance (adjusted) of $1.55 to $1.85 per share and continues to expect full year revenues to be in the range of $765 million to $790 million.

Key Points

  • 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.

"We are pleased with the overall results of our second quarter, which reflect the strong rebound by Quest, as expected, and a stabilizing of our job margins after several quarters of cost pressure" said Phil Hawk, Team's Chairman and Chief Executive Officer. "We remain confident in both our near-term and long-term growth and performance potential."

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