Delaware | 001-08604 | 74-1765729 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Exhibit number | Description | |
99.1 | Team, Inc.’s Press Release Issued May 9, 2016 |
TEAM, Inc. | ||
By: | /s/ Greg L. Boane | |
Greg L. Boane | ||
Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Team, Inc.’s Press Release Issued May 9, 2016 |
NEWS |
TEAM, INC. | For immediate release |
13131 Dairy Ashford, Suite 600 | Contact: Greg L. Boane (281) 388-5541 |
Sugar Land, TX 77478 |
TEAM, INC. AND SUBSIDIARIES | ||||||||
SUMMARY OF OPERATING RESULTS | ||||||||
(in thousands, except per share data) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2016 | 2015 | |||||||
(unaudited) | (unaudited) | |||||||
Revenues | $ | 250,854 | $ | 192,407 | ||||
Operating expenses | 184,872 | 138,364 | ||||||
Gross margin | 65,982 | 54,043 | ||||||
Selling, general and administrative expenses | 73,362 | 46,344 | ||||||
Operating income (loss) | (7,380 | ) | 7,699 | |||||
Foreign currency loss | 38 | 374 | ||||||
Loss on investment in Venezuela | — | 1,177 | ||||||
Other expense / (income), net | (10 | ) | 2 | |||||
Interest expense, net | 2,935 | 567 | ||||||
Earnings (loss) from continuing operations before income taxes | (10,343 | ) | 5,579 | |||||
Provision (benefit) for income taxes | (3,783 | ) | 2,213 | |||||
Income (loss) from continuing operations | (6,560 | ) | 3,366 | |||||
Income from discontinued operations | 126 | — | ||||||
Net income (loss) | (6,434 | ) | 3,366 | |||||
Less: Income attributable to non-controlling interest | — | 60 | ||||||
Net income (loss) available to common shareholders | $ | (6,434 | ) | $ | 3,306 | |||
Basic earnings (loss) per share: | ||||||||
Continuing operations | $ | (0.27 | ) | $ | 0.16 | |||
Discontinued operations | — | — | ||||||
Net income (loss) | $ | (0.27 | ) | $ | 0.16 | |||
Diluted earnings (loss) per share: | ||||||||
Continuing operations | $ | (0.27 | ) | $ | 0.15 | |||
Discontinued operations | — | — | ||||||
Net income (loss) | $ | (0.27 | ) | $ | 0.15 | |||
Weighted average number of shares outstanding: | ||||||||
Basic | 24,030 | 20,396 | ||||||
Diluted | 24,030 | 21,592 | ||||||
TEAM, INC. AND SUBSIDIARIES | ||||||||
ADDITIONAL FINANCIAL INFORMATION | ||||||||
(in thousands, except per share data) | ||||||||
Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
(unaudited) | (unaudited) | |||||||
Adjusted Net income (loss): | ||||||||
Net income (loss) available to common shareholders | $ | (6,434 | ) | $ | 3,306 | |||
Non-routine acquisition costs (Corporate) | 6,071 | — | ||||||
Non-routine legal fees (Quest) | 72 | 1,096 | ||||||
Non-routine professional fees (Corporate) | 2,223 | — | ||||||
Non-routine ERP costs (Corporate) | 1,298 | — | ||||||
Non-routine EA asset write-off (Team Furmanite) | — | 383 | ||||||
Non-routine loss on investment in Venezuela | — | 1,177 | ||||||
Non-routine foreign currency loss | — | 673 | ||||||
Tax impact of adjustments | (3,445 | ) | (1,321 | ) | ||||
Adjusted Net income (loss) | $ | (215 | ) | $ | 5,314 | |||
Adjusted Net income (loss) per common share: | ||||||||
Basic | $ | (0.01 | ) | $ | 0.26 | |||
Diluted | $ | (0.01 | ) | $ | 0.25 | |||
Adjusted EBITDA: | ||||||||
Operating income (loss) (“EBIT”) | $ | (7,380 | ) | $ | 7,699 | |||
Non-routine acquisition costs (Corporate) | 6,071 | — | ||||||
Non-routine legal fees (Quest) | 72 | 1,096 | ||||||
Non-routine professional fees (Corporate) | 2,223 | — | ||||||
Non-routine EA asset write-off (Team Furmanite) | — | 383 | ||||||
Non-routine ERP costs (Corporate) | 1,298 | — | ||||||
Adjusted EBIT | 2,284 | 9,178 | ||||||
Depreciation and amortization | 10,023 | 5,690 | ||||||
Non-cash share-based compensation costs | 1,706 | 1,286 | ||||||
Adjusted EBITDA | $ | 14,013 | $ | 16,154 | ||||
Segment Data: | ||||||||
Revenues: | ||||||||
Team QualSpec | $ | 136,262 | $ | 107,191 | ||||
Team Furmanite | 100,594 | 69,352 | ||||||
Quest | 13,998 | 15,864 | ||||||
$ | 250,854 | $ | 192,407 | |||||
Adjusted EBIT | ||||||||
Team QualSpec | $ | 7,944 | $ | 10,375 | ||||
Team Furmanite | 7,039 | 4,824 | ||||||
Quest | (685 | ) | 2,359 | |||||
Corporate and shared support | (12,014 | ) | (8,380 | ) | ||||
$ | 2,284 | $ | 9,178 | |||||
Adjusted EBITDA | ||||||||
Team QualSpec | $ | 12,998 | $ | 12,515 | ||||
Team Furmanite | 10,363 | 6,669 | ||||||
Quest | 597 | 3,794 | ||||||
Corporate and shared support | (9,945 | ) | (6,824 | ) | ||||
$ | 14,013 | $ | 16,154 |
TEAM, INC. AND SUBSIDIARIES | ||||||||
SUMMARY CONSOLIDATED BALANCE SHEET INFORMATION | ||||||||
MARCH 31, 2016 AND DECEMBER 31, 2015 | ||||||||
(in thousands) | ||||||||
March 31, | December 31, | |||||||
2016 | 2015 | |||||||
(unaudited) | ||||||||
Current assets | $ | 509,764 | $ | 314,559 | ||||
Property, plant and equipment, net | 201,015 | 124,983 | ||||||
Other non-current assets | 469,775 | 359,449 | ||||||
Total assets | $ | 1,180,554 | $ | 798,991 | ||||
Current liabilities | $ | 139,954 | $ | 92,160 | ||||
Long-term debt net of current maturities | 416,886 | 351,383 | ||||||
Other non-current liabilities | 74,530 | 17,302 | ||||||
Stockholders’ equity | 549,184 | 338,146 | ||||||
Total liabilities and stockholders’ equity | $ | 1,180,554 | $ | 798,991 |
TEAM, INC. AND SUBSIDIARIES | ||||||||
SUMMARY CONSOLIDATED CASH FLOW INFORMATION | ||||||||
MARCH 31, 2016 AND MARCH 31, 2015 | ||||||||
(in thousands) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2016 | 2015 | |||||||
(unaudited) | (unaudited) | |||||||
Net income (loss) | $ | (6,434 | ) | $ | 3,366 | |||
Depreciation, amortization and non-cash share-based compensation expense | 12,158 | 6,976 | ||||||
Working capital changes | 14,737 | (4,787 | ) | |||||
Other items affecting operating cash flow | 1,038 | 4,350 | ||||||
Net cash provided by operating activities | $ | 21,499 | $ | 9,905 | ||||
Capital expenditures | (11,580 | ) | (7,648 | ) | ||||
Cash used for business acquisitions, net | (33,077 | ) | — | |||||
Proceeds from sale of assets | 1,232 | 52 | ||||||
Other items affecting investing cash flow | 92 | (519 | ) | |||||
Net cash used in investing activities | $ | (43,333 | ) | $ | (8,115 | ) | ||
Borrowings on debt, net | 64,950 | 10,670 | ||||||
Purchase of treasury stock | (1,720 | ) | (21,138 | ) | ||||
Debt issuance costs | (380 | ) | — | |||||
Cash associated with share-based payment arrangements, net | 1,108 | 1,621 | ||||||
Net cash provided by (used in) financing activities | $ | 63,958 | $ | (8,847 | ) | |||
Effect of exchange rate changes | 1,360 | (1,925 | ) | |||||
Change in cash and cash equivalents | $ | 43,484 | $ | (8,982 | ) | |||