ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2016

The acquisition-date fair value of the consideration transferred totaled $282.3 million, which consisted of the following (in thousands, except shares):



	February 29, 2016
	(unaudited)
Common stock (8,208,006 shares)	$	209,529
Converted share-based payment awards	2,001
Cash	70,811
Total consideration	$	282,341

The following table presents the preliminary purchase price allocation for Furmanite (in thousands):



	February 29, 2016
	(unaudited)
Cash and cash equivalents	$	37,734
Accounts receivable	85,814
Inventory	38,896
Current deferred tax assets	11,563
Prepaid expenses and other current assets	19,405
Plant, property and equipment	70,539
Intangible assets	70,800
Goodwill	36,720
Other non-current assets	3,709
Total assets acquired	$	375,180

Accounts payable	$	12,360
Other accrued liabilities	26,950
Income taxes payable	229
Non-current deferred tax liabilities	37,097
Defined benefit pension liability	13,509
Other long-term liabilities	2,694
Total liabilities assumed	92,839
Net assets acquired	$	282,341

The following table presents the purchase price allocation for Qualspec (in thousands):



	July 7, 2015
	(unaudited)
Cash and cash equivalents	$	3,981
Accounts receivable	21,495
Current deferred tax assets	279
Prepaid expenses	1,049
Plant, property and equipment	15,472
Intangible assets	78,100
Goodwill	148,482
Other assets	138
Total assets acquired	$	268,996

Accounts payable	$	2,892
Other accrued liabilities	7,581
Non-current deferred tax liability	2,982
Total liabilities assumed	13,455
Net assets acquired	$	255,541

Summary of Pro Forma Consolidated Statement of Operations

Our unaudited pro forma consolidated results of operations are shown below as if the acquisition of Furmanite had occurred at the beginning of fiscal year 2015. These results are not necessarily indicative of the results which would actually have occurred if the purchase had taken place at the beginning of fiscal year 2015, nor are they necessarily indicative of future results (in thousands, except per share data).



	Pro forma data
	Three Months Ended March 31,
	2016			2015
	(unaudited)			(unaudited)
Revenues	$	294,624		$	278,371
Income (loss) from continuing operations attributable to Team shareholders	$	(4,837	)	$	2,987
Earnings (loss) per share from continuing operations:
Basic	$	(0.16	)	$	0.10
Diluted	$	(0.16	)	$	0.10

Our consolidated results include the activity of Furmanite beginning on the acquisition date of February 29, 2016. The amounts of revenue and earnings (loss) of Furmanite included in the consolidated statement of operations from the acquisition date to March 31, 2016 are as follows (in thousands):



	February 29, 2016 to March 31, 2016
	(unaudited)
Revenue	$	28,884
Net loss	$	(1,674	)

The amounts of revenue and earnings of Qualspec included in the consolidated statement of operations (in the Team Qualspec segment) for the three months ended March 31, 2016 are as follows:



	Three Months Ended March 31, 2016
	(unaudited)
Revenue	$	39,039
Net Income	$	207