ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 2016

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

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	69,603
Inventory	27,800
Current deferred tax assets	11,563
Prepaid expenses and other current assets	24,026
Current assets of discontinued operations	14,760
Plant, property and equipment	70,526
Intangible assets	70,800
Goodwill	93,903
Other non-current assets	3,709
Total assets acquired	$	424,424

Accounts payable	$	12,360
Other accrued liabilities	26,894
Income taxes payable	229
Current liabilities of discontinued operations	1,434
Non-current deferred tax liabilities	84,963
Defined benefit pension liability	13,509
Other long-term liabilities	2,694
Total liabilities assumed	142,083
Net assets acquired	$	282,341

Summary of Pro Forma Consolidated Statement of Operations

Our condensed consolidated statements of income (unaudited) include the activity of Furmanite beginning on the acquisition date of February 29, 2016.

Pro Forma Information - Furmanite and Qualspec

Our unaudited pro forma consolidated results of operations are shown below as if the acquisition of Furmanite and Qualspec 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 acquisitions 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			Pro forma data
	Three Months Ended June 30,			Six Months Ended June 30,
	2015			2016		2015
		(unaudited)		(unaudited)		(unaudited)
Revenues		$	370,616	$	631,064	$	693,167
Income from continuing operations attributable to Team shareholders		$	14,087	$	2,620	$	18,300
Earnings per share from continuing operations:
Basic		$	0.49	$	0.09	$	0.64
Diluted		$	0.48	$	0.09	$	0.62

These amounts have been calculated after applying Team’s accounting policies and adjusting the results of Furmanite and Qualspec to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had been applied on January 1, 2015, together with the related tax effects. Additionally, these pro forma results exclude discontinued operations as well as the impact of costs related to the Furmanite and Qualspec acquisitions included in the historical results.