-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BxmqtWfGy2hM+Xz9MBOLEsyBOgIZlc697BET7gnjxF9IpBeCSDnNRBrG3AbR81NU KRlbFlaeS0f/T7Tt9bSe1w== 0001144204-10-002346.txt : 20100119 0001144204-10-002346.hdr.sgml : 20100118 20100119060655 ACCESSION NUMBER: 0001144204-10-002346 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100118 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100119 DATE AS OF CHANGE: 20100119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TEAM INC CENTRAL INDEX KEY: 0000318833 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS REPAIR SERVICES [7600] IRS NUMBER: 741765729 STATE OF INCORPORATION: TX FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08604 FILM NUMBER: 10531801 BUSINESS ADDRESS: STREET 1: 200 HERMANN DRIVE CITY: ALVIN STATE: TX ZIP: 77056 BUSINESS PHONE: 2813316154 MAIL ADDRESS: STREET 1: 1019 SOUTH HOOD STREET CITY: ALVIN STATE: TX ZIP: 77551 8-K 1 v171619_8k.htm Unassociated Document

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): January 18, 2010
 
TEAM, Inc.
(Exact Name of Registrant as Specified in Charter)

         
Texas
  
001-08604
  
74-1765729
(State or Other Jurisdiction
of Incorporation)
  
(Commission
File Number)
  
(IRS Employer
Identification No.)
 
200 Hermann Drive
Alvin, Texas 77511
(Address of Principal Executive Offices and Zip Code)
 
Registrant’s telephone number, including area code: (281) 331-6154
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate line below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 — CFR 230.425)
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 — CFR 240.14a-12)
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the — Exchange Act (17 CFR 240.14d-2(b))
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the — Exchange Act (17 CFR 240.13e-4(c))
 

Item 7.01 Regulation FD Disclosure.
 

On January 18, 2010, we disseminated a press release setting forth the impact to the Company of the currency devaluation in Venezuela and reaffirming our earnings guidance regarding expected financial performance for the fiscal year ending May 31, 2010. A copy of the press release is furnished herewith as Exhibit 99.1.
 
The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” with the Securities and Exchange Commission nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.
 
This Form 8-K contains forward looking statements. We based our forward-looking statements on our current expectations, estimates and projections about ourselves and our industry. We caution that these statements are not guarantees of future performance and involve risks, uncertainties and assumptions that we cannot predict. In addition, we based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in the forward-looking statements. Differences between actual results and any future performance suggested in these forward-looking statements could result from a variety of factors, including those listed in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. We assume no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by us, whether as new information, future events, or otherwise.
 
Item 9.01 Financial Statements and Exhibits.
 
(c)
Exhibits. The following exhibit is furnished as part of Item 7.01 of this Current Report on Form 8-K:
 
     
 
Exhibit number
  
Description                                                                                                                             
   
99.1
  
Team, Inc.’s Press Release issued January 18, 2010

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
TEAM, INC.
 
 
 
 
  
     
     
     
   
By: /s/ Ted W. Owen
   
Ted W. Owen
 
 
 
   
Senior Vice President and Chief
   
Financial Officer
     
     
 
Dated: January 18, 2010
 
 EX-99.1 2 v171619_ex99-1.htm Unassociated Document


 
(Logo:  http://www.newscom.com/cgi-bin/prnh/20090602/TEAMINCLOGO)

 

Team, Inc. Announces Non-Routine Charge Associated With Venezuelan Currency Devaluation

ALVIN, Texas, Jan. 18 /PRNewswire-FirstCall/ - -- Team, Inc. (Nasdaq: TISI) -- On Friday, January 8, 2010, the Venezuelan government announced its intention to significantly devalue its currency (Bolivar). Effective as of December 1, 2009 (the beginning of Team's third quarter of fiscal 2010) and as previously disclosed in Team's Form 10-Q filing for the period ended November 30, 2009, we began to account for Venezuela as a highly-inflationary economy.   Accordingly, all future currency fluctuations between the Bolivar and U.S. Dollar will be recorded in the Company's statement of operations.  Team operates a small service location in Punta Fijo, Venezuela, whose annual revenues have historically been less than one percent of Team's consolidated revenues, using the previously fixed exchange rate of 2.15 Bolivars per U.S. Dollar.
 
Because of the uncertain political environment in Venezuela, the Company intends to use the "parallel" exchange rate for Bolivar denominated bonds, most recently quoted at approximately 6.00, to translate its Venezuelan assets, liabilities and results of operations effective as of the beginning of our fiscal 2010 third quarter.

As a result, Team will take a non-routine pre-tax charge which is expected to be approximately $1.8 million in the third quarter ending February 28, 2010. The charge will be presented in the Company's statement of operations as "other expense" below the "operating income" line. The after-tax effect of this charge is expected to be approximately $0.06 per fully diluted share. After the devaluation, the Company's net assets in Venezuela will be less than $1.0 million. Excluding the impact of this non-routine charge, the devaluation of the Bolivar does not affect our previously affirmed earnings guidance for our full fiscal year 2010 of $0.85 to $1.05 per fully diluted share.

About Team, Inc.

Headquartered in Alvin, Texas, Team, Inc. is a leading provider of specialty industrial services required in maintaining and installing high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries.  Team offers these services in over 100 locations throughout the United States, Angola, Belgium, Canada, Singapore, The Netherlands, Trinidad and Venezuela.  Team's common stock is traded on the NASDAQ Global Select Market under the ticker symbol "TISI".

Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995. We have made reasonable efforts to ensure that the information, assumptions and beliefs upon which this forward-looking information is based are current, reasonable and complete. Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Such known factors are detailed in the Company's Annual Report on Form 10-K for the year ended May 31, 2009 and in the Company's Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein will occur or that objectives will be achieved. We assume no obligation to publicly update or revise any forward-looking statements made today or any other forward-looking statements made by the company, whether as a result of new information, future events or otherwise.

CONTACT: Ted W. Owen of Team, Inc., +1-281-331-6154


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