8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 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: September 15, 2004)


                                   TEAM, Inc.
- -------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)


           Texas                         0-9950               74-1765729
- -----------------------------   ------------------------  -------------------
(State or Other Jurisdiction    (Commission File Number)    (I.R.S. Employer
      of Incorporation)                                    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
- --------------------------------------------------------------------------------

ITEM 8.01 OTHER EVENTS.

On September 15, 2004, the Registrant disseminated a Press Release announcing it
anticipates lower first quarter earnings but affirms its earnings outlook for
fiscal 2005. The information contained in the Press Release dated September 15,
2004 is incorporated herein by reference and attached as Exhibit 99.1 hereto.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits.

     99.1 The Registrant's Press Release dated September 15, 2004.






                                    SIGNATURE



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 thereunto duly authorized.



                              TEAM, INC.



                              By: /s/ Ted W. Owen
                                  -----------------------------
                                  Ted W. Owen
                                  Senior Vice President -
                                  Finance and Administration

Date: September 15, 2004

EX-99.1

                                                                    Exhibit 99.1

  Team Inc. Anticipates Lower First Quarter Earnings; Affirms Positive Outlook

     ALVIN, Texas--(BUSINESS WIRE)--September 15, 2004--Team Inc. (AMEX:TMI)
today reported that it expects its earnings for the quarter to be approximately
$0.02 per share for the quarter ending Aug. 31, 2004, significantly lower than
the comparable prior year quarter. At the same time, the company affirmed its
future outlook. While forecasting full year fiscal year 2005 earnings is
difficult due to the uncertainties inherent with the on-going major business
integration activities, the company is maintaining its earnings outlook of $0.84
to $0.90 per share for the current year ending May 31, 2005. For fiscal year
2006 ending May 31, 2006, and following the completion of integration
activities, the company expects earnings per share to be in the $1.25 to $1.40
range.
     In the first quarter, Team's legacy on-stream service lines, as well as
Climax, continued their attractive growth in both revenue and profits. However,
this profit growth was more than offset by a significant decline in Team's
international activities and significant losses in Team's recently acquired heat
treating and inspection businesses. A major cause of this decline and these
losses has been the very low level of turnaround activity during the quarter. As
reported previously, due to extraordinarily high refining margins, refiners have
deferred all turnaround activity that could be deferred during the quarter.
"While this performance level is certainly below management's plan for the
quarter, we are confident that our competitive position in our markets has not
declined and that we will benefit from this deferred turnaround activity in
future quarters," said Phil Hawk, Team's chairman and CEO.
     Looking beyond these near-term turnaround timing and integration issues,
the company remains extremely positive about its prospects. The purchases of
Thermal Solutions and Cooperheat-MQS businesses nearly double Team's overall
revenues to nearly $200 million. At the same time, Team's market leadership in
these service lines only enhances future organic growth potential as the company
continues to capitalize on customer trends to consolidate service purchases with
fewer, larger, more capable service companies.
     "We are very optimistic about our business strategy and business outlook.
Once our new inspection and heat treating businesses are fully integrated, we
expect to achieve profit levels comparable to Team's mechanical service lines.
As reflected in our positive earnings outlook, this business growth at
comparable margins will be extremely leveraging to Team's overall performance.
We also remain confident in our continued organic growth opportunities across
all of our service lines," reported Hawk.
     "For the remainder of fiscal year 2005, we have a positive outlook with
improving levels of turnaround activity throughout the remainder of the year.
While we will need to work through challenges as we integrate the new
businesses, we expect Team Cooperheat-MQS, the new unit for our combined
inspection and heat treating services, to make a meaningful contribution to
Team's performance this year," said Hawk.
     The Company intends to release its quarterly earnings and hold its
quarterly investor conference call on Sept. 29, 2004.
     Team Inc. is a professional, full-service provider of specialty industrial
services. Team's current industrial service offering encompasses on-stream leak
repair, hot tapping, fugitive emissions monitoring, field machining, technical
bolting, field valve repair, NDE inspection and field heat treating. All these
services are required in maintaining high temperature, high pressure piping
systems and vessels utilized extensively in the refining, petrochemical, power,
pipeline, and other heavy industries. Team's inspection services also serve the
aerospace and automotive industries. Headquartered in Alvin, Texas, the Company
operates in over 50 customer service locations throughout the United States. The
Company also serves the international market through both its own international
subsidiaries as well as through licensed arrangements in 14 countries. Team Inc.
common stock is traded on the American Stock Exchange under the ticker symbol
"TMI".
     Certain forward-looking information contained herein is being provided in
accordance with the provisions of the Private Securities Litigation Reform Act.
Such information is subject to certain assumptions and beliefs based on current
information known to the Company and is subject to factors that could result in
actual results differing materially from those anticipated in the
forward-looking statements contained herein. Such factors include domestic and
international economic activity, interest rates, and market conditions for the
Company's customers, regulatory changes and legal proceedings, and the Company's
successful implementation of its internal operating plans. Accordingly, there
can be no assurance that the forward-looking statements contained herein will
occur or that objectives will be achieved.

     CONTACT: Team Inc., Alvin
              Philip J. Hawk, 281-331-6154
              or
              Ted W. Owen, 281-331-6154