UNITED STATES
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) October 3, 2011
Team, Inc.
(Exact name of registrant as specified in its 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) | (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 box 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 2.02. Results of Operations and Financial Condition.
On October 3, 2011, we disseminated a press release announcing financial results for our first quarter of fiscal year 2012 ending August 31, 2011 and affirming our earnings guidance regarding expected financial performance for our fiscal year ending May 31, 2012. A copy of such press release is furnished herewith as Exhibit 99.1. The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and 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 2.02 of this Current Report on Form 8-K:
Exhibit number
Description
99.1
Team, Inc.'s Press Release issued October 3, 2011
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Team, Inc.
(Registrant) |
||
| October 3, 2011
(Date) |
/s/ TED W. OWEN
Ted W. Owen Executive Vice President and Chief Financial Officer |
EXHIBIT 99.1
ALVIN, Texas, Oct. 3, 2011 (GLOBE NEWSWIRE) -- Team Inc. (Nasdaq:TISI), reported net income of $ 6.8 million ($0.33 per diluted share) for its first quarter ended August 31, 2011, up 78% from the same quarter last year. First quarter revenues were $141.1 million, increasing $36.6 million, or 35% from the prior year first quarter.
First Quarter Performance Highlights
"We are pleased to be off to a good start in this new fiscal year," said Phil Hawk, Team's Chairman and CEO. "We remain optimistic about the remainder of the year."
Earnings Conference Call
In connection with this earnings release, Team will hold its quarterly conference call on Tuesday, October 4 at 8:00 a.m. Central Time (9:00 a.m. Eastern). The call will be broadcast over the Web and can be accessed on Team's Website, www.teamindustrialservices.com. Individuals wishing to participate by phone may call 877-615-4339 and use passcode 8428986 when prompted.
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 world. Team's common stock is traded on the NASDAQ Global Select Market under the ticker symbol "TISI".
Statements and projections in this release that relate to future results and events are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based upon our current expectations. Such forward-looking statements and projections involve estimates, assumptions, judgments and uncertainties. We have made reasonable efforts to ensure that the information, assumptions and beliefs upon which these forward-looking statements and projections are based are current, reasonable and complete. However, there are a variety of known and unknown factors that could cause our actual results or outcomes to differ materially from the projections, anticipated results or other expectations expressed in this release. Such known factors are detailed in our Annual Report on Form 10-K for the year ended May 31, 2011 and in our other filings with the Securities and Exchange Commission. Accordingly, there can be no assurance that the forward-looking statements and projections contained herein will occur or that our 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.
| TEAM, INC. AND SUBSIDIARIES | ||||||
| SUMMARY OF OPERATING RESULTS | ||||||
| (in thousands, except per share data) | ||||||
| Three Months Ended | ||||||
| August 31 | ||||||
| 2011 | 2010 | |||||
| (unaudited) | (unaudited) | |||||
| Revenues | $ 141,093 | $ 104,511 | ||||
| Operating expenses | 96,646 | 72,965 | ||||
| Gross margin | 44,447 | 31,546 | ||||
| Selling, general and administrative expenses | 33,134 | 25,113 | ||||
| Earnings from unconsolidated affiliates | 442 | 308 | ||||
| Operating income | 11,755 | 6,741 | ||||
| Foreign currency loss (gain) | 271 | (41) | ||||
| Interest expense, net | 583 | 439 | ||||
| Earnings before income taxes | 10,901 | 6,343 | ||||
| Provision for income taxes | 4,088 | 2,537 | ||||
| Net income | 6,813 | 3,806 | ||||
| Less: Income attributable to non-controlling interest | (19) | -- | ||||
| Net income available to common shareholders | $ 6,794 | $ 3,806 | ||||
| Earnings per common share: | ||||||
| Basic | $ 0.35 | $ 0.20 | ||||
| Diluted | $ 0.33 | $ 0.20 | ||||
| Weighted average number of shares | ||||||
| outstanding: | ||||||
| Basic | 19,508 | 18,971 | ||||
| Diluted | 20,490 | 19,426 | ||||
| Divisional revenues: | ||||||
| TCM | $ 77,033 | $ 59,367 | ||||
| TMS | 64,060 | 45,144 | ||||
| $ 141,093 | $ 104,511 | |||||
| EBITDA: | ||||||
| Operating income | $ 11,755 | $ 6,741 | ||||
| Depreciation and amortization | 4,139 | 3,122 | ||||
| Non-cash compensation costs | 1,159 | 1,146 | ||||
| EBITDA | $ 17,053 | $ 11,009 | ||||
| TEAM, INC. AND SUBSIDIARIES | ||
| SUMMARY CONSOLIDATED BALANCE SHEET INFORMATION | ||
| AUGUST 31, 2011 AND MAY 31, 2011 | ||
| (in thousands) | ||
| August 31, | May 31, | |
| 2011 | 2011 | |
| (unaudited) | ||
| Current assets | $ 181,203 | $ 190,274 |
| Property, plant and equipment, net | 59,996 | 58,567 |
| Other non-current assets | 107,339 | 106,645 |
| Total assets | $ 348,538 | $ 355,486 |
| Current liabilities | $ 46,894 | $ 59,741 |
| Long term debt net of current maturities | 72,699 | 75,868 |
| Other non-current liabilities | 10,890 | 10,431 |
| Stockholders' equity | 218,055 | 209,446 |
| Total liabilities and stockholders' equity | $ 348,538 | $ 355,486 |
CONTACT: Ted W. Owen
(281) 331-6154