Team, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2013; Reaffirms Earnings Guidance for the Full Year 2014
January 07, 2014 at 09:28 pm
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Team, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended November 30, 2013. For the quarter, the company reported revenues of $200,493,000, operating income of $23,881,000, earnings before income taxes of $22,930,000, net income of $14,597,000, net income available to common shareholders of $14,425,000 or $0.68 per diluted share compared to the revenues of $200,648,000, operating income of $23,040,000, earnings before income taxes of $22,249,000, net income of $14,017,000, net income available to common shareholders of $13,936,000 or $0.66 per diluted share for the same quarter a year ago. Adjusted net income was $13,067,000 or $0.62 per diluted share compared to the $13,936,000 or $0.66 per diluted share for the same quarter year ago. Adjusted EBIT was $21,743,000 compared to the $23,040,000 for the same quarter year ago. Adjusted EBITDA was $28,391,000 compared to the $29,358,000 for the same quarter year ago. Capital expenditures were $7.4 million.
For the six months, the company reported revenues of $374,804,000, operating income of $31,986,000, earnings before income taxes of $30,037,000, net income of $19,074,000, net income available to common shareholders of $18,935,000 or $0.89 per diluted share compared to the revenues of $362,140,000, operating income of $35,864,000, earnings before income taxes of $34,400,000, net income of $21,672,000, net income available to common shareholders of $21,497,000 or $1.03 per diluted share for the same period year ago. Adjusted net income was $18,044,000 or $0.85 per diluted share compared to the $21,497,000 or $1.03 per diluted share for the same period year ago. Adjusted EBIT was $30,590,000 compared to the $35,864,000 for the same period year ago. Adjusted EBITDA was $43,491,000 compared to the $47,638,000 for the same period year ago. Net cash provided by operating activities was $20,218,000 compared to $19,719,000 for the same period a year ago. Capital expenditures were $13,619,000 compared to $12,654,000 for the same period a year ago. Net cash used for business acquisitions $10,175,000 compared to $18,144,000 for the same period a year ago. Net debt was $55 million.
The company is affirming its full fiscal year 2014 adjusted earnings guidance of $1.55 to $1.85 per share and continues to expect full year revenues to be in the range of $765 million to $790 million.
Team, Inc. is a provider of specialty industrial services. The Company offers its clients access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services. The Companyâs segments include Inspection and Heat Treating (IHT) and Mechanical Services (MS). IHT provides conventional and advanced non-destructive testing services primarily for the process, pipeline and power sectors, pipeline integrity management services, and field heat treating services, as well as associated engineering and condition assessment services. IHT also provides non-destructive testing services and metallurgical and chemical processing services. MS provides solutions designed to serve clients' needs during both the operational (onstream) and off-line states of their assets. Its onstream services include a range of standard custom-engineered leak repair and composite solutions, and hot tapping and line stopping, and on-line valve insertion solutions.
Team, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2013; Reaffirms Earnings Guidance for the Full Year 2014