Team, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2012 ; Revises Earnings Guidance for the Fiscal Year 2013
January 07, 2013 at 09:42 pm
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Team, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended November 30, 2012. For the quarter, the company reported revenues of $200.648 million, operating income of $23.040 million, earnings before income taxes of $22.249 million, net income of $14.017 million, net income available to common shareholders of $13.936 million or $0.66 per diluted share compared to the revenues of $158.273 million, operating income of $17.080 million, earnings before income taxes of $16.620 million, net income of $10.388 million, net income available to common shareholders of $10.342 million or $0.50 per diluted share for the same quarter year ago. Adjusted net income was $13.936 million or $0.66 per diluted share compared to the $10.842 million or $0.53 per diluted share for the same quarter year ago. Adjusted EBIT was $23.040 million compared to the $17.880 million for the same quarter year ago. Adjusted EBITDA was $29.358 million compared to the $23.531 million for the same quarter year ago. Capital expenditures for the quarter were $6.9 million.
For the six months period, the company reported revenues of $362.140 million, operating income of $35.864 million, earnings before income taxes of $34.400 million, net income of $21.672 million, net income available to common shareholders of $21.497 million or $1.03 per diluted share compared to the revenues of $299.366 million, operating income of $28.835 million, earnings before income taxes of $27.521 million, net income of 17.201 million, net income available to common shareholders of $17.136 million or $0.83 per diluted share for the same period year ago. Adjusted net income was $21.497 million or $1.03 per diluted share compared to the $17.636 million or $0.86 per diluted share for the same period year ago. Adjusted EBIT was $35.864 million compared to the $29.635 million for the same period year ago. Adjusted EBITDA was $47.638 million compared to the $40.590 million for the same period year ago. At November 30, net debt was $71 million.
The company is raising its previously issued earnings guidance for fiscal year 2013 by $0.05 per share to a revised range of $1.90 to $2.05 per diluted share and company now expect full fiscal year revenues to be $700 million to $730 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, 2012 ; Revises Earnings Guidance for the Fiscal Year 2013