Team, Inc. Reports Strong 2nd Quarter Earnings and Raises Full Year Guidance

ALVIN, Texas, Jan. 3, 2012 (GLOBE NEWSWIRE) -- Team, Inc., (NYSE:TISI) today reported second quarter net income available to common shareholders of $10.3 million ($0.50 per diluted share), an increase of $2.3 million, or 28%, compared to the second quarter of last year. Revenues for the second quarter were $158.3 million, an increase of $25.1 million, or 19%, compared to the second quarter of last year.
Adjusted net income [i]was $10.8 million ($0.53 per diluted share) compared to $8.4 million ($0.43 per diluted share) in the prior year quarter. Adjusted net income excludes the effect of a $0.8 million pre-tax legal settlement in the current quarter and
$0.6 million of pre-tax expense associated with a business acquisition in the prior year quarter. Adjusted EBITD [ A ii], which also excludes non-cash share-based compensation expense, was $23.5 million for the second quarter, an increase of $4.2 million, or 22%, compared to the second quarter of last year.
Revenues for the six months ended November 30, 2011 were $299.4 million, an increase of $61.7 million, or 26%, compared to the same prior year period. Net income available to common shareholders for the current year six-month period was $17.1 million ($0.83 per diluted share), an increase of $5.3 million or 44% compared to the same prior year period. Adjusted net income and adjusted EBITDA for the current year six-month period was $17.6 million ($0.86 per diluted share) and $40.6 million, respectively.

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