Team Corporation

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Team Corporation

United States
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News Article | May 9, 2017
Site: globenewswire.com

SUGAR LAND, Texas, May 09, 2017 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) (“Team,” “we,” “our,” or the “Company”) today reported its financial results for the first quarter ended March 31, 2017. Revenues for the current quarter increased by 14% to $286.6 million compared to revenues of $250.9 million for the prior year quarter due primarily to the current quarter realizing the full contribution of Furmanite.  Team reported a net loss of $9.5 million ($0.32 loss per diluted share) for the current year quarter versus a loss of $6.4 million ($0.27 earnings per diluted share) for the prior year quarter. Excluding certain non-routine items, adjusted net loss, a non-GAAP measure, was $7.2 million ($0.24 adjusted loss per diluted share) for the current quarter versus an adjusted loss of $0.2 million ($0.01 adjusted loss per diluted share) for the prior year quarter. Adjusted net income (loss), a non-GAAP measure, excludes certain non-routine items that are not indicative of Team’s ongoing operating activities of $2.3 million (net of tax), or $0.08 per diluted share, for the current year quarter and $6.2 million (net of tax), or $0.26 per diluted share, for the prior year quarter. (See the accompanying reconciliation of non-GAAP items at the end of this news release.) TeamQualspec generated revenues of $143.0 million in the first quarter of 2017 compared to $136.3 million in the first quarter of 2016. TeamQualspec’s operating income was $8.1 million in the first quarter of 2017, compared to $7.9 million in the first quarter of 2016. On an adjusted basis, operating income in the 2017 quarter was $7.0 million compared to $7.9 million in the 2016 quarter. TeamFurmanite generated revenues of $121.8 million in the first quarter of 2017 compared to $100.6 million in the first quarter of 2016. TeamFurmanite’s operating income was $0.5 million in the first quarter of 2017, compared to $7.0 million in the first quarter of 2016. On an adjusted basis, TeamFurmanite reported an operating loss of $0.7 million in the 2017 quarter versus operating income of $7.0 million in the 2016 quarter.  On a pro forma basis (as if Furmanite had been acquired on January 1, 2016 rather than February 29, 2016), TeamFurmanite’s revenues were $144.4 million in the first quarter of 2016 and its adjusted operating income for the 2016 quarter was $2.3 million. Quest Integrity generated revenues of $21.8 million in the first quarter of 2017 compared to $14.0 million in the first quarter of 2016. Quest Integrity’s operating income was $4.2 million in the first quarter of 2017, compared to an operating loss of $0.8 million ($0.7 million, adjusted) in the first quarter of 2016.” Commenting on the results, Ted Owen, Team’s President and Chief Executive Officer said, “Our first quarter is always the seasonally weakest quarter of the year. Having said that, the first month of the quarter, January 2017, reflected a continuation of the softer than usual market demand conditions we had experienced for all of 2016 with revenues in the month being down year-over-year on a pro forma basis by 17%. “In February and March, we began to see the seasonal improvement in demand that we were expecting, with revenues in both of those months being up 3% over the prior-year months on a pro forma basis. While the growth achieved in February and March was not sufficient to recover from the weak month of January, we are pleased with the direction of our business. For the two months of February and March, TeamQualspec revenues were up 11% year over year and, for the full first quarter of 2017, Quest Integrity’s revenues were up 56% compared to the prior year—both barometers, we believe, of future demand growth for mechanical services (TeamFurmanite) revenues.” Certain non-routine items that management believes are not indicative of Team’s ongoing operating activities have been excluded from net income (loss) reported in accordance with generally accepted accounting principles in the United States (“GAAP”) when arriving at adjusted net income (loss), a non-GAAP financial measure. In the current quarter, the most significant non-routine items pertained to non-capitalized ERP implementation costs ($4.1 million), non-routine legal fees and professional fees for acquisition integration ($2.0 million), partially offset by a gain on the revaluation of contingent consideration associated with a previous acquisition ($1.2 million) and a gain associated with exit activities ($1.2 million), primarily related to the disposal of the Furmanite operations in Belgium. A reconciliation of net income (loss) reported in accordance with GAAP to adjusted net income (loss) is contained in the accompanying schedule. Team, Inc. has scheduled a conference call to discuss its first quarter and full year 2017 results, which will be broadcast live over the Internet, on Wednesday, May 10, 2017 at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time. To participate in the call, dial 1-888-699-2378 and ask for the Team conference call at least 10 minutes prior to the start time, or access it live over the Internet at www.teaminc.com. For those who cannot listen to the live call, a replay will be available through May 17, 2017 and may be accessed by dialing 404-537-3406 and using pass code 11011929#. Also, an archive of the webcast will be available shortly after the call at www.teaminc.com for 90 days. Headquartered near Houston, Texas, Team, Inc. is a leading provider of specialty industrial services, including inspection and assessment, 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 across its 220 branch locations and more than 20 countries throughout the world. For more information, please visit www.teaminc.com. This press release presents information about the Company’s adjusted net income (loss) and adjusted net income (loss) per share, and the Company sometimes uses adjusted EBITDA, EBIT and adjusted EBIT, which are non-GAAP financial measures provided as supplemental to the results provided in accordance with GAAP. A reconciliation of each of the foregoing historical non-GAAP financial measures to the most directly comparable historical GAAP financial measure is contained in the accompanying schedule for each of the fiscal periods indicated. Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995.  We have made reasonable efforts to ensure that the information, assumptions and beliefs upon which this forward-looking information is based are current, reasonable and complete. Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Such known factors are detailed in the Company’s Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein will occur or that 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 Non-GAAP Financial Measures (Unaudited) The Company uses supplemental non-GAAP financial measures which are derived from the consolidated financial information including adjusted net income (loss); adjusted net income (loss) per share, earnings before interest and taxes (“EBIT”); adjusted EBIT; and adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) to supplement financial information presented on a GAAP basis. Adjusted net income (loss) and adjusted net income (loss) per share, each as defined by the Company, exclude the following items from net income (loss): acquisition costs associated with business combinations, non-routine legal costs associated with Quest Integrity patent defense litigation,  professional fees for acquired business integration and changing our fiscal year end, gains and losses on the revaluation of contingent consideration, non-capitalized ERP implementation costs, exit costs (credits) associated with the restructuring/closure of the acquired Furmanite operations in Western Europe, losses on our investment in Venezuela, certain other non-routine items and the related income tax impacts. We also exclude the income tax impacts of certain special income tax items including changes to valuation allowances in several foreign subsidiaries. The identification of these special tax items is judgmental in nature, and their calculation is based on various assumptions and estimates. EBIT, as defined by the Company, excludes discontinued operations, income tax expense, interest charges and items of other (income) expense and therefore is equal to operating income (loss) reported in accordance with GAAP. Adjusted EBIT further excludes the following items: acquisition costs associated with business combinations, non-routine legal costs associated with Quest Integrity patent defense litigation, professional fees for acquired business integration and changing our fiscal year end, gains and losses on the revaluation of contingent consideration, non-capitalized ERP implementation costs, exit costs (credits) associated with the restructuring/closure of the acquired Furmanite operations in Western Europe and certain other non-routine items. Adjusted EBITDA further excludes from adjusted EBIT depreciation, amortization and non-cash share based compensation costs. Management believes that excluding certain items from GAAP results allows management to better understand the consolidated financial performance from period to period and to better identify operating trends that may not otherwise be apparent. Moreover, the Company believes these non-GAAP financial measures will provide its stakeholders with useful information to help them evaluate operating performance. However, there are limitations to the use of the non-GAAP financial measures presented in this report. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies who may calculate non-GAAP financial measures differently than Team does, limiting the usefulness of those measures for comparative purposes. The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for net income (loss) as a measure of operating performance or to cash flows from operating activities as a measure of liquidity, prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure are presented below. You are encouraged to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. *      For the three months ended March 31, 2017, represents the tax effect of non-routine adjustments at an assumed marginal tax rate of 37% in order to approximate our long-term effective tax rate.


News Article | May 9, 2017
Site: globenewswire.com

SUGAR LAND, Texas, May 09, 2017 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) (“Team,” “we,” “our,” or the “Company”) today reported its financial results for the first quarter ended March 31, 2017. Revenues for the current quarter increased by 14% to $286.6 million compared to revenues of $250.9 million for the prior year quarter due primarily to the current quarter realizing the full contribution of Furmanite.  Team reported a net loss of $9.5 million ($0.32 loss per diluted share) for the current year quarter versus a loss of $6.4 million ($0.27 earnings per diluted share) for the prior year quarter. Excluding certain non-routine items, adjusted net loss, a non-GAAP measure, was $7.2 million ($0.24 adjusted loss per diluted share) for the current quarter versus an adjusted loss of $0.2 million ($0.01 adjusted loss per diluted share) for the prior year quarter. Adjusted net income (loss), a non-GAAP measure, excludes certain non-routine items that are not indicative of Team’s ongoing operating activities of $2.3 million (net of tax), or $0.08 per diluted share, for the current year quarter and $6.2 million (net of tax), or $0.26 per diluted share, for the prior year quarter. (See the accompanying reconciliation of non-GAAP items at the end of this news release.) TeamQualspec generated revenues of $143.0 million in the first quarter of 2017 compared to $136.3 million in the first quarter of 2016. TeamQualspec’s operating income was $8.1 million in the first quarter of 2017, compared to $7.9 million in the first quarter of 2016. On an adjusted basis, operating income in the 2017 quarter was $7.0 million compared to $7.9 million in the 2016 quarter. TeamFurmanite generated revenues of $121.8 million in the first quarter of 2017 compared to $100.6 million in the first quarter of 2016. TeamFurmanite’s operating income was $0.5 million in the first quarter of 2017, compared to $7.0 million in the first quarter of 2016. On an adjusted basis, TeamFurmanite reported an operating loss of $0.7 million in the 2017 quarter versus operating income of $7.0 million in the 2016 quarter.  On a pro forma basis (as if Furmanite had been acquired on January 1, 2016 rather than February 29, 2016), TeamFurmanite’s revenues were $144.4 million in the first quarter of 2016 and its adjusted operating income for the 2016 quarter was $2.3 million. Quest Integrity generated revenues of $21.8 million in the first quarter of 2017 compared to $14.0 million in the first quarter of 2016. Quest Integrity’s operating income was $4.2 million in the first quarter of 2017, compared to an operating loss of $0.8 million ($0.7 million, adjusted) in the first quarter of 2016.” Commenting on the results, Ted Owen, Team’s President and Chief Executive Officer said, “Our first quarter is always the seasonally weakest quarter of the year. Having said that, the first month of the quarter, January 2017, reflected a continuation of the softer than usual market demand conditions we had experienced for all of 2016 with revenues in the month being down year-over-year on a pro forma basis by 17%. “In February and March, we began to see the seasonal improvement in demand that we were expecting, with revenues in both of those months being up 3% over the prior-year months on a pro forma basis. While the growth achieved in February and March was not sufficient to recover from the weak month of January, we are pleased with the direction of our business. For the two months of February and March, TeamQualspec revenues were up 11% year over year and, for the full first quarter of 2017, Quest Integrity’s revenues were up 56% compared to the prior year—both barometers, we believe, of future demand growth for mechanical services (TeamFurmanite) revenues.” Certain non-routine items that management believes are not indicative of Team’s ongoing operating activities have been excluded from net income (loss) reported in accordance with generally accepted accounting principles in the United States (“GAAP”) when arriving at adjusted net income (loss), a non-GAAP financial measure. In the current quarter, the most significant non-routine items pertained to non-capitalized ERP implementation costs ($4.1 million), non-routine legal fees and professional fees for acquisition integration ($2.0 million), partially offset by a gain on the revaluation of contingent consideration associated with a previous acquisition ($1.2 million) and a gain associated with exit activities ($1.2 million), primarily related to the disposal of the Furmanite operations in Belgium. A reconciliation of net income (loss) reported in accordance with GAAP to adjusted net income (loss) is contained in the accompanying schedule. Team, Inc. has scheduled a conference call to discuss its first quarter and full year 2017 results, which will be broadcast live over the Internet, on Wednesday, May 10, 2017 at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time. To participate in the call, dial 1-888-699-2378 and ask for the Team conference call at least 10 minutes prior to the start time, or access it live over the Internet at www.teaminc.com. For those who cannot listen to the live call, a replay will be available through May 17, 2017 and may be accessed by dialing 404-537-3406 and using pass code 11011929#. Also, an archive of the webcast will be available shortly after the call at www.teaminc.com for 90 days. Headquartered near Houston, Texas, Team, Inc. is a leading provider of specialty industrial services, including inspection and assessment, 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 across its 220 branch locations and more than 20 countries throughout the world. For more information, please visit www.teaminc.com. This press release presents information about the Company’s adjusted net income (loss) and adjusted net income (loss) per share, and the Company sometimes uses adjusted EBITDA, EBIT and adjusted EBIT, which are non-GAAP financial measures provided as supplemental to the results provided in accordance with GAAP. A reconciliation of each of the foregoing historical non-GAAP financial measures to the most directly comparable historical GAAP financial measure is contained in the accompanying schedule for each of the fiscal periods indicated. Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995.  We have made reasonable efforts to ensure that the information, assumptions and beliefs upon which this forward-looking information is based are current, reasonable and complete. Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Such known factors are detailed in the Company’s Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein will occur or that 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 Non-GAAP Financial Measures (Unaudited) The Company uses supplemental non-GAAP financial measures which are derived from the consolidated financial information including adjusted net income (loss); adjusted net income (loss) per share, earnings before interest and taxes (“EBIT”); adjusted EBIT; and adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) to supplement financial information presented on a GAAP basis. Adjusted net income (loss) and adjusted net income (loss) per share, each as defined by the Company, exclude the following items from net income (loss): acquisition costs associated with business combinations, non-routine legal costs associated with Quest Integrity patent defense litigation,  professional fees for acquired business integration and changing our fiscal year end, gains and losses on the revaluation of contingent consideration, non-capitalized ERP implementation costs, exit costs (credits) associated with the restructuring/closure of the acquired Furmanite operations in Western Europe, losses on our investment in Venezuela, certain other non-routine items and the related income tax impacts. We also exclude the income tax impacts of certain special income tax items including changes to valuation allowances in several foreign subsidiaries. The identification of these special tax items is judgmental in nature, and their calculation is based on various assumptions and estimates. EBIT, as defined by the Company, excludes discontinued operations, income tax expense, interest charges and items of other (income) expense and therefore is equal to operating income (loss) reported in accordance with GAAP. Adjusted EBIT further excludes the following items: acquisition costs associated with business combinations, non-routine legal costs associated with Quest Integrity patent defense litigation, professional fees for acquired business integration and changing our fiscal year end, gains and losses on the revaluation of contingent consideration, non-capitalized ERP implementation costs, exit costs (credits) associated with the restructuring/closure of the acquired Furmanite operations in Western Europe and certain other non-routine items. Adjusted EBITDA further excludes from adjusted EBIT depreciation, amortization and non-cash share based compensation costs. Management believes that excluding certain items from GAAP results allows management to better understand the consolidated financial performance from period to period and to better identify operating trends that may not otherwise be apparent. Moreover, the Company believes these non-GAAP financial measures will provide its stakeholders with useful information to help them evaluate operating performance. However, there are limitations to the use of the non-GAAP financial measures presented in this report. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies who may calculate non-GAAP financial measures differently than Team does, limiting the usefulness of those measures for comparative purposes. The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for net income (loss) as a measure of operating performance or to cash flows from operating activities as a measure of liquidity, prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure are presented below. You are encouraged to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. *      For the three months ended March 31, 2017, represents the tax effect of non-routine adjustments at an assumed marginal tax rate of 37% in order to approximate our long-term effective tax rate.


News Article | May 9, 2017
Site: globenewswire.com

SUGAR LAND, Texas, May 09, 2017 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) (“Team,” “we,” “our,” or the “Company”) today reported its financial results for the first quarter ended March 31, 2017. Revenues for the current quarter increased by 14% to $286.6 million compared to revenues of $250.9 million for the prior year quarter due primarily to the current quarter realizing the full contribution of Furmanite.  Team reported a net loss of $9.5 million ($0.32 loss per diluted share) for the current year quarter versus a loss of $6.4 million ($0.27 earnings per diluted share) for the prior year quarter. Excluding certain non-routine items, adjusted net loss, a non-GAAP measure, was $7.2 million ($0.24 adjusted loss per diluted share) for the current quarter versus an adjusted loss of $0.2 million ($0.01 adjusted loss per diluted share) for the prior year quarter. Adjusted net income (loss), a non-GAAP measure, excludes certain non-routine items that are not indicative of Team’s ongoing operating activities of $2.3 million (net of tax), or $0.08 per diluted share, for the current year quarter and $6.2 million (net of tax), or $0.26 per diluted share, for the prior year quarter. (See the accompanying reconciliation of non-GAAP items at the end of this news release.) TeamQualspec generated revenues of $143.0 million in the first quarter of 2017 compared to $136.3 million in the first quarter of 2016. TeamQualspec’s operating income was $8.1 million in the first quarter of 2017, compared to $7.9 million in the first quarter of 2016. On an adjusted basis, operating income in the 2017 quarter was $7.0 million compared to $7.9 million in the 2016 quarter. TeamFurmanite generated revenues of $121.8 million in the first quarter of 2017 compared to $100.6 million in the first quarter of 2016. TeamFurmanite’s operating income was $0.5 million in the first quarter of 2017, compared to $7.0 million in the first quarter of 2016. On an adjusted basis, TeamFurmanite reported an operating loss of $0.7 million in the 2017 quarter versus operating income of $7.0 million in the 2016 quarter.  On a pro forma basis (as if Furmanite had been acquired on January 1, 2016 rather than February 29, 2016), TeamFurmanite’s revenues were $144.4 million in the first quarter of 2016 and its adjusted operating income for the 2016 quarter was $2.3 million. Quest Integrity generated revenues of $21.8 million in the first quarter of 2017 compared to $14.0 million in the first quarter of 2016. Quest Integrity’s operating income was $4.2 million in the first quarter of 2017, compared to an operating loss of $0.8 million ($0.7 million, adjusted) in the first quarter of 2016.” Commenting on the results, Ted Owen, Team’s President and Chief Executive Officer said, “Our first quarter is always the seasonally weakest quarter of the year. Having said that, the first month of the quarter, January 2017, reflected a continuation of the softer than usual market demand conditions we had experienced for all of 2016 with revenues in the month being down year-over-year on a pro forma basis by 17%. “In February and March, we began to see the seasonal improvement in demand that we were expecting, with revenues in both of those months being up 3% over the prior-year months on a pro forma basis. While the growth achieved in February and March was not sufficient to recover from the weak month of January, we are pleased with the direction of our business. For the two months of February and March, TeamQualspec revenues were up 11% year over year and, for the full first quarter of 2017, Quest Integrity’s revenues were up 56% compared to the prior year—both barometers, we believe, of future demand growth for mechanical services (TeamFurmanite) revenues.” Certain non-routine items that management believes are not indicative of Team’s ongoing operating activities have been excluded from net income (loss) reported in accordance with generally accepted accounting principles in the United States (“GAAP”) when arriving at adjusted net income (loss), a non-GAAP financial measure. In the current quarter, the most significant non-routine items pertained to non-capitalized ERP implementation costs ($4.1 million), non-routine legal fees and professional fees for acquisition integration ($2.0 million), partially offset by a gain on the revaluation of contingent consideration associated with a previous acquisition ($1.2 million) and a gain associated with exit activities ($1.2 million), primarily related to the disposal of the Furmanite operations in Belgium. A reconciliation of net income (loss) reported in accordance with GAAP to adjusted net income (loss) is contained in the accompanying schedule. Team, Inc. has scheduled a conference call to discuss its first quarter and full year 2017 results, which will be broadcast live over the Internet, on Wednesday, May 10, 2017 at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time. To participate in the call, dial 1-888-699-2378 and ask for the Team conference call at least 10 minutes prior to the start time, or access it live over the Internet at www.teaminc.com. For those who cannot listen to the live call, a replay will be available through May 17, 2017 and may be accessed by dialing 404-537-3406 and using pass code 11011929#. Also, an archive of the webcast will be available shortly after the call at www.teaminc.com for 90 days. Headquartered near Houston, Texas, Team, Inc. is a leading provider of specialty industrial services, including inspection and assessment, 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 across its 220 branch locations and more than 20 countries throughout the world. For more information, please visit www.teaminc.com. This press release presents information about the Company’s adjusted net income (loss) and adjusted net income (loss) per share, and the Company sometimes uses adjusted EBITDA, EBIT and adjusted EBIT, which are non-GAAP financial measures provided as supplemental to the results provided in accordance with GAAP. A reconciliation of each of the foregoing historical non-GAAP financial measures to the most directly comparable historical GAAP financial measure is contained in the accompanying schedule for each of the fiscal periods indicated. Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995.  We have made reasonable efforts to ensure that the information, assumptions and beliefs upon which this forward-looking information is based are current, reasonable and complete. Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Such known factors are detailed in the Company’s Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein will occur or that 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 Non-GAAP Financial Measures (Unaudited) The Company uses supplemental non-GAAP financial measures which are derived from the consolidated financial information including adjusted net income (loss); adjusted net income (loss) per share, earnings before interest and taxes (“EBIT”); adjusted EBIT; and adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) to supplement financial information presented on a GAAP basis. Adjusted net income (loss) and adjusted net income (loss) per share, each as defined by the Company, exclude the following items from net income (loss): acquisition costs associated with business combinations, non-routine legal costs associated with Quest Integrity patent defense litigation,  professional fees for acquired business integration and changing our fiscal year end, gains and losses on the revaluation of contingent consideration, non-capitalized ERP implementation costs, exit costs (credits) associated with the restructuring/closure of the acquired Furmanite operations in Western Europe, losses on our investment in Venezuela, certain other non-routine items and the related income tax impacts. We also exclude the income tax impacts of certain special income tax items including changes to valuation allowances in several foreign subsidiaries. The identification of these special tax items is judgmental in nature, and their calculation is based on various assumptions and estimates. EBIT, as defined by the Company, excludes discontinued operations, income tax expense, interest charges and items of other (income) expense and therefore is equal to operating income (loss) reported in accordance with GAAP. Adjusted EBIT further excludes the following items: acquisition costs associated with business combinations, non-routine legal costs associated with Quest Integrity patent defense litigation, professional fees for acquired business integration and changing our fiscal year end, gains and losses on the revaluation of contingent consideration, non-capitalized ERP implementation costs, exit costs (credits) associated with the restructuring/closure of the acquired Furmanite operations in Western Europe and certain other non-routine items. Adjusted EBITDA further excludes from adjusted EBIT depreciation, amortization and non-cash share based compensation costs. Management believes that excluding certain items from GAAP results allows management to better understand the consolidated financial performance from period to period and to better identify operating trends that may not otherwise be apparent. Moreover, the Company believes these non-GAAP financial measures will provide its stakeholders with useful information to help them evaluate operating performance. However, there are limitations to the use of the non-GAAP financial measures presented in this report. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies who may calculate non-GAAP financial measures differently than Team does, limiting the usefulness of those measures for comparative purposes. The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for net income (loss) as a measure of operating performance or to cash flows from operating activities as a measure of liquidity, prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure are presented below. You are encouraged to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. *      For the three months ended March 31, 2017, represents the tax effect of non-routine adjustments at an assumed marginal tax rate of 37% in order to approximate our long-term effective tax rate.


News Article | May 9, 2017
Site: globenewswire.com

SUGAR LAND, Texas, May 09, 2017 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) (“Team,” “we,” “our,” or the “Company”) today reported its financial results for the first quarter ended March 31, 2017. Revenues for the current quarter increased by 14% to $286.6 million compared to revenues of $250.9 million for the prior year quarter due primarily to the current quarter realizing the full contribution of Furmanite.  Team reported a net loss of $9.5 million ($0.32 loss per diluted share) for the current year quarter versus a loss of $6.4 million ($0.27 earnings per diluted share) for the prior year quarter. Excluding certain non-routine items, adjusted net loss, a non-GAAP measure, was $7.2 million ($0.24 adjusted loss per diluted share) for the current quarter versus an adjusted loss of $0.2 million ($0.01 adjusted loss per diluted share) for the prior year quarter. Adjusted net income (loss), a non-GAAP measure, excludes certain non-routine items that are not indicative of Team’s ongoing operating activities of $2.3 million (net of tax), or $0.08 per diluted share, for the current year quarter and $6.2 million (net of tax), or $0.26 per diluted share, for the prior year quarter. (See the accompanying reconciliation of non-GAAP items at the end of this news release.) TeamQualspec generated revenues of $143.0 million in the first quarter of 2017 compared to $136.3 million in the first quarter of 2016. TeamQualspec’s operating income was $8.1 million in the first quarter of 2017, compared to $7.9 million in the first quarter of 2016. On an adjusted basis, operating income in the 2017 quarter was $7.0 million compared to $7.9 million in the 2016 quarter. TeamFurmanite generated revenues of $121.8 million in the first quarter of 2017 compared to $100.6 million in the first quarter of 2016. TeamFurmanite’s operating income was $0.5 million in the first quarter of 2017, compared to $7.0 million in the first quarter of 2016. On an adjusted basis, TeamFurmanite reported an operating loss of $0.7 million in the 2017 quarter versus operating income of $7.0 million in the 2016 quarter.  On a pro forma basis (as if Furmanite had been acquired on January 1, 2016 rather than February 29, 2016), TeamFurmanite’s revenues were $144.4 million in the first quarter of 2016 and its adjusted operating income for the 2016 quarter was $2.3 million. Quest Integrity generated revenues of $21.8 million in the first quarter of 2017 compared to $14.0 million in the first quarter of 2016. Quest Integrity’s operating income was $4.2 million in the first quarter of 2017, compared to an operating loss of $0.8 million ($0.7 million, adjusted) in the first quarter of 2016.” Commenting on the results, Ted Owen, Team’s President and Chief Executive Officer said, “Our first quarter is always the seasonally weakest quarter of the year. Having said that, the first month of the quarter, January 2017, reflected a continuation of the softer than usual market demand conditions we had experienced for all of 2016 with revenues in the month being down year-over-year on a pro forma basis by 17%. “In February and March, we began to see the seasonal improvement in demand that we were expecting, with revenues in both of those months being up 3% over the prior-year months on a pro forma basis. While the growth achieved in February and March was not sufficient to recover from the weak month of January, we are pleased with the direction of our business. For the two months of February and March, TeamQualspec revenues were up 11% year over year and, for the full first quarter of 2017, Quest Integrity’s revenues were up 56% compared to the prior year—both barometers, we believe, of future demand growth for mechanical services (TeamFurmanite) revenues.” Certain non-routine items that management believes are not indicative of Team’s ongoing operating activities have been excluded from net income (loss) reported in accordance with generally accepted accounting principles in the United States (“GAAP”) when arriving at adjusted net income (loss), a non-GAAP financial measure. In the current quarter, the most significant non-routine items pertained to non-capitalized ERP implementation costs ($4.1 million), non-routine legal fees and professional fees for acquisition integration ($2.0 million), partially offset by a gain on the revaluation of contingent consideration associated with a previous acquisition ($1.2 million) and a gain associated with exit activities ($1.2 million), primarily related to the disposal of the Furmanite operations in Belgium. A reconciliation of net income (loss) reported in accordance with GAAP to adjusted net income (loss) is contained in the accompanying schedule. Team, Inc. has scheduled a conference call to discuss its first quarter and full year 2017 results, which will be broadcast live over the Internet, on Wednesday, May 10, 2017 at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time. To participate in the call, dial 1-888-699-2378 and ask for the Team conference call at least 10 minutes prior to the start time, or access it live over the Internet at www.teaminc.com. For those who cannot listen to the live call, a replay will be available through May 17, 2017 and may be accessed by dialing 404-537-3406 and using pass code 11011929#. Also, an archive of the webcast will be available shortly after the call at www.teaminc.com for 90 days. Headquartered near Houston, Texas, Team, Inc. is a leading provider of specialty industrial services, including inspection and assessment, 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 across its 220 branch locations and more than 20 countries throughout the world. For more information, please visit www.teaminc.com. This press release presents information about the Company’s adjusted net income (loss) and adjusted net income (loss) per share, and the Company sometimes uses adjusted EBITDA, EBIT and adjusted EBIT, which are non-GAAP financial measures provided as supplemental to the results provided in accordance with GAAP. A reconciliation of each of the foregoing historical non-GAAP financial measures to the most directly comparable historical GAAP financial measure is contained in the accompanying schedule for each of the fiscal periods indicated. Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995.  We have made reasonable efforts to ensure that the information, assumptions and beliefs upon which this forward-looking information is based are current, reasonable and complete. Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Such known factors are detailed in the Company’s Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein will occur or that 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 Non-GAAP Financial Measures (Unaudited) The Company uses supplemental non-GAAP financial measures which are derived from the consolidated financial information including adjusted net income (loss); adjusted net income (loss) per share, earnings before interest and taxes (“EBIT”); adjusted EBIT; and adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) to supplement financial information presented on a GAAP basis. Adjusted net income (loss) and adjusted net income (loss) per share, each as defined by the Company, exclude the following items from net income (loss): acquisition costs associated with business combinations, non-routine legal costs associated with Quest Integrity patent defense litigation,  professional fees for acquired business integration and changing our fiscal year end, gains and losses on the revaluation of contingent consideration, non-capitalized ERP implementation costs, exit costs (credits) associated with the restructuring/closure of the acquired Furmanite operations in Western Europe, losses on our investment in Venezuela, certain other non-routine items and the related income tax impacts. We also exclude the income tax impacts of certain special income tax items including changes to valuation allowances in several foreign subsidiaries. The identification of these special tax items is judgmental in nature, and their calculation is based on various assumptions and estimates. EBIT, as defined by the Company, excludes discontinued operations, income tax expense, interest charges and items of other (income) expense and therefore is equal to operating income (loss) reported in accordance with GAAP. Adjusted EBIT further excludes the following items: acquisition costs associated with business combinations, non-routine legal costs associated with Quest Integrity patent defense litigation, professional fees for acquired business integration and changing our fiscal year end, gains and losses on the revaluation of contingent consideration, non-capitalized ERP implementation costs, exit costs (credits) associated with the restructuring/closure of the acquired Furmanite operations in Western Europe and certain other non-routine items. Adjusted EBITDA further excludes from adjusted EBIT depreciation, amortization and non-cash share based compensation costs. Management believes that excluding certain items from GAAP results allows management to better understand the consolidated financial performance from period to period and to better identify operating trends that may not otherwise be apparent. Moreover, the Company believes these non-GAAP financial measures will provide its stakeholders with useful information to help them evaluate operating performance. However, there are limitations to the use of the non-GAAP financial measures presented in this report. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies who may calculate non-GAAP financial measures differently than Team does, limiting the usefulness of those measures for comparative purposes. The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for net income (loss) as a measure of operating performance or to cash flows from operating activities as a measure of liquidity, prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure are presented below. You are encouraged to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. *      For the three months ended March 31, 2017, represents the tax effect of non-routine adjustments at an assumed marginal tax rate of 37% in order to approximate our long-term effective tax rate.


News Article | May 9, 2017
Site: globenewswire.com

SUGAR LAND, Texas, May 09, 2017 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) (“Team,” “we,” “our,” or the “Company”) today reported its financial results for the first quarter ended March 31, 2017. Revenues for the current quarter increased by 14% to $286.6 million compared to revenues of $250.9 million for the prior year quarter due primarily to the current quarter realizing the full contribution of Furmanite.  Team reported a net loss of $9.5 million ($0.32 loss per diluted share) for the current year quarter versus a loss of $6.4 million ($0.27 earnings per diluted share) for the prior year quarter. Excluding certain non-routine items, adjusted net loss, a non-GAAP measure, was $7.2 million ($0.24 adjusted loss per diluted share) for the current quarter versus an adjusted loss of $0.2 million ($0.01 adjusted loss per diluted share) for the prior year quarter. Adjusted net income (loss), a non-GAAP measure, excludes certain non-routine items that are not indicative of Team’s ongoing operating activities of $2.3 million (net of tax), or $0.08 per diluted share, for the current year quarter and $6.2 million (net of tax), or $0.26 per diluted share, for the prior year quarter. (See the accompanying reconciliation of non-GAAP items at the end of this news release.) TeamQualspec generated revenues of $143.0 million in the first quarter of 2017 compared to $136.3 million in the first quarter of 2016. TeamQualspec’s operating income was $8.1 million in the first quarter of 2017, compared to $7.9 million in the first quarter of 2016. On an adjusted basis, operating income in the 2017 quarter was $7.0 million compared to $7.9 million in the 2016 quarter. TeamFurmanite generated revenues of $121.8 million in the first quarter of 2017 compared to $100.6 million in the first quarter of 2016. TeamFurmanite’s operating income was $0.5 million in the first quarter of 2017, compared to $7.0 million in the first quarter of 2016. On an adjusted basis, TeamFurmanite reported an operating loss of $0.7 million in the 2017 quarter versus operating income of $7.0 million in the 2016 quarter.  On a pro forma basis (as if Furmanite had been acquired on January 1, 2016 rather than February 29, 2016), TeamFurmanite’s revenues were $144.4 million in the first quarter of 2016 and its adjusted operating income for the 2016 quarter was $2.3 million. Quest Integrity generated revenues of $21.8 million in the first quarter of 2017 compared to $14.0 million in the first quarter of 2016. Quest Integrity’s operating income was $4.2 million in the first quarter of 2017, compared to an operating loss of $0.8 million ($0.7 million, adjusted) in the first quarter of 2016.” Commenting on the results, Ted Owen, Team’s President and Chief Executive Officer said, “Our first quarter is always the seasonally weakest quarter of the year. Having said that, the first month of the quarter, January 2017, reflected a continuation of the softer than usual market demand conditions we had experienced for all of 2016 with revenues in the month being down year-over-year on a pro forma basis by 17%. “In February and March, we began to see the seasonal improvement in demand that we were expecting, with revenues in both of those months being up 3% over the prior-year months on a pro forma basis. While the growth achieved in February and March was not sufficient to recover from the weak month of January, we are pleased with the direction of our business. For the two months of February and March, TeamQualspec revenues were up 11% year over year and, for the full first quarter of 2017, Quest Integrity’s revenues were up 56% compared to the prior year—both barometers, we believe, of future demand growth for mechanical services (TeamFurmanite) revenues.” Certain non-routine items that management believes are not indicative of Team’s ongoing operating activities have been excluded from net income (loss) reported in accordance with generally accepted accounting principles in the United States (“GAAP”) when arriving at adjusted net income (loss), a non-GAAP financial measure. In the current quarter, the most significant non-routine items pertained to non-capitalized ERP implementation costs ($4.1 million), non-routine legal fees and professional fees for acquisition integration ($2.0 million), partially offset by a gain on the revaluation of contingent consideration associated with a previous acquisition ($1.2 million) and a gain associated with exit activities ($1.2 million), primarily related to the disposal of the Furmanite operations in Belgium. A reconciliation of net income (loss) reported in accordance with GAAP to adjusted net income (loss) is contained in the accompanying schedule. Team, Inc. has scheduled a conference call to discuss its first quarter and full year 2017 results, which will be broadcast live over the Internet, on Wednesday, May 10, 2017 at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time. To participate in the call, dial 1-888-699-2378 and ask for the Team conference call at least 10 minutes prior to the start time, or access it live over the Internet at www.teaminc.com. For those who cannot listen to the live call, a replay will be available through May 17, 2017 and may be accessed by dialing 404-537-3406 and using pass code 11011929#. Also, an archive of the webcast will be available shortly after the call at www.teaminc.com for 90 days. Headquartered near Houston, Texas, Team, Inc. is a leading provider of specialty industrial services, including inspection and assessment, 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 across its 220 branch locations and more than 20 countries throughout the world. For more information, please visit www.teaminc.com. This press release presents information about the Company’s adjusted net income (loss) and adjusted net income (loss) per share, and the Company sometimes uses adjusted EBITDA, EBIT and adjusted EBIT, which are non-GAAP financial measures provided as supplemental to the results provided in accordance with GAAP. A reconciliation of each of the foregoing historical non-GAAP financial measures to the most directly comparable historical GAAP financial measure is contained in the accompanying schedule for each of the fiscal periods indicated. Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995.  We have made reasonable efforts to ensure that the information, assumptions and beliefs upon which this forward-looking information is based are current, reasonable and complete. Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Such known factors are detailed in the Company’s Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein will occur or that 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 Non-GAAP Financial Measures (Unaudited) The Company uses supplemental non-GAAP financial measures which are derived from the consolidated financial information including adjusted net income (loss); adjusted net income (loss) per share, earnings before interest and taxes (“EBIT”); adjusted EBIT; and adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) to supplement financial information presented on a GAAP basis. Adjusted net income (loss) and adjusted net income (loss) per share, each as defined by the Company, exclude the following items from net income (loss): acquisition costs associated with business combinations, non-routine legal costs associated with Quest Integrity patent defense litigation,  professional fees for acquired business integration and changing our fiscal year end, gains and losses on the revaluation of contingent consideration, non-capitalized ERP implementation costs, exit costs (credits) associated with the restructuring/closure of the acquired Furmanite operations in Western Europe, losses on our investment in Venezuela, certain other non-routine items and the related income tax impacts. We also exclude the income tax impacts of certain special income tax items including changes to valuation allowances in several foreign subsidiaries. The identification of these special tax items is judgmental in nature, and their calculation is based on various assumptions and estimates. EBIT, as defined by the Company, excludes discontinued operations, income tax expense, interest charges and items of other (income) expense and therefore is equal to operating income (loss) reported in accordance with GAAP. Adjusted EBIT further excludes the following items: acquisition costs associated with business combinations, non-routine legal costs associated with Quest Integrity patent defense litigation, professional fees for acquired business integration and changing our fiscal year end, gains and losses on the revaluation of contingent consideration, non-capitalized ERP implementation costs, exit costs (credits) associated with the restructuring/closure of the acquired Furmanite operations in Western Europe and certain other non-routine items. Adjusted EBITDA further excludes from adjusted EBIT depreciation, amortization and non-cash share based compensation costs. Management believes that excluding certain items from GAAP results allows management to better understand the consolidated financial performance from period to period and to better identify operating trends that may not otherwise be apparent. Moreover, the Company believes these non-GAAP financial measures will provide its stakeholders with useful information to help them evaluate operating performance. However, there are limitations to the use of the non-GAAP financial measures presented in this report. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies who may calculate non-GAAP financial measures differently than Team does, limiting the usefulness of those measures for comparative purposes. The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for net income (loss) as a measure of operating performance or to cash flows from operating activities as a measure of liquidity, prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure are presented below. You are encouraged to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. *      For the three months ended March 31, 2017, represents the tax effect of non-routine adjustments at an assumed marginal tax rate of 37% in order to approximate our long-term effective tax rate.


News Article | May 9, 2017
Site: globenewswire.com

SUGAR LAND, Texas, May 09, 2017 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) (“Team,” “we,” “our,” or the “Company”) today reported its financial results for the first quarter ended March 31, 2017. Revenues for the current quarter increased by 14% to $286.6 million compared to revenues of $250.9 million for the prior year quarter due primarily to the current quarter realizing the full contribution of Furmanite.  Team reported a net loss of $9.5 million ($0.32 loss per diluted share) for the current year quarter versus a loss of $6.4 million ($0.27 earnings per diluted share) for the prior year quarter. Excluding certain non-routine items, adjusted net loss, a non-GAAP measure, was $7.2 million ($0.24 adjusted loss per diluted share) for the current quarter versus an adjusted loss of $0.2 million ($0.01 adjusted loss per diluted share) for the prior year quarter. Adjusted net income (loss), a non-GAAP measure, excludes certain non-routine items that are not indicative of Team’s ongoing operating activities of $2.3 million (net of tax), or $0.08 per diluted share, for the current year quarter and $6.2 million (net of tax), or $0.26 per diluted share, for the prior year quarter. (See the accompanying reconciliation of non-GAAP items at the end of this news release.) TeamQualspec generated revenues of $143.0 million in the first quarter of 2017 compared to $136.3 million in the first quarter of 2016. TeamQualspec’s operating income was $8.1 million in the first quarter of 2017, compared to $7.9 million in the first quarter of 2016. On an adjusted basis, operating income in the 2017 quarter was $7.0 million compared to $7.9 million in the 2016 quarter. TeamFurmanite generated revenues of $121.8 million in the first quarter of 2017 compared to $100.6 million in the first quarter of 2016. TeamFurmanite’s operating income was $0.5 million in the first quarter of 2017, compared to $7.0 million in the first quarter of 2016. On an adjusted basis, TeamFurmanite reported an operating loss of $0.7 million in the 2017 quarter versus operating income of $7.0 million in the 2016 quarter.  On a pro forma basis (as if Furmanite had been acquired on January 1, 2016 rather than February 29, 2016), TeamFurmanite’s revenues were $144.4 million in the first quarter of 2016 and its adjusted operating income for the 2016 quarter was $2.3 million. Quest Integrity generated revenues of $21.8 million in the first quarter of 2017 compared to $14.0 million in the first quarter of 2016. Quest Integrity’s operating income was $4.2 million in the first quarter of 2017, compared to an operating loss of $0.8 million ($0.7 million, adjusted) in the first quarter of 2016.” Commenting on the results, Ted Owen, Team’s President and Chief Executive Officer said, “Our first quarter is always the seasonally weakest quarter of the year. Having said that, the first month of the quarter, January 2017, reflected a continuation of the softer than usual market demand conditions we had experienced for all of 2016 with revenues in the month being down year-over-year on a pro forma basis by 17%. “In February and March, we began to see the seasonal improvement in demand that we were expecting, with revenues in both of those months being up 3% over the prior-year months on a pro forma basis. While the growth achieved in February and March was not sufficient to recover from the weak month of January, we are pleased with the direction of our business. For the two months of February and March, TeamQualspec revenues were up 11% year over year and, for the full first quarter of 2017, Quest Integrity’s revenues were up 56% compared to the prior year—both barometers, we believe, of future demand growth for mechanical services (TeamFurmanite) revenues.” Certain non-routine items that management believes are not indicative of Team’s ongoing operating activities have been excluded from net income (loss) reported in accordance with generally accepted accounting principles in the United States (“GAAP”) when arriving at adjusted net income (loss), a non-GAAP financial measure. In the current quarter, the most significant non-routine items pertained to non-capitalized ERP implementation costs ($4.1 million), non-routine legal fees and professional fees for acquisition integration ($2.0 million), partially offset by a gain on the revaluation of contingent consideration associated with a previous acquisition ($1.2 million) and a gain associated with exit activities ($1.2 million), primarily related to the disposal of the Furmanite operations in Belgium. A reconciliation of net income (loss) reported in accordance with GAAP to adjusted net income (loss) is contained in the accompanying schedule. Team, Inc. has scheduled a conference call to discuss its first quarter and full year 2017 results, which will be broadcast live over the Internet, on Wednesday, May 10, 2017 at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time. To participate in the call, dial 1-888-699-2378 and ask for the Team conference call at least 10 minutes prior to the start time, or access it live over the Internet at www.teaminc.com. For those who cannot listen to the live call, a replay will be available through May 17, 2017 and may be accessed by dialing 404-537-3406 and using pass code 11011929#. Also, an archive of the webcast will be available shortly after the call at www.teaminc.com for 90 days. Headquartered near Houston, Texas, Team, Inc. is a leading provider of specialty industrial services, including inspection and assessment, 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 across its 220 branch locations and more than 20 countries throughout the world. For more information, please visit www.teaminc.com. This press release presents information about the Company’s adjusted net income (loss) and adjusted net income (loss) per share, and the Company sometimes uses adjusted EBITDA, EBIT and adjusted EBIT, which are non-GAAP financial measures provided as supplemental to the results provided in accordance with GAAP. A reconciliation of each of the foregoing historical non-GAAP financial measures to the most directly comparable historical GAAP financial measure is contained in the accompanying schedule for each of the fiscal periods indicated. Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995.  We have made reasonable efforts to ensure that the information, assumptions and beliefs upon which this forward-looking information is based are current, reasonable and complete. Such forward-looking statements involve estimates, assumptions, judgments and uncertainties. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Such known factors are detailed in the Company’s Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time. Accordingly, there can be no assurance that the forward-looking information contained herein will occur or that 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 Non-GAAP Financial Measures (Unaudited) The Company uses supplemental non-GAAP financial measures which are derived from the consolidated financial information including adjusted net income (loss); adjusted net income (loss) per share, earnings before interest and taxes (“EBIT”); adjusted EBIT; and adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) to supplement financial information presented on a GAAP basis. Adjusted net income (loss) and adjusted net income (loss) per share, each as defined by the Company, exclude the following items from net income (loss): acquisition costs associated with business combinations, non-routine legal costs associated with Quest Integrity patent defense litigation,  professional fees for acquired business integration and changing our fiscal year end, gains and losses on the revaluation of contingent consideration, non-capitalized ERP implementation costs, exit costs (credits) associated with the restructuring/closure of the acquired Furmanite operations in Western Europe, losses on our investment in Venezuela, certain other non-routine items and the related income tax impacts. We also exclude the income tax impacts of certain special income tax items including changes to valuation allowances in several foreign subsidiaries. The identification of these special tax items is judgmental in nature, and their calculation is based on various assumptions and estimates. EBIT, as defined by the Company, excludes discontinued operations, income tax expense, interest charges and items of other (income) expense and therefore is equal to operating income (loss) reported in accordance with GAAP. Adjusted EBIT further excludes the following items: acquisition costs associated with business combinations, non-routine legal costs associated with Quest Integrity patent defense litigation, professional fees for acquired business integration and changing our fiscal year end, gains and losses on the revaluation of contingent consideration, non-capitalized ERP implementation costs, exit costs (credits) associated with the restructuring/closure of the acquired Furmanite operations in Western Europe and certain other non-routine items. Adjusted EBITDA further excludes from adjusted EBIT depreciation, amortization and non-cash share based compensation costs. Management believes that excluding certain items from GAAP results allows management to better understand the consolidated financial performance from period to period and to better identify operating trends that may not otherwise be apparent. Moreover, the Company believes these non-GAAP financial measures will provide its stakeholders with useful information to help them evaluate operating performance. However, there are limitations to the use of the non-GAAP financial measures presented in this report. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies who may calculate non-GAAP financial measures differently than Team does, limiting the usefulness of those measures for comparative purposes. The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for net income (loss) as a measure of operating performance or to cash flows from operating activities as a measure of liquidity, prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure are presented below. You are encouraged to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. *      For the three months ended March 31, 2017, represents the tax effect of non-routine adjustments at an assumed marginal tax rate of 37% in order to approximate our long-term effective tax rate.


News Article | February 14, 2017
Site: www.cemag.us

Scientists and engineers had many challenges in designing the components of NASA's James Webb Space Telescope and then had to custom design and build ways to test it. Because of the sheer size and scale of the assembled Webb telescope, some of the equipment typically used to test spacecraft simply doesn’t measure up. One of those is a "shaker table" that is used to shake satellites to ensure a spacecraft like Webb can withstand the shaking that comes with a ride into space on a rocket. So, engineers at Team Corporation in Burlington, Wash., built a new, large and advanced shaker table system at NASA's Goddard Space Flight Center in Greenbelt, Md., especially for testing Webb. "The new “Vibration Test Systems” simulates the forces the telescope will feel during the launch by vibrating it from 5 to 100 times per second" says Jon Lawrence, Webb telescope mechanical systems lead and launch vehicle liaison at NASA's Goddard Space Flight Center.


News Article | February 15, 2017
Site: www.eurekalert.org

Scientists and engineers had many challenges in designing the components of NASA's James Webb Space Telescope and then had to custom design and build ways to test it. Because of the sheer size and scale of the assembled Webb telescope, some of the equipment typically used to test spacecraft simply doesn't measure up. One of those is a "shaker table" that is used to shake satellites to ensure a spacecraft like Webb can withstand the shaking that comes with a ride into space on a rocket. So, engineers at Team Corporation in Burlington, Washington built a new, large and advanced shaker table system at NASA's Goddard Space Flight Center in Greenbelt, Maryland, especially for testing Webb. "The new "Vibration Test Systems" simulates the forces the telescope will feel during the launch by vibrating it from 5 to 100 times per second" said Jon Lawrence, Webb telescope mechanical systems lead and launch vehicle liaison at NASA's Goddard Space Flight Center. For Webb, the need for a new shaker system was a combination of things, including shaker force magnitude, the shaker table's ability to handle the telescope's highly offset center of gravity, and the need for a precision "smart" shaker control system--one that will automatically adjust shaker input levels based on test article responses, including an automatic 'soft shutdown' capability. "No matter what facility anomaly might be experienced during testing (loss of power, loss of coolant, etc.), the Vibration Test System or VTS is designed to shut down 'softly' so as to avoid imparting potentially damaging loads," Lawrence said. After vibration testing of the telescope is completed soon, the new VTS can be used to test other future large spacecraft. To make sure it works properly before using it to test the flight telescope, engineers put the new shaker system though its paces with many practice runs over months, using a dummy mass to represent the telescope. In November, Webb was moved from the Spacecraft Systems Development and Integration Facility 'cleanroom' and onto the new neighboring Vibration Test System (VTS), where testing is ongoing. While in the shirtsleeve environment of the VTS, a large 3-story tall cover enshrouds the telescope, acting as a portable 'cleanroom' that protects it from dust and dirt. This spring, after vibration testing is complete, the Webb telescope will be shipped to NASA's Johnson Space Center in Houston, Texas, for end-to-end optical tests in a vacuum at extremely cold temperatures, before it goes to Northrop Grumman Aerospace Systems in Redondo Beach, California, for final assembly and testing prior to launch.


News Article | February 15, 2017
Site: phys.org

Because of the sheer size and scale of the assembled Webb telescope, some of the equipment typically used to test spacecraft simply doesn't measure up. One of those is a "shaker table" that is used to shake satellites to ensure a spacecraft like Webb can withstand the shaking that comes with a ride into space on a rocket. So, engineers at Team Corporation in Burlington, Washington built a new, large and advanced shaker table system at NASA's Goddard Space Flight Center in Greenbelt, Maryland, especially for testing Webb. "The new "Vibration Test Systems" simulates the forces the telescope will feel during the launch by vibrating it from 5 to 100 times per second" said Jon Lawrence, Webb telescope mechanical systems lead and launch vehicle liaison at NASA's Goddard Space Flight Center. For Webb, the need for a new shaker system was a combination of things, including shaker force magnitude, the shaker table's ability to handle the telescope's highly offset center of gravity, and the need for a precision "smart" shaker control system—one that will automatically adjust shaker input levels based on test article responses, including an automatic 'soft shutdown' capability. "No matter what facility anomaly might be experienced during testing (loss of power, loss of coolant, etc.), the Vibration Test System or VTS is designed to shut down 'softly' so as to avoid imparting potentially damaging loads," Lawrence said. After vibration testing of the telescope is completed soon, the new VTS can be used to test other future large spacecraft. To make sure it works properly before using it to test the flight telescope, engineers put the new shaker system though its paces with many practice runs over months, using a dummy mass to represent the telescope. In November, Webb was moved from the Spacecraft Systems Development and Integration Facility 'cleanroom' and onto the new neighboring Vibration Test System (VTS), where testing is ongoing. While in the shirtsleeve environment of the VTS, a large 3-story tall cover enshrouds the telescope, acting as a portable 'cleanroom' that protects it from dust and dirt. This spring, after vibration testing is complete, the Webb telescope will be shipped to NASA's Johnson Space Center in Houston, Texas, for end-to-end optical tests in a vacuum at extremely cold temperatures, before it goes to Northrop Grumman Aerospace Systems in Redondo Beach, California, for final assembly and testing prior to launch. Explore further: NASA's Webb Telescope to resume vibration testing in January


SUGAR LAND, Texas, Feb. 27, 2017 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) announced today that it will issue its fourth quarter and full year 2016 results after the market closes on Tuesday, March 7, 2017. In conjunction with this release, Team, Inc. has scheduled a conference call on Wednesday, March 8, starting at 9:00 a.m. ET (8:00 a.m. CT). Headquartered near Houston, Texas, Team Inc. is a leading provider of specialty industrial services, including inspection, mechanical services and engineering assessment, 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 across its 220 branch locations and more than 20 countries throughout the world.  Team’s common stock is traded on the New York Stock Exchange under the ticker symbol “TISI”.

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