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News Article | November 1, 2016
Site: globenewswire.com

SUGAR LAND, Texas, Nov. 01, 2016 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) (“Team” or the “Company”) today released financial results for the third quarter ended September 30, 2016. Team reported a net loss of $4.2 million ($0.14 loss per diluted share) for the current year quarter versus net income of $2.5 million ($0.12 earnings per diluted share) for the prior year quarter. Excluding certain non-routine items, adjusted net loss was $0.4 million ($0.01 adjusted loss per diluted share) for the current quarter versus adjusted net income of $5.1 million ($0.24 adjusted earnings per diluted share) for the prior year quarter. Revenues for the current quarter increased by 19% to $289.6 million compared to revenues of $243.6 million for the prior year quarter due primarily to the Furmanite acquisition. Adjusted net income (loss) excludes certain non-routine items that are not indicative of Team’s ongoing operating activities of $3.8 million (net of tax), or $0.13 per diluted share, for the current year quarter and $2.6 million (net of tax), or $0.12 per diluted share, for the prior year quarter, as detailed in the accompanying schedule. Year-to-date revenues were $876.9 million, a 31% increase compared to revenues of $671.4 million for the prior year period. Net loss was $3.3 million ($0.12 loss per diluted share) compared to net income of $19.8 million ($0.92 earnings per diluted share) for the prior year. Year-to-date adjusted net income was $10.4 million ($0.38 adjusted earnings per diluted share), versus adjusted net income of $27.3 million ($1.27 adjusted earnings per diluted share) for the prior year. Adjusted net income excludes non-routine items of $13.7 million (net of tax), or $0.50 per diluted share, for the current year period and $7.5 million (net of tax), or $0.35 per diluted share in the prior year period, as detailed in the accompanying schedule. “We continued to face market headwinds during the third quarter of 2016, which includes two of our seasonally weakest months of the year—July and August. Those two months were unusually soft this year, as we continued to experience headwinds from project deferrals, scope reductions and maintenance deferrals, coupled with the adverse impact on business of severe flooding in Louisiana. However, activity levels picked up sharply in the month of September. In fact, September was our strongest month of the year,” said Ted Owen, Team’s President and CEO. “Our strong finish to the quarter, and indeed our activity levels through the first month of the fourth quarter, gives us encouragement that we are seeing the first signs of more normalized market activity.” “As importantly, with the increased activity levels in September, we have begun to see incremental improvements in profitability as our business integration initiatives gain traction. We are on track to complete our major ERP implementation in North America by the end of 2017 and we continue to make excellent progress toward the achievement of targeted merger-related synergies pertaining to the Qualspec and Furmanite acquisitions,” said Mr. Owen. “I couldn’t be more proud of the exceptional customer-focused company we are building across our three business units—TeamQualspec, TeamFurmanite, and Quest Integrity Group. We remain confident in our future, our market positioning and our goal to build the world’s premier industrial services company.” 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 legal fees and professional fees for acquisition integration ($3.5 million) and non-capitalized ERP implementation costs ($2.3 million). In the year-to-date period, the most significant non-routine items pertained to acquisition costs, which were primarily associated with the Furmanite transaction ($7.4 million), legal fees and professional fees for acquisition integration and changing the fiscal year end ($7.3 million), non-capitalized ERP implementation costs ($4.8 million) and the loss on the revaluation of contingent consideration ($2.2 million). Costs associated with the Furmanite transaction include $5.2 million incurred by the legacy Furmanite business primarily associated with change of control and severance payments. A reconciliation of net income (loss) reported in accordance with GAAP to adjusted net income (loss) is contained in the accompanying schedule. In connection with this earnings release, Team will hold its quarterly conference call on Wednesday, November 2, 2016 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.teaminc.com. Individuals wishing to participate in the conference call by phone may call 888-699-2378 and use conference code 8256861 when prompted. 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”. 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 provided below 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, professional fees for acquired business integration and changing our fiscal year end, losses on the revaluation of contingent consideration, non-capitalized ERP implementation costs, losses on our investment in Venezuela, certain other non-routine items and the related income tax impacts. 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 reported in accordance with GAAP. Adjusted EBIT further excludes the following items: acquisition costs associated with business combinations, non-routine legal costs and professional fees for acquired business integration and changing our fiscal year end, losses on the revaluation of contingent consideration, non-capitalized ERP implementation costs 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 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 and nine months ended September 30, 2016, the Company assumes a 37% tax rate in order to approximate our long-term effective tax rate.


News Article | November 28, 2016
Site: globenewswire.com

SUGAR LAND, Texas, Nov. 28, 2016 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE:TISI) (“Team” or the “Company”) today announced that it has filed a prospectus supplement under which it may sell up to $150,000,000 of its common stock through an “at-the-market” equity offering program (the “ATM Program”). The Company intends to use the net proceeds from sales under the ATM Program primarily to reduce outstanding indebtedness, which may include amounts outstanding under the Company’s senior secured credit facility, and for general corporate purposes. The timing of any sales will depend on a variety of factors to be determined by the Company. The shares will be offered through Merrill Lynch, Pierce, Fenner & Smith Incorporated, Raymond James & Associates, Inc. and SunTrust Robinson Humphrey, Inc., as sales agent and/or principal. Sales of common stock, if any, will be made from time to time in negotiated transactions at market prices prevailing at the time of a sale or at negotiated prices, or as otherwise agreed with the sales agents, and, as a result, sale prices may vary. The Company has filed with the U.S. Securities and Exchange Commission (“SEC”) a prospectus supplement to the prospectus contained in its existing shelf registration statement on Form S-3 (file no. 333-214055) for the offering of common stock described in this communication. Sales in the ATM Program will be made pursuant to the prospectus and prospectus supplement. “At-the-Market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended, include sales made directly on or through the New York Stock Exchange, or another market for the Company’s common stock, and sales made through a market maker other than on an exchange. Before you invest, you should read the prospectus, prospectus supplement relating to the ATM Program and other documents the Company has filed with the SEC for more complete information about the Company and the ATM Program. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company or the Agents will arrange to send you the prospectus supplement, including the prospectus, if you request it by contacting Merrill Lynch at BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or Email: dg.prospectus_requests@baml.com; Raymond James at Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, Attention: Prospectus Department or Email: prospectus@raymondjames.com; or SunTrust Robinson Humphrey at SunTrust Robinson Humphrey, 3333 Peachtree Road NE, Atlanta, GA 30326, Attention: Prospectus Department or Email: prospectus@rhco.com. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Company's common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 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. These services are offered through three business units—TeamFurmanite, TeamQualspec and Quest Integrity—through more than 220 branch locations in more than 20 countries throughout the world. Team’s common stock is traded on the New York Stock Exchange under the ticker symbol “TISI”. 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 Transition Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q as filed with the SEC, and in other reports filed by the Company with the SEC 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.


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


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.


Hoksbergen J.,Team Corporation
60th Annual Technical Meeting of the Institute of Environmental Sciences and Technology, ESTECH 2014 | Year: 2014

As with most technology, the state of the art for vibration testing is continually advancing. Significant developments in this field have come from both the electronic systems used for control and from the mechanical systems used for excitation. It is becoming commonplace for a modern vibration test laboratory to simultaneously excite multiple degrees-of-freedom (DOF) of a test article out to 500 Hz or beyond. This relatively new ability for vibration testing raises questions concerning the allowable test tolerances and what comprises an accurate multi-axis vibration test. Difficulties arise in a multiaxis test when one of the excitation DOF has a significantly lower level than the others; in the sense that this DOF is the most difficult to control and often has the largest relative control error. MIL-STD- 810G, Method 527 Annex C discusses this issue in detail and presents a method for considering the overall error of a multi-axis test. This overall, or composite, error is referred to as the Global Error and it provides a means to account for differences in excitation levels, while maintaining the integrity of the test. This Global Error theory is discussed and applied to data collected during a simultaneous three-axis vibration test using special dual Team Corporation Cube Systems with a large bridging test article.


Trademark
Team LLC | Date: 2016-06-01

frozen smoothie concentrates, namely, blended organic whole fruit and vegetable mixes in the nature of frozen whole fruit-vegetable concentrates, sold in the frozen foods channels of trade; and fruit drinks.


Trademark
Team LLC | Date: 2016-06-01

Fruit drinks.


Trademark
Team LLC | Date: 2015-10-30

frozen smoothie concentrates, namely, blended whole fruit and vegetable mixes.


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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