Team, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2013; Reaffirms Earnings Guidance for the Full Year 2014
For the six months, the company reported revenues of $374,804,000, operating income of $31,986,000, earnings before income taxes of $30,037,000, net income of $19,074,000, net income available to common shareholders of $18,935,000 or $0.89 per diluted share compared to the revenues of $362,140,000, operating income of $35,864,000, earnings before income taxes of $34,400,000, net income of $21,672,000, net income available to common shareholders of $21,497,000 or $1.03 per diluted share for the same period year ago. Adjusted net income was $18,044,000 or $0.85 per diluted share compared to the $21,497,000 or $1.03 per diluted share for the same period year ago. Adjusted EBIT was $30,590,000 compared to the $35,864,000 for the same period year ago. Adjusted EBITDA was $43,491,000 compared to the $47,638,000 for the same period year ago. Net cash provided by operating activities was $20,218,000 compared to $19,719,000 for the same period a year ago. Capital expenditures were $13,619,000 compared to $12,654,000 for the same period a year ago. Net cash used for business acquisitions $10,175,000 compared to $18,144,000 for the same period a year ago. Net debt was $55 million.
The company is affirming its full fiscal year 2014 adjusted earnings guidance of $1.55 to $1.85 per share and continues to expect full year revenues to be in the range of $765 million to $790 million.