Attached files
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| 8-K - TEAM INC | v177916_8k.htm |
NEWS
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TEAM,
INC.
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For
immediate release
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P.
O. Box 123
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contact:
Ted W. Owen
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Alvin,
Texas 77512
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(281)
331-6154
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Team, Inc. Lowers Fiscal
Year 2010 Earnings Guidance
ALVIN,
Texas, March 18, 2010 — Team, Inc.
(NASDAQ:TISI—News) announced that
it is lowering its pro-forma earnings guidance for the fiscal year ending May
31, 2010 to $0.80-$0.90 per fully diluted share. This guidance excludes the
impact of previously announced non-routine charges associated with an
independent investigation and associated with the recent Venezuelan currency
devaluation. The revised pro-forma earnings guidance is $0.05-$0.15
per share below the Company’s previously issued pro-forma earnings guidance and
reflects a current revenue estimate of $450-$460 million for fiscal 2010, or
$15-$20 million below previously disclosed revenue estimates.
“We had
expected activity levels in the second half of the fiscal year to increase 10%
over first half amounts,” said Phil Hawk, Team’s Chairman and CEO. “However,
improvements in activity levels are slower to materialize than expected and
nearly all our customer groups continue to face very difficult margin and demand
environments. While our activity levels are ramping up nicely for the spring
turnaround season, project scopes are being aggressively managed and reduced
where possible by our customers. We remain convinced that current overall
industry maintenance spending rates are below historical and steady-state run
levels and look forward to improved market demand and Team earnings performance
in FY2011,” said Hawk.
The
Company is issuing this revised guidance in anticipation of its attendance at
two investor conferences during the week of March 22, 2010. We will provide
additional detail and perspective about our current guidance in the upcoming
regularly scheduled third quarter earnings conference call on Wednesday, March
31, 2010.
Third
Quarter Earnings Release and Conference Call Schedule
Team
expects to issue its third quarter earnings release at the close of market on
Tuesday, March 30, 2010. In connection with that release, Team will
hold a conference call on Wednesday, March 31, 2010 beginning at 8:00 a.m.
Central Time (9:00 a.m. Eastern). The call can be accessed on Team’s Website,
www.teamindustrialservices.com.
Individuals wishing to participate in the conference by phone may call
877-826-1586 and use conference code 26627738.
About
Team, Inc.
Headquartered
in Alvin, Texas, Team, Inc. is a leading provider of specialty industrial
services 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 in over 100 locations
throughout the United States, Belgium, Canada, Singapore, The Netherlands,
Trinidad and Venezuela. Team’s common stock is traded on the NASDAQ
Global Select Market 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 Annual Report on Form 10-K for the year ended May 31, 2009 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.