Team, Inc. released full financial results for the first quarter ending August 31, 2015 of fiscal year 2016. Adjusted earnings were $4.9 million ($0.23 per diluted share) versus $7.1 million ($0.34 per diluted share) for the prior year.
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Revenues for the current year quarter increased by 18% to $222.7 million compared to revenues of $188.1 million for the prior year quarter. Revenues for the current year quarter include $23.5 million related to the acquisition of Qualspec, which closed on July 7, 2015.
Adjusted earnings in the current quarter exclude certain non-routine items that are not indicative of Team's ongoing operating activities of $3.5 million (net of tax), or $0.16 per diluted share, as detailed in the accompanying schedule. Adjusted earnings in the prior year quarter exclude non-routine charges of $0.1 million (net of tax), or $0.01 per diluted share, as detailed in the accompanying schedule.
Team's net income available to shareholders reported in accordance with generally accepted accounting principles (including non-routine items) was $1.4 million ($0.07 per diluted share) for the current quarter as compared to net income of $7 million ($0.33 per diluted share) in the prior year quarter.
Certain non-routine items that are not indicative of Team's ongoing operating activities have been excluded when arriving at adjusted earnings.
The company currently estimates its fiscal year 2016 adjusted earnings per share will be $2.15 per diluted share. At this time, we expect our consolidated revenues and adjusted EBITDA to be approximately $1.05 billion and $124 million, respectively.
These estimates include approximately 11 months of Qualspec operating activity, and exclude certain non-routine items that are not indicative of Team's ongoing operating activities of $3.5 million (net of tax), or $0.16 per diluted share, recorded in the current quarter (as detailed in the accompanying schedule) as well as ongoing implementation expenses related to the ERP project during the course of fiscal year 2016. ■