Team Inc (TISI.N) Key Developments | Reuters.com
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Team Inc (TISI.N)

TISI.N on New York Stock Exchange

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27 Jun 2016
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Latest Key Developments (Source: Significant Developments)

Team Inc announces change in fiscal year end
Tuesday, 10 Nov 2015 12:12pm EST 

Team Inc:Board of Directors has approved a change in Team's fiscal year end from May 31 to December 31.Next fiscal year will end on December 31, 2015, resulting in a 7-month transition period from June 1, 2015 to December 31, 2015.Says will report one-time, 7-month transitional financial statements for the period from June 1, 2015 through December 31, 2015 in March 2016.  Full Article

Team industrial services and Furmanite to combine to create premier global industrial services company
Monday, 2 Nov 2015 06:45am EST 

Team Inc and Furmanite Corporation:Says Team will acquire all of the outstanding shares of Furmanite in a stock-for-stock transaction valued at approximately $335 million.Under terms of the proposed merger, Furmanite stockholders to receive 0.215 shares of Team stock for each share of Furmanite stock.Says combined company expects to realize an estimated $20-$25 million in annual cost synergies within two years of closing.Says Team will acquire all of the outstanding shares of Furmanite in a stock-for-stock transaction valued at approximately $335 million.Deal expected to be accretive to adjusted earnings per share in first full fiscal year following close; expected to add $0.25-$0.30 per share by 2017.By calendar year 2017, Team expects the transaction, including synergies, to contribute approximately $0.25-$0.30 to earnings per share.Furmanite announced that joseph e. milliron is retiring from his position as president and chief executive officer of Furmanite.Says before synergies, Team expects the transaction to contribute approximately $400 million in annual revenue.Says milliron will continue as a member of the Furmanite board of directors.Says ted owen will continue as chief executive officer of the combined company.Deal has an implied value of $7.53 per Furmanite share.Jeffery Davis, furmanite's interim executive chairman, will assume additional responsibilities as interim president and CEO of Furmanite.  Full Article

Team Inc updates on FY 2016 guidance
Tuesday, 6 Oct 2015 05:33pm EDT 

Team Inc:Currently estimate FY 2016 adjusted earnings per share will be $2.15 per diluted share.At this time, we expect FY 2016 consolidated revenues and adjusted EBITDA to be about $1.05 billion and $124 million, respectively.Estimates include about 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.  Full Article

Team Inc reaffirms FY 2016 revenue guidance; lowers FY 2016 EPS guidance
Tuesday, 29 Sep 2015 06:45am EDT 

Team Inc:Continues to expect FY 2016 revenues to be about $1.1 billion.Lowers expectation for FY 2016 adjusted earnings to $2.15 per share, a downward adjustment from the previously anticipated $2.45-$2.60 per share (EPS).  Full Article

Team Inc gives FY 2016 guidance in line with analysts' estimates
Tuesday, 4 Aug 2015 04:13pm EDT 

Team Inc:Expect FY 2016 consolidated budgeted revenues and EBITDA to be about $1.1 billion and $135 million, respectively.FY 2016 revenue of $1.1 billion and EBITDA of $129 million - Thomson Reuters I/B/E/S.  Full Article

Team Inc announces purchase of Qualspec Group
Monday, 6 Jul 2015 07:00am EDT 

Team Inc:Announces purchase of Qualspec Group.Total cash consideration is $255 million, which could be increased by $10 million depending upon the operating results of Qualspec.Says transaction is expected to be accretive to team's earnings in the first year.Says purchase of Qualspec is being financed through an expansion and amendment to team's existing credit facility.Existing credit facility will be increased to $500 million and expand the number of banks in the syndicate from four to seven.  Full Article

Team Inc reaffirms FY 2015 EPS guidance
Tuesday, 7 Apr 2015 04:06pm EDT 

Team Inc:Reaffirms FY 2015 adjusted earnings target of $2.00 per share.  Full Article

Team Inc resumes stock repurchase program
Tuesday, 13 Jan 2015 04:05pm EST 

Team Inc:Announced that it has resumed share repurchases of its outstanding common stock under the existing June 2014 authorization from its Board of Directors.Says the amount of share repurchases remaining pursuant to that authorization is $36.7 million.  Full Article

Team Inc announces leadership transition plan
Tuesday, 4 Nov 2014 02:28pm EST 

Team Inc:Announces that Ted W. Owen, has been named Chief Executive Officer, effective Dec. 1.At the same time, Philip J. Hawk, Team's current Chairman and CEO will become Executive Chairman of the company.  Full Article

Team Inc gives FY 2015 guidance above analysts' estimates
Tuesday, 5 Aug 2014 04:40pm EDT 

Team Inc:Expects FY 2015 revenue of $842 million with planned earnings of $2.00 per share.FY 2015 revenue of $836 million and EPS of $1.98 - Thomson Reuters I/B/E/S.  Full Article