$TISI
TEAM INC

2015 Q3 Form 10-Q Financial Statement

#000119312515340421 Filed on October 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $243.6M $188.1M
YoY Change 29.47% 7.92%
Cost Of Revenue $173.9M $131.8M
YoY Change 31.97% 5.17%
Gross Profit $69.62M $56.33M
YoY Change 23.6% 14.96%
Gross Profit Margin 28.59% 29.94%
Selling, General & Admin $62.24M $44.50M
YoY Change 39.86% 7.66%
% of Gross Profit 89.4% 79.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.774M $5.529M
YoY Change 58.69% 2.71%
% of Gross Profit 12.6% 9.82%
Operating Expenses $62.24M $44.50M
YoY Change 39.86% 7.66%
Operating Profit $6.857M $11.83M
YoY Change -42.01% 45.9%
Interest Expense -$2.200M -$800.0K
YoY Change 175.0% 33.33%
% of Operating Profit -32.08% -6.77%
Other Income/Expense, Net -$8.000K
YoY Change
Pretax Income $3.846M $11.02M
YoY Change -65.1% 55.07%
Income Tax $1.299M $3.968M
% Of Pretax Income 33.78% 36.0%
Net Earnings $2.547M $7.031M
YoY Change -63.77% 55.9%
Net Earnings / Revenue 1.05% 3.74%
Basic Earnings Per Share $0.13 $0.34
Diluted Earnings Per Share $0.12 $0.33
COMMON SHARES
Basic Shares Outstanding 20.38M shares 20.50M shares
Diluted Shares Outstanding 21.45M shares 21.28M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.00M $31.50M
YoY Change 26.98% -6.53%
Cash & Equivalents $38.55M $31.48M
Short-Term Investments
Other Short-Term Assets $21.90M $12.30M
YoY Change 78.05% 5.13%
Inventory $29.25M $26.46M
Prepaid Expenses
Receivables $210.1M $173.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $301.3M $243.5M
YoY Change 23.7% 1.79%
LONG-TERM ASSETS
Property, Plant & Equipment $119.0M $91.41M
YoY Change 30.15% 19.14%
Goodwill $262.2M $113.1M
YoY Change 131.74% 3.82%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.423M $921.0K
YoY Change 163.08% -72.02%
Total Long-Term Assets $483.4M $236.9M
YoY Change 104.08% 4.74%
TOTAL ASSETS
Total Short-Term Assets $301.3M $243.5M
Total Long-Term Assets $483.4M $236.9M
Total Assets $784.7M $480.4M
YoY Change 63.34% 3.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.60M $21.44M
YoY Change 19.44% 27.74%
Accrued Expenses $55.00M $37.10M
YoY Change 48.25% -2.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.700M $1.900M
YoY Change -10.53%
Total Short-Term Liabilities $84.91M $63.82M
YoY Change 33.04% 13.88%
LONG-TERM LIABILITIES
Long-Term Debt $359.1M $71.11M
YoY Change 404.91% -19.35%
Other Long-Term Liabilities $2.330M $4.451M
YoY Change -47.65% -35.9%
Total Long-Term Liabilities $361.4M $75.57M
YoY Change 378.25% -20.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.91M $63.82M
Total Long-Term Liabilities $361.4M $75.57M
Total Liabilities $455.0M $154.6M
YoY Change 194.36% -7.99%
SHAREHOLDERS EQUITY
Retained Earnings $243.5M $209.1M
YoY Change 16.48% 10.62%
Common Stock $6.495M $6.171M
YoY Change 5.25% -0.18%
Preferred Stock
YoY Change
Treasury Stock (at cost) $21.14M
YoY Change
Treasury Stock Shares 547.0K shares
Shareholders Equity $329.7M $320.1M
YoY Change
Total Liabilities & Shareholders Equity $784.7M $480.4M
YoY Change 63.34% 3.23%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $2.547M $7.031M
YoY Change -63.77% 55.9%
Depreciation, Depletion And Amortization $8.774M $5.529M
YoY Change 58.69% 2.71%
Cash From Operating Activities $9.820M $4.870M
YoY Change 101.64% 10486.96%
INVESTING ACTIVITIES
Capital Expenditures $11.22M $5.468M
YoY Change 105.16% -12.13%
Acquisitions $263.6M $2.151M
YoY Change 12152.91% -78.01%
Other Investing Activities -$23.00K -$272.0K
YoY Change -91.54% -97.18%
Cash From Investing Activities -$274.6M -$7.350M
YoY Change 3636.33% -53.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 272.3M -200.0K
YoY Change -136265.0% -101.29%
NET CHANGE
Cash From Operating Activities 9.820M 4.870M
Cash From Investing Activities -274.6M -7.350M
Cash From Financing Activities 272.3M -200.0K
Net Change In Cash 7.530M -2.680M
YoY Change -380.97% 787.42%
FREE CASH FLOW
Cash From Operating Activities $9.820M $4.870M
Capital Expenditures $11.22M $5.468M
Free Cash Flow -$1.398M -$598.0K
YoY Change 133.78% -90.32%

Facts In Submission

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CY2014Q3 tisi Incremental Common Shares Attributable To Conversion Of Noncontrolling Interests
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CY2015Q3 dei Document Type
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CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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0 shares
CY2015Q3 dei Trading Symbol
TradingSymbol
TISI
CY2015Q3 dei Entity Central Index Key
EntityCentralIndexKey
0000318833
CY2015Q3 dei Document Period End Date
DocumentPeriodEndDate
2015-08-31
CY2015Q3 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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0 shares
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2015Q3 dei Current Fiscal Year End Date
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--05-31
CY2015Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y6M
CY2015Q3 dei Document Fiscal Period Focus
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Q1
CY2015Q3 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Concentration of credit risk.</i></b>&#xA0;No single customer accounts for more than 10% of consolidated revenues.</font></p> </div>
CY2015Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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0
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WeightedAverageNumberOfSharesOutstandingBasic
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CY2015Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
CY2015Q3 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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9816000
CY2015Q3 dei Amendment Flag
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false
CY2015Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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0
CY2015Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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CY2015Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
15000 shares
CY2015Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P1Y7M6D
CY2015Q3 dei Entity Registrant Name
EntityRegistrantName
TEAM INC
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2015Q3 us-gaap Use Of Estimates
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CY2015Q3 us-gaap Number Of Operating Segments
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3 Segment
CY2015Q3 dei Document Fiscal Year Focus
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2016
CY2015Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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728266 shares
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0.07
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0 shares
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P1Y7M6D
CY2015Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-493000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1418000
CY2015Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11218000
CY2015Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2015Q3 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1950000
CY2015Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-238000
CY2015Q3 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
263560000
CY2015Q3 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-23000
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OperatingIncomeLoss
4449000
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930000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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2244000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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-1418000
CY2015Q3 us-gaap Sales Revenue Net
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222694000
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-3977000
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5000000
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-147000
CY2015Q3 us-gaap Profit Loss
ProfitLoss
1425000
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OtherComprehensiveIncomeLossBeforeTax
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CY2015Q3 us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
230000
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IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1264000
CY2015Q3 us-gaap Net Income Loss
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1425000
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0
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63111000
CY2015Q3 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
5934000
CY2015Q3 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
5900000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2843000
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CY2015Q3 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2015Q3 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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272333000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2200000
CY2015Q3 us-gaap Depreciation Depletion And Amortization
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CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2015Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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522000
CY2015Q3 us-gaap Increase Decrease In Other Accrued Liabilities
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CY2015Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
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CY2015Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2015Q3 us-gaap Amortization Of Financing Costs
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CY2015Q3 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
155792000
CY2015Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1435000
CY2015Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2015Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
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CY2015Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
159583000
CY2015Q3 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
6034000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1200000
CY2015Q3 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
280340000
CY2015Q3 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
5137000
CY2015Q3 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
0
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1205000
CY2015Q3 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
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CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
58140000
CY2015Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
-91000
CY2015Q3 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-1371000
CY2015Q3 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
0
CY2015Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-274618000
CY2015Q3 tisi Environmental Liability Claims Self Insured Retention
EnvironmentalLiabilityClaimsSelfInsuredRetention
500000
CY2015Q3 tisi General Liability Claims Effective Self Insured Retention
GeneralLiabilityClaimsEffectiveSelfInsuredRetention
3000000
CY2015Q3 tisi Automobile Liability Self Insured Retention
AutomobileLiabilitySelfInsuredRetention
500000
CY2015Q3 tisi Number Of Locations From Which Entity Operates
NumberOfLocationsFromWhichEntityOperates
150 Location
CY2015Q3 tisi Payment Of Deferred Consideration
PaymentOfDeferredConsideration
369000
CY2015Q3 tisi Medical Claims Self Insured Retention
MedicalClaimsSelfInsuredRetention
175000
CY2015Q3 tisi Workers Compensation Self Insured Retention
WorkersCompensationSelfInsuredRetention
1000000
CY2015Q3 tisi Deferred Tax Assets Recovery From Future Taxable Income Percentage
DeferredTaxAssetsRecoveryFromFutureTaxableIncomePercentage
0.50 pure
CY2015Q3 tisi Incremental Common Shares Attributable To Conversion Of Noncontrolling Interests
IncrementalCommonSharesAttributableToConversionOfNoncontrollingInterests
728000 shares

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