Printer Friendly

CORRECTION TO TEAM REPORTS RESULTS OF OPERATIONS FOR FISCAL 1992

 /C O R R E C T I O N -- TEAM, INC./
 In NY054, Team Reports Results of Operations For Fiscal 1992, moved


yesterday, the record date for the dividend of 3-1/2 cents per share to be paid for the quarter ended May 31, 1992 was incorrectly identified as Aug. 12, 1992. The correct record date is Aug. 14, 1992.
 The corrected release follows:
 HOUSTON, Aug. 6 /PRNewswire/ -- Team, Inc. (AMEX: TMI) today announced operating results for the year ended May 31, 1992.
 Revenues from continuing operations were $73,300,000 compared to restated revenues of $68,600,000 for fiscal 1991. Pre-tax earnings from continuing operations for the years ended 1992 and 1991 were $5,008,000 and $7,475,000, respectively, while net earnings from continuing operations were $2,758,000, or $.54 per share for the year, compared to $4,772,000, or $1.00 per share for the same period last year.
 The company also announced the consolidation of its infrastructure businesses under one newly formed company, Infrastructure Services, Inc., which will include Epoxy Design Systems, Inc., General Gunite & Construction Co., Inc. and Universal Services Co., Inc. and its subsidiaries. This consolidation, which will be accounted for as discontinued operations, is a continuation of a plan previously announced. Infrastructure Services, Inc. will operate as an ongoing operation separate from Team's other operations pending several options for disposition, such as a merger, sale, spin-off or combination thereof.
 Net losses from these discontinued operations for fiscal 1992 were $2,554,000 or $.50 per share, compared to a loss of $2,794,000, or $.58 per share for fiscal 1991. Loss on the disposition of Infrastructure Services, Inc. is estimated to be $12,051,000, over 80 percent of which is the non-cash write-off of goodwill and other intangibles.
 In addition, the company announced that its board of directors authorized a dividend of 3-1/2 cents per share for the quarter ended May 31, 1992, payable on Aug. 31, 1992 to shareholders of record as of Aug. 14, 1992.
 "The proposed disposition of our infrastructure services business will allow Team to focus on the growth of its core business of providing environmental monitoring, engineering and leak repair services, performed by Team Environmental Services, Inc. and supportive remedial services, performed by the company's Transportation Division," commented H. Wesley Hall, president and chairman of the board. "Earnings from these continuing operations continue to be strong even though fiscal 1992 was adversely affected by pricing pressures due to recessionary cutbacks in our customers' budgets."
 "In the past two years our dependence on governmental funding has made the infrastructure services business highly cyclical due to budget cutbacks," commented Hall, "and the synergies we hoped to achieve by combining these services with our core business have not been realized. However, as our vast network of roads, highways and bridges continues to age, we believe the demand for private industry to maintain and repair this system will continue to rise, giving the private sector substantial market opportunities in the future. Through a restructuring plan yet to be finalized, we feel that the newly formed Infrastructure Services, Inc. will be able to consolidate to form a broader regional base through a possible merger, sale, spin-off or combination thereof. To facilitate this restructuring plan we have decided to write down certain of these assets, which consisted primarily of goodwill, in order to meet these objectives."
 "As an ongoing entity, Infrastructure Services, Inc. will be given separate management under the leadership of Roy C. Eliff, who will serve as the company's interim chief executive officer," stated Hall. "Eliff has the leadership capabilities and the business insight to guide Infrastructure Services into a strong future." Eliff has over 18 years of experience in business development at Browning-Ferris Industries, Inc. Prior to that, he held the position of chief financial officer for Falcon Seaboard Drilling Company. Hall will serve as chairman of the board for Infrastructure Services, Inc.
 Team, Inc. is a national service company providing environmental engineering and monitoring services to America's industrial facilities and repair and maintenance and project management services to the public and private infrastructure. Headquartered in Houston, the company has 63 domestic operating locations in 24 states and international locations in 13 countries.
 TEAM, INC.
 Year ended May 31 1992 1991
 Revenues $73,300,000 $68,600,000
 Earnings from continuing
 operations before provision
 for income taxes $ 5,008,000 $ 7,475,000
 Net earnings from
 continuing operations $ 2,758,000 $ 4,772,000
 Loss from discontinued
 operations, net of
 provision for income taxes ($2,554,000) ($2,794,000)
 Loss on disposition of
 discontinued operations,
 net of provision for
 income taxes ($12,051,000) --
 Net earnings (loss) ($11,847,000) $ 1,978,000
 Earnings (loss) per share:
 Primary:
 Net earnings from continuing
 operations $0.54 $1.00
 Loss from discontinued
 operations (0.50) (0.58)
 Loss on disposition of
 discontinued operations (2.37) --
 Net earnings (loss) ($2.33) $0.42
 Weighted average shares
 outstanding 5,088,000 4,757,000
 Fully diluted:
 Net earnings from continuing
 operations $0.54 $1.00
 Loss from discontinued
 operations (0.50) (0.58)
 Loss on disposition of
 discontinued operations (2.37) --
 Net earnings (loss) ($2.33) $0.42
 Weighted average shares
 -0- 8/7/92


CO: Team, Inc. ST: Texas IN: SU: DIV

LR -- NY021 -- 7982 08/07/92 11:15 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 7, 1992
Words:896
Previous Article:USAIR CONTINUES TO EXPAND SERVICE TO FLORIDA, INCLUDING NEW NONSTOP TO FORT MYERS
Next Article:PULASKI FURNITURE REPORTS EARNINGS
Topics:


Related Articles
TEAM REPORTS RESULTS OF OPERATIONS FOR THE SECOND QUARTER OF FISCAL 1992
CAPITAL ASSOCIATES REPORTS THIRD FISCAL QUARTER 1992 RESULTS
INTERNATIONAL TECHNOLOGY ANNOUNCES FISCAL YEAR 1992 RESULTS
C-TEC REPORTS SECOND QUARTER RESULTS
TEAM REPORTS RESULTS OF OPERATIONS FOR FISCAL 1992
/C O R R E C T I O N -- TEAM, INC./
INTERTAN REPORTS FISCAL 1992 RESULTS
CAPITAL ASSOCIATES REPORTS FISCAL 1992 YEAR END RESULTS
TEAM REPORTS RESULTS OF OPERATIONS FOR THE FIRST QUARTER OF FISCAL 1993
TEAM REPORTS RESULTS OF OPERATIONS FOR THE FIRST QUARTER OF FISCAL 1994

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters