<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 28, 1995
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OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period to
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Commission file number 1-8604
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TEAM, INC.
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(Exact name of registrant as specified in its charter)
Texas 74-1765729
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(State or other jurisdiction (I.R.S. Employer
of incorporation Identification Number)
or organization)
1001 Fannin, Suite 4656, Houston, Texas 77002
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 659-3600
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---------------------------------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
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On March 31, 1995, there were 5,159,842 shares of the Registrant's common stock
outstanding.
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Part II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K.
Item 6 is hereby amended by adding Exhibit 27, Financial Data Schedule, as
required by Item 601 of Regulation S-K.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereto duly authorized.
TEAM, INC.
(Registrant)
Date: May 17, 1995
H. WESLEY HALL
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H. Wesley Hall, Chairman of the Board,
President and Chief Executive Officer
JOHN M. SLACK
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John M. Slack, Vice President
and Chief Financial Officer
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Index to Exhibits
Exhibit 27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
consolidated financial statements and related notes of Team, Inc. and
Subsidiaries for the nine months ended February 28, 1995 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> FEB-28-1995
<CASH> 2,314,000
<SECURITIES> 0
<RECEIVABLES> 11,291,000
<ALLOWANCES> 531,000
<INVENTORY> 7,294,000
<CURRENT-ASSETS> 21,888,000
<PP&E> 72,457,000<F1>
<DEPRECIATION> 21,251,000<F1>
<TOTAL-ASSETS> 85,614,000
<CURRENT-LIABILITIES> 12,882,000
<BONDS> 51,904,000<F2>
<COMMON> 1,551,000
0
0
<OTHER-SE> 18,509,000
<TOTAL-LIABILITY-AND-EQUITY> 85,614,000
<SALES> 0
<TOTAL-REVENUES> 48,938,000
<CGS> 0
<TOTAL-COSTS> 26,686,000
<OTHER-EXPENSES> 26,488,000
<LOSS-PROVISION> 441,000
<INTEREST-EXPENSE> 3,822,000
<INCOME-PRETAX> (8,499,000)
<INCOME-TAX> (2,719,000)
<INCOME-CONTINUING> (5,780,000)
<DISCONTINUED> (457,000)
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,237,000)
<EPS-PRIMARY> (1.21)
<EPS-DILUTED> (1.21)
<FN>
<F1>Property, plant and equipment consist of $25,275,000 for core operational fixed
assets and $47,182,000 for the military housing projects' land and buildings.
Accumulated depreciation consists of $16,904,000 for core fixed assets and
$4,347,000 for the military housing projects' land and buildings.
<F2>Bonds, mortgages and similar debt consist of $12,182,000 of long-term debt and
$39,722,000 of non-recourse debt pertaining to Certificates of Participation
financing the military housing projects.
</FN>
</TABLE>
