Company: TISI
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0000318833-25-000057
Chunk: 4

Company: TEAM INC
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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 net$(11,896)$(11,909)$13 0.1 %Other expense, net(3,490)(541)(2,949)(545.1)%Loss before income taxes$(3,283)$(1,291)$(1,992)(154.3)%Provision for income taxes(983)(1,472)489 33.2 %Net loss$(4,266)$(2,763)$(1,503)(54.4)%

Revenues. Total revenues increased by $19.4 million or 8.5% from the prior year quarter and were positively impacted by $1.1 million in favorable foreign exchange movement. IHT revenues increased by $17.2 million or 15.2% primarily driven by  higher turnaround and callout activity in the U.S. of $13.3 million and a $3.6 million revenue increase in Canada. This increase in activity for IHT represented services performed this quarter on large projects from existing customers in both the U.S. and Canada. MS revenues increased by $2.2 million or 1.9%, primarily driven by a $4.5 million increase in U.S. turnaround activities, partially offset by a $2.3 million revenue decrease in Canada and other international locations such as the United Kingdom and Trinidad, all of which had customer project scope conclude in 2024 and did not repeat through this quarter.

Operating income (loss). Overall operating income was $12.1 million in the current year quarter, a $0.9 million increase compared to the prior year quarter. IHT operating income increased by $3.3 million or 26.7% reflecting the contributions from revenue growth for the quarter, with the U.S. increasing by $2.7 million primarily due to lower costs and improved margins, and improved operating income from Canada of $0.6 million driven mainly by higher customer project activity. MS operating income decreased by $0.5 million or 4.7% as compared to the prior year quarter, with higher U.S. operating income of $2.1 million offset by lower operating income from Canada and other international regions of $1.8 million and $0.8 million, respectively, driven by lower customer project activity as compared to the prior year quarter. Corporate operating loss increased by $1.9 million primarily due to higher nonrecurring professional fees, see details noted in the table below. 

24 

For the three months ended June