Team Inc. said that the company will be looking for acquisition opportunities. Phil Hawk, Team�s Chairman and CEO, when asked whether the company is looking for acquisitions said, �I think the criteria we would kind of use is and we've talked before, we think that just acquiring companies for the sake of acquiring them is not a particularly high leverage activity. We want to acquire companies that can be the basis for accelerated growth, and that's all of our acquisitions have kind of fit that mold, if you look at the two most recent ones, the inspection services in Canada filled a gap, and allowed us to cross sell across our network. Obviously our initial investment in Europe kind of provides a platform for exciting growth over there, and so those are the things that we would be looking for, so just buying for the sake of buying, where we can't see kind of attractive growth from that, historically hasn't been something that looked very good to us.�

Team Inc. provided revenue guidance for the second quarter and earnings guidance for the fiscal year 2010. The company expects the second quarter revenues to be up about 20% versus the first quarter as a result of expected plant turnaround activities during the period. The company expects sequential revenue growth of 10% over quarter one. For the fiscal year 2010, the company expects total revenues to be in the $470 million range. CapEx spending plan is roughly $10 million to $15 million.

Team Inc. reported un-audited earnings results for the first quarter ended August 31, 2009. The company reported net income of $1.1 million or $0.06 basic and diluted earnings per share on revenues of $100.9 million for its first quarter ended August 31, 2009. Results for the first quarter included non-routine legal and accounting costs of $1.1 million or $0.03 per diluted share, after tax related to an ongoing, independent investigation. Excluding the non-routine costs, net income would have been $1.8 million or $0.09 per diluted share. For the corresponding prior year quarter, revenues were $123.3 million and net income was $5.0 million or $0.25 per diluted share. The comparable prior year results were the best first quarter results in company's history as the effects of the current recession were not felt until later in the prior fiscal year. The decline in revenues during the first quarter was broad based, affecting nearly all geographic regions and service lines. For the current year first quarter, company's operating income was $2.7 million, earnings before income tax was $1.9 million compared to operating income of $9.72 million and earnings before income tax of $8.3 million for the previous year period. These results include non-routine outside professional costs of $1.1 million related to the Trinidad investigation. Excluding the non-routine costs, current year first quarter operating income would have been $3.8 million, earnings before tax would have been $3.0 million, and net income would have been $1.8 million. The company is reaffirming its earnings guidance of $0.85 to $1.05 per fully diluted share for fiscal year 2010. Such guidance excludes the impact of the non-routine investigation costs which are currently expected to reduce fiscal year 2010 earnings by approximately $0.06 per diluted share. Earnings guidance is based on an expectation that demand for services will improve by approximately 10% in the second half of the year over the weak first half levels.