Revenue during the quarter grew 18.90 percent to $289.58 million from $243.55 million in the previous year period. Gross margin for the quarter contracted 210 basis points over the previous year period to 26.49 percent. Operating margin for the quarter stood at negative 1.40 percent as compared to a positive 2.82 percent for the previous year period.

Operating loss for the quarter was $4.04 million, compared with an operating income of $6.86 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $15.84 million compared with $21.10 million in the prior year period. At the same time, adjusted EBITDA margin contracted 320 basis points in the quarter to 5.47 percent from 8.67 percent in the last year period.

"We continued to face market headwinds during the third quarter of 2016, which includes two of our seasonally weakest months of the year��"July and August. Those two months were unusually soft this year, as we continued to experience headwinds from project deferrals, scope reductions and maintenance deferrals, coupled with the adverse impact on business of severe flooding in Louisiana. However, activity levels picked up sharply in the month of September. In fact, September was our strongest month of the year," said Ted Owen, Team’s president and chief executive officer. "Our strong finish to the quarter, and indeed our activity levels through the first month of the fourth quarter, gives us encouragement that we are seeing the first signs of more normalized market activity."

The company has spent $74.86 million cash to meet investing activities during the nine month period as against cash outgo of $294.27 million in the last year period. It has incurred net capital expenditure of $32.15 million on net basis during the nine month period, up 27.34 percent or $6.90 million from year ago period.

Cash flow from financing activities was $7.35 million for the nine month period, down 97.23 percent or $257.79 million, when compared with the last year period.