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Team, Inc. - TISI STOCK NEWS

Welcome to our dedicated page for Team news (Ticker: TISI), a resource for investors and traders seeking the latest updates and insights on Team stock.

Team, Inc. (NYSE: TISI) is a leading industrial services company headquartered in Sugar Land, Texas. The company specializes in the construction, maintenance, and monitoring of pressurized piping and associated systems, serving industries such as refining, petrochemical, power, pipeline, and other heavy industries. With over 140 U.S. and international locations spanning five continents, Team, Inc. is rapidly expanding its global footprint.

The company's expertise is structured into two primary segments: the Inspection and Heat Treating Group and the Mechanical Services Group. The Inspection and Heat Treating Group offers non-destructive testing services for sectors like process, pipeline, and power. This segment ensures the safety and efficiency of critical assets through advanced inspection techniques and heat treatment methods. The Mechanical Services Group provides both call-out and turnaround services under on-stream and shutdown conditions, focusing on the maintenance and repair of high-temperature and high-pressure piping systems and vessels.

Recent achievements include the repayment of convertible notes on August 1, 2023, bolstering the company’s liquidity to $54.7 million, comprising $21.3 million in cash and equivalents, and $33.4 million of undrawn availability under various credit facilities. Despite recent economic recessions, Team's revenues have grown at a compound annual rate of over 20% over the past decade, earning recognition from Forbes and Fortune magazines as one of the top small and rapidly growing companies.

Team, Inc. is committed to maintaining its NYSE listing and is actively taking steps to ensure compliance with listing standards. The company is known for its forward-looking statements, which are made in accordance with the Private Securities Litigation Reform Act of 1995. These statements include projections about financial prospects, cost-saving measures, and operational efficiencies. However, they are subject to numerous risks and uncertainties that could cause actual results to differ materially.

For more information, please visit www.teaminc.com or contact Nelson M. Haight, Executive Vice President, Chief Financial Officer, at (281) 388-5521.

Rhea-AI Summary
Team, Inc. reports Q2 2023 revenue of $239.5 million, up 8% YoY. Gross margin improves by 190 basis points. Net loss of $15.8 million, an improvement of $12.4 million YoY. Consolidated Adjusted EBITDA increases to $17.4 million, up from $5.7 million YoY. Ongoing cash selling, general and administrative expenses reduced by $3.2 million YoY. Successfully repaid remaining $41.2 million of convertible notes. Strong revenue growth and improved cost efficiency contribute to positive financial results.
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Team, Inc. has secured committed financing from two of its largest stakeholders for a series of transactions that will improve its capital structure and extend maturities. The company entered into a commitment letter with Corre Management Partners for a new $57.5 million senior secured first lien term loan. It also entered into a commitment letter with Eclipse Business Capital for a new $27.4 million term loan secured by real estate and machinery and equipment. The closing of the term loan facilities and related amendments to existing credit facilities is expected to occur in the second quarter of 2023.
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Team, Inc. (NYSE: TISI) reported a 4% revenue increase in Q4 2022, totaling $211.3 million, with gross margin improving to 24.8%. Despite a net loss of $56.9 million, adjusted EBITDA rose to $6.7 million, up from a negative figure a year prior. For the full year, revenue reached $840.2 million, up 5.8%, while the net loss narrowed to $150.1 million. Key developments included the sale of Quest Integrity for $279 million, which helped reduce net debt to $227.9 million. The company aims to maintain operational momentum into 2023, focusing on margin expansion and enhanced cash flow from increased activity levels and pricing improvements.

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Team, Inc. (NYSE: TISI) announced a one-for-ten reverse stock split effective December 21, 2022. As a result, adjustments were made to the company's outstanding warrants, equity awards, and convertible securities. Specifically, the conversion rate of the 5.00% Convertible Senior Notes due 2023 was reduced from 46.0829 shares to 4.6083 shares per $1,000 principal amount. More details can be found in the proxy statement filed with the SEC on September 19, 2022.

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Team, Inc. (NYSE: TISI) has corrected its previous announcements regarding the one-for-ten reverse stock split. The adjustments clarify that stockholders entitled to fractional shares will instead receive cash equal to the proceeds from the sale of these fractional shares, as per the Company’s stockholder approval from November 8, 2022. The corrections arise from inaccuracies in earlier communications dated December 9 and December 21, 2022.

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Team, Inc. (NYSE: TISI) has successfully completed a one-for-ten reverse stock split of its common stock as of December 21, 2022. This action reduced the number of outstanding shares from approximately 43.4 million to about 4.3 million, and the authorized shares from 120 million to 12 million. The reverse split aimed to improve compliance with NYSE listing requirements. No fractional shares were issued; instead, affected shareholders will receive cash equivalent to any fractional shares. Adjustments are made to outstanding securities accordingly. Trading resumes on December 22, 2022.

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On December 9, 2022, Team, Inc. (NYSE: TISI) announced a one-for-ten reverse stock split approved by the Board of Directors, scheduled to take effect on December 21, 2022. Following the split, every ten shares will convert to one, with a proportional reduction in authorized shares. The par value remains unchanged, and shares will trade on a split-adjusted basis from December 22, 2022. Shareholders will receive cash for fractional shares. No action is needed for holders of book-entry shares or those through brokers. Additional details are available in the definitive proxy statement filed on September 19, 2022.

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FAQ

What is the current stock price of Team (TISI)?

The current stock price of Team (TISI) is $17.264 as of November 4, 2024.

What is the market cap of Team (TISI)?

The market cap of Team (TISI) is approximately 78.7M.

What services does Team, Inc. offer?

Team, Inc. provides construction, maintenance, and monitoring services for pressurized piping and associated systems, along with non-destructive testing and mechanical repair services.

In which industries does Team, Inc. operate?

Team, Inc. serves industries such as refining, petrochemical, power, pipeline, and other heavy industrial sectors.

What are the core segments of Team, Inc.?

The Inspection and Heat Treating Group and the Mechanical Services Group are the two main segments of Team, Inc.

Where is Team, Inc. headquartered?

Team, Inc. is headquartered in Sugar Land, Texas.

How has Team, Inc. performed financially over the past decade?

Despite economic recessions, Team's revenues have grown at a compound annual rate of over 20% over the past ten years.

How is Team, Inc. ensuring its compliance with NYSE listing standards?

The company is actively taking steps to meet NYSE listing standards and has recently announced plans to submit a compliance plan within 45 days of receiving a notice from the NYSE.

What was Team, Inc.’s liquidity status as of August 8, 2023?

As of August 8, 2023, Team, Inc. had $54.7 million in total liquidity, including $21.3 million in cash and $33.4 million in undrawn credit.

Who can I contact for more information about Team, Inc.?

For more information, you can contact Nelson M. Haight, Executive Vice President, Chief Financial Officer, at (281) 388-5521.

What are the risks associated with Team, Inc.’s forward-looking statements?

These statements involve numerous risks and uncertainties, including financial prospects, cost-saving measures, and operational efficiencies, which may cause actual results to differ materially.

Where can I find more information about Team, Inc.?

For more information, visit the company’s official website at www.teaminc.com.

Team, Inc.

NYSE:TISI

TISI Rankings

TISI Stock Data

78.68M
4.42M
2.86%
49.46%
0.48%
Specialty Business Services
Services-miscellaneous Repair Services
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United States of America
SUGAR LAND