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.
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.
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.
Team, Inc. (NYSE: TISI) has appointed Keith Tucker as the Chief Executive Officer, effective November 22, 2022. Tucker, who served as interim CEO since March 2022, aims to enhance financial performance and liquidity. With 33 years of industry experience, Tucker previously led Team's largest segment, Inspection & Heat Treating. The company's board, including Chairman Michael Caliel, expressed confidence in Tucker's leadership for improved growth and shareholder value. Team, headquartered in Sugar Land, Texas, specializes in asset performance assurance and optimization solutions.
Team, Inc. (TISI) reported a 10.3% revenue increase for Q3 2022, totaling $218.3 million, primarily from its Inspection and Heat Treating (IHT) and Mechanical Services (MS) segments. The company completed the sale of its Quest Integrity business to Baker Hughes for approximately $279 million, significantly reducing debt and enhancing liquidity to about $83 million. Despite a GAAP net loss of $26.6 million, Adjusted EBITDA improved to $10.6 million. The company anticipates continued growth and margin improvements in 2023 as it navigates inflationary pressures and implements cost reduction strategies.
On November 2, 2022, Team, Inc. (TISI) received a notice from the NYSE regarding non-compliance with listing standards, specifically the average share price requirement of $1.00 over 30 trading days. The company has six months to address this issue and regain compliance. Team, Inc. is evaluating options, including a potential reverse stock split, to meet the required standards. Despite the notice, the company’s operations and SEC reporting remain unaffected. The stock will continue to trade under the symbol TISI.BC to indicate its below compliance status.
Team, Inc. (NYSE: TISI) convened its Special Meeting of Shareholders on November 2, 2022, where shareholders overwhelmingly supported a proposal for a reverse stock split. However, the votes did not reach the necessary two-thirds majority of outstanding shares for increasing authorized common stock from 60 million to 120 million. A reconvening of the meeting is scheduled for November 8, 2022, to further discuss Proposal One. The record date for eligible voters remains September 12, 2022. Shareholders are urged to vote promptly to ensure their participation.
Team, Inc. (NYSE: TISI) has successfully completed the sale of its Quest Integrity business to Baker Hughes for approximately $279 million, with net proceeds expected to be about $270 million. The company plans to allocate around $238 million to reduce term debt, enhancing its financial flexibility and balance sheet strength. Interim CEO Keith Tucker expressed optimism about the future, citing higher activity levels in core businesses and strategic initiatives aimed at improving profitability and cash flow. The company aims to enhance shareholder value through these actions.
Team, Inc. (TISI) reported a 5.2% increase in Q2 2022 revenue, totaling $251.3 million, driven by strong performance in the Quest Integrity and Mechanical Services segments. Gross margin rose to $70 million (27.8% of revenue), with Adjusted EBITDA up 57% to $14.3 million. However, the company faced a net loss of $21.6 million. A strategic sale of the Quest Integrity business to Baker Hughes for $280 million is anticipated to enhance liquidity and reduce debt, marking a significant step in the company’s transformation plan.
Team, Inc. (NYSE: TISI) announced the sale of its Quest Integrity business to Baker Hughes for $280 million in cash, a strategic move to streamline operations and enhance profitability. This divestiture is part of Team's broader initiative to maximize shareholder value, following a review of strategic options. The sale, expected to close in Q4 2022, will enable Team to reduce debt significantly and focus on its core Inspection & Heat Treating and Mechanical Services, which contributed over 87% of its revenues year-to-date through June 30, 2022.
Revlon, Inc. (NYSE: REV) announces the retirement of Chief Financial Officer Victoria Dolan, effective September 30, 2022. Matt Kvarda, Managing Director at Alvarez & Marsal, will serve as interim CFO starting October 1. CEO Debra Perelman expressed gratitude for Dolan's contributions and optimism for Kvarda's role in the company's restructuring process. Kvarda brings nearly 30 years of experience and has held interim CFO positions at multiple companies, including TEAM, Inc. (NYSE: TISI).
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