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 appointed Nelson M. Haight as Executive Vice President and Chief Financial Officer, effective June 13, 2022. He succeeds Matt Kvarda, who served as Interim CFO since November 2021 and will assist in the transition until mid-July. Haight brings over 30 years of experience in finance and operations, previously serving at Key Energy Services, Inc. (OTC: KEGX). Interim CEO Keith Tucker expressed confidence in Haight's ability to enhance TEAM's profitability and efficiency amid its strategic repositioning.
Team, Inc. (TISI) reported a 12% year-over-year revenue increase, reaching $218.6 million for Q1 2022.
Quest Integrity segment saw a remarkable 84% growth, driven by customer demand. Despite a GAAP net loss of $32.5 million, the adjusted EBITDA improved to $0.4 million from a loss of $5.3 million in the previous year. The company raised capital and refinanced its ABL in February 2022, aiming for performance improvements and value creation initiatives. The operational review led to initiatives for cost synergies and strategic growth across its business segments.
On April 1, 2022, Team, Inc. (NYSE: TISI) received notice from the NYSE confirming compliance with continued listing standards after remedying a minimum stock price deficiency. The company’s average closing share price exceeded the $1.00 requirement for 30 consecutive trading days, removing the '.bc' indicator from its symbol. Interim CEO Keith Tucker expressed satisfaction with this compliance milestone and emphasized ongoing efforts in the company's turnaround strategy, which focuses on enhancing service quality and financial performance.
Team, Inc. (NYSE: TISI) announced a leadership transition effective March 21, 2022, with Amerino Gatti resigning as Chairman and CEO. Keith Tucker, previously President of the Inspection and Heat Treating group, is appointed as Interim CEO, while Michael Caliel becomes non-executive Chairman. Gatti will act as an advisor during the transition. Tucker, with extensive industry experience since 2005 at Team, is expected to guide the company's turnaround. The Board expresses gratitude for Gatti's contributions, emphasizing the need for a fresh approach to refocus and grow the business.
Team, Inc. (TISI) reported fourth quarter 2021 revenues of $224 million, an 8% increase year-over-year, driven by strong performance in the Inspection & Heat Treating (IHT) segment, which grew 17%. However, the company faced a net loss of $43.1 million, worsening from a $14.9 million loss in Q4 2020, primarily due to COVID-related pricing concessions and inflationary pressures. The full-year revenue increased 3% to $875 million, but the net loss for 2021 reached $186 million. The company is focused on improving margins and enhancing shareholder value amid ongoing market challenges.
Team, Inc. (NYSE: TISI) announced a successful refinancing of its capital structure on February 11, 2022. This includes a new $165 million asset-based lending facility, replacing the previous $150 million facility, and a new $10 million equity investment. The refinancing enhances the company's liquidity and borrowing capacity, crucial for operational flexibility. CEO Amerino Gatti emphasized the importance of these transactions for the company's financial turnaround and plans for future growth, including a potential change in strategic direction to maximize shareholder value.
On February 2, 2022, Team, Inc. (NYSE: TISI) received a notice from the NYSE regarding non-compliance with listing standards due to an average share price below $1.00. The company has 10 business days to notify its intent to remedy this issue and six months to regain compliance, potentially through a reverse stock split. Despite this challenge, the company will continue trading under the symbol TISI.BC. The notice does not affect operations or financial reporting and complies with debt agreements.
Team, Inc. (NYSE: TISI) announced a stockholder rights plan to safeguard its net operating loss carryforwards (NOLs) and other tax attributes. The plan, effective immediately, aims to deter ownership changes that could limit the use of approximately $210 million in U.S. federal NOLs. If ratified in the 2022 annual meeting, the rights plan will remain until February 2, 2025. The initiative is designed to protect long-term stockholder value and ensure that the Board can fulfill its fiduciary duties while allowing current shareholders to maintain their holdings.
TEAM, INC. (NYSE: TISI) announced plans to issue 5,917,051 warrants at an exercise price of $1.50 per share to affiliates of Corre Partners Management and Atlantic Park Strategic Capital. The Audit Committee stated that delaying shareholder approval could jeopardize the company’s financial viability, which led them to seek an exception to the NYSE's approval rules. All shareholders will receive notification about this decision, and the warrants will be issued ten days after the notice is sent.
Team, a global provider of asset performance solutions, reported disappointing financial results for Q3 2021, with a net loss of $91.2 million ($2.94 loss per share), compared to a $9.1 million loss a year prior. Revenue slightly decreased to $217.4 million from $219.1 million. The Inspection and Heat Treating segment grew by 5%, but Mechanical Services and Quest Integrity faced project delays and declining margins. Inflationary pressures further impacted gross margins, which fell to 24.5%. A new $50 million subordinated term loan aims to improve liquidity amid ongoing challenges.
FAQ
What is the current stock price of Team (TISI)?
What is the market cap of Team (TISI)?
What services does Team, Inc. offer?
In which industries does Team, Inc. operate?
What are the core segments of Team, Inc.?
Where is Team, Inc. headquartered?
How has Team, Inc. performed financially over the past decade?
How is Team, Inc. ensuring its compliance with NYSE listing standards?
What was Team, Inc.’s liquidity status as of August 8, 2023?
Who can I contact for more information about Team, Inc.?
What are the risks associated with Team, Inc.’s forward-looking statements?
Where can I find more information about Team, Inc.?
