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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.
On July 13, 2022, Team, Inc. (NYSE: TISI) received a notice from the NYSE indicating non-compliance with the listing standard requiring an average share price of at least $1.00 over 30 trading days. The company has six months to rectify this by achieving the required share price. Team, Inc. is considering options, including a potential reverse stock split, to regain compliance. Despite the notice, the company's operations and SEC reporting remain unaffected, with its stock continuing to trade under the ticker TISI.BC during this period.
Team, Inc. (NYSE: TISI) announced on June 17, 2022, that it received a notice from the NYSE for non-compliance with listing standards due to an average global market capitalization and shareholders' equity both below $50 million. The company plans to submit a compliance plan within 45 days, but it cannot guarantee successful compliance. The notice does not impact the current trading status of its stock or breach material debt agreements.
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.
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