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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.
Team, Inc. (TISI) will announce its fourth quarter and full year 2020 results on March 9, 2021, after market close. A conference call will follow on March 10, 2021, at 10:00 a.m. ET. Interested participants can join by phone or via webcast on Team's investor relations website. The company, based in Sugar Land, Texas, specializes in asset performance assurance and optimization solutions, enhancing safety and operational efficiency across over 20 countries. For further details, visit www.teaminc.com.
Team, Inc. (NYSE: TISI) announced a strategic reorganization aimed at enhancing operational performance and client value. The structure comprises three groups: Inspection & Heat Treating (IHT), Mechanical & Onstream Services (MOS), and Asset Integrity & Digital (AID). The reorganization follows a significant cost reduction of over $85 million annually and aims to leverage technological advancements. New leadership appointments focus on improving service offerings and aligning sales with client needs as the company prepares for market recovery.
Team, Inc. (NYSE: TISI), a top provider of asset performance solutions, announced that its CEO, Amerino Gatti, and CFO, Susan Ball, will present at the CJS Securities 21st Annual New Ideas for the New Year Investor Conference on January 13, 2021, at 11 a.m. Eastern Time. The presentation will include an overview of the company's services, which enhance safety, reliability, and operational efficiency across critical assets globally. One-on-one meetings will also be held following the presentation.
TEAM, Inc. (NYSE: TISI) has secured a $250 million Senior Secured Term Loan due 2026 and a $150 million ABL Credit Facility due 2024. These transactions aim to optimize the company's capital structure and enhance liquidity. Additionally, TEAM will repurchase approximately $137 million of Convertible Senior Notes. The refinancing facilitates the retirement of existing credit facilities, eliminating several maintenance covenants, and positions the company for growth despite economic uncertainties.
Team, Inc. (TISI) reported Q3 2020 results, revealing a consolidated net loss of $9.1 million, worsening from a $7.1 million loss in Q3 2019. Revenue dropped to $219.1 million, a 24.5% decline year-over-year, largely due to COVID-19 impacts and weather-related disruptions. Despite challenges, gross margin improved to 29.1%. The company achieved $35 million in cost reductions and expects total savings of $85-95 million for the year. Looking ahead, Team anticipates revenue growth in Q4, driven by deferred projects and an uptick in business calls.
Team, Inc. (NYSE: TISI) has released its first Environmental, Social and Governance (ESG) Report, covering the year 2019. The report showcases the company’s commitment to environmental stewardship, safety, and community engagement. Key achievements include a reduction of over 1.1 million metric tons in greenhouse gas emissions since 2015 and record safety performance. The company plans to issue full ESG reports every two years and provide annual updates on key metrics. This initiative aligns with their strategy for sustainable growth and stakeholder value.
Team, Inc. (NYSE: TISI), based in Sugar Land, Texas, will present at the Baird 50th Annual Global Industrial Conference on Nov. 10, 2020, at 10:50 a.m. ET. The presentation will be conducted by Amerino Gatti, CEO, and Susan Ball, CFO, who will provide an overview of the company and host one-on-one virtual meetings. Team, Inc. specializes in integrated asset performance assurance and optimization solutions, promoting safety and efficiency for clients globally through various inspection and maintenance services.
Team, Inc. (NYSE: TISI) will release its third quarter 2020 results after market close on November 4, 2020. Following this, a conference call is scheduled for November 5 at 10:00 a.m. ET. Investors can join the call via phone or webcast, and a replay will be available shortly after. Team, Inc. specializes in asset performance assurance solutions across over 20 countries, focusing on enhancing safety and operational efficiency for critical assets. For details, visit www.teaminc.com.
On September 17, 2020, Team, Inc. (NYSE: TISI) announced participation in two upcoming virtual investor conferences. Amerino Gatti, Chairman & CEO, along with Susan Ball, CFO, will engage in the D.A. Davison 19th Annual Diversified Industrials & Services Virtual Conference on September 22, followed by the Sidoti Fall 2020 Virtual Investor Conference on September 24 at 9:15 a.m. Eastern Time. Team, Inc., headquartered in Sugar Land, Texas, specializes in asset performance assurance and optimization solutions across over 20 countries.
Team, Inc. (TISI) reported its Q2 2020 financial results, reflecting a challenging environment due to COVID-19. The company achieved a gross margin of 30.3%, the highest since 2015, and reduced SG&A expenses to $58.9 million, a 27.8% year-over-year decrease. Operating cash flow was $26.3 million, generating $22.1 million in free cash flow. The company reduced debt by over $26 million, achieving its lowest debt level in four years. However, consolidated revenues fell 40.1% year-over-year, totaling $189.3 million, primarily due to a significant decline in activity levels.
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