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. reports developments for its specialty industrial services business, which provides inspection, heat-treating and mechanical services for process, pipeline, power, refining and petrochemical customers. Company news centers on quarterly and annual operating results, revenue trends, gross margin, Adjusted EBITDA, cash flow and the performance of its inspection, heat-treating and mechanical service offerings.
Recurring updates also cover capital-structure actions, including completed preferred stock and warrant financing, amendments to credit facilities, and board or executive governance changes. TEAM’s releases commonly announce earnings timing and conference calls alongside financial results and operational commentary.
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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.
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.
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.
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.