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.