Team Inc Stock Price, News & Analysis

Team, Inc. (NYSE: TISI) has successfully completed the sale of its Quest Integrity business to Baker Hughes for approximately $279 million, with net proceeds expected to be about $270 million. The company plans to allocate around $238 million to reduce term debt, enhancing its financial flexibility and balance sheet strength. Interim CEO Keith Tucker expressed optimism about the future, citing higher activity levels in core businesses and strategic initiatives aimed at improving profitability and cash flow. The company aims to enhance shareholder value through these actions.

Team, Inc. (TISI) reported a 5.2% increase in Q2 2022 revenue, totaling $251.3 million, driven by strong performance in the Quest Integrity and Mechanical Services segments. Gross margin rose to $70 million (27.8% of revenue), with Adjusted EBITDA up 57% to $14.3 million. However, the company faced a net loss of $21.6 million. A strategic sale of the Quest Integrity business to Baker Hughes for $280 million is anticipated to enhance liquidity and reduce debt, marking a significant step in the company’s transformation plan.

Team, Inc. (NYSE: TISI) announced the sale of its Quest Integrity business to Baker Hughes for $280 million in cash, a strategic move to streamline operations and enhance profitability. This divestiture is part of Team's broader initiative to maximize shareholder value, following a review of strategic options. The sale, expected to close in Q4 2022, will enable Team to reduce debt significantly and focus on its core Inspection & Heat Treating and Mechanical Services, which contributed over 87% of its revenues year-to-date through June 30, 2022.

Revlon, Inc. (NYSE: REV) announces the retirement of Chief Financial Officer Victoria Dolan, effective September 30, 2022. Matt Kvarda, Managing Director at Alvarez & Marsal, will serve as interim CFO starting October 1. CEO Debra Perelman expressed gratitude for Dolan's contributions and optimism for Kvarda's role in the company's restructuring process. Kvarda brings nearly 30 years of experience and has held interim CFO positions at multiple companies, including TEAM, Inc. (NYSE: TISI).

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.