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.
Team, Inc. (TISI) reported a 10.3% revenue increase for Q3 2022, totaling $218.3 million, primarily from its Inspection and Heat Treating (IHT) and Mechanical Services (MS) segments. The company completed the sale of its Quest Integrity business to Baker Hughes for approximately $279 million, significantly reducing debt and enhancing liquidity to about $83 million. Despite a GAAP net loss of $26.6 million, Adjusted EBITDA improved to $10.6 million. The company anticipates continued growth and margin improvements in 2023 as it navigates inflationary pressures and implements cost reduction strategies.
On November 2, 2022, Team, Inc. (TISI) received a notice from the NYSE regarding non-compliance with listing standards, specifically the average share price requirement of $1.00 over 30 trading days. The company has six months to address this issue and regain compliance. Team, Inc. is evaluating options, including a potential reverse stock split, to meet the required standards. Despite the notice, the company’s operations and SEC reporting remain unaffected. The stock will continue to trade under the symbol TISI.BC to indicate its below compliance status.
Team, Inc. (NYSE: TISI) convened its Special Meeting of Shareholders on November 2, 2022, where shareholders overwhelmingly supported a proposal for a reverse stock split. However, the votes did not reach the necessary two-thirds majority of outstanding shares for increasing authorized common stock from 60 million to 120 million. A reconvening of the meeting is scheduled for November 8, 2022, to further discuss Proposal One. The record date for eligible voters remains September 12, 2022. Shareholders are urged to vote promptly to ensure their participation.
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.