Team Inc Stock Price, News & Analysis

Team, Inc. (TISI) reported fourth quarter 2021 revenues of $224 million, an 8% increase year-over-year, driven by strong performance in the Inspection & Heat Treating (IHT) segment, which grew 17%. However, the company faced a net loss of $43.1 million, worsening from a $14.9 million loss in Q4 2020, primarily due to COVID-related pricing concessions and inflationary pressures. The full-year revenue increased 3% to $875 million, but the net loss for 2021 reached $186 million. The company is focused on improving margins and enhancing shareholder value amid ongoing market challenges.

Team, Inc. (NYSE: TISI) announced a successful refinancing of its capital structure on February 11, 2022. This includes a new $165 million asset-based lending facility, replacing the previous $150 million facility, and a new $10 million equity investment. The refinancing enhances the company's liquidity and borrowing capacity, crucial for operational flexibility. CEO Amerino Gatti emphasized the importance of these transactions for the company's financial turnaround and plans for future growth, including a potential change in strategic direction to maximize shareholder value.

On February 2, 2022, Team, Inc. (NYSE: TISI) received a notice from the NYSE regarding non-compliance with listing standards due to an average share price below $1.00. The company has 10 business days to notify its intent to remedy this issue and six months to regain compliance, potentially through a reverse stock split. Despite this challenge, the company will continue trading under the symbol TISI.BC. The notice does not affect operations or financial reporting and complies with debt agreements.

Team, Inc. (NYSE: TISI) announced a stockholder rights plan to safeguard its net operating loss carryforwards (NOLs) and other tax attributes. The plan, effective immediately, aims to deter ownership changes that could limit the use of approximately $210 million in U.S. federal NOLs. If ratified in the 2022 annual meeting, the rights plan will remain until February 2, 2025. The initiative is designed to protect long-term stockholder value and ensure that the Board can fulfill its fiduciary duties while allowing current shareholders to maintain their holdings.

TEAM, INC. (NYSE: TISI) announced plans to issue 5,917,051 warrants at an exercise price of $1.50 per share to affiliates of Corre Partners Management and Atlantic Park Strategic Capital. The Audit Committee stated that delaying shareholder approval could jeopardize the company’s financial viability, which led them to seek an exception to the NYSE's approval rules. All shareholders will receive notification about this decision, and the warrants will be issued ten days after the notice is sent.

Team, a global provider of asset performance solutions, reported disappointing financial results for Q3 2021, with a net loss of $91.2 million ($2.94 loss per share), compared to a $9.1 million loss a year prior. Revenue slightly decreased to $217.4 million from $219.1 million. The Inspection and Heat Treating segment grew by 5%, but Mechanical Services and Quest Integrity faced project delays and declining margins. Inflationary pressures further impacted gross margins, which fell to 24.5%. A new $50 million subordinated term loan aims to improve liquidity amid ongoing challenges.

Team, Inc. (NYSE: TISI) will release its third quarter 2021 results on November 12, 2021, at 6:00 a.m. Eastern. A conference call will follow at 10:00 a.m. Eastern, providing insights into the company's performance. Interested participants can join by phone or via a webcast on Team's website under 'Investor Relations'. This release marks a key moment for investors, who will be keen to assess the company's financial health and future outlook during the call.

On November 9, 2021, Team, Inc. (TISI) announced a $50 million subordinated term loan led by Corre Management Partners. This loan enhances working capital and financial flexibility as the company seeks to leverage improving market conditions. The term loan includes an initial draw of $22.5 million and a second draw of $27.5 million scheduled for December 8, 2021. Additionally, an amendment to existing senior secured loans waives financial covenants until September 30, 2022. The subordinated loan matures by December 31, 2026 or later, depending on other loan repayments.

Team, Inc. (NYSE: TISI) announced that Susan Ball, Executive Vice President and Chief Financial Officer, plans to resign effective November 12, 2021, for personal reasons. She will assist during the transition and serve as a financial advisor post-resignation. Ball joined Team in December 2018 and was crucial in implementing the OneTEAM program and navigating challenges during the COVID-19 pandemic. Her departure is amicable, with no disagreements regarding company operations or policies. Team has initiated a search for her successor.