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.
News and filings about Team, Inc. (NYSE: TISI) focus on its role as a provider of specialty industrial services, including mechanical, heat-treating, and inspection offerings. Headquartered in Sugar Land, Texas, the company issues regular updates on its financial performance, capital structure, governance, and transformation initiatives, giving investors and analysts insight into its operations and strategic direction.
Team, Inc.’s quarterly earnings releases highlight revenue, gross margin, operating income, and non-GAAP measures such as Adjusted EBITDA for its two segments: Inspection and Heat Treating and Mechanical Services. These updates often discuss factors influencing results, including turnaround and callout activity, project mix, regional performance in the United States, Canada, and other international areas, and the impact of cost optimization programs.
In addition to earnings, the company publishes news on financing and capital structure actions, such as its March 2025 refinancing transaction and the September 2025 private placement of Series B Preferred Stock and warrants with an affiliate of Stellex Capital Management LLC. Governance-related announcements cover board appointments, changes in board leadership, and outcomes of shareholder meetings.
Visitors to this page can review a stream of such news items, including timing announcements for earnings releases and conference calls, updates on transformation leadership roles, and details on strategic initiatives aimed at cost savings and margin improvement. For those tracking TISI, this news feed offers a centralized view of the company’s reported developments across operations, finance, and corporate governance over time.
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.
Team, Inc. (NYSE: TISI) has secured a multi-year contract with Chevron Corporation (NYSE: CVX) aimed at enhancing their mechanical integrity program. This partnership will integrate Chevron's upstream assets into TEAM's OneInsight™ platform, focusing on inspection, testing, and analytics. TEAM's Chairman and CEO, Amerino Gatti, emphasized the importance of emissions compliance and maintaining wellhead integrity. The collaboration aims to leverage TEAM's technological capabilities to offer comprehensive integrity services, addressing the growing demand in the upstream sector.
Team, Inc. (NYSE: TISI), a leader in asset performance assurance, will present at the Sidoti Fall 2021 Virtual Investor Conference on September 23, 2021. CEO Amerino Gatti and CFO Susan Ball will deliver a company overview at 11:00 a.m. Eastern Time and conduct virtual one-on-one meetings throughout the day. Headquartered in Sugar Land, Texas, Team, Inc. specializes in digitally-enabled solutions for asset optimization, offering services globally across 20+ countries. For additional details, visit www.teaminc.com.