Team Inc Stock Price, News & Analysis

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.

Team, Inc. (NYSE: TISI) has appointed Candice Koederitz to its Board of Directors, effective August 9, 2021. With over 30 years at Morgan Stanley, including leadership roles in capital markets and regulatory implementation, Ms. Koederitz enhances the board's expertise. Amerino Gatti, CEO, expressed enthusiasm for her insights during a time of emerging opportunities. Koederitz currently serves on other boards, including Vintage Wine Estates (NASDAQ: VWE). This appointment reflects Team's commitment to broadening its leadership capabilities to navigate dynamic market conditions.

Team, Inc. (TISI) reported second quarter 2021 revenue of $238.9 million, a 26.2% increase from Q2 2020, driven by significant growth in its IHT and Quest segments, which rose by 46.0% and 51.4%, respectively. However, the company faced a net loss of $17.5 million, compared to $13.5 million in the previous year. Gross margin declined to 26.3% due to inflation and COVID-related pricing issues. Despite challenges, the company remains optimistic about future revenue growth amidst ongoing economic recovery efforts.

On August 3, 2021, Team, Inc. (TISI) announced the commercial launch of its new SmartStop™ Isolation Technology. This innovative system improves safety and productivity for hot tapping and line intervention applications. The technology features a dual seal system that minimizes pipe alterations and enhances isolation integrity. TEAM aims to reduce execution times and costs for clients while strengthening its position in the industry. The rollout of this proprietary technology has already begun in the United States.

Team, Inc. (NYSE: TISI) has announced a strategic agreement to become the exclusive provider of the Credosoft Integrity Management Platform in North America. This partnership is expected to enhance TEAM's capabilities in asset performance, compliance, inspection, and repair solutions. The Credosoft platform is cloud-based, supports a variety of clients, and offers a stable, subscription-based revenue model. According to TEAM's President, this move aligns with their strategy to optimize client asset performance, while Credosoft's CEO emphasized TEAM's ideal qualifications for this partnership.