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.
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.
Team, Inc. (NYSE: TISI) will release its second quarter 2021 results after the market closes on August 3, 2021. A conference call is scheduled for August 4, 2021, at 10:00 a.m. ET to discuss these results. Investors can join the call by phone or via webcast on Team's website. This call marks an important opportunity for investors to gain insights into Team’s performance and outlook.
Team, Inc. (NYSE: TISI), a leading provider of asset performance solutions, announced participation in the CJS Securities 21st Annual New Ideas Summer Conference on July 13, 2021. CEO Amerino Gatti and CFO Susan Ball will engage in virtual one-on-one meetings throughout the event, emphasizing the company's commitment to safety, reliability, and operational efficiency. With a presence in over 20 countries, Team, Inc. combines technological innovation with a century of management expertise to enhance performance solutions for critical assets.