Associated tags: Music industry, NYSE, Team, TEAM, Security (finance)
Locations: NEW YORK, FLORIDA, BRAND, SUGAR LAND, TX, US, PHILLIPS, TEXAS
In connection with the Board’s appointment of Ms. McGinnis, the size of the Board was increased from six to seven directors.
Key Points:
- In connection with the Board’s appointment of Ms. McGinnis, the size of the Board was increased from six to seven directors.
- The Board has also appointed Ms. McGinnis to serve on the Board’s Compensation Committee.
- Michael Caliel, TEAM’s Executive Chairman commented, "We are excited to welcome Pam to the TEAM Board of Directors.
- She brings extensive commercial, procurement and operational expertise in the oil and gas industry through her executive leadership experience at Phillips 66.
In accordance with NYSE procedures, the Company intends to notify the NYSE that it plans to submit a plan within 45 days of receipt of the Notice advising the NYSE of definitive action it has taken, or is taking, to bring it into compliance with Section 802.01B within 12 months of receipt of the Notice.
Key Points:
- In accordance with NYSE procedures, the Company intends to notify the NYSE that it plans to submit a plan within 45 days of receipt of the Notice advising the NYSE of definitive action it has taken, or is taking, to bring it into compliance with Section 802.01B within 12 months of receipt of the Notice.
- Any plan submitted by the Company to regain compliance would be subject to NYSE approval.
- The Company is considering all available options to regain compliance with the NYSE continued listing standards.
- The Company can provide no assurances that it will be able to satisfy any of the steps outlined above and maintain the listing of its shares on the NYSE.
Announced fourth quarter 2023 revenues of $214.1 million, up 1.3% over the 2022 fourth quarter revenue of $211.3 million.
Key Points:
- Announced fourth quarter 2023 revenues of $214.1 million, up 1.3% over the 2022 fourth quarter revenue of $211.3 million.
- Reported fourth quarter 2023 net loss of $23.1 million, a $33.8 million improvement from the 2022 fourth quarter net loss of $56.9 million.
- Our fourth quarter and full year results demonstrated tangible progress against those goals through an expanded Adjusted EBITDA margin and, for the fourth quarter, $8.1 million of positive Free Cash Flow.
- Consolidated Adjusted EBITDA, a non-GAAP measure, was $9.7 million for the fourth quarter of 2023 up 45.1% compared to $6.7 million for the prior-year quarter.
Retrieved on:
Tuesday, February 20, 2024
Skin,
Coors,
Marketing,
Creativity,
Culture,
Hobby,
Guinness,
City National Bank,
Hertz,
MADE,
Agave,
Bacardi,
TEAM,
Heart,
Amazon,
La Roche-Posay,
Athlete,
Stagwell,
Molson Brewery NEW YORK and FORT LAUDERDALE, Fla., Feb. 20, 2024 /PRNewswire/ -- As TEAM prepares to celebrate its 35th anniversary in May, the famed integrated experiential agency within Stagwell (NASDAQ: STGW) is launching a new brand identity ahead of what it calls the "experiential renaissance."
Key Points:
- TEAM's refreshed brand identity captures the current spirit and momentum of events and experiential as brands double-down on in-person consumer connection.
- As digital transformation continues to reshape the consumer-brand connection, TEAM (formerly Team Enterprises) is seeing an influx of brands looking to build affinity and engagement in the flesh, following years of pandemic-fueled digital-first experiences.
- Our new brand identity and focused purpose captures who we've always been and will continue to be – a dynamic TEAM focused on creating transformative brand experiences for communities of like-minded individuals.
- Communities who share passions, careers, cultures, hobbies, and everything in between," said CEO of TEAM, Dan Gregory.
Retrieved on:
Thursday, November 9, 2023
Sale,
IHT,
Eye,
EBITDA,
NYSE,
EBIT,
Inspection,
Depreciation,
Team,
GAAP,
Adjustment,
TEAM,
Music,
Pharmaceutical industry,
Video game Grew consolidated Adjusted EBITDA2 to $11.1 million (5.4% of consolidated revenue), up from $10.6 million (4.9% of consolidated revenue) in the 2022 third quarter.
Key Points:
- Grew consolidated Adjusted EBITDA2 to $11.1 million (5.4% of consolidated revenue), up from $10.6 million (4.9% of consolidated revenue) in the 2022 third quarter.
- Repaid the Company’s remaining $41.2 million of convertible notes with proceeds from the previously announced June 2023 refinancing transaction.
- In the third quarter of 2023, consolidated gross margin was $52.8 million, or 25.5% of revenue, compared with $56.0 million, or 25.7%, in the same quarter a year ago.
- The following table illustrates the composition of the Company’s revenue and operating income (loss) by segment for the quarter ended September 30, 2023 and 2022 (in thousands):
Retrieved on:
Tuesday, November 7, 2023
Chairperson,
National Association,
National Association of Corporate Directors,
NYSE,
Compensated emancipation,
TEAM,
Team,
Audit committee,
Growth,
Professional Football Compensation Committee,
Executive,
Culture,
Management As Executive Chairman, Mr. Caliel will focus on TEAM’s long-term corporate strategy development, including growth opportunities, profit improvement and strategic alternatives to enhance the Company’s enterprise value.
Key Points:
- As Executive Chairman, Mr. Caliel will focus on TEAM’s long-term corporate strategy development, including growth opportunities, profit improvement and strategic alternatives to enhance the Company’s enterprise value.
- Mr. Caliel will also support and advise the management team incorporating longer term objectives with the day-to-day management of the business.
- Executive Chairman Michael Caliel commented, “Under Keith’s leadership, TEAM has made tremendous progress strengthening its culture, improving the Company’s financial and operational performance and establishing a solid foundation for future growth.
- The National Association of Corporate Directors has designated Mr. Caliel as NACD Directorship Certified and previously as a Governance Fellow.
Retrieved on:
Thursday, August 10, 2023
Electrical and Mechanical Services Department,
Team,
GAAP,
EBIT,
Sale,
IHT,
EBITDA,
Inspection,
Depreciation,
Adjustment,
Annual report,
NYSE,
Video game,
Retail,
Pharmaceutical industry SUGAR LAND, Texas, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”), a global, leading provider of specialty industrial services offering clients access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services, today reported its financial results for the second quarter ended June 30, 2023.
Key Points:
- Grew consolidated Adjusted EBITDA2 to $17.4 million (7.3% of consolidated revenue), up from $5.7 million (2.6% of consolidated revenue) in the 2022 second quarter.
- Unfavorable foreign exchange rate movements in the 2023 second quarter reduced consolidated revenue growth by $1.8 million.
- In the second quarter of 2023, consolidated gross margin was $60.9 million, or 25.4% of revenue, up 190 basis points from 23.5%, or $52.1 million, in the same quarter a year ago.
- Consolidated net loss in the second quarter of 2023 was $15.8 million ($3.61 loss per share) compared to a net loss from continuing operations of $28.2 million ($6.53 loss per share) in the second quarter of 2022.
SUGAR LAND, Texas, June 20, 2023 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”), a global, leading provider of specialty industrial services offering clients access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services, today announced the successful closing of a series of previously announced refinancing transactions (the “Transactions”) that raised $87.4 million of new funding (approximately $82 million following deductions for transaction related fees and expenses and original issue discounts) and consisting of the following:
Key Points:
- The Company’s existing revolving credit facility was also amended to extend the maturity date to August 2025, and to increase availability under the revolving credit facility by an additional $2.5 million.
- TEAM used the proceeds from the Eclipse Term Loan, together with advances under the Company’s existing revolving credit facility, to repay in full the Company’s existing senior secured term loan with Atlantic Park Strategic Capital Fund, L.P.
- “Successfully closing this refinancing allows us to pay off our convertible notes, simplify our capital structure and extend our next debt maturity to August 2025,” said Keith D. Tucker, TEAM’s Chief Executive Officer.
- I want to thank both Corre and Eclipse for their continued support and confidence in TEAM.”
Kirkland & Ellis LLP and Evercore Partners Inc. advised TEAM in connection with these transactions.
On June 17, 2022, TEAM was notified by the NYSE of its noncompliance with the NYSE’s continued listing standards because its average global market capitalization over a consecutive 30 trading-day period and last reported stockholders’ equity were both below $50 million.
Key Points:
- On June 17, 2022, TEAM was notified by the NYSE of its noncompliance with the NYSE’s continued listing standards because its average global market capitalization over a consecutive 30 trading-day period and last reported stockholders’ equity were both below $50 million.
- As a result of the Company’s achievement of compliance with the NYSE’s minimum market capitalization and shareholders’ equity requirement over the past two quarters, the Company is no longer considered out of compliance with the continued listing standards and the below compliance “.BC” indicator has been removed from the Company’s common shares.
- Additionally, the Company will no longer be noted as being below continued listing standards on the NYSE’s web site ( www.nyse.com ).
- In accordance with the NYSE’s Listed Company Manual, the Company will be subject to a 12-month follow-up period within which the Company will be reviewed to ensure that the Company does not once again fall below any of the NYSE’s continued listing standards.
Eclipse,
TEAM,
Corre,
Commitment,
Team,
Documentation,
Annual report,
NYSE,
Convertible,
Security (finance),
Bank SUGAR LAND, Texas, May 25, 2023 (GLOBE NEWSWIRE) -- Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”), a global, leading provider of specialty industrial services offering clients access to a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services, today announced that it has secured committed financing from two of its largest current stakeholders for a series of transactions that, once completed, are expected to significantly improve its capital structure and extend maturities.
Key Points:
- The Corre Commitment Letter also provides that Corre’s existing subordinated term loan will become secured on a pari passu basis to the Corre Secured Term Loan.
- TEAM expects to use the proceeds from the Corre Secured Term Loan to repay in full TEAM’s remaining $41 million of Convertible Notes due August 2023 and for general corporate purposes.
- “Addressing our capital structure has been one of our top priorities in our ongoing program to improve liquidity and strengthen TEAM’s balance sheet,” said Keith D. Tucker, TEAM’s Chief Executive Officer.
- “A key step in that process was securing a refinancing solution for our $41 million of convertible notes maturing in August of 2023.
