St. Albert, Alberta--(Newsfile Corp. - March 7, 2024) - Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF) (the "Company" or "Enterprise"). Enterprise, a consolidator of energy services (including specialized equipment rental to the energy/resource sector), emphasizing technologies that mitigate, reduce, or eliminate CO2 and Greenhouse Gas emissions for small to Tier One resource clients, is pleased to announce its Q4 2023 and FY2023 results.
Enterprise Group - President and CEO, Leonard Jaroszuk comments: "In the past fiscal year, Enterprise has seen notable achievements, including a record net income of $6,169,904 and the highest Adjusted EBITDA of $13,285,880 since our transition to specialized equipment rental. Our success is underpinned by several key industry trends." Jaroszuk further adds: "Our customers are increasingly adopting technological advancements to drive efficiency, reduce emissions, and cut costs. This shift has opened opportunities for Enterprise in providing natural gas power solutions, aligning with the growing demand for cleaner energy alternatives."
Jaroszuk continues: "Furthermore, the energy sector is witnessing a steady increase in capital spending, particularly in infrastructure investments aimed at improving market access and efficiency. This, coupled with heightened drilling and completion activity and favorable commodity prices, bodes well for Enterprise's continued growth and market presence. While these developments are encouraging, we remain focused on prudent and strategic decision-making to navigate the evolving landscape of the energy industry. Our commitment to delivering value to our shareholders and customers remains unwavering as we strive for sustained growth and profitability."
OVERALL PERFORMANCE AND RESULTS OF OPERATIONS
Three months December 31, 2023 | Three months December 31, 2022 | Year months December 31, 2023 | Year ended December 31, 2022 | |||||
Revenue | $9,598,945 | $8,743,471 | $33,500,501 | $26,892,249 | ||||
Gross margin | $4,844,194 | 50% | $4,157,875 | 48% | $15,501,969 | 45% | $10,879,928 | 40% |
Adjusted EBITDA(1) | $4,374,735 | 46% | $3,238,612 | 37% | $13,285,880 | 40% | $8,149,223 | 30% |
Net income and comprehensive income | $2,255,159 | $1,788,426 | $6,169,904 | $2,275,495 | ||||
Income per share — Basic and Diluted | $0.05 | $0.04 | $0.12 | $0.05 |
(1) Identified and defined under "Non-IFRS Measures".
About Enterprise Group, Inc.
Enterprise Group, Inc is a consolidator of services-including specialized equipment rental to the energy/resource sector. The Company works with particular emphasis on systems and technologies that mitigate, reduce, or eliminate CO2 and Greenhouse Gas emissions for itself and its clients. The Company is well known to local Tier One and international resource companies with operations in Western Canada. More information is available at the Company's website www.enterprisegrp.ca. Corporate filings can be found on www. sedarplus.com. For questions or additional information, please contact:
For questions or additional information, please contact:
Leonard Jaroszuk: President & CEO, or
Desmond O'Kell: Senior Vice-President
[email protected]
780-418-4400
Forward-Looking Information
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or the Company's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The Company disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
Non-IFRS Measures
The Company uses International Financial Reporting Standards ("IFRS"). EBITDAS is not a measure that has any standardized meaning prescribed by IFRS and is therefore referred to as a non-IFRS measure. This news release contains references to EBITDAS. This non-IFRS measure used by the Company may not be comparable to a similar measure used by other companies. Management believes that in addition to net income, EBITDAS is a useful supplemental measure as it provides an indication of the results generated by the Company's principal business activities prior to consideration of how those activities are financed or how the results are taxed. EBITDAS is calculated as net income excluding depreciation, amortization, interest, taxes and stock based compensation.
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