#Energy #Stock News: Enterprise Group (TSX: $E.TO) Announces Results for Fourth Quarter and Full Year 2017
St. Albert, AB - March 15, 2018 (Investorideas.com Newswire) Enterprise Group, Inc. ("Enterprise," or "the Company") (TSX:E), a consolidator of services to the energy sector; focused primarily on construction services and specialized equipment rental, today released its Q4 2017 and FY2017 results.
Read this news in full at http://www.investorideas.com/CO/TSXE/news/2018/03151Results2017.asp
Enterprise experienced a meaningful increase in activity from its existing customers coupled with a substantial increase in the number of new customers. Although activity during the year has increased, price reductions implemented throughout the industry in 2015 and 2016 are still in place and competition continues to be holding prices down. Enterprise's high level of service combined with its expertise and specialized equipment has allowed the Company to successfully navigate during this economic downturn.
Revenue for the three months ended December 31, 2017 of $10,687,760 increased by $2,361,114 or 28% compared to the prior period. Gross margin declined to 27% and EBITDA increased to $2,566,045 for the three months ended December 31, 2017. Revenue for the year ended December 31, 2017 of $37,677,118 increased by $8,953,533 or 31% compared to the prior period. Gross margin for the year ended December 31, 2017 slightly increased to 25% when compared to the prior period. EBITDA for the three months and year ended December 31, 2017 of $2,566,045 and $7,039,984 respectively, increased from higher activity levels combined with reductions in interest charges and general and administrative expenses when compared to the prior period.
During 2017, the Company integrated and upgraded its financial and reporting systems along with its rental fleet tracking and deployment system. Immediate efficiencies and cost savings were experienced after implementing these systems. Further enhancements to these systems will continue in 2018.
Over the last 2 years, the Company has made significant improvements to its statement of financial position and overall total debt. At December 31, 2017, after adjusting for goodwill and deferred taxes, the Company has assets in excess of total debt of approximately $51,000,000 or $0.92 per share. Enterprise will continue to look for opportunities to improve its financial position and opportunities that will allow the Company to diversify and expand.
About Enterprise Group, Inc.
Enterprise Group, Inc. is a consolidator of construction services companies operating in the energy, utility and transportation infrastructure industries. The Company's focus is primarily construction services and specialized equipment rental. The Company's strategy is to acquire complementary service companies in Western Canada, consolidating capital, management, and human resources to support continued growth. More information is available at the Company's website www.enterprisegrp.ca. Corporate filings can be found on www.sedar.com
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.
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.
SOURCE: Enterprise Group, Inc.
For questions or additional information, please contact:
Leonard Jaroszuk, President & CEO, or
Desmond O'Kell, Senior Vice-President
Desmond O'Kell, Senior Vice-President
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: http://www.investorideas.com/About/News/Clientspecifics.asp Disclosure: Enterprise is a paid PR news and social media client effective January 2018 for three months -five thousand per month
Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country