#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.
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.
SOURCE:
Enterprise Group, Inc.
For questions or additional
information, please contact:
Leonard
Jaroszuk, President & CEO, or
Desmond O'Kell, Senior Vice-President
780-418-4400
contact@enterprisegrp.ca
Desmond O'Kell, Senior Vice-President
780-418-4400
contact@enterprisegrp.ca
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