Enterprise Group Announces Results for the Fourth Quarter of 2017
February 07 2018 - 8:30AM
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. (Table below).
Key investment metrics evidencing ongoing growth:
- Q4 2017 revenue $10.7m versus Q4 2016 at $8.3m
- EBITDA Q4 2017 $2.56m versus Q4 2016 $1.87m
- Net Income Q4 2017 $1.1m versus Q4 2016 loss ($9.9m)
- EPS Q4 2017 $0.02 versus Q4 2016 loss ($0.18)
Consolidated:(1) |
Three months December
31, 2017 |
Three months December 31, 2016 |
Year ended December 31,
2017 |
Year ended December 31,
2016 |
Revenue |
$ |
10,687,760 |
|
$ |
8,326,646 |
|
$ |
37,667,118 |
|
$ |
28,723,585 |
|
Gross margin |
$ |
2,870,702 |
|
$ |
2,415,477 |
|
$ |
9,524,333 |
|
$ |
6,828,782 |
|
Gross margin % |
|
27 |
% |
|
29 |
% |
|
25 |
% |
|
24 |
% |
EBITDA |
$ |
2,563,045 |
|
$ |
1,872,760 |
|
$ |
6,990,897 |
|
$ |
3,851,894 |
|
Net income (loss) and comprehensive income (loss) |
$ |
1,094,583 |
|
($ |
9,920,464 |
) |
($ |
214,414 |
) |
($ |
13,165,040 |
) |
EPS |
$ |
0.02 |
|
($ |
0.18 |
) |
$ |
0.00 |
|
($ |
0.24 |
) |
(1) The Company’s annual yearend audit is currently under way
however it has not yet been completed. The financial
figures presented in this release are reported in Canadian dollars,
have been prepared in accordance with International Financial
Reporting Standards and are subject to audit verification
and adjustments. The Company expects to release its
audited consolidated yearend financial statements and MD&A no
later than March 29, 2018.
“While the business landscape has, and continues
to improve, we are maintaining our posture of rationalizing costs
and enhancing efficiencies,” stated Desmond O’Kell, Senior Vice
President. “With a positive Q4 2017 EPS over the same period in
2016 and showing significant increases in revenues and EBITDA for
the same period, we look forward to a very active and profitable
2018.”
Throughout 2017, Enterprise has experienced a
meaningful increase in activity from its existing customers coupled
with a substantial surge in new customers, which has resulted in
increased market share for its four business units.
Management’s efforts to streamline and maximize efficiencies have
translated into improved margins, positive cash-flow quarter after
quarter and a strong return to profitability.
In the second half of 2017 the Company returned
to profitability. Q3 and Q4 2017 delivered EPS of $0.01 and $0.02
respectively, while prior to this period the Company maintained
positive cashflow through the challenging downturn that began
2014-2015.
Previously released: On January
8th, 2018, Enterprise announced that it had secured a one-year
rental equipment supply and services agreement valued at C$9.1
million with one of Canada’s largest energy producers focused on
growing its strong portfolio of diverse resource plays.
For questions or additional information, please
contact: Leonard Jaroszuk, President & CEO, or Desmond
O’Kell, Senior Vice-President 780-418-4400
contact@enterprisegrp.ca
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”).
EBITDA/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
EBITDA/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, EBITDA/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.
EBITDA/EBITDAS is calculated as net income excluding depreciation,
amortization, interest, taxes and stock based compensation.
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