Enterprise Group Announces Results for Fourth Quarter and Full Year 2022

Enterprise Group Announces Results for Fourth Quarter and Full Year 2022

Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF) (the "Company" or "Enterprise"). Enterprise, a consolidator of energy services (including specialized equipment rental to the energyresource sector), is pleased to announce its Q4 2022 and FY2022 results.

OVERALL PERFORMANCE AND RESULTS OF OPERATIONS

Three months
Dec 31, 2022




Three months
Dec 31, 2021




Year ended
Dec 31, 2022




Year ended
Dec 31, 2021


Revenue$8,734,471


$5,730,978


$26,892,249


$18,732,335

Gross margin$4,157,875
48%
$2,120,460
37%
$10,879,928
40%
$6,631,818
35%
Adjusted gross margin(1)(2)$4,157,875
48%
$2,091,874
37%
$10,879,928
40%
$4,982,731
27%
Adjusted EBITDA(1)(2)$3,283,612
37%
$1,547,549
27%
$8,149,223
30%
$2,962,020
16%
Net income (loss) and comprehensive income (loss)$1,788,428


$126,582


$2,275,495


$(2,375,818)
Income (loss) per share – Basic and diluted$0.03


$0.00


$0.05


$(0.05)

 

(1) Identified and defined under "Non-IFRS Measures".
(2) The Canadian Emergency Wage Subsidy and Rent Subsidy Programs ended in October 2021. To provide further comparability to pre-COVID operations, the Company has presented adjusted gross margin and adjusted EBITDA to reflect the results of operations without any subsidy programs.

  • The 2022 year has been one of the strongest in recent history. Higher capital spending in the energy industry combined with increased customer activity levels in has resulted in improved results. During the year, Enterprise secured additional supply and services agreements with three of its tier one clients which contributed to the improved operating results. Revenue for the year ended December 31, 2022, was $26,892,249 compared to $18,732,335 in the prior period, an increase of $8,159,914 or 44%. Adjusted gross margin for the year ended December 31, 2022, was $10,879,928 compared to $4,982,731 in the prior period, an increase of $5,897,197 or 118%. Adjusted EBITDA for the year ended December 31, 2022, was $8,147,223 compared to $2,959,020 in the prior period, an increase of $5,188,203 or 175%. Revenue for the three months ended December 31, 2022, was $8,734,471 compared to $5,730,978 in the prior period, an increase of $3,003,493 or 52%. Adjusted gross margin for the three months ended December 31, 2022, was $4,157,875 compared to $2,091,874 in the prior period, an increase of $2,066,001 or 99%. Adjusted EBITDA for the three months ended December 31, 2022, was $3,283,612 compared to adjusted EBITDA of $1,547,549 in the prior period, an increase of $1,736,063 or 112%. Increases in gross margin and EBITDA for the year and the quarter are reflective of increases customer activity in 2022 while maintaining the overall cost structure of the Company.
  • For the year ended December 31, 2022, the company generated cash flow from operations of $5,910,830 compared to $3,500,869 in the prior year. This change is consistent with the higher activity during the year. The Company continues to utilize a combination of cash flow and debt to right-size and modernize its equipment fleet to meet customer demands. During the year ended December 31, 2022, the Company purchased $5,569,011 of capital assets primarily for natural gas power generation, upgrading the energy efficiency of existing equipment and meeting specific requests from customers. During this same period, the Company also sold property, plant and equipment and received proceeds $1,216,724 of which were re-invested in new equipment.
  • During year ended December 31, 2022, the Company purchased and cancelled 1,799,000 shares at a cost of $714,614, or $0.40 per share. These shares had a carrying value of $1.36 per share for a total of $2,445,077 which has been removed from the share capital account. Since the initiation of the share buyback program, the Company has purchased and cancelled 10,057,500 shares at a cost of $2,391,560 or $0.24 per share. These shares have a carrying value of $1.42 per share for a total of $14,289,151 which has been removed from the share capital account over the entire share buyback program. In addition to the share buyback program, during year ended December 31, 2022, management exercised 4,881,000 options resulting in net proceeds of $901,070 being reinvested into the Company, creating a management ownership position of 40%. Enterprise has renewed its normal course issuer bid through to August 29, 2023. The Company believes its stock remains undervalued as the Company's book value is $0.68 per share. In addition, the Company has available tax losses of $0.17 per share and is in the process of developing a consolidated tax plan to utilize those losses. Management will continue to be aggressive in acquiring its shares.
  • In April of this year, Enterprise Group officially launched a new wholly owned subsidiary, Evolution Power Projects, Inc. ("EPP"). EPP is the leading provider of low emission, mobile power systems and associated surface infrastructure to the Energy, Resource, and Industrial sectors. The Company's innovative methods are delivering to its client's low emission natural gas-powered systems and micro-grid technology, allowing clients to eliminate diesel entirely. A significant portion of Enterprise's capital expenditures for 2022 was for additional natural gas-powered systems, including turbine generators. EPP can now provide mobile micro-grid technology in the 1-megawatt range which has allowed EPP to expand its services into water pumping and drilling support, further eliminating the use of diesel power. Also, EPP's systems are equipped to deliver real-time emission metrics providing its clients the assurances necessary for them to accomplish their ESG reporting and objectives.
  • In the prior year, the Company benefited from the Canadian Emergency Wage Subsidy and Rent Subsidy Programs ("CEWS" and "CERS") which ended in October 2021. To provide further comparability to pre-COVID operations, the Company has presented adjusted gross margin and adjusted EBITDA to reflect the results without any subsidy programs. Utilizing the CEWS and CERS programs, the Company recorded $nil for the three months ended December 31, 2022 (2021 - $28,586) against direct costs and $nil (2021 - $31,624) against EBITDA. Utilizing the CEWS and CERS programs, the Company recorded $nil for the year ended December 31, 2022 (2021 - $1,649,087), against direct costs and $nil (2021 - $1,908,866) against EBITDA.
  • After year end on January 23, 2023, the Company's common shares began trading on the OTCQB Venture Market under the ticker symbol ETOLF. In addition to the listing, Enterprise's shares are now eligible for electronic clearing and settlement with the Depository Trust Company for trading in the United States. This listing will help to increase Enterprise's visibility and accessibility to a growing audience of U.S. investors.

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.sedar.com.

For questions or additional information, please contact:

Leonard Jaroszuk: President & CEO, or
Desmond O'Kell: Senior Vice-President
contact@enterprisegrp.ca
780-418-4400

Forward-Looking Information

This news release may contain certain forward-looking information, as defined under applicable Canadian securities legislation, that is not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. In particular, this news release includes forward-looking information relating to the Company's intention to purchase Shares pursuant to the normal course issuer bid, the number of Shares to be purchased, the timing of such purchases and the impact of such purchases on the value of the remaining Shares. Actual results, events or developments could be materially different from those expressed or implied by these forward-looking statements. There is no assurance that any of the events or expectations will occur or be realized. By their nature, forward-looking statements are subject to numerous assumptions and risk factors including those discussed in the Company's Annual Information Form and most recent MD&A which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158920

News Provided by Newsfile via QuoteMedia

E:CA
The Conversation (0)
Enterprise Group Announces Results for Second Quarter 2023

Enterprise Group Announces Results for Second Quarter 2023

Enterprise Group, Inc. (TSX: E) (the "Company" or "Enterprise"). Enterprise, a consolidator of energy services (including specialized equipment rental to the energyresource 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 Q2 2023 results.

 
Three months
June 30,
2023

 

Three months
June 30,
2022

 

Six months
June 30,
2023

 

Six months
June 30,
2022

  
Revenue$5,459,855
 
$5,297,685
 
$15,468,187
 
$12,927,103
 
Gross margin$1,679,552
31%
$1,610,188
30%
$6,778,847
44%
$5,131,973
40%
Adjusted EBITDA(1)$1,115,876
20%
$1,015,978
19%
$5,508,558
36%
$4,045,803
31%
Net (loss) income and comprehensive (loss) income$(525,736)
 
$(513,268
 
$2,275,599
 
$1,164,744
 
(Loss) income per share - Basic and Diluted$(0.01)
 
$(0.01
 
$0.05
 
$0.02
  

 
(1) Identified and defined under "Non-IFRS Measures".
 

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Enterprise Group Announces Annual Meeting Results

Enterprise Group Announces Annual Meeting Results

Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF) ("Enterprise" or the "Company") announces the voting results of its annual meeting of shareholders held on June 13, 2023. The detailed results of the vote are set out below.

Election of Directors

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Enterprise Group Announces Results for First Quarter 2023

Enterprise Group Announces Results for First Quarter 2023

Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF) (the "Company" or "Enterprise"). Enterprise, a consolidator of energy services (including specialized equipment rental to the energyresource sector), is pleased to announce its Q1 2023 results.

OVERALL PERFORMANCE AND RESULTS OF OPERATIONS

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Higher Capital Spending for Oil Industry to Drive Growth for Energy Service Providers

Higher Capital Spending for Oil Industry to Drive Growth for Energy Service Providers

Investorideas.com, a global investor news source covering oil and gas stocks issues an energy services sector snapshot featuring Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF), a consolidator of services including specialized equipment rental to the energyresource sector. The Company also works with particular emphasis on mobile power systems and technologies that mitigate, reduce or eliminate CO2 and Greenhouse Gas emissions for itself and its clients.

Read the full article on Investorideas.com
https://www.investorideas.com/News/2023/energy/04050Energy-Service-Providers.asp.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Enterprise Group, Inc Announces Letter to Shareholders From President & CEO - Leonard D. Jaroszuk

Enterprise Group, Inc Announces Letter to Shareholders From President & CEO - Leonard D. Jaroszuk

Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF) (the "Company" or "Enterprise").

Enterprise Shareholders and Interested Investors;

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Cypher Metaverse

Cypher Metaverse Inc. Announces Closing of Financing

Cypher Metaverse Inc. ("Cypher" or the "Company") (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) announces it has completed its previously announced non-brokered private placement (the "Financing"). The Company raised proceeds on this final tranche of $5,100 through the sale of 60,000 Units.

The Company raised a total of $159,525.20, and issued a total of 1,876,767 Units pursuant to the Financing.

Keep reading...Show less
Troy Minerals Initiates Field Program at Table Mountain Silica Project

Troy Minerals Initiates Field Program at Table Mountain Silica Project

(TheNewswire)

Troy Minerals Inc.

Troy Minerals Inc. (" Troy " or the " Company " ) (CSE: TROY; OTCQB: TROYF; FSE: VJ3) i s pleased to announce the commencement of a comprehensive field reconnaissance, mapping, and geochemical sampling program at its Table Mountain Silica Project near Golden, British Columbia.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
NorthStar Gaming Unveils Sports Insights 2.0

NorthStar Gaming Unveils Sports Insights 2.0

Enhanced content and added features strengthen a key NorthStar Bets differentiator

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced the launch across all NorthStar Bets online and mobile betting platforms of "Sports Insights 2.0," a robust set of enhancements and new features added to its industry-leading content vertical.

Sports Insights is a key differentiating feature that supports NorthStar's position as a premium brand and industry leader at the intersection of iGaming and media. A key pillar of Sports Insights' content offering is analysis of upcoming events, betting strategies, predictions and tips, with original articles produced daily by the Company's in-house team of sports writers. As announced this past February, NorthStar embarked on a significant enhancement of Sports Insights with upgrades and new features rolled out throughout 2024.

"Sports Insights 2.0 has been a major focus for our team this year and we are thrilled to share these new features with our customers," said Michael Moskowitz, Chair and CEO of NorthStar. "Players have told us they place a high value on the ability to access quality, in-depth stats and information seamlessly within our betting environment. This differentiates us from competing platforms that continue to require players to use multiple apps to access the same information. The added content should keep our players engaged and help them make informed betting decisions."

Highlights of new features and tools introduced for Sports Insights 2.0 include:

  • A redesigned home page offering an improved user experience, a three-story rotating carousel showcasing the most important content, articles grouped by topic (MLB, NFL, casino, etc.) and a "Live Now" strip promoting live betting markets and other promotional priorities.

  • More casino content, including tips, strategies, game reviews and casino lifestyle articles.

  • A comprehensive suite of team and player statistics for major league sports including football, baseball, hockey, and basketball.

  • Enhanced coverage of popular betting sports such as soccer, NCAA football and CFL.

  • Injury and player news feeds for NFL, MLB, NBA and NHL from industry leader RotoWire.

Sports Insights has proven to be a valuable driver of player engagement and betting activity, with many players reading articles and consuming stats and injury news prior to placing their bets. Frequent Sports Insights visitors, in comparison to non-readers, generate 118% higher average deposits, 58% higher average casino turnover, and 110% higher average sports turnover.1

Sports Insights content is regularly distributed across social media (@NorthStarBet) and through third-party media partners, and serves as an important acquisition and retention tool for NorthStar Bets. To view Sports Insights content, please visit www.northstarbets.ca/sportsbook/news.

Following the completion of this milestone, the Company will continue to make incremental enhancements to Sports Insights based on ongoing user feedback and an evolving product roadmap.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/9376/225943_a41f82ce246539db_001full.jpg

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9376/225943_a41f82ce246539db_001full.jpg

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Note Regarding Forward-Looking Information and Statements

This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, expected benefits of the introduction of product innovations, and player engagement levels. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.com. Many of these risks are beyond the Company's control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information:

Company Contact:
Corey Goodman
Chief Development Officer
647-530-2387
investorrelations@northstargaming.ca

Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Hempalta Corp. Confirms Business Strategy Execution and Responds to Increased Stock Trading Volume

Hempalta Corp. Confirms Business Strategy Execution and Responds to Increased Stock Trading Volume

Hempalta Corp. (TSXV: HEMP) ("Hempalta" or the "Company") today confirmed ongoing execution of its business strategy and responded to recent trading activity.

Business Strategy Update

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Troy Minerals Completes Infill Soil Sampling at Lac Jacques

Troy Minerals Completes Infill Soil Sampling at Lac Jacques

(TheNewswire)

Troy Minerals Inc.

Troy Minerals Inc. (" Troy " or the " Company " ) (CSE: TROY; OTCQB: TROYF; FSE: VJ3) is pleased to announce the results of the 2024 soil geochemical survey on the Lac Jacques rare earth element (REE) property. The 100% owned Lac Jacques property is located approximately 250km north of Montreal Quebec, Canada and approximately 40km northeast of the town of St. Anne du Lac (Figure 1).

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
TSX Venture Exchange Stock Maintenance Bulletins

TSX Venture Exchange Stock Maintenance Bulletins

TSX VENTURE COMPANIES

BULLETIN V2024-2937

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×