Business
CORRECTION FROM SOURCE: Enterprise Group Announces Results for Third Quarter 2021
This document corrects and replaces the press release that was issued earlier today. The erro...
About this update from Enterprise Group, Inc.
[{"type":"text","content":"CORRECTION FROM SOURCE: Enterprise Group Announces Results for Third Quarter 2021This document corrects and replaces the press release that was issued earlier today. The error occurred in the headline and the body where it should have read, \"Third Quarter\" and \"Q3\", instead of \"Second Quarter\" and \"Q2\".St. Albert, Alberta--(Newsfile Corp. - November 12, 2021) - Enterprise Group, Inc. (TSX: E) (the \"Company\" or \"Enterprise\"), a consolidator of services to the energy sector; focused primarily on specialized equipment rental; today released its Q3 2021 results.Three months Sept 30, 2021Three months Sept 30, 2020Nine months Sept 30, 2021Nine months Sept 30, 2020Revenue$3,916,528$2,505,840$13,001,357$11,636,960Gross margin$1,196,418$352,221$4,466,484$3,407,573Gross margin %31%14%35%29%EBITDA(1)$725,496$11,425$3,243,839$2,301,716EBITDA %(1)19%0%25%20%Net loss and comprehensive loss$(969,492)$(1,555,677)$(2,502,402)$(2,895,946)Loss per share $(0.02)$(0.03)$(0.05)$(0.06) (1) Identified and defined under \"Non-IFRS Measures\".Revenue for the three months ended September 30, 2021, was $3,916,528 compared to $2,505,840 an increase of $1,410,688. Revenue for the nine months ended September 30, 2021, was $13,001,357 compared to $11,636,960. Gross margin for the three months ended September 30, 2021, was $1,196,418 compared to the prior period of $352,221, an increase of $844,197. On a percentage basis, gross margin for the three months increased by 17% over the prior period to 31%. EBITDA was $725,496 for the three months ended September 30, 2021, compared to EBITDA of $11,425 in the prior period, an increase of $714,071. Gross margin for the nine months ended September 30, 2021, was $4,466,484 compared to the prior period of $3,407,573, an increase of $1,058,911. On a percentage basis, gross margin for the nine months increased by 6% over the prior period to 35%. EBITDA was $3,243,839 for the nine months ended September 30, 2021, compared to of $2,301,716 in the prior period, an increase of $942,123.Effective September 7, 2021, the Company changed lenders and replaced its bank loan facility with a $30,000,000 revolving line of credit. There are no required principal repayments until the due date, September 7, 2024. The facility is subject to certain borrowing restrictions and bears interest at the 10.00%. The facility is se...