Business
Enterprise Group Announces Results for Fourth Quarter and Full Year 2022
St. Albert, Alberta--(Newsfile Corp. - March 20, 2023) - Enterprise Group, Inc. (TSX: E) (OTCQB:...
About this update from Enterprise Group, Inc.
[{"type":"text","content":"Enterprise Group Announces Results for Fourth Quarter and Full Year 2022St. Albert, Alberta--(Newsfile Corp. - March 20, 2023) - Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF) (the \"Company\" or \"Enterprise\"). Enterprise, a consolidator of energy services (including specialized equipment rental to the energy/resource sector), is pleased to announce its Q4 2022 and FY2022 results.OVERALL PERFORMANCE AND RESULTS OF OPERATIONSThree monthsDec 31, 2022Three monthsDec 31, 2021Year endedDec 31, 2022Year endedDec 31, 2021Revenue$8,734,471$5,730,978$26,892,249$18,732,335Gross margin$4,157,87548%$2,120,46037%$10,879,92840%$6,631,81835%Adjusted gross margin(1)(2)$4,157,87548%$2,091,87437%$10,879,92840%$4,982,73127%Adjusted EBITDA(1)(2)$3,283,61237%$1,547,54927%$8,149,22330%$2,962,02016%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...