Business
Enterprise Group Announces Results for Fourth Quarter and Full Year 2023
St. Albert, Alberta--(Newsfile Corp. - March 7, 2024) - Enterprise Group, Inc. (TSX: E) (OTCQB: E...
About this update from Enterprise Group, Inc.
[{"type":"text","content":"Enterprise Group Announces Results for Fourth Quarter and Full Year 2023St. Albert, Alberta--(Newsfile Corp. - March 7, 2024) - 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), emphasizing technologies that mitigate, reduce, or eliminate CO2 and Greenhouse Gas emissions for small to Tier One resource clients, is pleased to announce its Q4 2023 and FY2023 results.Enterprise Group - President and CEO, Leonard Jaroszuk comments: \"In the past fiscal year, Enterprise has seen notable achievements, including a record net income of $6,169,904 and the highest Adjusted EBITDA of $13,285,880 since our transition to specialized equipment rental. Our success is underpinned by several key industry trends.\" Jaroszuk further adds: \"Our customers are increasingly adopting technological advancements to drive efficiency, reduce emissions, and cut costs. This shift has opened opportunities for Enterprise in providing natural gas power solutions, aligning with the growing demand for cleaner energy alternatives.\"Jaroszuk continues: \"Furthermore, the energy sector is witnessing a steady increase in capital spending, particularly in infrastructure investments aimed at improving market access and efficiency. This, coupled with heightened drilling and completion activity and favorable commodity prices, bodes well for Enterprise's continued growth and market presence. While these developments are encouraging, we remain focused on prudent and strategic decision-making to navigate the evolving landscape of the energy industry. Our commitment to delivering value to our shareholders and customers remains unwavering as we strive for sustained growth and profitability.\"OVERALL PERFORMANCE AND RESULTS OF OPERATIONSThree months December 31, 2023Three months December 31, 2022Year months December 31, 2023Year ended December 31, 2022Revenue$9,598,945$8,743,471$33,500,501$26,892,249Gross margin$4,844,19450%$4,157,87548%$15,501,96945%$10,879,92840%Adjusted EBITDA(1)$4,374,73546%$3,238,61237%$13,285,88040%$8,149,22330%Net income and comprehensive income$2,255,159$1,788,426$6,169,904$2,275,495Income per share — Basic and Diluted$0.05$0.04$0.12$0.05 (1) Identified and defined under \"Non-IFRS Measures\...