Business
Enterprise Group Announces Results for Second Quarter 2019
St. Albert, Alberta--(Newsfile Corp. - August 8, 2019) - Enterprise Group, Inc. (TSX: E) (the ...
About this update from Enterprise Group, Inc.
[{"type":"text","content":"Enterprise Group Announces Results for Second Quarter 2019St. Albert, Alberta--(Newsfile Corp. - August 8, 2019) - 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 Q2 2019 results. Three months June 30, 2019Three months June 30, 2018(2)Six months June 30, 2019Six months June 30, 2018(2)Revenue$3,192,272$3,240,620$10,341,694$10,050,856Gross margin$64,794$(1,309,763)$3,136,273$815,639Gross margin %2%(40)%30%8%EBITDA(1)$(531,379)$(2,181,411)$2,030,425$(694,156)Net loss and comprehensive loss$(2,234,060)$(3,334,737)$(1,541,075)$(144,494)EPS $(0.04) $(0.06) $(0.03) $0.00  (1) Identified and defined under \"Non-IFRS Measures\".(2) In March 2018, the Company closed a transaction to divest substantially all the assets of CTHA. The net operations of CTHA, including the prior period, are presented as a single amount in the consolidated statements of loss and comprehensive loss.The increased activity experienced in Q4 2018 continued into 2019, however an unseasonably wet spring and summer continued into July and has delayed the start of several projects. Industry wide price reductions and competition continues to impact margins, however through the Company's continued efforts to operate more efficiently and effectively manage its resources and costs, Enterprise improved its margins over the prior period. The Company's high level of service combined with its expertise and specialized equipment has allowed the Enterprise to retain long-term customers while expanding its customer base. Despite the wet weather during the second quarter, for the six months ended June 30, 2019, the Company generated positive cash flow from operations of $3,174,494 compared to $1,857,387 in the prior period. Over the same period the Company purchased and cancelled 126,000 shares at a cost of $25,781. As result, the Company's share capital account was reduced by $180,966, representing the average share value of outstanding shares. Enterprise believes its stock remains undervalued and will continue to re-invest positive cash flow to buy-back shares to enhance shareholder value. Revenue for the three months ended June 30, 2019, was $3,192,272 which was relatively unchanged compared to the prior period. Revenue for the six mo...