Business
Enterprise Group Announces Results for the Fourth Quarter of 2021
St. Albert, Alberta--(Newsfile Corp. - February 8, 2022) - Enterprise Group, Inc. (TSX: E) (th...
About this update from Enterprise Group, Inc.
[{"type":"text","content":"Enterprise Group Announces Results for the Fourth Quarter of 2021St. Albert, Alberta--(Newsfile Corp. - February 8, 2022) - Enterprise Group, Inc. (TSX: E) (the \"Company\" or \"Enterprise\"), a consolidator of services to the energy sector that is focused primarily on specialized equipment rental, today released its Q4 2021 and FY 2021 unaudited results.Increased capital spending in the energy industry combined with colder weather have resulted in higher activity levels and improved results for the quarter. \"Our unaudited numbers show that Enterprise delivered a 48% revenue increase in Q4 and a 21% increase for FY21,\" stated Leonard Jaroszuk, President & CEO. \"Our aggressive growth plans going forward will build on initiatives commenced in 2021 with significant development in the area of cost-effective solutions to markedly reduce greenhouse gases for our clients' projects, including our numerous Tier One customers, two of whom were recently announced.\"Quarter 4:(Unaudited) (1)Three months December 31, 2021Three months December 31, 2020Increase / (Decrease)Revenue$5,731,000 $3,883,000 $1,848,00048%Adjusted Gross margin(2)(3)$2,102,00037%$1,453,00037%$649,00045%Adjusted EBITDA(2)(3)$1,532,00027%$1,010,00026%$522,00052% Year end:(Unaudited) (1)Year ended December 31, 2021Year ended December 31, 2020Increase / (Decrease)Revenue$18,732,000 $15,520,000 $3,212,00021%Adjusted Gross margin(2)(3)$4,947,00026%$3,778,00024%$1,169,00031%Adjusted EBITDA(2)(3)$2,924,00016%$2,085,00013%$839,00040% (1) The Company's annual year end audit is currently underway; however, it has not yet been completed. The financial figures presented in this release are subject to audit verification and adjustments. The Company expects to release its audited consolidated financial statements no later than March 25, 2022.(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 an Adjusted Gross Margin and Adjusted EBITDA to reflect the results of operations without any subsidy programs.(3) Identified and defined under \"Non-IFRS Measures\".The downturn in the energy industry, compounded by COVID-19, significantly reduced activity throughout Enterprise's business sector for the majority of 2021. Reduced activity f...