Enterprise Group, Inc. Announces 2012 Year End Results
March 28 2013 - 12:58PM
Marketwired
Enterprise Group, Inc. (TSX:E) is pleased to announce the Company's
year end results, and its sixth consecutive quarter of
profitability. The Company's enhanced business strategy has
resulted in a significant improvement in operating results from the
previous year. Improved economic factors, refinancing of loans and
the acquisition of Artic Therm International have all contributed
to improved performance. Net income for the three months ended
December 31, 2012 was $1,833,000 an increase of $946,000. The net
income for the year ended December 31, 2012 was $2,489,000, an
increase of $2,410,000. Included in net income is a deferred tax
recovery of $350,000 as the result of management recognizing a
deferred tax asset of $870,000 as management believes future
profits will be sufficient to utilize existing loss carry forwards.
Revenue for the Company was $6,648,000 for the three months ended
December 31, 2012, an increase of $422,000 or 7%. For the year
ended December 31, 2012, revenue grew to $18,504,000, an increase
of $620,000 or 3.5%. EBITDAS(1) was $2,296,000, an increase of 83%
for the fourth quarter of 2012 compared to the same period last
year. For the year ended December 31, 2012, EBITDAS grew to
$4,332,000, an increase of $1,822,000 compared to the same period
last year.
SUMMARY FINANCIAL OVERVIEW
For the three months ended For the year ended
Dec 31 Dec 31
2012 2011 % chg 2012 2011 % chg
----------------------------------------------------------
Revenue $ 6.6 $ 6.2 7% $ 18.5 $ 17.9 3%
Gross Profit 3.4 1.7 98% 7.7 4.7 63%
EBITDAS(1) 2.3 1.3 83% 4.3 2.5 73%
Net Income 1.8 0.9 107% 2.5 0.1 3,055%
EPS $ .04 -
% change are representative of whole un-rounded numbers
Mr. Jaroszuk, Chief Executive Officer comments; "Our aggressive
growth strategy and solid management team have forged the
turnaround for Enterprise Group, Inc. in 2012. Enterprise is now
positioned for future profitability".
"We look forward to a very exciting 2013 as we diversify our
revenues with upcoming acquisitions in the utility, energy services
and equipment rental industries. We will continue to seek unique,
accretive acquisition targets and grow Enterprise Group, Inc. now
and into the future" said Mr. Jaroszuk, Chief Executive
Officer.
(1) EBITDAS = Earnings Before Interest, Tax, Depreciation,
Amortization and Stock Based Compensation
About Enterprise Group, Inc.
Enterprise Group, Inc. is a consolidator of construction
services companies operating in the energy, utility and
transportation infrastructure industries. The Company's focus is
primarily utility & infrastructure construction and specialized
equipment rental. The Company's strategy is to acquire
complementary service companies in Western Canada, consolidating
capital, management and human resources to support continued
growth. Enterprise became a Western Canadian leader in flameless
heat technology in September 2012 with its acquisition of Artic
Therm International Ltd. and is poised to become a technological
leader in underground infrastructure construction upon closing of
its pending infrastructure construction acquisition.
Forward Looking Information
Certain statements contained in this news release constitute
forward-looking information. These statements relate to future
events or the Company's future performance. The use of any of the
words "could", "expect", "believe", "will", "projected",
"estimated" and similar expressions and statements relating to
matters that are not historical facts are intended to identify
forward-looking information and are based on the Company's current
belief or assumptions as to the outcome and timing of such future
events. Actual future results may differ materially. In particular,
statements with respect to the completion of the proposed
acquisition, the terms and conditions of the transaction, the
completion of an asset- based debt financing and financial
information relating to the private company include forward-looking
information. The proposed acquisition may not be completed on the
terms and conditions contemplated herein or at all. The Company's
Annual Information Form and other documents filed with securities
regulatory authorities (accessible through the SEDAR website
www.sedar.com) describe the risks, material assumptions and other
factors that could influence actual results and which are
incorporated herein by reference. The Company disclaims any
intention or obligation to publicly update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as may be expressly
required by applicable securities laws.
Non-GAAP Measures
This news release contains references to EBITDA. The Company
uses accounting principles that are generally accepted in Canada
(the issuer's "GAAP"), which includes without limitation,
International Financial Reporting Standards ("IFRS"). EBITDA is not
a measure that has any standardized meaning prescribed by IFRS and
is therefore referred to as a non-GAAP measure. This non-GAAP
measure used by the Company may not be comparable to a similar
measure used by other companies. Management believes that in
addition to net income, EBITDA is a useful supplemental measure as
it provides an indication of the results generated by the Company's
principal business activities prior to consideration of how those
activities are financed or how the results are taxed. EBITDA is
calculated as net income excluding depreciation, amortization,
interest and taxes.
Contacts: First Canadian Capital Corp. Daniel Boase
416-742-5600DBoase@firstcanadiancapital.com 145 Front Street East
Toronto, ON. M5A 1E3 Enterprise Group, Inc. Leonard D. Jaroszuk
President & CEO 780-418-4400contact@EnterpriseGRP.ca Enterprise
Group, Inc. Desmond O'Kell Vice President
780-418-4400contact@EnterpriseGRP.ca www.EnterpriseGRP.ca
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