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Enterprise Group, Inc. Announces Third Quarter Results and Corporate Update
Published : November 14, 2012
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Keywords :   Canada | Growth | Market | Natural Gas | Oil |

ST. ALBERT, ALBERTA--(Marketwire - Nov. 14, 2012) - Enterprise Group, Inc. (the "Company") (News - Market indicators) is pleased to announce the Company's third quarter results, and its fifth consecutive quarter of profitability. The Company recorded a consolidated net income from operations of $70,000 for the three months ended September 30, 2012, which resulted in a year to date net income from operations of $656,000. This amounted to a decrease of $673,000 or 90.5% for the quarter and an increase of $1,500,000 or 181.2% year to date compared to the same periods in the prior year. Revenue for the Company was $4,300,000, for the three months ended September 30, 2012, a decrease of $478,000 or 9.9%. For the nine months ended September 30, 2012, revenue grew to $11,900,000, an increase of $198,000 or 1.7%. EBITDAS was $631,000, a decrease of 54.8% for the third quarter of 2012. However, for the nine months ended September 30, 2012, EBITDAS grew to $2,000,000, an increase of $785,000 or 62.7% compared to the same period last year. For the trailing twelve months ended September 30, 2012, the Company recorded net income from operations of $1,500,000 and EBITDAS of $3,300,000.

During the quarter, the Company incurred onetime expenses relating to the corporate refinancing through PNC Bank Canada Branch, the acquisition of Artic Therm International Ltd, and expenses relating to the pending acquisition announced August 9, 2012. These costs, recorded in this quarter, impacted the net income by approximately $400,000. The decrease in revenue is mainly due to the Company continuing its strategy of focusing on smaller, cost plus projects in the oilfield services industry which results in higher field margins but at revenue levels lower than historical amounts.

Leonard D. Jaroszuk, President and CEO of the Company, is also pleased to provide the following update on other corporate matters:

  • Artic Therm International has recently secured significant project work for its larger flameless heating units. Two pipeline thermal expansion projects and a refining facility turn-around. Two of the customers include Canada's largest oil producer and Canada's largest natural gas producer
  • Further to a news release dated August 9, 2012, announcing the signing of a letter of intent to purchase a utility services company; the target is currently completing a corporate reorganization to prepare itself for the impending sale. Enterprise expects this acquisition to close as soon as the reorganization is confirmed.
  • Early in November 2012, the Company received a zero percent (0%) interest loan for $1.1 million with AFSC. Proceeds were used to increase Artic Therm's flameless heating unit fleet to a new Slave Lake, Alberta location.
  • The Company is currently negotiating and performing due diligence on an additional acquisition target that management expects to complete in Q1 of 2013.

Enterprise Group, Inc. is a construction services company operating in the energy, utility and transportation infrastructure industry. The Company's focus is primarily underground construction and maintenance and above ground plants and facilities 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.

Forward Looking Statements

Certain statements contained in this 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", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on current beliefs or assumptions as to the outcome and timing of future events. Actual future results may differ materially. In particular, statements with respect to anticipated activity levels and profitability of the Company's utility and infrastructure division and anticipated increases in revenue and margins attributed to services provided by the Company to the energy sector contain forward looking information. The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website at www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The forward-looking statements and information contained in this document are made as of the date hereof for the purpose of providing the readers with the Company's expectations for the next year. The forward-looking statements and information may not be appropriate for other purposes. 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.



Enterprise Group, Inc.
Leonard D. Jaroszuk
President & CEO
780-418-4400 or Toll Free: 888-303-3361
780-418-1941 (FAX)
contact@EnterpriseOil.ca
or
Enterprise Group, Inc.
Desmond O'Kell
Vice President, Corp. Development
780-418-4400 or Toll Free: 888-303-3361
780-418-1941 (FAX)
contact@EnterpriseOil.ca
www.EnterpriseOil.ca
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Enterprise Oilfield Group, Inc.

CODE : E.TO
ISIN : CA29373A1057
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Enterprise Oilfield is based in Canada.

Enterprise Oilfield is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 101.3 millions as of today (US$ 74.4 millions, € 66.9 millions).

Its stock quote reached its highest recent level on April 01, 2011 at CA$ 3.89, and its lowest recent point on October 07, 2011 at CA$ 0.02.

Enterprise Oilfield has 55 650 000 shares outstanding.

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Financings of Enterprise Oilfield Group, Inc.
5/17/2013Announces Intention to Seek Shareholder Approval for Private...
4/25/2013Announces Private Placement of Common Shares
3/26/2013Announces Convertible Debenture With Michael Wekerle's Diffe...
2/12/2013Announces Private Placement of Units
11/30/2011Announces Closing of Zero Percent (0%) Financing Facility
2/28/2007$10 Million Private Placement
Nominations of Enterprise Oilfield Group, Inc.
1/17/2013Announces Warren Cabral as Chief Financial Officer
1/17/2013Announces Warren Cabral as Chief Financial Officer
1/17/2013Announces Warren Cabral as Chief Financial Officer
1/17/2013Announces Warren Cabral as Chief Financial Officer
Financials of Enterprise Oilfield Group, Inc.
5/9/2013Announces First Quarter Results
3/19/2013Announces Fourth Quarter 2012 Results
5/14/2012Announces First Quarter Results
3/30/2012Announces 2011 Year End Results
2/23/2012Announces Fourth Quarter Results
8/15/2011Announces Second Quarter Results
3/29/2011Announces 2009 Year End Results
5/12/2008Announces First Quarter Results
Corporate news of Enterprise Oilfield Group, Inc.
10/22/2015Enterprise to Report Third Quarter 2015 Results on November ...
10/2/2015Enterprise Group, Inc. Announces Closing of Private Placemen...
8/11/2015Enterprise Announces Debt Covenant Adjustments
7/30/2015Enterprise to Report Second Quarter 2015 Results on August 1...
7/13/2015Enterprise Group Appoints G. Reginald Belyea, P.Eng., PMP, t...
6/24/2015Enterprise Group, Inc. Announces 3:1 Consolidation of Shares
3/30/2015Enterprise Group Announces Results for the Fourth Quarter an...
3/23/2015Enterprise to Report Fourth Quarter and Full Year 2014 Resul...
12/3/2014DIRECT PIPE PRACTICAL TECHNOLOGY
11/13/2014Enterprise Group Announces Record Third Quarter 2014 Revenue...
10/15/2014ENTERPRISE GROUP COMPLETES ACQUISITION OF WESTAR OILFIELD RE...
10/2/2014Enterprise Group Takes Delivery of Direct Pipe(R) System and...
9/30/2014Enterprise Group Completes 2014 Capital Expenditure Program ...
8/13/2014Enterprise Group Announces Results for the Second Quarter of...
7/31/2014Enterprise Group Announces LOI to Acquire Oilfield Site Serv...
6/19/2014Enterprise Group, Inc. Announces Board Appointment
6/13/2014Enterprise Group, Inc. Announces Voting Results of Election ...
5/27/2014Enterprise Group Announces New Contract for Hart Oilfield Re...
5/13/2014Enterprise Group Announces Results for the First Quarter of ...
3/31/2014Enterprise Group, Inc. Announces 2013 Year End Financial Res...
10/25/2013Announces Two New Contracts
9/24/2013Plans to Become a U.S. Reporting Issuer
9/17/2013Provides Corporate Update
6/17/2013Announces Closing of a Specialized Underground Infrastructur...
5/28/2013Announces Closing of Private Placement of $4.12 Million in C...
5/2/2013Announces Increase to Existing Finance Facility
9/13/2012Closes Finance Facility and Acquisition of Flameless Heating...
9/5/2012Announces Letter of Intent to Purchase Flameless Heating Ren...
8/28/2012Announces $12.5 Million Finance Facility
8/9/2012Announces Letter of Intent to Purchase Utility Services Comp...
7/25/2012Announces Name Change
6/19/2012Announces Results of Annual & Special Meeting
12/5/2011SPUDS MONTANA BAKKEN/THREE FORKS WELL
3/28/2008Announces 2007 Year End Results
1/14/2008Provides Corporate Update
11/20/2007Announces Renewal of Normal Course Issuer Bid
9/29/2007Completes Reorganization
8/10/2007List on TSX August 13
5/30/2007New name and symbol
5/23/2007Oil announces Q2 results
5/7/2007Completes Third Acquisition
4/26/2007Announces the Proposed Addition of Nick DeMare to the Board
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