ST. ALBERT, Alberta, May 15, 2020 (NEWSFILE CORP) — Enterprise Group, Inc. (the “Company” or “Enterprise”) (TSX: E), a consolidator of services to the energy sector; focused primarily on specialized equipment rental; today released its Q1 2020 results.

Three months March 31, 2020

Three months March 31, 2019




Gross margin



Gross margin %






Net income and comprehensive income



Earnings per share



(1)    Identified and defined under “Non-IFRS Measures”.

  • The Company has been able to maintain its customer base and as a result, the activity experienced up to mid-March 2020 was consistent with the prior year.  However, as a result of covid-19 guidelines and restrictions, customers did reduce activity in March negatively impacting revenue.  Revenue for the three months ended March 31, 2020 was $6,986,550 compared to $7,149,422 a decrease of $162,872.  As a result of the revenue decline in March compared to the prior period, the Company is eligible for the Canada Emergency Wage Subsidy.  The Company will continue to monitor revenue levels to determine ongoing eligibility for this and other programs offered by the Federal Government to improve cash flow.
  • The Company generated positive cash flow from operations of $646,229 for the three months ended March 31, 2020, which was consistent to the prior period of $623,988.  During the 3 months ended March 31, 2020, the Company purchased and cancelled 709,000 shares at a cost of $97,744.  As result, the Company’s share capital account was reduced by $1,018,294, 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.
  • Gross margin for the for the three months ended March 31, 2020, was $2,849,296 or 41%, a decrease of $222,182 compared to the prior period of $3,071,478 or 43%.  EBITDA was $2,306,444 for the three months ended March 31, 2020, a decrease of $255,361 compared to the prior period.


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About Enterprise Group, Inc.

Enterprise Group, Inc. is a consolidator of services to the energy sector.  The Company’s focus is primarily on 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. More information is available at the Company’s website Corporate filings can be found on


For questions or additional information, please contact:

Leonard Jaroszuk, President & CEO, or
Desmond O’Kell, Senior Vice-President

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. The Company’s Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website 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-IFRS Measures

The Company uses 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-IFRS measure.  This news release contains references to EBITDA.  This non-IFRS 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, taxes and stock based compensation.

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