- Enterprise Group releases results for Q4 and full-year 2020
- The downturn in the energy industry has significantly reduced activity throughout Enterprise’s business sector
- Revenue for the three months ended December 31, 2020, was C$3,883,145 compared to C$5,349,256
- On October 1, 2020, Westar acquired additional natural gas power generation assets by way of a share purchase
- Enterprise Group, Inc. (E) is in the grey and is trading at C$0.22 at 10:22 am EST
Enterprise Group. (E) has released its Q4 2020 and FY2020 results.
The downturn in the energy industry, compounded by COVID-19, has significantly reduced activity throughout Enterprise’s business sector.
Reduced activity from COVID-19 began at the end of the first quarter and has continued throughout 2020.
Although COVID-19 protocols have allowed Enterprise’s customers to return to work, activity levels did not return to pre-COVID-19 levels.
Enterprise’s customers have also modified their behaviours and requirements due to COVID-19.
Over the past few years, Enterprise has been updating and modernizing its systems and processes to be effectively used in a cloud computing environment.
Revenue for the three months ended December 31, 2020, was C$3,883,145 compared to C$5,349,256, a decrease of C$1,466,111.
Revenue for the year ended December 31, 2020, was C$15,520,105 compared to C$19,521,797, a decrease of C$4,001,692.
Enterprise generated positive cash flow from operations for the year ended December 31, 2020, of C$3,983,730 compared to C$3,609,571 in the prior year.
During the year ended December 31, 2020, Enterprise purchased and cancelled 1,547,500 shares at the cost of C$235,415.
As a result, its share capital account was reduced by C$2,222,581, representing the average share value of outstanding shares cancelled.
Also, through utilizing the Canada Emergency Rent Subsidy program, Enterprise recorded C$79,785 against direct costs for the year.
EBITDA was C$3,703,808 for the year ended December 31, 2020, an increase of C$824,125 compared to the prior year.
On October 1, 2020, Westar acquired additional natural gas power generation assets through a share purchase.
Westar acquired 100 per cent of the outstanding shares for a total consideration of C$1,100,000 plus vendor take-back loans of C$600,000.
Enterprise Group is a consolidator of construction services companies operating in the energy, utility and transportation infrastructure industries.
Enterprise Group, Inc. (E) is in the grey and is trading at C$0.22 at 10:22 am EST.
