(NEW YORK)–Ludlow Research issues research alert on Enterprise Group, Inc. (OTCQB: ETOLF) (TSX: E), a company focused primarily on specialized equipment rental for energy industry in Canada, based in strong earnings growth, and share buyback program.
STRONG REVENUES
Revenue for the year ended December 31, 2023 was $33,501,000 compared to $26,892,000 in the prior year, an increase of $6,609,000 or 25%. Gross margin for the year ended December 31, 2023 was $15,502,000 compared to $10,880,000 in the prior year, an increase of $4,622,000 or 42%.
Adjusted EBITDA for the year ended December 31, 2023 was $13,286,000 compared to $8,149,000 in the prior year, an increase of $5,137,000 or 63%.
STOCK BUYBACK PROGRAM
For the year ended December 31, 2023, the Company purchased and cancelled 1,278,500 shares at a cost of $512,000, reducing the share capital account by $1,169,000. Since the initiation of the share buyback program, the Company has purchased and cancelled 11,336,00 shares at a cost of $2,904,000 and as a result, the Company’s share capital account has been reduced by $15,971,000 over the entire share buyback program. The company believes its stock remains undervalued and will continue to re-invest positive cash flow to buy-back shares to enhance shareholder value.
On January 23, 2023, the Company’s common shares began trading on the OTCQB Venture Market under the ticker symbol ETOLF.
SUMMARY
With growing revenues, profitability, and share buyback program in place ETOLF offers a quality investment target with a solidly run company.
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About Enterprise Group, Inc.
Enterprise Group, Inc is a consolidator of services-including specialized equipment rental to the energy/resource sector. The Company works with particular emphasis on systems and technologies that mitigate reduce or eliminate CO2 and Greenhouse Gas emissions for itself and its clients. The Company is well known to local Tier One and international resource companies with operations in Western Canada. More information is available at the Company’s website www.enterprisegrp.ca
Disclosures and Disclaimer:
THE MATERIAL HEREIN DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.
This reports contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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