Recently, Enterprise Oilfield Group, Inc. reported that its consolidated revenue for the three months ended September 30, 2008 totaled $8.7 million versus $8.5 million for the third quarter of the year prior. The Company had EBITDAS of $1.6 million and a net income of $0.6 million for the quarter.
The management team believes the long term outlook for the company's business segments is positive. Although continuing credit market instability will likely be unfavorably to the energy industry during 2009, Enterprise is well positioned due to the diversity of its business and strong performance of its infrastructure services division. The company has a history of success as a result of the commitment of its field staff to provide excellent service to its customers regardless of industry conditions, and the management's commitment to prudent financial management.
Enterprise intends to continue to actively pursue opportunities to enter new geographic territories and make strategic acquisitions. While the company cannot be sure of the near-term movements in the financial markets, it is well positioned to continue generating positive growth relative to their peers. Enterprise has positioned itself for improved levels of demand for its services and anticipates pursuing opportunistic growth initiatives.
Enterprise has an exceptional position in the current market place and believes that 2009 holds tremendous opportunities for continued revenue growth. Since inception, the company’s goal has been to increase the level of customer service with the best and safest practices, the newest equipment and the best field staff.
In 2008, Enterprise paid down over $2.4 million in long term debt through its accelerated debt repayment plan, purchased several pieces of new equipment for the operations, and is selling off older equipment in order to maintain a new, efficient and cost effective fleet. The company has also expanded into the Peace River area, which has opened the door to very profitable, year round, infrastructure and facilities maintenance opportunities, smoothing out the cyclical effects of the traditional pipeline industry.