HOUSTON, TEXAS--(Marketwired - May 1, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES OF AMERICA WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA
Noble Iron Inc. ("Noble Iron" or the "Company") (TSX VENTURE:NIR) announced its audited financial results for the year ended December 31, 2012.
- 2012 revenue totaled $16.2 million, an increase of more than 100% over prior year revenue of $7.7 million
- Equipment rental and distribution revenue increased more than 250% over the prior year
- In 2012, the Company launched its second equipment rental and distribution CELL (Centralized Equipment Logistics Location™) in Houston, Texas
- Enterprise asset management software revenue increased 6.8% over the prior year
2012 consolidated adjusted EBITDA (see definition below), including corporate expense related to business development, branding and R&D, was $0.9 million - versus $0.1 million last year. Standalone adjusted EBITDA at Noble Iron's rental and distribution operations were $2.7 million and $1.0 million at the Company's software subsidiary, Texada Software. Net losses for 2012 were $1.8 million.
"Noble Iron remains positioned for continued success in 2013, having achieved several important milestones in 2012, the first full calendar year of Noble Iron's operating directly in the equipment rental and distribution business and the imminent launch of Texada's cloud-based application," said Mr. Swisher, CEO of the Company. He continued, "With two CELLs fully operational, the Noble Iron model, leveraging its technology and development path, will further demonstrate market acceptance through demand driven pricing, customer satisfaction and shareholder value."
Nabil Kassam, Executive Chairman of Noble Iron, commented, "2012 was a year of rapid growth, and we are still in the early stages of our vision. Our aspirations at Noble Iron are very big."
Financial information indicated, as set out in this news release, is presented on a basis consistent with the accounting principles used to prepare Noble Iron's most recently filed financial statements. The consolidated financial statements are prepared by management in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board. Readers are advised that the Company faces various risk factors with respect to its business and operations: for further information please see the Management Discussion and Analysis of Noble Iron Inc. at www.SEDAR.com.
About Noble Iron Inc. (TSX VENTURE:NIR)
Noble Iron Inc. operates in three complementary sectors: equipment rental, equipment dealership, and enterprise asset management software for the construction and industrial equipment industry.
The Company operates its equipment rental business and dealerships under the name "Noble Iron". Noble Iron rental depots, or CELLs (Centralized Equipment Logistics Location™), currently serve customers in California and Texas. Noble Iron offers select manufacturer equipment and accessories for sale, and is the exclusive distributor of LiuGong Construction Machinery equipment in Southeast Texas.
The Company's software division, Texada Software, develops software applications to manage the complete equipment ownership lifecycle, from acquisition, rental, sales and other activities, through to disposal. Texada offers in-the-cloud or client-based software, and is scalable to meet the needs of any customer.
The Company can be reached at 1-832-767-4424, or at www.nobleiron.com.
References in this press release to Adjusted EBITDA are to earnings before interest expense, deferred income taxes, depreciation, amortization, share based compensation, gain on fair value increment on acquisition (net of deferred income taxes), acquisition expenses, accretion on convertible debt, interest on convertible debentures and foreign exchange. Adjusted EBITDA is a measure used by investors to compare issuers on the basis of ability to generate cash flow from operations. Adjusted EBITDA is not an earnings measure recognized by International Financial Reporting Standards (IFRS), does not have standardized meanings prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. Noble Iron's management believes that Adjusted EBITDA is an important supplemental measure in evaluating Noble Iron's performance and in determining whether to invest in its common shares. Readers of this information are cautioned that Adjusted EBITDA should not be construed as an alternative to net income or loss determined in accordance with IFRS as an indicator of Noble Iron's performance, or cash flows from operating, investing and financing activities as measures of Noble Iron's liquidity and cash flows. Noble Iron's method of calculating Adjusted EBITDA may differ from the methods used by other issuers and, accordingly, Noble Iron's Adjusted EBITDA may not be comparable to similar measures presented by other issuers.
This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company. The Company's ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.