Noble Iron Inc. Announces Record Revenue and Releases Operating Results for Q2 and the Six Months Ended June 30, 2012
<p> - Record revenue of $4.05 Ml. in Q2 and $8.05 Ml. for the six months ended June 30, 2012 as compared to $1.20 Ml. and $2.30 Ml. for the respective 2011 periods. </p> <p> - Adjusted EBITDA (as defined below) of $0.44 Ml. and net loss of $0.53 Ml. in Q2 2012 as compared to an Adjusted EBITDA loss of $0.02 Ml. and net loss of $0.11 Ml. in 2011. Adjusted EBITDA of $0.96 Ml. and net loss of $0.93 Ml. for the six months ended June 30, 2012 as compared to an Adjusted EBITDA loss of $0.08 Ml. and net loss of $0.27 Ml. in 2011. </p> <p> - Name change to "Noble Iron Inc." from "Texada Software Inc.", new stock symbol "NIR" and five-for-one share consolidation all effected on July 23, 2012. </p> <p> - Acquisition of assets of Bane Machinery Houston LP completed on July 9, 2012. </p>
HOUSTON, TEXAS--(Marketwire -08/29/12)- Noble Iron Inc. (NIR.V), formerly Texada Software Inc., today announced its unaudited interim operating results for Q2 and the six months ended June 30, 2012. Total revenue for Q2 was a record $4.05 Ml. compared with $1.20 Ml. for the prior year. Adjusted EBITDA (defined as net (loss) for the period adjusted for depreciation, amortization, interest, foreign exchange and stock based compensation) was $0.44 Ml. compared to a loss of $0.02 Ml. in 2011. For the six months ended June 30, 2012, revenue totaled $8.05 Ml. with Adjusted EBITDA of $0.96 Ml. as compared to $2.30 Ml. in revenue with an Adjusted EBITDA loss of $0.08 Ml. for the same six month period of 2011.
The Company had a net loss in Q2 of $0.53 Ml., and $0.93 Ml. for the six months ended June 30, 2012, compared to net losses of $0.11 Ml. and $0.27 Ml. for the three and six months ended June 30, 2011. Q2 operating expenses increased to $3.46 Ml. from $1.11 Ml. in 2011 and to $6.64 Ml. for the six months ended June 30, 2012 from $2.12 Ml. in the prior year. Depreciation and amortization, driven primarily by the capital assets used in rental operations, increased to $0.87 Ml. and $1.51 Ml. for the three and six month periods ending June 30, 2012 as compared to nil for the three and six month periods ended June 30, 2011.
"The Company continued to thrive in the second quarter, with our rental revenue far surpassing the 8.2% annualized growth being reported in the rental industry for the first half of 2012," stated Willie Swisher, Noble Iron's CEO. He continued, "Noble Iron continues to take a strategic approach to growth and structure, as evidenced by our recent acquisition in Houston, Texas and establishment of key long-term relationships with manufacturers and lenders as well as our name change to Noble Iron and completion of the share consolidation initiative. The team continues to execute, growing customer, employee and shareholder value."
The following is a summary table of the financial results of the Company for the period ended June 30, 2012.
---------------------------------------------------------------------------- Three Months Ended Six Months Ended Thousands of Canadian Dollars June 30, June 30, (except per share amounts) 2012 2011 2012 2011 Revenue: Rental $ 2,925 $ - $ 5,485 $ - Software 1,122 1,198 2,564 2,300 ------------------------------------------- Total Revenue 4,047 1,198 8,049 2,300 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Operating Income (Adjusted EBITDA) 444 (19) 963 (76) Net Loss for the Period (526) (107) (932) (274) Net Loss per Share (Basic)(i) $ (0.04) $ (0.04) $ (0.07) $ (0.11) Net Loss per Share (Diluted)(i) $ (0.04) $ (0.04) $ (0.07) $ (0.11) ---------------------------------------------------------------------------- (i)All per share information reflect the July 23, 2012 five-for-one share consolidation as if it had occurred on December 31, 2010.
More information can be found at www.sedar.com.
About Noble Iron Inc. (NIR.V)
Noble Iron Inc. operates in three complementary sectors: equipment rental, equipment dealership and enterprise software for the construction and industrial equipment industry.
The Company operates its equipment rental business and dealership under the name "Noble Iron." Noble Iron rental depots currently serve customers in California and Texas. Noble Iron's dealership offers select manufacturers' 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, provides 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 1-800-361-1233 or 1-519-836-7073, or at www.nobleiron.com.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
