HOUSTON, TEXAS--(Marketwired - Sept. 3, 2013) - Noble Iron Inc. ("Noble Iron" or the "Company") (TSX VENTURE:NIR) announced its unaudited interim financial results for the quarter ending June 30, 2013.
- Year-to-date revenue totaled $10.1 million through June 30, 2013, as compared to $8.0 million for the six months ended June 30, 2012
- Second quarter 2013 revenue was $5.6 million as compared to $4.0 million during the second quarter of 2012
Revenue from equipment rental and distribution increased 30%, and the segment's Adjusted EBITDA increased 35% over the same six month period in 2012. Total net loss for the Company was $2.5 million, compared to a net loss of $0.9 million during the same period in 2012.
"The first half of 2013 has been a good start for Noble Iron with a 26% increase in total revenues. Net losses were driven largely by expense associated with equipment fleet expansion, and investments in growth, technology and process development initiatives. The company continues to develop the Noble Iron model and unique go-to-market approach. The expansion of the company's targeted customer base and product offering at our Houston, Texas and Southern California CELLs continues in the right direction," said Willie Swisher, CEO of the Company.
The Company also announced that Brian Spilak, President of Noble Iron's software division, Texada Software, will be departing the company. Nabil Kassam, Executive Chairman of Noble Iron, commented, "on behalf of Noble Iron, we thank Brian for his significant contribution in building our software platform and helping establish multiple strategic initiatives. We look forward to our ongoing friendship and exploring new opportunities."
Noble Iron also reported the successful launch of version 9.1.2 of the Texada Software product. Recent new software customers include Hirepool Limited, New Zealand's largest equipment rental company, who selected Texada's enterprise software product for their 90 locations.
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 equipment rental, equipment dealership, and enterprise asset management software for the construction and industrial equipment industry.
The Company operates its equipment rental and dealership business under the name "Noble Iron", and currently serves customers in California and Texas. Noble Iron offers equipment and accessories for rent and 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 Software offers in-the-cloud or client-based software, and is scalable to meet the needs of any customer globally.
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.
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.