HOUSTON, TEXAS--(Marketwired - May 1, 2014) - Noble Iron Inc. (TSX VENTURE:NIR) announced its audited financial results for the year ended December 31, 2013.
- 2013 revenue totaled $20.2 million, compared to $16.2 million for the year ended December 31, 2012.
- Fourth quarter revenue totaled $5.2 million in 2013, compared to $4.1 million during the same period in 2012.
- 2013 Consolidated Adjusted EBITDA (defined below) was $2.4 million, compared to $0.9 million in 2012.
On a standalone basis, Noble Iron's equipment rental and distribution segment generated an Adjusted EBITDA of $4.4 million, compared to $2.7 million in 2012. Net losses for 2013 totaled $4.9 million, compared to a net loss of $1.8 million in 2012. The Company's increase in net losses year-over-year was driven by $6.4 million of non-cash expense for depreciation and amortization in 2013 as a result of continued investment in rental fleet, and a decrease in Deferred Income Tax Recoveries from $1.4 million in 2012 to $0.5 million in 2013.
Nabil Kassam, Noble Iron's Founder, Chairman & CEO, commented, "2013 was a year of continued growth while also focusing on building our operational infrastructure. We look forward to further investing in our team, technology and logistics capabilities to build a platform that radically improves the lives of users, owners and vendors of construction and industrial equipment, and all members of the Noble Iron family."
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 sales, and enterprise asset management software for the construction and industrial equipment industry.
Noble Iron Inc.'s equipment rental and dealership business operates under the name "Noble Iron", and currently serves customers in California and Texas. Noble Iron offers construction and industrial equipment and accessories for rent and for sale, and is the exclusive distributor of LiuGong Construction Machinery equipment and Allied Construction Products in Southeast Texas.
Noble Iron Inc.'s software division operates under the name "Texada Software". Texada Software develops software applications to manage the complete equipment ownership lifecycle: from equipment purchasing; rental & sales transactions; inventory management; maintenance & depreciation tracking; through to used equipment sales, disposal & inventory replenishment. Texada Software offers in-the-cloud or client-based software, and is scalable to meet the needs of any equipment rental company, dealership, construction company, contractor, and any customer who owns or uses construction or industrial equipment.
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, severances 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 as 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.