Noble Iron Inc. announced its unaudited interim financial results for the quarter ending June 30, 2013. 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."
