Noble Iron Inc. announced its audited financial results for the year ended December 31, 2012. Revenue for 2012 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.
Other highlights include:
- In 2012, the company launched its second equipment rental and distribution CELL (Centralized Equipment Logistics Location TM) in Houston, Texas.
- Enterprise asset management software revenue increased 6.8% over the prior year
2012 consolidated adjusted EBITDA, 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.”