Noble Iron Inc. announces the grant of options to acquire a total of 65,000 common shares of the company at an exercise price of $1.30 per common share. The options are being granted to non-executive directors elected at the company’s annual general meeting held June 20, 2013. The options vest over two years and expire ten years from the date of grant.
Also in recent news, Noble Iron announced its unaudited interim financial results for the period ended September 30, 2013.
- Year-to-date revenue totaled $15.1 million through September 30, 2013 – compared to $12.0 million for the nine month period ended September 30, 2012
- Third quarter 2013 revenue was $5.0 million – compared to $4.0 million during the third quarter of 2012
- Noble Iron’s Construction and Industrial Equipment Rental and Distribution segment generated an Adjusted EBITDA of $3.5 million for the nine month period ended September 30, 2013 – compared to $2.2 million over the same period in 2012. The segment’s adjusted EBITDA for the third quarter of 2013 totaled $1.4 million – compared to $0.7 million during the third quarter of 2012.
The company’s consolidated Adjusted EBITDA increased to $1.7 million for the nine month period ended September 30, 2013, compared to $1.1 million during the same period in 2012. Consolidated Adjusted EBITDA for the third quarter of 2013 totaled $0.8 million, compared to $0.1 million during the third quarter of 2012. The year-to-date net loss for the company totaled $3.8 million, compared to a net loss of $1.2 million during the same period in 2012. Much of the company’s increase in net loss was driven by a $2.2 million increase in non-cash expense for depreciation and amortization as a result of continued investment in rental fleet.
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.