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Revenues Decline for Noble Iron in Second Quarter

Revenues Decline for Noble Iron in Second Quarter

Noble Iron, rental company, distributor and software supplier posted $5.8 million in revenue during the second quarter, compared to $6.6 million for the second quarter of 2015, an 11.8-percent decline. For the first six months of 2016, revenue increased slightly from $12.2 million to $12.3 million.

During the second quarter, the company’s Texada Software segment launched FleetLogic, a mobile and desktop software application for equipment technicians, operators and managers. The company booked $0.4 million in deferred SaaS revenue for FleetLogic in the quarter, but will recognize the revenue during the third quarter.

Lower equipment revenues during the second quarter were caused by a sluggish economic climate in Texas and lower equipment utilization in California. Noble Iron said lower rental revenues was the primary cause for lower revenues in the second quarter.

For the second quarter of 2016, Noble Iron posted a net loss of $3.1 million, compared to a net loss of $2.4 million for the second quarter of 2015.

Noble Iron said it is committed to becoming the technology driven partner of choice for regional construction professionals and equipment owners. Its software group remains focused on rolling out new applications such as FleetLogic and Insight.

Within Noble Iron’s equipment group, the focus remains on optimizing the rental utilization of both company and third party owned fleet, and on strengthening its asset-sharing platform and its market share.

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