Noble Iron posted $16.2 million in total revenue in 2012, an increase of more than 100 percent compared to $7.7 million in 2011. Equipment rental and distribution revenue jumped more than 250 percent year over year as Noble Iron posted $10.5 million in rental volume.
In 2012, the company launched its second equipment rental and distribution CELL (centralized equipment logistics location) in Houston. Also enterprise asset management software revenue increased 6.8 percent compared to 2011.
Consolidated adjusted EBITDA, including corporate expense related to business development, branding and R&D, was $900,000, compared to $100,000 a year ago. Standalone adjusted EBITDA at Noble Iron’s rental and distribution operations were $2.7 million and $1 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 directory in the equipment rental and distribution business and the imminent launch of Texada’s cloud-based application,” said Willie Swisher, CEO. “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.”
Noble Iron is based in Houston.
