Noble Iron Posts 40 Percent Q2 Revenue Increase

Sept. 4, 2013

Equipment rental company, distributor and rental software maker Noble Iron posted $5.6 million in second-quarter revenue, a 40-percent leap compared to last year’s Q2 total of $4 million. For the first six months of the year, the Houston-based company totaled $10.1 million, compared to $8 million for the first six months of 2012, a 26.2-percent hike. Revenue from equipment rental and distribution jumped 30 percent, and the segment’s adjusted EBITDA increased 35 percent for the six-month period.

Total net loss for the company was $2.5 million, compared to a net loss of $0.9 million last year.

“The first half of 2013 has been a good start for Noble Iron with a 26-percent increase in total revenues,” said CEO Willie Swisher. “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.”

The company also announced that Brian Spilak, president of Noble Iron’s software division, Texada Software, will be leaving the company. “We look forward to our ongoing friendship and exploring new opportunities,” said Nabil Kassam, executive chairman of Noble Iron.

Noble Iron also reported the launch of version 9.1.2 of the Texada software product. Recent new software customers include Hirepool Ltd., New Zealand’s largest equipment rental company. Hirepool selected Texada’s enterprise software product for its 90 locations.

In addition to offering rental at its Texas and California facilities, Noble Iron is the exclusive distributor of LiuGong Construction Machinery equipment in southeast Texas.

Noble Iron came in one slot short of making the RER 100 and is listed at No. 101.