2012-11-30 13:59:31 - - Total revenues for the nine months ended September 30, 2012 were $12.02 Ml. as compared to $4.18 Ml. for the same period in 2011.- The Company changed its name to "Noble Iron Inc.", received a new TSX Venture Exchange trading symbol "NIR", and completed a five-for-one share consolidation on July 23, 2012.- The Company expanded its rental and distribution operations to Houston, Texas, through the acquisition of certain assets of Bane Machinery Houston LP, launching the second major North American marketplace it serves.
HOUSTON, TEXAS -- (Marketwire) -- 11/30/12 -- Noble Iron Inc. (TSX VENTURE:NIR), formerly Texada Software Inc., today announced its unaudited interim operating results for Q3 and the nine months ended September 30, 2012. Total revenues for the quarter were $3.97 Ml. as compared to $1.88 Ml. for the same quarter in 2011. Revenue for the nine month period ending September 30, 2012 reached $12.02 Ml. as compared to $4.18 Ml. for the same period in the prior year.
The Company achieved a year-to-date Adjusted EBITDA (defined as net income (loss) for the period adjusted for depreciation, amortization, gain on expiry of default judgement, interest, foreign exchange and stock based compensation) of $1.11 Ml. for the nine month period ended September 30, 2012 as compared to nil for the same nine month period in 2011. Adjusted EBITDA for the quarter was $0.15 Ml. as compared to $0.10 Ml. for the same quarter in 2011.
The Company incurred a net loss of $0.29 Ml. and $1.22 Ml. for the three and nine month periods ended September 30, 2012, as compared to net earnings of $4.35 Ml. and $4.08 Ml. for the same periods in 2011. The difference between 2012 and 2011 net earnings is due primarily to a one-time non-cash gain in 2011 that resulted from the acquisition of certain assets.
Third quarter operating expenses increased from $1.71 Ml. in 2011 to $3.80 Ml. in 2012. This is prior to a $0.69 Ml. reduction to reported operating expense in Q3 2012 due to the expiry of a previously recorded default judgement, and prior to a reduction due to a gain on fair value increment totaling $4.9 Ml in Q3 2011. Total operating expenses for the nine months ended September 30, 2012 were $10.44 Ml. as compared to $4.13 Ml. in the period ending September 30, 2011 as adjusted for the previously mentioned items.
"The Company is pleased to have begun operating from a second CELL (Centralized Equipment Logistics Location) at 505 Rankin Road in Houston, Texas during the third quarter," stated Willie Swisher, the Company's CEO. He continued, "Additionally our software business unit, Texada Software, continues to develop exciting new features for 2013, such as our pending release of Web Client, a zero footprint deployment that can launch in any web browser, bringing a new level of performance to our customers."
More information can be found at www.sedar.com.
About Noble Iron Inc. (TSX VENTURE:NIR)
Noble Iron Inc. operates in three complementary sectors: equipment rental, equipment dealership and enterprise software for the construction and industrial equipment industry.
The Company operates its equipment rental business and dealership under the name "Noble Iron." Noble Iron rental depots currently serve customers in California and Texas. Noble Iron's dealership offers selected manufacturers' equipment and accessories for sale, and is the exclusive distributor of LiuGong Construction Machinery equipment in Southeast Texas.
The Company's software division, Texada Software, provides software applications to manage the complete equipment ownership lifecycle, from acquisition, rental, sales and other activities, through disposal. Texada Software offers in-the-cloud or client-based software, and is scalable to meet the needs of any customer.
The Company can be reached at 1-832-767-4424, or at www.nobleiron.com.
This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company. The Company's ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Investor Relations Contact:
Noble Iron Inc.
Thomas C. Caldaroni
Chief Financial Officer Investor_Relations@NobleIron.com