Noble Iron, a distributor, rental company and software manufacturer for the equipment rental industry, posted $5.2 million in revenue for the first quarter, compared to $4.5 million in the same period a year ago, a 15.5-percent increase. Consolidated adjusted EBITDA more than doubled from $300,000 in Q113 to $800,000 in the recently concluded quarter.
Meanwhile losses decreased from $1.3 million to $900,000. The decrease in losses is mostly the result of $400,000 in deferred tax recoveries. Overall, losses continue to primarily be the result of non-cash expense for depreciation and amortization resulting from continued investment in the rental fleet.
On a standalone basis, Noble Iron’s equipment rental and distribution segment generated $1.2 million in adjusted EBITDA, compared to $1 million a year ago.
Noble Iron’s equipment rental and dealership business operates under the name Noble Iron, serving customers in California and Texas. Noble Iron is the exclusive distributor of LiuGong Construction Machinery equipment and Allied Construction Products in Southeast Texas.
Noble Iron’s software division operates under the name Texada Software, a long-time developer of software for the equipment rental industry.