Noble Iron reported year-to-date revenue of $15.1 million through Sept. 30, compared to $12.0 million for the nine-month period a year ago. Third-quarter 2013 revenue was $5.0 million compared to $4.0 million during the third quarter of 2012.
Noble Iron's Construction and Industrial Equipment Rental and Distribution segment generated adjusted EBITDA of $3.5 million for the nine-month period ended Sept. 30, compared to $2.2 million over the same period in 2012. The segment's adjusted EBITDA for the third quarter of 2013 totaled $1.4 million compared to $0.7 million during the third quarter of 2012. The company's consolidated adjusted EBITDA increased to $1.7 million for the nine-month period ended Sept. 30, compared to $1.1 million during the same period in 2012.
Consolidated adjusted EBITDA for the third quarter of 2013 totaled $0.8 million, compared to $0.1 million during the third quarter of 2012. The year-to-date net loss for the company totaled $3.8 million, compared to a net loss of $1.2 million during the same period in 2012. Much of the company's increase in net loss was driven by a $2.2 million increase in non-cash expense for depreciation and amortization as a result of continued investment in rental fleet.
In related news, Noble Iron announced the grant of options to acquire 65,000 common shares of the company at an exercise price of $1.30 per common share. The options are being granted to non-executive directors elected at the company's annual general meeting held June 20, 2013. The options vest over two years and expire 10 years from the date of grant.
Noble Iron is based in Houston and serves customers in California and Texas. It is the exclusive distributor for LiuGong Construction Machinery equipment in Southeast Texas. Noble Iron also owns rental software company Texada Software.
