Noble Iron posted revenue of $4.05 million in the second quarter and $8.05 million for the first six months of 2012. Formerly known as Texada Software Inc., the second-quarter revenues, which included the revenue of the former Rolls High Reach, were a 237-percent increase compared with $1.2 million in the second quarter of 2011. For the first six months, the increase was 250 percent, compared to $2.3 million for the first six months of 2011.
Adjusted EBITA was $440,000 for the second quarter, compared with a net loss of $20,000 a year ago.
Rental revenue was $2.9 million in the second quarter and $5.5 million for the first six months. Software revenue was $1.12 million for the second quarter, compared to $1.2 million in the year ago quarter. However for the first six months of the year, software revenue increased from $2.3 million in 2011 to $2.56 million this year, a 4.3-percent increase.
“The company continued to thrive in the second quarter, with our rental revenue far surpassing the 8.2-percent annualized growth being reported in the rental industry for the first half of 2012,” said Willie Swisher, Noble Iron CEO. “Noble Iron continues to take a strategic approach to growth and structure, as evidenced by our recent acquisition in Houston, and establishment of key long-term relationships with manufacturers and lenders as well as our name change to Noble Iron and completion of the share consolidation initiative. The team continues to execute, growing customer, employee and shareholder value.”
Noble Iron 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, serving customers in California and Texas. The software division, Texada Software, is based in Guelph, Ontario, Canada.