Rental company and distributor Noble Iron posted total revenue of $6.6 million in the second quarter, an increase of 28 percent or $1.4 million compared to the second quarter of 2014. The construction and industrial equipment rental and distribution segment posted revenues of $5.3 million, an increase of $1.2 million or 29 percent year over year.
Noble Iron’s software segment, Texada Software, had revenue of $1.3 million in the second quarter, an increase of $0.2 million or 23 percent compared to the second quarter of 2014.
However, the company had a net loss of $2.4 million, an increase of $600,000 or 36 percent compared to the previous year. Adjusted EBITDA was $0.2 million compared to break-even in the second quarter of 2014.
For the first six months of the year, revenue was $12.2 million, compared to $10.4 million in 2014, a 17.9-percent jump. However, net loss was $5.1 million compared to $2.5 million a year ago.
“During the second quarter of 2015, we began realizing the results of the reorganization plan we initiated in 2014,” said Nabil Kassam, Noble Iron’s founder, chairman and CEO. “We rebuilt our management and operating team; consolidated our four Southern California operations into a single hub in Los Angeles; and made significant investments in technology development. Our Southern California operations achieved record revenues in April and June, and our consolidated revenues, earnings and adjusted EBITDA have improved each quarter over the last three quarters. We believe our positive trajectory will be further catalyzed by other initiatives at our equipment operations and our release of new software products later this year.”
Noble Iron provides equipment rental and dealership operations in California and Texas and is exclusive distributor of LiuGong Construction Machinery equipment and Allied Construction Products in southeast Texas. It also operates Texada Software products for equipment rental companies. Noble Iron is No. 98 on the RER 100.
