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Noble Iron Announces Second Quarter and Six Month 2015 Results

SAN FRANCISCO, CALIFORNIA — (Marketwired) — 08/27/15 — Noble Iron Inc. (“Noble Iron,” or “the Company”) (TSX VENTURE: NIR) announced its interim unaudited consolidated financial results for the three and six month periods ended June 30, 2015 (the “second quarter”).

Second Quarter Highlights

“During the second quarter of 2015, we began realizing the results of the reorganization plan we initiated in 2014,” stated 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.”

Q2 2015 and Six Month Results

Noble Iron recorded total revenues of $12.2 million and $10.4 million for the six months ended June 30, 2015 and 2014, respectively, resulting in an increase of 18%, or $1.8 million. For the second quarter of 2015, Noble Iron recorded revenues of $6.6 million compared to $5.2 million for the three months ended June 30, 2014, resulting in an increase of 28%, or $1.4 million. Both six month and quarterly revenue increases were due to higher equipment rental and software revenues, and strengthening of the US dollar versus the Canadian dollar. Noble Iron–s operations in Southern California achieved record monthly revenues in April and June.

Noble Iron recorded cost of revenue of $5.5 million and $4.2 million for the six months ended June 30, 2015 and 2014, respectively, resulting in an increase of 33%, or $1.4 million. For the second quarter of 2015, Noble Iron recorded cost of revenue of $2.9 million compared to $2.1 million for the three months ended June 30, 2014, respectively, resulting in an increase of 37%, or $0.8 million. Both the six month and quarterly increases in cost are primarily attributed to an increase in depreciation in the first half of 2015 due to the addition of equipment fleet during the second half of 2014, and strengthening of the US dollar versus the Canadian dollar.

The Company recorded total expenses of $11.9 million and $8.8 million for the six months ended June 30, 2015 and 2014, respectively, resulting in an increase of 36%, or $3.1 million. For the second quarter of 2015, Noble Iron recorded expenses of $6.1 million compared to $4.8 million for the three months ended June 30, 2014, resulting in an increase of 27%, or $1.3 million. The increase in expenses was largely due to real estate consolidation and reorganization initiatives; including recruiting and expansion of the company–s team; increased investment in technology and process development; and strengthening of the US dollar versus the Canadian dollar. Overall, the second quarter of 2015 compares favorably to the first quarter of 2015 as the reorganization process in Southern California further wound down.

The Company recorded a net loss of $5.2 million and $2.5 million for the six months ended June 30, 2015 and 2014, respectively, resulting in an increased loss of $2.6 million For the second quarter of 2015, Noble Iron recorded a net loss of $2.4 million compared to a net loss of $1.8 million for the three months ended June 30, 2014, resulting in an increased loss of $0.6 million. . The increased losses are attributed to higher cash and non-cash expenses described above, and income tax expenses incurred during 2015 versus recoveries incurred during 2014.

Noble Iron recorded Adjusted EBITDA of $0.1 million and $0.8 million for the six months ended June 30, 2015 and 2014, respectively, resulting in a decline of Adjusted EBITDA of $0.7 million For the second quarter of 2015, Noble Iron recorded Adjusted EBITDA of $0.2 million compared to $0.03 million for the three months ended June 30, 2014, resulting in an increase in Adjusted EBITDA of $0.2 million. Overall, the second quarter of 2015 compares favorably to the first quarter of 2015, as the company–s reorganization process in Southern California further stabilized and began yielding results.

Financial information indicated, as set out in this news release, is presented on a basis consistent with the accounting principles used to prepare Noble Iron–s most recently filed financial statements. The consolidated financial statements are prepared by management in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board. Readers are advised that the Company faces various risk factors with respect to its business and operations: for further information please see the Management Discussion and Analysis of Noble Iron Inc. at .

About Noble Iron Inc. (NIR: TSX Venture Exchange)

Noble Iron Inc. operates in equipment rental, equipment sales, and software for construction and industrial equipment users.

Noble Iron Inc.–s equipment rental and dealership operations do business under the name “Noble Iron”, and currently serve customers in California and Texas. Noble Iron offers construction and industrial equipment and accessories for rent and for sale, and is an exclusive distributor of LiuGong Construction Machinery equipment and Allied Construction Products in Southeast Texas.

Noble Iron Inc.–s software division operates under the name “Texada Software”. Texada Software offers cloud or client-based software applications for equipment rental companies, equipment dealerships, construction companies, contractors, and any construction or industrial equipment user, including mechanics, logistics and service technicians. Texada Software–s applications manage the entire equipment lifecycle, including equipment purchasing; rental & sales transactions; inventory location, utilization, maintenance and depreciation tracking; used equipment sales and disposals analysis; and inventory replenishment.

Noble Iron Inc. can be reached at 1-832-767-4424, or at .

Non-IFRS Measures

References in this press release to Adjusted EBITDA are to earnings before interest expense, deferred income taxes, depreciation, amortization, share based compensation, gain on fair value increment on acquisition (net of deferred income taxes), acquisition expenses, accretion on convertible debt, interest on convertible debentures, severances and foreign exchange. Adjusted EBITDA is a measure used by investors to compare issuers on the basis of ability to generate cash flow from operations. Adjusted EBITDA is not an earnings measure recognized by International Financial Reporting Standards (IFRS), does not have standardized meanings as prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. Noble Iron–s management believes that Adjusted EBITDA is an important supplemental measure in evaluating Noble Iron–s performance and in determining whether to invest in its common shares. Readers of this information are cautioned that Adjusted EBITDA should not be construed as an alternative to net income or loss determined in accordance with IFRS as an indicator of Noble Iron–s performance, or cash flows from operating, investing and financing activities as measures of Noble Iron–s liquidity and cash flows. Noble Iron–s method of calculating Adjusted EBITDA may differ from the methods used by other issuers and, accordingly, Noble Iron–s Adjusted EBITDA may not be comparable to similar measures presented by other issuers.

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.

Contacts:
Corporate communications contacts:
Suzy Taherian
CFO
t: (925) 719-9124
e:

Nabil Kassam
Founder, Chairman and CEO
t: (650) 766-9177
e:

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