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Noble Iron total revenues were $12.2 million

Staff writer |
Noble Iron announced its interim unaudited consolidated financial results for the second quarter ended June 30, 2015. 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.

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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, 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.


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