Mr. Nabil Kassam reports

NOBLE IRON ANNOUNCES Q2 & YEAR-TO-DATE 2014 RESULTS

Noble Iron Inc. has released its unaudited interim financial results for the period ended June 30, 2014.

• Total consolidated revenues for the three months ended June 30, 2014, were $5.2-million versus $5.6-million during the same period in 2013. Total revenue for the six months ended June 30, 2014, was $10.4-million versus $10.1-million over the same period in 2013.
• The company's construction and industrial equipment rental and distribution segment revenues were $4.1-million for the three-month period ended June 30, 2014, versus $4.1-million for the three-month period ended June 30, 2013. Segment revenues totalled $8.2-million for the six months ended June 30, 2014, versus $7.5-million over the same period in 2013.
• Software segment revenues were $1.1-million for the three-month period ended June 30, 2014, and $1.5-million for the three-month period ended June 30, 2013. Segment revenues were $2.2-million for the six months ended June 30, 2014, versus $2.5-million over the same period in 2013.

       COMPARATIVE FINANCIAL RESULTS -- CONSOLIDATED COMPANY
                          (In thousands)

                          Six months ended      Three months ended                  
                                   June 30,                June 30,
                          2014        2013       2014         2013

Revenue                $10,374     $10,086    $ 5,164      $ 5,567
Cost of revenue         (4,282)     (4,005)    (2,190)      (2,275)
Summary expenses
Support,
maintenance and
delivery                (4,156)     (3,167)    (2,165)      (1,617)
Research and
development               (359)       (400)      (185)        (179)
Sales and
marketing                 (778)       (692)      (397)        (314)
General and
administration          (3,564)     (3,819)    (1,917)      (2,062)
Deferred income
tax/recovery               578         101         56            0
Stock-based
compensation               (74)       (129)       (36)         (34)
Interest (expense)        (450)       (443)      (250)        (216)
Foreign exchange
gain/(loss)                 (7)        (17)        35          (16)
Net earnings
(loss)                  (2,718)     (2,485)    (1,885)      (1,146)
Add back
Depreciation/
amortization             3,612       2,903      1,717        1,509
Deferred income
tax/recovery              (578)       (101)       (56)           0
Stock-based
compensation                74         129         36           34
Interest expense           450         443        250          216
Foreign exchange
gain/(loss)                  7          17        (35)          16
Adjusted EBITDA        $   847     $   906    $    27      $   629

The company's total revenue over the three-month period ended June 30, 2014, was 7 per cent lower than that of the same period in 2013. Over the six-month period ended June 30, 2014, revenues increased 3 per cent versus the same six-month period in 2013. For the three months ended June 30, 2014, the total revenue decrease was largely due to significantly less ancillary revenue derived from equipment disposals, which decreased by $400,000, or 58 per cent, as compared with the same period in 2013. The disposal of rental equipment does not occur evenly throughout the year and is contingent on factors including equipment age, market values of used equipment and utilization. In addition to repair and refurbishment initiatives already under way, the company plans to dispose of, and replenish, a larger volume of equipment fleet over the balance of the year. Rental revenue increased $400,000, or 12 per cent, over the three-month period ended June 30, 2014, and by $1.1-million, or 17 per cent, over the six-month period ended June 30, 2014. The increase in rental revenue was driven by increased fleet, sales and marketing initiatives, and fleet diversification. The year-over-year total revenue difference was also largely attributed to a significant one-time software licence sale, totalling $500,000, to a single large customer that occurred during the three-month period ended June 30, 2013. Recurring revenues within the software segment increased 12 per cent year over year for the six months ended June 30, 2014, and 13 per cent during second quarter 2014.

Net loss over the three- and six-month periods ended June 30, 2014, was 64 per cent and 9 per cent higher than that of Q2 2013 and the six-month period in 2013, respectively. The company's net loss was driven in part by increased depreciation due to a higher volume of rental equipment fleet, and increased expenditures on repair and maintenance primarily incurred at the company's California operation. Depreciation expense increased $200,000 and $700,000 during Q2 2014 and the six-month period ended June, 2014, respectively. Support, maintenance and delivery expense increased by $500,000, or 34 per cent, in Q2 2014 versus Q2 2013, and by $1-million, or 31 per cent, year over year from the six-month period ended June 30, 2013. The company chose to increase spending on repairs and maintenance rather than pursuing more disposals and replenishment of rental equipment fleet over the first half of the year. These expenses are expected to remain at higher-than-normal levels through the balance of the year, albeit at a declining rate. The company also increased its expenses for outside trucking, and sales and marketing initiatives.

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's discussion and analysis of Noble Iron at SEDAR.

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