Noble Roman's Inc., the Indianapolis-based franchisor of Noble Roman's Pizza and Tuscano's Italian Style Subs, announced results for the quarterly period ended Sept. 30. Revenues are down but income gained from decreased operating and overhead costs.
Total revenues for the quarterly period ended Sept. 30 were down at $1.9 million compared to total revenues of $2.2 million for the comparable period in 2008, a 14 percent decrease. Revenues for the corresponding nine-month period ended Sept. 30 decreased 19 percent to land at $5.7 million compared to $7.0 million for the period in 2008.
The company's net income fared better at $459,535, or $.02 per share basic and diluted. This was a 44.2 percent increase in net income over the quarterly period ended Sept. 30, 2008, of $304,809, or $.02 per share basic and diluted. For the nine-month period ended Sept. 30, 2009, the company reported a net income of $1.3 million, or $.07 per share basic and $.06 per share diluted. This was a 26.4 percent increase in net income over the nine-month period ended Sept. 30, 2008, of $1.02 million, or $.05 per share basic and diluted.
Increases in earnings were primarily the results of implementing the strategy announced during the third quarter of 2008: Intensifying the company's focus on non-traditional franchising and discontinuing company operation of restaurants except for the two locations currently used for training and demonstration purposes.
This strategy has allowed the company to narrow its focus and decrease its overhead and operating expenses during this period of weakened consumer activity and severe dislocations in lending markets. The company continues to believe that during such troubled economic times as these it has a unique opportunity for increasing unit growth and revenue within its non-traditional venues such as hospitals, military bases, universities, convenience stores, grocery stores, attractions, entertainment facilities, casinos, airports, travel plazas and hotels, while at the same time operating with reduced overhead and operating costs.