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This year, Indianapolis-based Noble Roman's Inc. has signed franchise agreements for 27 new non-traditional locations other than grocery stores, including 12 locations with Huck's, a 110-unit convenience store chain located in five states, and an agreement with The Pantry, Inc., a convenience store chain of more than 1,650 locations.
Also, on July 19, the company entered into an agreement with an existing independent franchisee for three stand-alone take-n-bake prototype locations. The three units are expected to open in three western suburbs of Indianapolis. Initial site work for the first location is nearly complete and is currently expected to open within the next three months.
And on Aug. 7, the company entered into an agreement with a franchisee to open a stand-alone take-n-bake prototype location in a northern suburb of Indianapolis. Site location work of this restaurant also has already started.
In 2012, the company has signed supply agreements for 267 additional grocery store take-n-bake locations. Since the company introduced take-n-bake pizza in grocery store chains in late 2009 through Aug. 8, 2012, the company has signed agreements for 1,206 grocery store locations to operate the take-n-bake pizza program and has opened the take-n-bake pizza program in approximately 945 of these locations.
Quarterly financial results
Noble Roman's financial results for the quarterly period ended June 30 included a jump in revenues to $1.89 million, compared to $1.88 million last year.
Net income was $342,122, or $.02 per share, compared to $388,919, or $.02 per share. The slight drop in net income was primarily the result of interest expenses from a $5 million, 48-month term-loan used to repay existing bank indebtedness and borrowing from an officer of the company.
Royalties and fees less upfront fees were $1.7 million compared to $1.6 million. This included an increase in royalties and fees from grocery store take-n-bake pizza of $106,086, or 40 percent, an increase in royalties and fees from non-traditional locations other than grocery stores of $41,344, or approximately 4 percent, and a decrease in royalties and fees from traditional locations of $91,967, or 34 percent.
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