INDIANAPOLIS -- Noble Roman's, Inc. (BULLETIN BOARD: NROM), the Indianapolis based franchisor of pizza-focused foodservice operations announced earnings for the year ended Dec. 31, 2002.
According to a release, for the year ended Dec. 31, 2002, the company reported a net income from continuing operations of $807,000 (5 cents a share), compared to net income of $603,000 (4 cents per share) for the year prior.
Total revenues for 2002 were $6.6 million compared to $5.7 million in 2001.
Because of the rapid growth in franchising to non-traditional locations the company made the strategic decision in 1999 to franchise all of its remaining full-service restaurants and focus all of its attention on franchising non-traditional units. In 2002 the company recorded additional expense of $313,000 for those discontinued operations, resulting in a reserve for future costs of $263,000.
The company believes this reserve is adequate to cover any future costs associated with the discontinued operations. After reflecting the charge for discontinued operations the company reported a net income of $494,000 or 3 cents per share for 2002, compared to a net loss of about $1.1 million (7 cents per share) for the year prior.