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Noble Romans net off 56 percent
November 10, 2008
INDIANAPOLIS -- Revenues at Noble Romans Inc., the franchisor of Noble Roman's Pizza and Tuscano's Italian Style Subs, were $2.2 million for the third quarter ended Sept. 30, the company announced, off 27 percent compared with revenues of $3 million for the 2007 third quarter.
Year-to-date revenues were $7 million, off 21 percent compared with revenues of $8.9 million for the first nine months of last year.
Net income for the quarter was $304,809, off 56 percent compared with net income of $693,655 in the 2007 third quarter. Year-to-date net income was $1 million, off 52 percent compared with net income of $2.1 million for the same period last year.
The decreases in revenue and net income were largely a result of selling fewer franchises and area development agreements compared to 2007, company officials said.
Noble Romans plans to focus future growth efforts on non-traditional venues such as hospitals, military bases, universities and convenience stores, officials said. The company has developed a new Bistro service system to operate in those venues.
The new system, which uses menu items found in a traditional Noble Romans location, features a fresh food display and a serve-to-order system.
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