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Noble Roman's revenues up 26 percent
May 7, 2007
INDIANAPOLIS — Net income at Noble Roman's Inc., the franchisor of Noble Roman's Pizza and Tuscano's Italian Style Subs, rose 74 percent for the company's first quarter ended March 31.
The company reported net income of $703,003 for the quarter, compared with a net income of $404,565 for the first quarter of last year. Revenues for the 2007 first quarter were $2.9 million, up 26 percent compared with revenues of $2.3 million in the 2006 first quarter.
Noble Roman's expects its royalty and fee income to increase significantly over the next few years as it opens more of its dual-branded franchises in traditional locations. The company has now sold 12 territories to area developers and is currently in discussions with several other potential area developers.
The development schedules for the 12 territories sold thus far call for 429 locations over the next six years. In addition the company has sold 70 dual- branded franchises for traditional locations, 31 of which were sold through area developers.
The company is marketing development territories to area developers for the growth of its traditional dual-branded concept. Area developers have the exclusive right to develop the dual-branded traditional concept in their territory, subject to company approval of each franchisee and location.
Noble Roman's has sold franchises in 45 states. In addition, it has sold franchise agreements for military bases in Puerto Rico, Guam and Italy, and for entertainment facilities and convenience stores in Canada.
The company plans to maintain its focus on awarding franchise agreements for both Noble Roman's Pizza and Tuscano's Italian Style Subs in non-traditional venues such as hospitals, military bases, universities, convenience stores and entertainment facilities, company officials said. In addition, the company is now marketing dual-branded Noble Roman's and Tuscano's for stand-alone, traditional locations for more rapid growth.
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