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Noble Roman's announced amendments to its 2023 financial statements due to accounting adjustments. The company revalued warrants issued in a loan agreement, resulting in non-cash reductions to net income by $324,534. Net income was adjusted to $1.5 million, or $0.07 per share basic ($0.06 diluted), from $1.8 million. Total 2023 revenues were $14.4 million, slightly down from $14.5 million in 2022. Despite inflation, general and administrative expenses decreased to $1.5 million from $2.2 million in 2022. The company secured $1.45 million in ERTC refunds and opened 61 new non-traditional units, with a 100-unit development agreement signed. Conversely, revenues from company-owned locations fell to $9.7 million from $10.4 million. Facility and other operating costs rose, leading to a drop in CPP margin contribution from 12.3% to 10.6%. The company introduced a new product and reported progress on debt refinancing.
Noble Roman's (OTCQB:NROM) has announced a conference call scheduled for May 20th, 2024, from 4:00 to 4:45 PM EDT. The Indianapolis-based franchisor and licensor of Noble Roman's Pizza and Noble Roman's Craft Pizza & Pub invites interested parties to join the call by dialing 317-300-7896 and using participation code 499795. Participants can ask questions by pressing 5* when the Q&A session is announced. The call will address the company's future revenues, profitability, financial resources, market demand, and product development.
Noble Roman's (OTCQB:NROM) reported its financial results for the year 2023. Key highlights include a net income of $1.8 million, a significant improvement from a net loss of $1.3 million in 2022. Operating income surged to $3.4 million from $428 thousand in the previous year. Total revenues were stable at $14.4 million compared to $14.5 million in 2022. The company also reported a cash balance increase to $872 thousand from $786 thousand in 2022.
Noteworthy achievements include a substantial increase in non-traditional venue revenues to $4.7 million from $4.0 million and the opening of 61 new non-traditional units. Revenues from company-owned restaurant locations fell to $9.7 million from $10.4 million. Additionally, the company entered into a 100-unit Development Agreement with Majors Management,
Interest expenses decreased to $1.7 million from $1.9 million in 2022, and general and administrative expenses decreased to $1.5 million from $2.2 million. The company applied for Employee Retention Tax Credits (ERTC) amounting to $1.45 million. Despite inflationary pressures, the cost of sales and salaries as a percentage of revenue decreased.
