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Noble Roman's, Inc. reports on its pizza franchising and restaurant operations, including the Noble Roman's Pizza brand and Noble Roman's Craft Pizza & Pub. Company updates commonly cover quarterly and annual earnings, non-traditional franchise unit growth, same-store sales and margin contribution in company-owned Craft Pizza & Pub locations, and menu promotions.
News also includes public-company items such as auditor engagement, conference calls, debt maturity and senior lending facility changes, and other financing matters tied to the company's capital structure.
Noble Roman's (OTCQB:NROM) announced its financial results for Q1 2024. The company reported a net loss of $86,000, attributed mainly to non-cash expenses totaling $186,000. Adjusting for these, the company would have posted a net income of $100,000.
The quarter saw an operating income of $432,000 and a 45% increase in franchising revenue, up to $1.4 million, or 48% with adjustments.
Company-operated restaurant revenue decreased by $80,000 year-over-year, and Craft Pizza & Pub revenue saw a 4.5% decline partly due to bad weather.
Despite inflation, cost management improved, with a 6.1% drop in franchise venue salaries and wages. Operating cash increased by 34% to $1.2 million, with $600,000 net cash generated from operations. The company continues to work on refinancing its senior note and subordinated notes, expecting interest rate reductions.
Noble Roman's (OTCQB:NROM), an Indianapolis-based franchisor and licensor of Noble Roman's Pizza and Noble Roman's Craft Pizza & Pub, has announced the release of its 1st quarter 2024 financial data on June 12th. The report will be available after market close and will cover significant details of the quarter's results. Questions regarding the release can be directed to Paul Mobley, Executive Chairman & CFO, via phone or email. A transcript of the recent conference call held in late May, providing operational insights for Q1 2024, is available at www.nrom.info under the 'Investor Resources' tab.
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.
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