Noble Roman's Announces Third Quarter 2024 Financial Data
Noble Roman's (OTCQB:NROM) reported Q3 2024 financial results with net income of $193,000 and operating income of $417,000. Franchising revenue increased to $1.4 million from $1.3 million in 2023. Company-owned Craft Pizza & Pub restaurants saw same-store sales rise nearly 1% in Q3, with recent weeks showing a 5.2% increase. For the nine-month period, the company reported net income of $164,000 and franchising revenue of $4.3 million, up from $3.7 million in 2023. Ongoing royalty income increased 22.5% to $3.9 million. The company opened approximately 53 new franchise locations with plans for 20 more this year.
Noble Roman's (OTCQB:NROM) ha riportato i risultati finanziari del terzo trimestre 2024 con un utile netto di 193.000 dollari e un utile operativo di 417.000 dollari. I ricavi da franchising sono aumentati a 1,4 milioni di dollari, rispetto a 1,3 milioni di dollari nel 2023. I ristoranti Craft Pizza & Pub di proprietà dell'azienda hanno registrato un incremento delle vendite nei negozi comparabili di quasi l'1% nel terzo trimestre, con le ultime settimane che mostrano un aumento del 5,2%. Per il periodo di nove mesi, l'azienda ha riportato un utile netto di 164.000 dollari e ricavi da franchising di 4,3 milioni di dollari, in aumento rispetto a 3,7 milioni di dollari nel 2023. I redditi da royalty in corso sono aumentati del 22,5% a 3,9 milioni di dollari. L'azienda ha aperto circa 53 nuove sedi in franchising, con piani per altre 20 quest'anno.
Noble Roman's (OTCQB:NROM) publicó los resultados financieros del tercer trimestre de 2024 con un ingreso neto de 193,000 dólares y un ingreso operativo de 417,000 dólares. Los ingresos por franquicias aumentaron a 1.4 millones de dólares desde 1.3 millones de dólares en 2023. Los restaurantes Craft Pizza & Pub de propiedad de la empresa vieron un aumento en las ventas de tiendas comparables de casi el 1% en el tercer trimestre, mostrando en las últimas semanas un incremento del 5.2%. Durante el período de nueve meses, la empresa reportó un ingreso neto de 164,000 dólares y ingresos por franquicias de 4.3 millones de dólares, en comparación con 3.7 millones de dólares en 2023. Los ingresos por regalías en curso aumentaron un 22.5% hasta 3.9 millones de dólares. La empresa abrió aproximadamente 53 nuevas ubicaciones de franquicia con planes para 20 más este año.
노블 로마인(Noble Roman's) (OTCQB:NROM)은 2024년 3분기 재무 결과를 발표하며 순이익 193,000달러와 영업이익 417,000달러을 기록했습니다. 프랜차이즈 수익은 2023년 1.3백만 달러에서 1.4백만 달러로 증가했습니다. 회사 소유의 크래프트 피자 & 퍼브 레스토랑은 3분기 동안 동종 점포 매출이 거의 1% 증가했으며, 최근 몇 주 동안에는 5.2% 증가했습니다. 9개월 동안 회사는 순이익 164,000달러와 프랜차이즈 수익 4.3백만 달러를 보고했으며, 이는 2023년의 3.7백만 달러에서 증가한 수치입니다. 진행 중인 로열티 수익은 22.5% 증가하여 3.9백만 달러에 도달했습니다. 회사는 올해 20개의 추가 계획과 함께 약 53개의 새로운 프랜차이즈 지점을 열었습니다.
Noble Roman's (OTCQB:NROM) a annoncé les résultats financiers du troisième trimestre 2024 avec un revenu net de 193 000 dollars et un revenu d'exploitation de 417 000 dollars. Les revenus de franchise ont augmenté à 1,4 million de dollars, contre 1,3 million de dollars en 2023. Les restaurants Craft Pizza & Pub appartenant à l'entreprise ont enregistré une augmentation des ventes des mêmes magasins de près de 1% au troisième trimestre, les dernières semaines montrant une augmentation de 5,2%. Pour la période de neuf mois, l'entreprise a déclaré un revenu net de 164 000 dollars et des revenus de franchise de 4,3 millions de dollars, en hausse par rapport à 3,7 millions de dollars en 2023. Les revenus de redevance continus ont augmenté de 22,5% pour atteindre 3,9 millions de dollars. L'entreprise a ouvert environ 53 nouveaux emplacements de franchise avec des plans pour 20 autres cette année.
Noble Roman's (OTCQB:NROM) berichtete über die finanziellen Ergebnisse des 3. Quartals 2024 mit einem Nettoeinkommen von 193.000 US-Dollar und einem Betriebsergebnis von 417.000 US-Dollar. Die Franchise-Einnahmen stiegen von 1,3 Millionen US-Dollar im Jahr 2023 auf 1,4 Millionen US-Dollar. Die unternehmenseigenen Craft Pizza & Pub-Restaurants verzeichneten im dritten Quartal einen Anstieg der Same-Store-Verkäufe von fast 1%, wobei in den letzten Wochen ein Anstieg von 5,2% zu verzeichnen war. Für den neunjährigen Zeitraum meldete das Unternehmen ein Nettoeinkommen von 164.000 US-Dollar und Franchise-Einnahmen von 4,3 Millionen US-Dollar, was einer Steigerung gegenüber 3,7 Millionen US-Dollar im Jahr 2023 entspricht. Die fortlaufenden Lizenzgebühren stiegen um 22,5% auf 3,9 Millionen US-Dollar. Das Unternehmen eröffnete etwa 53 neue Franchise-Standorte mit Plänen für 20 weitere in diesem Jahr.
- Q3 2024 net income of $193,000
- Franchising revenue increased 22.5% to $4.3 million for nine months
- Ongoing royalty income up 22.5% to $3.9 million
- 53 new franchise locations opened with 20 more planned
- Recent 6-week sales up 5.2% for company-owned restaurants
- Labor costs in Craft Pizza & Pub decreased from 29.6% to 28.8%
- Nine-month same-store sales decreased 3.4% for company-owned restaurants
- Cost of sales increased from 19.8% to 21.4% due to higher cheese prices
- Initial franchise fee income decreased from $327,000 to $193,000
- Company-owned non-traditional venue showing operating loss of $51,481 in Q3 2024
INDIANAPOLIS, IN / ACCESSWIRE / November 13, 2024 / Noble Roman's, Inc. (OTCQB:NROM), the Indianapolis based franchisor and licensor of Noble Roman's Pizza and Noble Roman's Craft Pizza & Pub ("CPP"), today announced financial data for the third quarter 2024 and other company highlights.
Financial highlights from the 3rd quarter 2024 include:
Net Income of
$193,000 Operating Income of
$417,000 Franchising Revenue of
$1.4 million compared to$1.3 million in 2023Same store sales for company-owned CPP restaurants increased almost
1% Average store sales for company-owned CPP restaurants for the last 6 operational weeks (prior to this release date) increased approximately
5.2% over the same operational weeks in 2023Cost of sales in the Craft Pizza & Pub increased from
19.8% to21.4% due primarily to elevated cheese prices and the promotion of the company's value-oriented XL PizzaLabor in the Craft Pizza & Pub decreased from
29.6% to28.8% despite market pressures on management salariesFranchising labor increased from
14.8% to15.5% reflecting an abnormally low expense rate in 2023Net income for the quarter benefited from the revaluation of the warrant liability by
$192 thousand using the Black-Scholes method of calculationThe company continues to progress on obtaining new financing to repay its senior note and subordinated notes
Financial highlights from the nine-month period 2024 include:
Net Income of
$164,000. Operating Income of
$1.4 million Franchising Revenue of
$4.3 million compared to$3.7 million in 2023Same store sales from company-owned Craft Pizza & Pub restaurants decreased approximately
3.4% primarily due to weather conditions in the 1st quarter and soft consumer spending throughout, slightly offset by an approximate1% same store sales increase in the 3rd quarterAverage store sales for company-owned CPP restaurants for the last 6 operational weeks (prior to this release date) increased approximately
5.2% over the same operational weeks in 2023Cost of sales in the Craft Pizza & Pub increased from
20.5% to21.1% due primarily to elevated cheese prices and the promotion of the company's value-oriented XL PizzaLabor in the Craft Pizza & Pub remained nearly unchanged at
28.9% compared to28.8% a year ago despite market pressures on management salariesFranchising labor decreased from
17.7% to15.9% reflecting the overhead efficiencies inherent in adding new unitsFranchising ongoing royalty income increased to
$3.9 million from$3.2 million , or a22.5% increaseInitial franchise fee income decreased from
$327 thousand to$193 thousand as additional franchise fees for new franchise locations now get deferred and amortized over the period of the franchise agreementComparability of 2024 results to 2023 results for year-to-date is obscured due to the one-time recording of
$1.46 million in income during the first quarter of 2023 from ERTC refund recognition
Further details:
The company had a net income for the nine-months ended September 30, 2024 of approximately
The revenue from the non-traditional franchising venue increased to
The total revenue from the company-owned restaurants was
As previously announced, the company is pursuing plans to obtain new financing to repay the Corbel loan prior to its maturity in February 2025 and to repay the subordinated notes as well when the Corbel loan is repaid. Based on the company's credit metrics and conversations currently taking place, the company believes its financing efforts will be successful. The company expects the new financing will result in some reduction in the effective interest rate that it currently pays and will not include equity-dilutive components like those in the current Corbel financing.
The following table sets forth the revenue, expense and margin contribution of the company's Craft Pizza & Pub venue and the percentage relationship to its revenue:
Description | Three months ended September 30, |
|
| Nine months ended September 30, |
| ||||||||||||||||||||||
2023 |
|
| 2024 |
|
| 2023 |
|
| 2024 |
| |||||||||||||||||
Revenue | $ | 2,175,219 |
|
| 100 | % |
| $ | 2,195,167 |
|
| 100 | % |
| $ | 6,639,213 |
|
| 100 | % |
| $ | 6,413,242 |
|
| 100 | % |
Cost of sales |
| 430,826 |
|
| 19.8 |
|
|
| 469,197 |
|
| 21.4 |
|
|
| 1,359,126 |
|
| 20.5 |
|
|
| 1,350,131 |
|
| 21.1 |
|
Salaries and wages |
| 643,081 |
|
| 29.6 |
|
|
| 632,823 |
|
| 28.8 |
|
|
| 1,913,450 |
|
| 28.8 |
|
|
| 1,855,157 |
|
| 28.9 |
|
Facility cost including rent, common area and utilities |
| 399,684 |
|
| 18.4 |
|
|
| 410,624 |
|
| 18.7 |
|
|
| 1,210,276 |
|
| 18.2 |
|
|
| 1,191,496 |
|
| 18.6 |
|
Packaging |
| 71,586 |
|
| 3.3 |
|
|
| 70,765 |
|
| 3.2 |
|
|
| 220,694 |
|
| 3.4 |
|
|
| 199,838 |
|
| 3.1 |
|
Third-party delivery fees |
| 26,227 |
|
| 1.2 |
|
|
| 45,156 |
|
| 2.1 |
|
|
| 86,444 |
|
| 1.3 |
|
|
| 146,640 |
|
| 2.3 |
|
All other operating expenses |
| 403,230 |
|
| 18.5 |
|
|
| 393,263 |
|
| 17.9 |
|
|
| 1,124,658 |
|
| 16.9 |
|
|
| 1,088,282 |
|
| 16.9 |
|
Total expenses |
| 1,974,635 |
|
| 90.8 |
|
|
| 2,021,828 |
|
| 92.1 |
|
|
| 5,914,648 |
|
| 89.1 |
|
|
| 5,831,544 |
|
| 90.9 |
|
Margin contribution | $ | 200,584 |
|
| 9.2 | % |
| $ | 173,339 |
|
| 7.9 | % |
| $ | 724,565 |
|
| 10.9 | % |
| $ | 581,698 |
|
| 9.1 | % |
The following table sets forth the revenue, expense and margin contribution of the company's franchising venue and the percentage relationship to its revenue:
Description | Three months ended September 30, |
|
| Nine months ended September 30, |
| ||||||||||||||||||||||
2023 |
|
| 2024 |
|
| 2023 |
|
| 2024 |
| |||||||||||||||||
Royalties and fees franchising | $ | 1,310,284 |
|
| 100 | % |
| $ | 1,437,697 |
|
| 100 | % |
| $ | 3,671,160 |
|
| 100 | % |
| $ | 4,298,735 |
|
| 100 | % |
Salaries and wages |
| 193,781 |
|
| 14.8 |
|
|
| 222,910 |
|
| 15.5 |
|
|
| 648,342 |
|
| 17.7 |
|
|
| 685,321 |
|
| 15.9 |
|
Franchise promotion expense |
| 44,936 |
|
| 3.4 |
|
|
| 60,105 |
|
| 4.2 |
|
|
| 229,056 |
|
| 6.2 |
|
|
| 180,682 |
|
| 4.2 |
|
Travel and auto |
| 37,908 |
|
| 2.9 |
|
|
| 40,038 |
|
| 2.8 |
|
|
| 96,057 |
|
| 2.6 |
|
|
| 122,404 |
|
| 2.8 |
|
All other operating expenses (benefit) |
| 119,152 |
|
| 9.1 |
|
|
| 176,728 |
|
| 12.3 |
|
|
| (1,009,710 | ) |
| (27.5 | ) |
|
| 461,736 |
|
| 10.8 |
|
Total expenses |
| 395,777 |
|
| 30.2 |
|
|
| 499,781 |
|
| 34.8 |
|
|
| (36,255 | ) |
| (1.0 | ) |
|
| 1,450,143 |
|
| 33.7 |
|
Margin contribution | $ | 914,507 |
|
| 69.8 | % |
| $ | 937,916 |
|
| 65.2 | % |
| $ | 3,707,415 |
|
| 101 | % |
| $ | 2,848,592 |
|
| 66.3 | % |
The following table sets forth the revenue, expense and margin contribution of the company-owned non-traditional venue and the percentage relationship to its revenue:
Description | Three months ended September 30, |
|
| Nine months ended September 30, |
| ||||||||||||||||||||||
2023 |
|
| 2024 |
|
| 2023 |
|
| 2024 |
| |||||||||||||||||
Revenue | $ | 247,252 |
|
| 100 | % |
| $ | 218,193 |
|
| 100 | % |
| $ | 707,217 |
|
| 100 | % |
| $ | 693,045 |
|
| 100 | % |
Total expenses |
| 240,245 |
|
| 97.2 |
|
|
| 269,674 |
|
| 123.6 |
|
|
| 566,225 |
|
| 80.1 |
|
|
| 730,723 |
|
| 105.4 |
|
Margin contribution (loss) | $ | 7,007 |
|
| 2.8 | % |
| $ | (51,481 | ) |
| (23.6 | )% |
| $ | 140,992 |
|
| 19.9 | % |
| $ | (37,676 | ) |
| (5.4 | )% |
View the original press release on accesswire.com
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