Noble roman's announces third quarter 2024 financial data

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 2023 same 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 2023 cost of sales in the craft pizza & pub increased from 19.8% to 21.4% due primarily to elevated cheese prices and the promotion of the company's value-oriented xl pizza labor in the craft pizza & pub decreased from 29.6% to 28.8% despite market pressures on management salaries franchising labor increased from 14.8% to 15.5% reflecting an abnormally low expense rate in 2023 net income for the quarter benefited from the revaluation of the warrant liability by $192 thousand using the black-scholes method of calculation the 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.
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