INDIANAPOLIS, IN - (Marketwired - Mar 12, 2015) - Noble Roman's, Inc. (OTCQB: NROM), the Indianapolis based franchisor and licensor of Noble Roman's Pizza and Tuscano's Italian Style Subs, today announced results for the year 2014 and the quarterly period ended December 31, 2014.
In addition to expanded profitability, two significant highlights from 2014 are very important, and should positively impact 2015. First, extensive ground work was laid to expand the company's footprint in grocery stores by adding larger distributors and larger grocery store chains and to improve the company's grocery store take-n-bake offering. Second, significant research, development and testing occurred within the company's stand-alone take-n-bake venue, which is showing significant promise in test units, that have adapted the changes, and the company is now expanding these changes to other locations.
Financial Highlights for the Year Ended December 31, 2014 Compared to Year Ended December 31, 2013
Financial Highlights for Fourth Quarter 2014 Compared to Fourth Quarter 2013
The company continues to focus on growth in its three primary venues, which are non-traditional franchises/licenses other than grocery stores, the sale of take-n-bake pizzas through grocery deli departments and stand-alone take-n-bake franchised locations. The company anticipates continued growth in all three venues in future years while maintaining stable operating costs, as has been the company's history for the past several years.
"In 2014, we delivered top-line growth, as well as an increase in operating margin and earnings per share, all while we deployed initiatives designed to increase our number of locations, further improve our product offerings and maintain a steady level of operating expense. We are currently in the process of stocking six new grocery distribution centers, four of which are with very large distribution chains. In addition, we are in ongoing discussions with a number of larger grocery store chains to add our license take-n-bake to several thousand more grocery stores," said Scott Mobley, President and Chief Executive Officer of Noble Roman's, Inc. Mr. Mobley also added, "The interest shown by the larger distribution chains and by larger grocery chains is expected to result in significant growth in this venue for 2015."
The company's grocery store take-n-bake pizzas are now displayed in bakeable, treated aluminum pans with a clear plastic top. Consumers bake the pizzas in these pans with the anodized treatment on the bottom of the pan which is designed to increase home baking performance by drawing in more heat to make the pizzas crispy on the bottom but soft in the middle. The clear plastic top allows the entire pizza to be visible and appealing. The new products include a gluten-free crust designed to appeal to a growing segment of the population and three varieties of 14-inch mega-topped pizzas, designed for tremendous value appeal, which are called "Mile-High Extra Meat Pizza," "Extra Cheese Four Cheese Pizza" and "Double-Topped Pepperoni Pizza."
Mr. Mobley added, "Our stand-alone take-n-bake development is still relatively new and we are always testing further enhancements to continually improve sales, reduce costs and make the operation even more appealing. Current tests are proving to be extremely positive so far, and we are currently implementing those enhancements into some additional locations."
Current assets totaled $4.4 million and current liabilities totaled $2.1 million as of December 31, 2014 compared to total current assets of $3.5 million and current liabilities of $2.0 million as of December 31, 2013. Total bank debt was $3.3 million as of December 31, 2014 compared to $3.9 million as of December 31, 2013. Total stockholders' equity as of December 31, 2014 was $13.8 million compared to $11.7 million as of December 31, 2013.
Conference Call - Management will conduct a live teleconference to discuss its financial results Thursday, March 12, 2015 at 4:30 p.m. ET. Anyone interested should call 1-877-407-0778 if calling within the United States or 1-201-689-8565 if calling internationally. A replay will be available until April 12, 2015 by dialing 1-877-660-6853 if calling within the United States or 1-201-612-7415 if calling internationally and referencing replay pin number 13603404. In addition, the call will be webcast and will be available on the company's website at www.nobleromans.com.
The statements contained in this press release concerning the company's future revenues, profitability, financial resources, market demand and product development are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to the company that are based on the beliefs of the management of the company, as well as assumptions and estimates made by and information currently available to the company's management. The company's actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the company's operations and business environment, including, but not limited to, competitive factors and pricing pressures, non-renewal of franchise agreements, shifts in market demand, the success of new franchise programs with limited operating history including the stand-alone take-n-bake locations, general economic conditions, changes in purchases of or demand for the company's products, licenses or franchises, the success or failure of individual franchisees and licensees, changes in prices or supplies of food ingredients and labor, and dependence on continued involvement of current management. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may differ materially from those described herein as anticipated, believed, estimated, expected or intended. The company undertakes no obligations to update the information in this press release for subsequent events.
SOURCE Noble Roman's, Inc.
New York, NY 10018
Noble Roman's, Inc. sells and services franchises and licenses for non-traditional foodservice operations under the trade names "Noble Roman's Pizza," "Noble Roman's Take-n-Bake," and "Tuscano's Italian Style Subs."