Indianapolis-based pizza franchisor Noble Roman’s Inc. reported a $528,527 loss in the third quarter brought on by high costs related to discontinued operations.
The loss of 3 cents per share compares to a profit of $459,535, or 2 cents per share, during the year-ago period, the company said late Wednesday.
Total revenue remained unchanged, at $1.9 million.
The parent of the Noble Roman’s Pizza and Tuscano’s Italian Style Subs chains is shelving its traditional store model in favor of offering its products in convenience and grocery stores. The company said it lost $935,237due to costs from discontinued operations in the latest quarter.
Noble Roman’s began offering a home-baked version of its pizza to grocery stores in September 2009 and had signed 413 agreements as of Tuesday, the company said. Nearly 250 of those locations were open and the rest are expected to open within the next two months.
The company said some grocery customers have indicated they intend to introduce take-n-bake pizza at additional stores. Noble Roman’s has engaged a grocery-distribution company that will promote the program to its 1,700 clients.
Noble Roman’s also has been awarded five contracts to open franchises on military bases. The first opened on Sept. 1, another is expected to open by the end of the month and the remaining three within the next three months.
Shares of the thinly traded company were priced at $1.04 each Wednesday morning.