Indianapolis-based Noble Roman's Inc., the franchisor of Noble Roman's Pizza and Tuscano's Italian Style Subs, on Tuesday night announced a smaller profit and lower revenue in fiscal 2010 compared to the previous year.
The company earned $310,000, or 2 cents per share, in 2010 compared to $1.7 million, or 9 cents per share the previous year.
Total revenue decreased from $7.5 million in 2009 to $7.3 million in 2010.
Noble Roman's recorded a loss on discontinued operations of $1.2 million in 2010, which dragged down earnings.
The company did not release financial results for the fourth quarter.
Noble Roman's saw royalties and fees from traditional franchises decrease from $578,000 in 2009 to $281,000 in 2010. Royalties and fees from non-traditional franchises fell from $6.1 million to $5.6 million.
The company did see growth from take-n-bake products in grocery stores, with royalties and fees rising from $35,000 in 2009 to $463,000 in 2010.
Grocery locations rose from 46 at the beginning of 2010 to 404 at the end of the year. That number has continued to climb since the start of the year.