Indianapolis-based Noble Roman’s Inc., the franchisor of Noble Roman’s Pizza and Tuscano’s Italian Style Subs, on Tuesday night announced an increase in profit and revenue in 2011 compared to the previous year.
The company earned $819,000, or 4 cents per share, in 2011 compared with $310,000, or 2 cents per share, the previous year.
Total revenue increased slightly, from $7.3 million in 2010 to $7.4 million in 2011.
Noble Roman’s reported a loss on discontinued operations of $710,000, smaller than its $1.2 million loss 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 $376,613 in 2010 to $255,236 last year. Royalties and fees from non-traditional franchises increased from $6.3 million to $6.6 million.
The company saw more growth from take-n-bake products in grocery stores, with royalties and fees rising from $462,625 in 2010 to $1.2 million in 2011.
Noble Roman’s has signed agreements with 1,016 grocery locations and is selling pizzas in 833, the company said.
It also has an agreement with Cary, N.C.-based The Pantry Inc., a convenience store chain with more than 1,650 locations, to start selling pizzas as part of a pilot program at a location in Raleigh, N.C.
It addition, the company has signed an agreement with Carmi, Ill.-based Huck’s, a 110-unit convenience store chain in five states, to start selling pizzas by June in eight locations in Indiana, Illinois and Kentucky.
Noble Roman's shares closed at 64 cents each Tuesday after trading at 63 cents the previous five days.