Indianapolis-based Noble Roman’s Inc., the franchisor of Noble Roman’s Pizza and Tuscano’s Italian Style Subs, said Monday that first-quarter earnings were down slightly compared with the same period last year.
The company earned $365,079, or 2 cents per share, compared with $368,012, or 2 cents per share, in the first quarter of 2011.
First-quarter revenue was $1.8 million, nearly identical to the year-ago period.
Royalties and fees from both traditional and non-traditional franchises also were flat in the first quarter, totaling $1.6 million.
The company saw more growth from take-n-bake products in grocery stores, with royalties and fees rising by $74,853, or 31 percent, in the first quarter.
Through May 8, the company had signed agreements for 1,084 grocery locations and was selling pizzas in 881 of those, the company said.
It 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 soon as part of a pilot program at a location in Raleigh, N.C.
In 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.
Shares of Noble Roman’s opened at 61 cents each Tuesday morning, up 10 cents from the beginning of the month.