A decline in franchise sales prompted by the slowing economy and financial crisis dragged down profit for Noble Roman's Inc. in the third quarter.
The pizza and sub sandwich franchisor, which is headquartered in Indianapolis, reported late yesterday that net income fell to $304,809, less than half the level of a year earlier. Revenue plunged to $2.2 million from $3 million.
Noble Roman's also said fees for area development agreements fell - not due to the economy, but because of a new, "more disciplined approach."
Noble Roman's shares closed yesterday at 39 cents apiece. The stock traded near $1 through much of the decade, soared briefly above $7 last summer, and then plummeted to its current level late this summer.