Company Summary: Noble Roman’s, Inc.

Business Overview

• Type of Business: Foodservice and franchising company primarily specializing in pizza and Italian-style subs.
• Founded: 1972 as an Indiana corporation.
• Operations: Sells and services franchises, licenses, and operates company-owned restaurants, both in traditional stand-alone locations and non-traditional venues.

Brand Names

• Noble Roman’s Craft Pizza & Pub
• Noble Roman’s Pizza
• Noble Roman’s Take-N-Bake
• Tuscano’s Italian Style Subs

Company Structure

• Subsidiaries:
  • RH Roanoke, Inc. (operates a company-owned non-traditional location)
  • Pizzaco, Inc. (dormant)
• Employees: As of March 1, 2025, approximately 38 full-time and 128 part-time employees.
  • About 12 employees in sales and service of franchise units
  • About 26 employees in restaurant locations
• Legal/Regulatory: No employees are covered under collective bargaining agreements; relations are described as good.

Business Operations

• Traditional Restaurant:
  • First Craft Pizza & Pub opened in 2017.
  • Total of 9 Craft Pizza & Pub locations (all company-operated), with no new openings since 2021.
  • Revenue in 2024: approximately $8.58 million.
  • Operating profit (margin contribution): approximately $783,350 in 2024, representing about 9.2% of revenue.
• Non-Traditional Locations:
  • Started franchising in 1997, focusing on non-traditional venues such as entertainment centers, hospitals, convenience stores, and travel plazas.
  • 68 new non-traditional outlets opened in 2024; 10 outlets closed.
  • Revenue in 2024: approximately $953,574.
  • Margin contribution in 2024: a loss of $47,072 (due to strategic costs and temporary hospital location shifts).

Revenue

• Total Revenue (2024): approximately $15.15 million, up from about $14.37 million in 2023.
  • Breakdown:
    • Company-owned restaurants: ~$8.58 million
    • Non-traditional franchise operations: ~$953,574
    • Franchising fees and royalties: ~$5.54 million

Income

• Net Income (2024):
  • A loss of $3,174, primarily due to timing and accounting adjustments.
  • In 2023, net income was approximately $1.46 million (which included a $1.46 million ERC refund).
• Profitability Drivers:
  • Franchising revenue increased in 2024, fueled by expanding non-traditional outlets.
  • Company-operated Craft Pizza & Pub experienced slight sales decline due to economic factors like inflation and consumer spending patterns.

Key Business Strategies

• Focus on expanding non-traditional franchise outlets, particularly in convenience stores and travel plazas.
• No plans for further expanding company-owned Craft Pizza & Pub locations beyond existing ones.
• Franchised operations increasingly operational in high-volume venues to drive growth.
• Maintain strong quality with proprietary ingredients, including shelf-stable dough, fresh sauces, 100% real cheese and meat, and other menu offerings like salads, wings, and baked sandwiches.

Market Position & Competition

• Competes with large and regional foodservice brands, emphasizing product quality, simplicity, and cost-efficiency.
• Recognizes competitive edges in product engineering, ingredient quality, and operations management.
• Faces industry seasonality influenced by weather and holiday periods.

Regulatory & External Factors

• Subject to federal, state, and local laws, including franshise regulation, health, safety, sanitation, licensing, and environmental laws.
• Impacted by COVID-19 pandemic, with focus shifting toward more resilient non-traditional locations.
• Engages in risk management data security and cybersecurity measures.

Note: The company’s total market valuation was not provided; only number of approximately 200 stockholders as of March 2025.