Fri, May 17, 10:03 AM (70 days ago)
Noble Roman's, Inc. filed its annual report Form 10-K for the fiscal year ending December 31, 2023. Key financial highlights include: - Total revenue was $14.37 million, slightly down from $14.45 million in 2022. - Net income was $1.46 million, a significant improvement from a net loss of $1.31 million in 2022, attributed largely to the Employee Retention Credit refund. - Operating expenses decreased to $8.84 million from $11.41 million, driven by cost control measures and efficiency improvements. - Restaurant revenue from company-owned locations was $8.74 million, down from $9.70 million due to economic pressures. - Franchising revenue increased to $4.67 million from $4.00 million, reflecting growth in non-traditional franchised locations. - The company restated its 2022 financials due to previously understated accounts payable and accumulated deficit, impacting the balance sheet and interest expense. - Noble Roman's plans to continue expanding its non-traditional franchises and Craft Pizza & Pub locations, while managing overhead costs and addressing internal control weaknesses identified during the restatement process.