-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, S1zbQ9fRNuaNT2h0oup0w2ziENdGAaHvRum7Y4+NiftJOTiJcd3DAVqnil9kKwNe DsmrgxyBIO8Aco00B8qtDQ== 0000926274-00-000023.txt : 20000203 0000926274-00-000023.hdr.sgml : 20000203 ACCESSION NUMBER: 0000926274-00-000023 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 20000128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOBLE ROMANS INC CENTRAL INDEX KEY: 0000709005 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 351281154 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-11104 FILM NUMBER: 516807 BUSINESS ADDRESS: STREET 1: ONE VIRGINIA AVE STREET 2: STE 800 CITY: INDIANAPOLIS STATE: IN ZIP: 46204 BUSINESS PHONE: 3176343377 MAIL ADDRESS: STREET 1: ONE VIRGINIA AVENUE STREET 2: SUITE 800 CITY: INDIANAPOLIS STATE: IN ZIP: 46204 10-Q 1 United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ----------------- FORM 10-Q ----------------- (Mark One) X Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange --- Act of 1934 For the quarterly period ended September 30, 1999 Or Transition report pursuant to Section 13 or 15(d) of the Securities --- Exchange Act of 1934 For the transition period from to Commission file number: 0-11104 NOBLE ROMAN'S, INC. (Exact name of registrant as specified in its charter) Indiana 35-1281154 (State or other jurisdiction of organization) (I.R.S. Employer Identification No.) One Virginia Avenue, Suite 800 Indianapolis, Indiana 46204 (Address of principal executive offices) (Zip Code) (317) 634-3377 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- As of December 15, 1999, there were 7,000,421 shares of Common Stock, no par value, outstanding. PART I - FINANCIAL INFORMATION ITEM 1. Financial Statements The following condensed consolidated financial statements are included herein: Note to condensed consolidated financial statements Page 2 Condensed consolidated balance sheets as of December 31, 1998 and September 30, 1999 Page 4 Condensed consolidated statements of operations for the nine and three months ended September 30, 1998 and 1999 Page 5 Condensed consolidated statements of cash flows for the nine months ended September 30, 1998 and 1999 Page 6 The interim condensed consolidated financial statements included herein reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim periods presented and the balance sheets for the dates indicated, which adjustments are of a normal recurring nature. Segment Reporting In 1998, the Company adopted FAS 131. Prior year information has been restated to present the Company's reportable segments. The Company is organized into two segments as follows: traditional full-service restaurants which are primarily Company-owned and operated, and Noble Roman's Pizza Express which are franchised.
Depreciation Operating Income tax Expend- and income (loss) expense Segment itures for Revenue amortization Interest (benefit) assets property Nine months ended June 30, 1998 Restaurant $17,175,756 511,783 201,121 30,641 68,381 6,877,179 519,162 Express 1,453,758 - 937,336 - 318,694 160,824 - Corporate 237,891 244,746 (2,237,535) 1,012,131 (1,115,344) 12,811,133 - ----------- --------- ----------- --------- ----------- ---------- ---------- Total $18,867,405 756,529 (1,099,078) 1,042,772 (723,269) 19,849,136 519,162 Nine months ended June 30, 1999 Restaurant $16,537,741 584,288 (173,997) 41,113 (59,159) 6,425,055 381,991 Express 2,459,474 - 1,273,963 - 433,147 656,928 21,801 Corporate 192,378 217,712 (1,970,950) 1,304,349 (1,127,580) 13,664,185 27,307 ------------ ---------- ----------- ---------- ----------- ---------- ---------- Total $19,189,593 802,000 (870,984) 1,345,462 (753,592) 20,746,168 431,099
Based on the Company's business plan, the number of Express units now open, the backlog of units sold to be opened, the backlog of franchise prospects now in ongoing discussions and negotiations, the Company's trends and the results thus far in 1999, management determined that it is more likely than not that the Company's deferred tax asset will be fully realized. Therefore, no valuation allowance was established for its deferred tax asset. However, there can be no assurance that the growth of the Express will continue in the future nor can there be any assurance that the full-service restaurants can be operated successfully in the future. If negative events should occur in the future in either the Express or the full-service operations, the realization of all or some portion of the Company's deferred tax asset could be jeopardized. The Company will continue to evaluate the need for a valuation allowance on a quarterly basis in the future. The statements contained in Management's Discussion and Analysis concerning the Company's future revenues, profitability, financial resources, market demand and product development are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to the Company that are based on the beliefs of the management of the Company, as well as assumptions and estimates made by and information currently available to the Company's management. The Company's actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company's operations and business environment including, but not limited to: the operations and results of operations of the Company as well as its customers and suppliers, including as a result of competitive factors and pricing pressures, shifts in market demand, general economic conditions and other factors including but not limited to, changes in demand, for the Company's products or franchises, the impact of competitors' actions, and changes in prices or supplies of food ingredients. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. On April 30, 1999, the Company obtained $2,235,600 in additional funding from various investors associated with The Geometry Group based in New York City, who purchased participating income notes of the Company (the "Participating Notes") and warrants to purchase at any time prior to December 31, 2001 an aggregate of 275,000 shares of the Company's common stock at a price of $.01 per share. Interest is based on the Company's revenues associated with the Company's Pizza Express. Such interest is payable in cash monthly, provided, however, that to the extent that the interest otherwise payable to an investor would exceed such investor's pro rata share of the sum of $33,534, all interest in excess of such amount shall be paid in the form of a PIK Note of the Company. Participating Notes and PIK Notes mature on April 15, 2003 and are payable at that time, at the option of each investor, in cash, in shares of the Company's common stock based on a conversion price of $1.375 per share or in a combination thereof. Subsequent Events On January 27, 2000 the Company, various investors associated with the Geometry Group and The Provident Bank signed a three-way term sheet which will provide a major recapitalization for the Company. This transaction is expected to close in approximately two weeks. Noble Roman's, Inc. and Subsidiaries Condensed Consolidated Balance Sheets
(Unaudited) December 31, September 30, 1998 1999 ------------ ------------ Assets ------ Current assets: Cash $ 28,176 $ 390,299 Accounts receivable 579,841 1,274,559 Inventories 844,783 914,065 Prepaid expenses 185,471 290,943 ------------ ------------ Total current assets 1,638,271 2,869,866 Property and equipment, less accumulated depreciation and amortization of $4,029,228 and $4,471,146 6,657,638 6,172,044 Deferred tax asset 4,442,725 5,196,065 Costs in excess of assets acquired, net 5,944,718 5,757,129 Other assets 459,202 751,064 ------------ ------------ $ 19,142,554 $ 20,746,168 ------------ ------------ Liabilities and Stockholders' Equity ------------------------------------ Current liabilities: Accounts payable and accrued expenses $ 1,911,089 $ 2,523,296 Notes payable - current 18,279 18,279 Note payable to officer - current 65,840 65,840 Deferred franchise fees 143,500 255,000 Other current liabilities 1,740,653 1,137,832 ------------ ------------ Total current liabilities 3,879,361 4,000,247 Long-term liabilities: Notes payable to Provident Bank net of warrant valuation of $653,241 and $553,593, respectively 13,919,125 14,018,773 Notes payable to various funds affiliated with Geometry Group net of warrant valuation of $246,354 in 1999 -- 1,989,246 PIK notes payable to Provident Bank -- 436,104 Note payable to officer 250,000 250,000 PIK notes payable to officer -- 20,135 Other long-term liabilities 18,339 14,241 ------------ ------------ Total long-term liabilities 14,187,464 16,728,499 Stockholders' equity Common stock (9,000,000 shares authorized, 5,552,390 outstanding in 1998 and 7,000,421 in 1999) 11,869,175 12,273,722 Accumulated deficit (10,793,445) (12,256,300) ------------ ------------ Total stockholders' equity 1,075,730 17,422 ------------ ------------ $ 19,142,554 $ 20,746,168 ------------ ------------
See accompanying note to condensed consolidated financial statements Noble Roman's, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited)
Nine Months Ended Three Months Ended September 30, September 30, ---------------------------- ---------------------------- 1998 1999 1998 1999 ---- ---- ---- ---- Restaurant revenue $ 17,175,756 $ 16,537,741 $ 5,887,399 $ 5,472,290 Restaurant royalties 102,015 62,345 25,909 19,538 Express royalties and fees 1,453,758 2,459,474 592,541 1,041,101 Administrative fees and other 135,876 130,033 34,643 (5,855) ------------ ------------ ------------ ------------ Total revenue 18,867,405 19,189,593 6,540,492 6,527,103 Restaurant operating expenses: Cost of revenue 3,384,917 3,369,331 1,177,439 1,191,960 Salaries and wages 6,285,320 6,316,118 2,137,158 2,113,731 Rent 1,660,109 1,679,078 556,614 554,324 Advertising 858,777 827,546 291,980 286,668 Other 4,273,729 3,935,377 1,530,748 1,321,483 Depreciation and amortization 756,529 802,000 260,226 282,084 Express operating expenses 516,422 1,185,511 234,741 422,579 General and administrative 2,230,680 1,945,616 752,739 632,546 ------------ ------------ ------------ ------------ Operating loss (1,099,078) (870,984) (401,153) (278,302) Interest and other expense 1,042,772 1,345,462 413,698 520,471 ------------ ------------ ------------ ------------ Loss before income tax and extraordinary item (2,141,850) (2,216,446) (814,851) (798,773) Income tax benefit (728,269) (753,592) (277,089) (271,583) ------------ ------------ ------------ ------------ Loss before extraordinary item (1,413,581) (1,462,855) (419,047) (527,191) Extraordinary item, net of tax expense of $183,468 and $61,156 356,146 -- 118,715 -- ------------ ------------ ------------ ------------ Net loss $ (1,057,435) $ (1,462,855) $ (419,047) $ (527,191) ------------ ------------ ------------ ------------ Net loss per share $ (.26) $ (.26) $ (.10) $ (.09) Weighted average number of common shares outstanding 4,131,324 5,678,848 4,131,324 5,921,661
See accompanying note to condensed consolidated financial statements. Noble Roman's, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended September 30, --------------------------- 1998 1999 ---- ---- OPERATING ACTIVITIES Net loss $(1,057,435) $(1,462,855) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 774,244 983,482 Non-cash interest -- 456,239 Deferred federal income taxes (544,800) (753,340) Changes in operating assets and liabilities (increase) decrease in: Accounts receivable (292,351) (694,718) Inventory (33,816) (69,282) Prepaid expenses (677,123) (105,472) Other assets (45,864) (34,195) Increase (decrease) in: Accounts payable (291,477) 612,207 Other current liabilities (602,820) Deferred franchise fee 82,500 111,500 ----------- ----------- NET CASH USED IN OPERATING ACTIVITIES (2,086,222) (1,559,254) INVESTING ACTIVITIES Purchase of fixed assets (519,162) (431,099) Sale of fixed assets -- 260,325 Issuance of common stock -- 139,129 Legal fees associated with exchange of debt for equity -- (9,582) ----------- ----------- NET CASH USED IN INVESTING ACTIVITIES (519,162) (41,227) FINANCING ACTIVITIES Proceeds from long-term debt, net of debt issue costs 2,592,366 1,966,703 Principal payments on long-term debt and capital lease obligations (15,210) (4,098) ----------- ----------- NET CASH PROVIDED BY FINANCING ACTIVITIES 2,577,156 1,962,605 ----------- ----------- INCREASE (DECREASE) IN CASH (28,228) 362,123 Cash at beginning of period 68,136 28,176 ----------- ----------- Cash at end of period $ 39,908 $ 390,299 ----------- -----------
Supplemental Schedule of non-cash investing and financing activities As a result of the Company's debt restructurings with Provident Bank, the Company was not required to pay interest on $11,000,000 note payable to Provident Bank for the period November 1, 1997 through October 31, 1998.. The computed interest cost for the nine-month period ended September 30, 1998 was $539,615. The Company's loan agreement provides that interest on certain of its notes payable is to be paid by the issuance of PIK notes. The amount of such non-cash interest for the nine month period ended September 30, 1999 was $456,239. See accompanying note to condensed consolidated financial statements. ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Noble Roman's, Inc. and Subsidiaries Results of Operations - Nine-month and three-month periods ended September 30, 1998 and 1999 The following table sets forth the percentage relationship to total revenue of the listed items included in Noble Roman's condensed consolidated statement of operations. Certain items are shown as a percentage of restaurant revenue.
Nine Months Ended Three Months Ended September 30, September 30, ----------------------- ---------------------- 1998 1999 1998 1999 ---- ---- ---- ---- Revenue: Restaurant revenue 91.0% 86.2% 90.0% 83.8% Restaurant royalties .5 .3 .4 .3 Express royalties and fees 7.7 12.8 9.1 16.0 Administrative fees and other .7 .7 .5 (.1) ------ ------ ------ ------ 100.0 100.0 100.0 100.0 Restaurant operating expenses (1): Cost of revenue 19.7 20.4 20.0 21.8 Salaries and wages 36.6 38.2 36.3 38.6 Rent 9.7 10.2 9.5 10.1 Advertising 5.0 5.0 5.0 5.2 Other 24.9 23.8 26.0 24.1 Depreciation and amortization 4.0 4.2 4.0 4.3 Express operating expense 2.7 6.2 3.6 6.5 General and administrative 11.8 10.1 11.5 9.7 Restructuring costs - - - - ------ ------ ------ ------ Operating loss (5.8) (4.5) (6.1) (4.3) Interest 5.5 7.0 6.3 8.0 ------ ------ ------ ------ Loss before income taxes (11.4) (11.6) (12.5) (12.2) Income tax benefit (3.9) (3.9) (4.2) (4.2) ------ ------ ------ ------ Loss before extraordinary item (7.5%) (7.6%) (8.2%) (8.1%)
(1) As a percentage of restaurant revenue Total revenue increased approximately $307 thousand and decreased approximately $28 thousand for the nine month period and three month periods ended September 30, 1999 compared to the same periods in 1998. The primary reason for the increase was the growth in revenue from the Express business offset by a 2.6% same store sales decrease in the full-service restaurants and by two fewer full-service restaurants. Express royalties and fees were approximately $2,459,474 and $1,041,101 for the nine month and three month periods ended September 30, 1999 compared to $1,453,758 and $592,541 for the nine month and three month periods ended Septmeber 30, 1998. Franchising of Noble Roman's Pizza Express began in early 1997. At September 30, 1999, approximately 291 franchised Express units were open. Currently there are approximately 360 such franchised units open and approximately 125 units sold to be opened over the next several months. In addition, there are current negotiations for a significant number of new units to be opened in the next several months. Cost of revenue as a percentage of restaurant revenue increased to 20.4% and 21.8% for the nine month and three month periods ended September 30, 1999 compared to 19.7% and 20.0% for the nine month and three month periods ended September 30, 1998. The price of cheese escalated during the period account for the majority of the increase. Cheese prices have returned to more normal levels during the fourth quarter. Salaries and wages as a percentage of restaurant revenue were 38.2% and 38.6% for the nine and three month periods ended September 30, 1999 compared to 36.6% and 36.3% for the nine month and three month periods ended June 30, 1998. The increase was the result of wage rate increases due to increased competition for restaurant employees and lower same store sales. Other restaurant expenses as a percentage of restaurant revenue were 23.8% and 24.1% for the nine month and three month periods ended September 30, 1999 compared to 24.9% and 26.0% for the nine month and three month periods ended September 30, 1998. The decrease was primarily the result of an improvement in discount cost. Express operating expenses were $1,185,511 and $422,579 for the nine month and three month periods ended September 30, 1999 compared to $516,422 and $234,741 for the nine month and three month periods ended September 30, 1998. This increase was a result of the growth in number of franchised Express units and the Company's decision to hire additional staff to be prepared for an accelerated rate of growth in the number of new franchised units to be opened during the next several quarters. General and administrative expenses as a percentage of total revenue was 10.1% and 9.7% for the nine month and three month periods ended September 30, 1999 compared to 11.8% and 11.5% for the nine month and three month periods ended September 30, 1998. This decrease is primarily attributable to the growth in revenue from the Express business and reduced training cost as a result of greater management stability in the full-service restaurants. Interest expenses were $1,345,462 and $520,471 for the nine month and three month periods ended September 30, 1999 compared to $1,042,772 and $413,698 for the nine month and three month periods ended September 30, 1998. The reason for the increase was a result of increased borrowings. Net losses before extraordinary item were $1,462,855 and $527,191 for the nine month and three month periods ended September 30, 1999 compared to $1,413,581 and $537,762 for the nine month and three month periods ended September 30, 1998. The slight increase in net loss before extraordinary item was the result of the increased interest cost, increased salaries and wages in the full-service restaurants mostly offset by the increased operating profit from the growth of the Express business. Liquidity and Capital Resources - ------------------------------- During 1995 and 1996, the Company attempted a major acquisition of a 187-unit pizza restaurant chain operating in seven states in the Northeast as a part of a strategic decision to acquire and consolidate other regional chains. For a number of reasons this attempted acquisition failed, despite senior management devoting substantially all of its attention to that attempt for a period of almost 18 months. As the Company's focus was increasingly on the acquisition transaction, the Company's primary market was, as a result of several demographic/consumption trends, targeted for expansion by a large number of mid-scale dining chains for expansion. The unemployment rates in the Company's labor markets were approaching record lows and the Company's personnel were aggressively recruited by others. Senior management, due to the acquisition transaction, were unable to participate in daily operations during the period. Because of the Company's dramatic turnover and its inability to stabilize staffing levels through ordinary recruiting efforts, sales and margins declined. The Company suffered serious losses and defaulted on its loan agreement with its primary lender. Due to a lack of staffing and the Company's financial difficulties, the Company closed 19 of its restaurants in May 1997 and launched a turnaround strategy consisting of three primary elements: o Negotiated a series of debt restructurings with its primary lender, The Provident Bank, whereby the Bank loaned the Company additional funds, converted a portion of its debt to equity and extended maturity of remaining debt. The Company also obtained additional funding from various investors associated with the Geometry Group, New York, in the form of convertible participating income notes which may, at the option of the investors, be converted to equity April 15, 2003. o Restructured the Company's executive staff including the appointment of Scott Mobley as President, Wade Shanower as Vice President of Operations, Troy Branson as Vice President of Franchising, Art Mancino as Vice President of Development and Dan Hutchison as Chief Financial Officer. o Began franchising Noble Roman's Pizza Express for non-traditional locations such as convenience stores, grocery stores, truck stops, travel centers, universities, bowling centers and to other traditional restaurants as a Co-Brand. On April 30, 1999, the Company obtained $2,235,600 in additional funding from various investors associated with The Geometry Group based in New York City, who purchased participating income notes of the Company (the "Participating Notes") and warrants to purchase at any time prior to December 31, 2001 an aggregate of 275,000 shares of the Company's common stock at a price of $.01 per share. The Participating Notes mature on April 15, 2003 and are payable at that time, at the option of each investor, in cash, in shares of the Company's common stock based on a conversion price of $1.375 per share or in a combination thereof. Interest on the Participating Notes accrues at a rate per annum equal to each investor's pro rata share of the Company's revenues associated with the Company's Pizza Express. Such interest is payable in cash monthly, provided, however, that to the extent that the interest otherwise payable to an investor would exceed such investor's pro rata share of the sum of $33,534, all interest in excess of such amount shall be paid in the form of a PIK Note of the Company. Each PIK Note matures on April 15, 2003 and, similar to the Participating Notes, is payable at that time, at the option of each investor, in cash, in shares of the Company's common stock based on a conversion price of $1.375 per share or in a combination thereof. As a result of the Company's debt restructuring, the exchange of debt for equity, the $2.2 million investment on April 30, 1999 by various funds associated with The Geometry Group, New York in the form of convertible participating income notes and the recapitalization as described in Subsequent Events, the Company believes it will have sufficient cash flow to meet its obligations and to carry out its current business plan. However, there can be no assurance that the capitalization will occur. Currently, the Company anticipates that its capital expenditures for the next twelve months will be approximately $300 thousand. Because of the rapid growth of the Company's Express business, management is currently exploring the possibility of franchising its full-service restaurants to franchisees in order to better utilize its resources, both management and capital, to further focus its efforts on growing the Express business. The Company developed and began to offer franchises of its Express concept in early 1997. The Express concept was designed to capitalize on its full-service products but with minimal labor requirements in the rapidly growing distribution channel of non-traditional locations. The Company has awarded more than 475 franchises for non-traditional locations and as a co-brand in other traditional concepts since 1997. The Company plans to continue aggressively franchising its Express concept and currently has discussions and negotiations ongoing for many potential franchise locations. The Express concept is simple and inexpensive to operate, has a low investment cost for the franchisee (approximately $30,000 each), low cost of sales (approximately 23%-25% at recommended retail prices), simple product procedures, low staffing requirements and uses approximately 100 square feet of existing space. The system is fast and convenient for customers and features fresh-baked, great tasting individual and large pizzas, breadsticks with dip, buffalo wings, baked pasta, hot deli sandwiches and cold deli sandwiches plus a breakfast menu consisting of biscuit sandwiches, Pan One omelets, biscuits and gravy, and cinnamon rounds. The menu items are all delivered to the franchisee weekly already pre-prepared in a manner such that the franchisee need only assemble then bake the products in a small conveyor oven prior to serving fresh to the customer. Because the Express units are targeted for existing facilities it is possible to open a unit within two weeks or less from the time the franchise is sold. The competitors of Express restaurants include fast food restaurants in general and, more specifically, other pizza restaurants. The market for Noble Roman's Pizza Express products is primarily the existing customer traffic in the facility in which the Noble Roman's Pizza Express is installed. Since franchises are being offered for non-traditional locations as previously described, we offer products for the convenience of the existing customer traffic which may also draw new customers to the facility. PART II - OTHER INFORMATION ITEM 1. Legal Proceedings. The Company is involved in various litigation relating to claims arising out of its normal business operations and relating to restaurant facilities closed in 1997. The Company believes that none of its current proceedings, individually or in the aggregate, will have a material adverse effect upon the Company beyond the amount reserved in its financial statement. Legal proceedings against the Company include REH Acquisition, Ltd. ("REH") versus Noble Roman's, Inc. and The Provident Bank., filed July 20, 1998 in the United States District Court for the Southern District of New York. The complaint alleges that the Company breached agreements entered into with the Plaintiff to seek to fund and restructure the Company's bank debt. The Company has denied liability and will defend vigorously. The Company has filed a counter-claim against REH and Elliott and Robert Herskowitz, individually, for false and malicious misrepresentations seeking actual and punitive damages against each of them. ITEM 2. Changes in Securities. None. ITEM 3. Defaults Upon Senior Securities. None. ITEM 4. Submission of Matters to a Vote of Security Holders. None. ITEM 5. Other Information. None. ITEM 6. Exhibits and Reports on Form 8-K. Exhibit 27. Financial Data Schedule SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. NOBLE ROMAN'S, INC. Date: ----------------------------- ------------------------- Paul W. Mobley, President (Principal Executive Officer) Date: ----------------------------- ------------------------- Dan Hutchison (Chief Financial Officer) EX-27 2
5 9-MOS DEC-31-1999 SEP-30-1999 390,299 0 1,274,559 0 914,065 2,869,866 10,643,190 (4,471,146) 20,746,168 4,000,247 16,728,499 0 0 12,273,722 (12,256,300) 20,746,168 16,537,741 19,189,593 3,369,331 12,758,119 3,933,127 0 1,345,462 (2,216,446) (753,592) (1,462,855) 0 0 0 (1,462,855) (.26) (.26)
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