Comments on: Noble Roman’s Strategy Falls Flat

By: eOn Communications (EONC): Up on earnings or hype? « Reaper Trades

eOn Communications (EONC): Up on earnings or hype? « Reaper Trades — Mon, 09 Nov 2009 23:14:43 +0000

[...] earnings. This was the crucial problem I identified with the master franchise agreements that Noble Roman’s used (Boston Chicken also used those back in the 1990s to generate nice earnings before ultimately [...]

By: Learn the secrets of reading SEC filings: Preorder my DVD and save $100! « Reaper Trades

Mon, 02 Nov 2009 17:38:58 +0000

[...] the rate they should have been built. I called out Noble Roman’s in a now-famous blog post, Noble Roman’s Strategy Falls Flat, saying: All in all, things do not look good for Noble Roman’s stock or for its business. In my [...]

By: Ben Graham

Ben Graham — Sat, 14 Mar 2009 21:19:11 +0000

Kudos to fundamental analysis. Only took <8 months to hit $1 and stay below.

By: Steve

Steve — Thu, 18 Dec 2008 20:44:56 +0000

I use to call on them for advertising- In 4 years they went through something like 8 marketing people- they do not advertise either-

I knew a guy in Indy that had 5 of locations- he did not last more than a year-

Had to close all of them- Actually the company purchased them back because he told them he would contanct the national media.

By: David

David — Tue, 29 Jul 2008 18:11:38 +0000

My wife and I purhcased a franchise and developer rights for 6 counties in a state and have walked away leaving $38,000 on the table. NR has no integrity and a staff that lies through their teeth.

ANYONE INTERESTED IN THESE GUYS SHOULD RUN FOR THE HILLS.

By: david

david — Fri, 25 Jul 2008 03:44:51 +0000

Do want to invest in noble roman’s pizza ? Call my cousin John was opened a store in Redlands Ca did not last two months. LOL
His business phone was 909 335 0700 . Sorry for him. Use your judgement before you do such things. How much money the ceo and son cashed pot ? How much share they sold? There is a class action lawsuit going on now. What do you think . ?

By: Goode Value Investing Blog » Noble Roman's Earnings Fall by 54%

Goode Value Investing Blog » Noble Roman's Earnings Fall by 54% — Wed, 14 May 2008 18:47:21 +0000

[...] those who read my previous articles this should not be a surprise. I argued that this strategy was doomed to failure back on December 2, 2007 when the stock was priced at $2.48. I later criticized management for [...]

By: michael

michael — Mon, 24 Mar 2008 16:15:17 +0000

My understanding from reading the financial statements of NROM and Cory Schouten’s articles at IBJ.com on NROM is that the area developers pay the fee upfront, and that is booked as earnings by NROM when paid. If the ADs default on their obligations, NROM gets to keep the money it has already received from them and run through its earnings statement, but it does not get any new money. Also, such an occurrence will scare off other potential ADs, so that no one else will want to purchase the remaining areas or the forfeited areas. I am now convinced that my analysis was too optimistic. I expect almost all of the ADs to default on their obligations, few new stores to get built, and NROM stock to be under $1 within a year.

By: michael webster

michael webster — Mon, 24 Mar 2008 16:03:14 +0000

But if the AD’s default on their build-out schedule, won’t all their fees be forfeit?

Not saying that this is a good investment, but a little worried about the analysis of the AD fees.

By: Goode Value Investing Blog » Noble Roman's Last Gasp Effort to save its Franchise

Mon, 24 Mar 2008 15:34:24 +0000

[...] have previously criticized Noble Roman’s (OTC BB: NROM) for over-aggressively expanding and for management blaming its franchisees when those franchises failed. Noble Roman’s has [...]