SecretMillionaire
6 years ago
HEARSAY DEPOSITION UPDATE:
1) First franchised Craft/Pizza Pub by a multi-unit Dairy Queen operator is due to open by May 1,2019.
2) Testimony from Seeking Alpha
A franchise in Evansville will also be opening sometime this year. They did not give a date, the location hasn't been selected yet. Doesn't sound like it's going to be real soon, but by EOY. In looking at the numbers, I think they have their $30,000 from this franchisee, so it will be happening.
Mobley also suggested that a 3rd franchise is a possibility if the Lafayette location does well. He hinted that there may be other potential franchisees watching the Lafayette location to see how it does before committing.
One overlooked area could be the non-traditional locations. In Q4 '16, they had $1.14M in sales, increased to $1.20M in '17, and $1.28M in Q4 '18. Mobley seemed pretty confident that this would be an area of increased growth with the 14 additional locations signed from Jan 1-March 26, as compared to either 6 or 8 during that timeframe last year. I wasn't a fan of this part of the business before. They always seemed to be adding location, but sales were flat. Now, the additional locations are adding to the bottom line. When I look at a corner with multiple gas stations, one corner usually has sub sandwiches, and the other corner has something else, usually pizza. It does seem to be a business with potential for growth with all of these convenience stores adding express food units.
The other interesting area is the grocery store business. Q4 it did drop from $450,000 to $330,000. However, in Q3, grocery sales were $311,000....so sales actually went UP from Q3 to Q4. Mobley still suggested that there would be decreases in this area, although non-committal on how much, he did say they would be much smaller He did go back to the comment about this being "counter cyclical with the economy", and that this business is built and could go up if the economy slows again. I guess, most importantly, is that this business doesn't seem to be going away. I feared this was going to wind down to 0, so I'd be thrilled if they could at least maintain something around $300,000 per quarter.
3) New Pizza valet with DoorDash was discussed as showing success.
4) A bar enhancement program is coming.
5) They will expand their catering efforts which are successful. I especially love that.
6) A new company-owned store will open by end of year. Possibly a second. One of them will be done by a bank loan of $600K. I will speculate that these will come in the form of tranches from a $1.6M revolving line of credit established 1.5 years ago.
7) Introduce an on-line ordering program and expand their social media footprint.
8) Answer in regard to whether or not the franchisee in Evansville discussed above is coming from our new DQ franchisee or some other person(s):
The Evansville location is a franchisee is an experienced McDonald's operator. They didn't disclose any names.
As far as the 3rd potential franchise later this year, they didn't say. Paul Mobley just said that there were "others" watching the Lafayette opening, and if it goes as well as he thinks it will, they will get another franchise later this year.
Yes, I did get all of the previous info from the conference call. If they have another one, it would be nice if they posted them under their investor relations part of their website. It was the first kind of conference call I was on that was like this. Everyone just called in and jumped in and asked questions when there was a lull...no moderator to introduce questions. It went for about an hour. The first 20-25 minutes was scripted with everything they've done this past year, pretty much old info if you follow the company The rest was Q&A. A good 10 minutes was spent on the huge write-off of receivables they took Q4, and how it was decided since the last report in November that they had $3M in receivables that they would never collect. Not sure we ever got a good answer on that one....although they did say all current franchisees are current on their payments.
I need to come back later and consolidate all this information. Just trying to piece things together still...
SecretMillionaire
6 years ago
An Incredible NROM History from the '60s to mid '90s
To me, this is an amazing history of longevity, survival, and adaptation in the most saturated segment of the most saturated industry.
Source:
http://www.fundinguniverse.com/company-histories/noble-roman-s-inc-history/
This synopsis stops in the mid '90s, and we know it continues up to present day 2019. They are still around and have been through so much. Mobley, still there, coming in as an investor in the early '70s. A lot of people would see that as nepotism and decades of stagnation. I agree. I also see it as survival, some amazing and aggressive moves, a lot knowledge gleaned, lots of experience, and many lessons learned. Hands-on experience in retrenching, as well as ramping up for expansion. Going through multiple recessions, changing consumer preferences, etc. Learning the difficulties of integrating different corporate cultures the hard way, surviving some proxy fights, and on and on. I am fascinated by this chain. And I love that new Pizza Craft Beer Concept.
At present time, it's been a long journey to be a penny stock. Yet, here they are, so much experence and so large with such a small OS compared to your quintessential penny stock How many have we seen come in here with one store, no experience, 10 times the OS, and stories of global domination?
Yet, here we have NROM. No promoters, amateurish conference calls with this fascinating story and all this experience. That's what I want. To me, this is the stock that I want. And I'm putting my money with my mouth. This is MY company in my eyes. I love this company of mine.
Company History:
Operating a chain of casual dining restaurants in the Midwest, Noble Roman's Inc. is known primarily for its pizza and offers a broad selection of toppings and crust styles to be enjoyed at the restaurants as well as through carry-out and home delivery services. In 1995 the Noble Roman's chain included 80 restaurants located in Indiana, Ohio, Missouri, and Kentucky. While most of the restaurants were located in stand-alone buildings and were owned by the company, 14 were franchised in 1995.
Noble Roman's was started in Bloomington, Indiana, by Stephen Huse and Gary Knackstedt. Huse had graduated from the business school at Indiana University in Bloomington before taking a sales job in 1965 with Ransburg Corp. Eager to be on his own, Huse purchased an Arby's restaurant franchise in Bloomington and ran the operation for a few years. In 1969 he spearheaded the purchase of a struggling Bloomington pizza restaurant. During the early 1970s Huse and partner Knackstedt worked together to turn the restaurant around and then to expand in the Bloomington area with new Noble Roman's pizza outlets.
Huse and Knackstedt benefitted during the early and mid-1970s from overall growth in the fast food, and particularly pizza, business. As the population of the college town swelled with increasing numbers of students, sales of Noble Roman's unique pizzas surged. To help them take advantage of growth opportunities, Huse and Knackstedt were joined by investor Paul Mobley in the early 1970s. Mobley helped to fund Noble Roman's expansion throughout the 1970s. He also became increasingly involved in the company's management. In 1977, in fact, Mobley became president of the company. By that time, Knackstedt had left the venture to pursue other interests. Huse, on the other hand, would remain chairman and chief stockholder in the company until 1986.
Noble Roman's continued to grow during the late 1970s and early 1980s, expanding outside of Bloomington's borders in central Indiana and later throughout Indiana and into Ohio. Throughout this period, the burgeoning restaurant chain rang up consistent, healthy profits. To garner more money for expansion, Mobley and Huse took the company public in 1982. They used proceeds from that stock offering to build new outlets and to branch out into other ventures. In addition, Noble Roman's management expanded the chain through franchising. Within a few years of the public offering the Noble Roman's chain had grown to include about 120 stores in Indiana and Ohio, 25 of which were company-owned stores.
After posting hefty profit gains for more than a decade, Noble Roman's fortunes began to turn in 1985. The company netted income of $146,000 in 1984, after which profitability began deteriorating rapidly. Part of the problem stemmed from the chain's decision to intensify its expansion efforts in Ohio through the buyout of several ailing Godfather's Pizza outlets. Godfather's called Noble Roman's executives in 1984 to see if they would be interested in buying their 21-store Dayton, Ohio, operations. Noble Roman's already had nine units in the area and was planning to open another five within the year. Executives initially rejected the offer, but finally agreed to purchase seven of the stores, which they planned to convert to Noble Roman's.
The deal was closed in March 1985, but problems immediately ensued. The management at Noble Roman's clashed with managers at the Godfather's stores. All seven of the store managers quit within a few months, and Mobley and fellow executives had trouble finding worthy replacements. To make matters worse, the deal had left Noble Roman's financially strapped and unable to invest funds necessary to revitalize the lagging Godfather's outlets. Rather than sell off the new stores, Mobley decided to hire the best managers he could find at whatever price he would have to pay. Even that effort proved to be inadequate because the stores had already developed a bad reputation locally; little could be done to make amends.
Noble Roman's finally shuttered six of the seven stores, as well as three existing Noble Roman's in Dayton and another failing store in Decatur, Indiana. As a result of the failed Godfather's deal and other setbacks within the company, Noble Roman's net income plunged in 1985 to a deficit of $1.5 million. The company lost another $700,000 in the first quarter of 1986 and suffered another big deficit the next quarter when it wrote off losses related to the ten stores it closed in 1985. Noble Roman's eventually recorded a crushing $3.7 million loss for 1986. Management was left scrambling for a solution to the crisis.
While Mobley and fellow executives worked to repair the ailing company, Noble Roman's founder, Steve Huse, distanced himself from the company. In fact, Huse's influence on day-to-day operations had been declining since he and Mobley took the company public in December 1982. When the company negotiated the Godfather's deal, Huse increasingly began to turn his attention to other interests. He continued to own half of American Diversified Foods, Inc., which owned 11 Arby's Roast Beef franchises in Indiana and was connected to the first Arby's franchise he had started in 1967. Huse also dabbled in real estate and had owned a group of billiards/electronic game halls for a time (the halls were sold to Bally Manufacturing Corp. in 1983).
In 1985, the time when Noble Roman's first began to encounter serious problems, Huse opened a new restaurant in Bloomington called Mustard's. The venture, which represented a culmination of restaurant ideas that Huse had picked up during various travels, was ultimately a success. Shortly after opening that restaurant Huse purchased the well-known and respected St. Elmo Steak House in Indianapolis. Moreover, although Huse remained the largest single shareholder of Noble Roman's stock, he had been reducing his stake in the company since 1977. Finally, in 1986, Huse resigned from his position as chairman of the board. He later started the Huse Food Group, a holding company with various restaurant and real estate interests, and served for a few years as president and chief executive officer of the Indianapolis-based Consolidated Products, Inc., which owned the venerable Steak n Shake chain of eateries.
Although Noble Roman's same-store sales improved during 1986, the company continued to struggle toward profitability. In an effort to buoy the company's sagging balance sheet, a group of company insiders led by Mobley purchased 12 stores from the company in 1987 for about $4.1 million. That left Noble Roman's with a chain of about 120 outlets, roughly 40 of which were owned by the company or by its executives. In addition, Mobley moved the company's headquarters from Bloomington to Indianapolis as part of an overall cost-cutting effort. He also reduced the headquarters staff from 30 to 23, closed some restaurants, and initiated several other measures that reduced the company's expenses by about $1.1 million annually. Mobley was joined in the effort by his 25-year-old son Scott, who joined the company in 1986.
During the late 1980s Noble Roman's went through a major reorganization. Managers became more responsible for their own budgets and improving efficiency in their operational area, and several stores changed ownership as part of an effort to boost cash flow and recover some of the $4.1 million that management invested in 1987. Importantly, Mobley made a decision to shift Noble Roman's focus away from the cut-throat, low-cost delivery segment and toward the upscale end of the pizza market. To that end, the restaurant introduced and began to emphasize its premium, high-profit products and to intensify its quality and service efforts. The menu was expanded to include pastas and other pizza-related products, and a late-night menu was introduced as well. Importantly, Noble Roman's also initiated a costly renovation program during the late 1980s designed to update the stores and give them a more upscale, progressive image.
As a result of the efforts of Mobley and his managers, Noble Roman's finances gradually recovered. The company's net loss of $500,000 in 1988 was reduced to a deficit of just $16,531 in 1990. Finally, in 1991 Noble Roman's returned to profitability with earnings of more than $200,000 on revenue of about $8.5 million. Throughout the period of recovery, however, some analysts remained skeptical of the company's strategy, citing several concerns. Even as late as 1989, for example, Noble Roman's was scrambling for cash to meet its burdensome liabilities, and observers noted that a variety of influences, such as a potential increase in the minimum wage, threatened to quash the company's gains. By the early 1990s, though, many skeptics were beginning to place more faith in Noble Roman's course of action. "I think they'll get this done," said stock analyst Ray Diggle in the Indianapolis Business Journal in January 1993. "Clearly, sales are doing exceptionally well. The company has done a good job of curtailing inventory costs. I think the company is poised for a period of solid growth."
After peaking at about 120 stores in the mid-1980s, the total number of Noble Roman's stores was reduced to about 75 by 1992. The reorganization and store reduction had allowed Noble Roman's to get back on track financially. In 1992, despite recessionary economic conditions, Noble Roman's increased its earnings to about $491,000 from sales of $9.1 million. In January 1993 the company bought back 27 of its restaurants from three companies that were franchising the outlets in Indiana. That left it with a total of 42 company-owned stores and 31 franchises. The purchase helped the chain to boost its sales to $24.2 million while profits grew to about $841,000. A drawback of the move was that it saddled Noble Roman's with a fat debt burden--long-term debt rocketed from $2.5 million to a lofty $8 million after the purchase. At the same time, Noble Roman's was still trying to pay off tax liabilities that had been accruing since the organization began experiencing problems in the mid-1980s.
Noble Roman's heavy debt and thin cash flow was reflected by its stock price, which had hovered around a low $3 during much of the early 1990s. That situation began to change in 1994, though, when Noble Roman's performance continued to improve and Mobley began paring the company's liabilities. In 1994 Noble Roman's added a total of five new restaurants to its chain and announced plans to tag an additional 30 stores onto its portfolio by 1996.
The company also benefitted from general industry trends. Indeed, although the pizza industry was growing, the big, low-cost delivery chains were not. Instead, smaller operators catering to the high-end segment were posting solid market share gains. Evidencing the validity of Noble Roman's upscale strategy, the chain reported record net income in 1994 of $1.5 million from revenues of $30.5 million.
Besides opening new stores in 1994 and 1995, Noble Roman's continued to buy outlets that were being operated as franchises. By mid-1995 Noble Roman's was operating 66 company-owned stores and 14 franchises, a state of affairs that gave it ownership and control of more than 80 percent of the outlets in its chain. That increased ownership, combined with savvy management, allowed Noble Roman's to boost its sales and profits 63 percent and 87 percent, respectively, between 1991 and 1994. That achievement earned Noble Roman's a spot on Business Week's 1995 list of "small, hot-growth" companies in 1995. (To be eligible for the list, a company had to have revenues between $10 million and $150 million and a market value of less than $1 million.) Going into the latter part of the 1990s, Noble Roman's was planning to expand its midwestern chain to more than 120 outlets, increase per-store profits, and reduce its debt.
SecretMillionaire
6 years ago
Preliminary Hearsay NROM Confrence Call Transcript Pieced Together
Thanks to your help others, OBrien, I've been able to piece together a hearsay synopsis of the conference call that can't be found in the 10K. Let me know if you think of anything else or if you disagree with anything you see here so far. It is still a work in progress.
Oh, and for the record, everyone, 100% so far, concur that the conference call was indeed annoying in the fact that nobody had their phones muted. LOL Okay, well, at least they know how to run a restaurant. That's what matters. :)
1) First franchised Craft/Pizza Pub by a multi-unit Dairy Queen operator is due to open by May 1,2019.
2) Testimony from Seeking Alpha
A franchise in Evansville will also be opening sometime this year. They did not give a date, the location hasn't been selected yet. Doesn't sound like it's going to be real soon, but by EOY. In looking at the numbers, I think they have their $30,000 from this franchisee, so it will be happening.
Mobley also suggested that a 3rd franchise is a possibility if the Lafayette location does well. He hinted that there may be other potential franchisees watching the Lafayette location to see how it does before committing.
One overlooked area could be the non-traditional locations. In Q4 '16, they had $1.14M in sales, increased to $1.20M in '17, and $1.28M in Q4 '18. Mobley seemed pretty confident that this would be an area of increased growth with the 14 additional locations signed from Jan 1-March 26, as compared to either 6 or 8 during that timeframe last year. I wasn't a fan of this part of the business before. They always seemed to be adding location, but sales were flat. Now, the additional locations are adding to the bottom line. When I look at a corner with multiple gas stations, one corner usually has sub sandwiches, and the other corner has something else, usually pizza. It does seem to be a business with potential for growth with all of these convenience stores adding express food units.
The other interesting area is the grocery store business. Q4 it did drop from $450,000 to $330,000. However, in Q3, grocery sales were $311,000....so sales actually went UP from Q3 to Q4. Mobley still suggested that there would be decreases in this area, although non-committal on how much, he did say they would be much smaller He did go back to the comment about this being "counter cyclical with the economy", and that this business is built and could go up if the economy slows again. I guess, most importantly, is that this business doesn't seem to be going away. I feared this was going to wind down to 0, so I'd be thrilled if they could at least maintain something around $300,000 per quarter.
3) New Pizza valet with DoorDash was discussed as showing success.
4) A bar enhancement program is coming.
5) They will expand their catering efforts which are successful. I especially love that.
6) A new company-owned store will open by end of year. Possibly a second. One of them will be done by a bank loan of $600K. I will speculate that these will come in the form of tranches from a $1.6M revolving line of credit established 1.5 years ago.
7) Introduce an on-line ordering program and expand their social media footprint.
I would also like to speculate on a personal level that by this time next year, the landscape will look entirely different. For one, there are convertibles due at the end of this year. At this price, they will have to be extended and that could be a dark cloud. And I have full confidence that they will be. I'm absolutely confident and don't see that as a risk at all. Not in the slightest. Therefore, I think the real journey is just around the corner.
stocktrademan
10 years ago
$NROM DD Notes ~ http://www.ddnotesmaker.com/NROM
bullish
$NROM recent news/filings
## source: finance.yahoo.com
Tue, 25 Nov 2014 17:17:45 GMT ~ NOBLE ROMANS INC Files SEC form 8-K, Change in Directors or Principal Officers, Financial Statements and Exhibits
read full: http://biz.yahoo.com/e/141125/nrom8-k.html
*********************************************************
Tue, 25 Nov 2014 13:00:00 GMT ~ Noble Roman's to Present at LD Micro Conference on December 3
[PR Newswire] - INDIANAPOLIS, Nov. 25, 2014 /PRNewswire/ -- Noble Roman's, Inc. (OTC BB: NROM), the Indianapolis based franchisor of Noble Roman's Pizza and Tuscano's Italian Style Subs , today announced that Mr. Paul ...
read full: http://finance.yahoo.com/news/noble-romans-present-ld-micro-130000404.html
*********************************************************
Thu, 20 Nov 2014 13:00:00 GMT ~ Noble Roman's Announces Change in Management Structure; Continues Current Strategy Unaltered
[PR Newswire] - INDIANAPOLIS, Nov. 20, 2014 /PRNewswire/ -- Noble Roman's, Inc. (OTC/BB: NROM), the Indianapolis based franchisor and licensor of Noble Roman's Pizza and Tuscano's Italian Style Subs, today announced that ...
read full: http://finance.yahoo.com/news/noble-romans-announces-change-management-130000022.html
*********************************************************
Wed, 19 Nov 2014 18:04:28 GMT ~ NOBLE ROMANS INC Financials
read full: http://finance.yahoo.com/q/is?s=nrom
*********************************************************
Thu, 06 Nov 2014 21:03:02 GMT ~ NOBLE ROMANS INC Files SEC form 10-Q, Quarterly Report
read full: http://biz.yahoo.com/e/141106/nrom10-q.html
*********************************************************
$NROM charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$NROM company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/NROM/company-info
Ticker: $NROM
OTC Market Place: OTCQB
CIK code: 0000709005
Company name: Noble Roman's, Inc.
Company website: http://www.nobleromans.com
Incorporated In: IN, USA
Business Description: Franchisor of pizza and subs for non-traditonal locations and stand-alone locations for Noble Roman's Take-N-Bake Pizza.
$NROM share structure
## source: otcmarkets.com
Market Value: $39,058,670 a/o Dec 02, 2014
Shares Outstanding: 20,030,087 a/o Nov 03, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: No Par Value
$NROM extra dd links
Company name: Noble Roman's, Inc.
Company website: http://www.nobleromans.com
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/NROM/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/NROM/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=NROM+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=NROM+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=NROM+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/NROM/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/NROM/news - http://finance.yahoo.com/q/h?s=NROM+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/NROM/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/NROM/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/NROM/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/NROM/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/NROM/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/NROM/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/NROM/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/NROM/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=NROM+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/NROM
DTCC (dtcc.com): http://search2.dtcc.com/?q=Noble+Roman%27s%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Noble+Roman%27s%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Noble+Roman%27s%2C+Inc.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.nobleromans.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.nobleromans.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.nobleromans.com
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/NROM/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/NROM
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/NROM/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/NROM/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/NROM/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000709005&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/NROM/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/NROM/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/NROM/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/NROM/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=NROM&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=NROM
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/NROM/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=NROM+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=NROM+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=NROM
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=NROM
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=NROM+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/NROM/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=NROM+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/NROM.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=NROM
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/NROM/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/NROM/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/NROM/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/NROM/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/NROM
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/NROM
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/NROM:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=NROM
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=NROM
$NROM DD Notes ~ http://www.ddnotesmaker.com/NROM
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