GRAND RAPIDS, Mich., May 20, 2015 (GLOBE NEWSWIRE) -- Meritage Hospitality Group, Inc. (OTCQX:MHGU), one of the nation's premier restaurant operators, today announced that the Company's Board of Directors approved a special dividend of $.03 per share at the May 19, 2015 Board of Directors meeting. The dividend is payable on June 26, 2015, to shareholders of record on June 5, 2015.
"The special dividend represents a 100% increase over last year's dividend from the same period and is consistent with our stated philosophy to reward common shareholders with cash dividends commensurate with earnings growth. We plan to continue our sales and earnings growth trajectory through acquisitions, major capital reinvestment in the Wendy's restaurant system and new casual dining restaurant developments," stated Meritage CEO, Robert E. Schermer, Jr.
At the annual shareholder meeting, the Company's shareholders elected six directors: James P. Bishop, Duane F. Kluting, Joseph L. Maggini, Robert E. Schermer, Sr., Robert E. Schermer, Jr., and Peter D. Wierenga. Each director will serve until the 2016 Annual Shareholders' Meeting.
Also discussed at the Annual Shareholder Meeting:
2015 Full Year Financial Targets
- Sales growth of 25% to 30%
- EBITDA growth of 55% to 65%
- Net Earnings growth of 100%
- Special dividend growth of 100%
The Company discussed the Wendy's system 2020 re-imaging goal of 60% and reviewed its new Wendy's and casual dining restaurants under development. The Wendy's system is making impressive progress with a significant brand and restaurant ownership transformation. The Meritage image activation Wendy's restaurants continue to produce strong sales increases and enhance the overall guest experience. Company casual dining restaurants continue to perform well in 2015. The Company's strategy is to remain financially flexible and build shareholder value through continued consolidation and efficiencies of scale.
SAFE HARBOR STATEMENT
Certain information in this news release, particularly information regarding future economic performance and finances, and plans, expectations and objectives of management, constitutes forward-looking statements. Factors set forth in our Safe Harbor Statement, in addition to other possible factors not listed, could affect the Company's actual results and cause such results to differ materially from those expressed in forward-looking statements. Please review the Company's Safe Harbor Statement at http://www.meritagehospitality.com.
CONTACT: Robert E. Schermer, Jr., CEO Meritage Hospitality Group, Inc. 616-776-2600Source:Meritage Hospitality Group Inc.