GRAND RAPIDS, Mich., Nov. 07, 2017 (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 quarterly dividend of $0.03 per share at the November 7, 2017 Directors meeting. The dividend is payable on December 1, 2017, to shareholders of record on November 20, 2017.
“In the third quarter we delivered strong sales and profit growth from our restaurant operations with sales increasing 40.3% and EBITDA increasing 60.2%. The $0.03 common stock dividend declared is a 50% increase over the fourth quarter last year and represents a 43% dividend increase for the full-year, consistent with our stated philosophy to reward shareholders commensurate with earnings growth. The Company recently increased its 2017 full-year earnings outlook and believes the momentum will continue to build in 2018. Newly developed and reimaged Wendy’s restaurants continued to provide a meaningful same restaurant sales catalyst, along with the integration of acquired restaurants contributing to overall growth,” stated Meritage CEO, Robert Schermer, Jr.
Looking ahead to 2018, the Company has a robust pipeline of new development sites, renovations and acquisition opportunities under consideration. The Five Year Plan includes expanding the business to 420 restaurants by 2021, best in class results through a performance based culture committed to operational excellence, strategic acquisitions and real estate development.
Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 253 restaurants in operation located in Arkansas, Florida, Georgia, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 7,700 employees. The Company’s public filings can be viewed at www.otcqx.com, under the stock symbol MHGU, or the Company’s website www.meritagehospitality.com.
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.
Source:Meritage Hospitality Group, Inc.