GRAND RAPIDS, Mich., Feb. 14, 2018 (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 $0.04 per share at the February 13, 2018 Directors meeting. The dividend is payable on March 12, 2018, to shareholders of record on February 27, 2018.
“The Company recently reported record results for 2017 with sales growth of +32.6% and EBITDA growth of +42.7%. The $0.04 common stock special dividend represents a 100% increase over the first quarter last year and is consistent with our stated philosophy to reward shareholders commensurate with earnings growth. The Company recently released the 2018 Full-Year Outlook below, along with recent and pending acquisitions. Newly developed and image activated Wendy’s restaurants continue to provide a meaningful earnings catalyst, along with acquired restaurants contributing to overall growth,” stated Meritage CEO, Robert Schermer, Jr.
Company 2018 Full-year Financial Outlook: Strong Sales & Earnings Growth Ahead
- Sales growth of +35% to 45%
- Earnings from Operations growth of +55% to 65%
- Net Earnings growth of +35% to 45%
- EBITDA growth of 35% to 45%
- Common stock dividend growth +50% to 100%
Meritage continues to distinguish itself as a leader and innovator in the quick service restaurant segment, striving for 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 297 restaurants in operation located in Arkansas, Connecticut, Florida, Georgia, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating a workforce of approximately 9,000 employees. The Company has approximately 6.1 million (basic) common shares outstanding. The Company’s public filings can be viewed at www.otcmarkets.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.