GRAND RAPIDS, Mich., May 18, 2018 (GLOBE NEWSWIRE) -- Meritage Hospitality Group, Inc. (OTCQX:MHGU), one of the nation’s premier restaurant operators, today announced results following the annual shareholders meeting.
During the annual shareholder meeting, the Company’s shareholders elected seven directors: James P Bishop, Duane F. Kluting, Joseph L. Maggini Sr., Gary A. Rose, Robert E. Schermer, Sr., Robert E. Schermer, Jr. and Peter D. Wierenga. Each director will serve until the 2019 Annual Shareholders Meeting.
Additional Proposal passed at the 2018 Annual Meeting;
Proposal 2 – Approval of the Meritage Hospitality Group Inc. 2018 Directors’ Share Equity Plan.
The CEO’s Business Update (available on the company’s website and OTCQX) highlighted the restaurant industry, the Company’s strong ten years past performance and an update on the five-year business plan to expand its restaurant operations to 420 restaurants by 2021. The management team is running conservatively ahead of plan and intends to accomplish its 2021 financial and operational goals through a combination of continued acquisitions, new restaurant development and renovations.
“We reported strong sales and EBITDA growth in the first quarter and believe the growth will continue through 2018 and into 2019, driven by new development, reimaged locations and acquisitions completed in the first half of 2018. The Company’s stated goal is to reward shareholders commensurate with earnings growth,” stated Meritage CEO, Robert Schermer, Jr.
The Company 2018 Full-Year Outlook: Strong Growth Ahead
- Sales growth of +40% to 50%
- Income from Operations growth of +55% to 65%
- Net Earnings growth of +40% to 50%
- EBITDA growth of +40% to 50%
- 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.
About Meritage
Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 310 restaurants in operation located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 9,400 employees. The Company has approximately 6.2 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.
616-776-2600 Ext 1012