GRAND RAPIDS, Mich., Nov. 13, 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 $0.06 per share at the November 13, 2018 meeting. The dividend is payable on December 10, 2018, to shareholders of record on November 27, 2018.
“The special dividends declared for the full-year represent an increase of 50% over the prior year, as we continue to reward shareholders with dividend growth commensurate with our earnings growth. The Company recently announced for the nine months ended September 30, sales increased 44.1% to a record $327.5 million and Consolidated EBITDA (a non-GAAP measure) increased 35.5% to $29.6 million. In addition, the Company opened three new Wendy’s restaurants last week, two located in Connecticut and one in Virginia. We are planning to open an additional three new Wendy’s restaurants in the next six weeks as our newly built and reimaged Wendy’s restaurants continue to provide a meaningful catalyst for continued sales and earnings growth,” stated Meritage CEO, Robert Schermer, Jr.
Looking ahead to 2019, the Company has a robust pipeline of new development sites and planned restaurant renovations, while continuing to look for opportunistic acquisition targets within the Wendy’s system. The Company’s 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, Inc. is one of the nation’s premier restaurant operators, with 314 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 10,000 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