Meritage Announces 17% Increase First Quarter Common Stock Dividend and New Breakfast Rollout
The dividend is payable on March 9, 2020 to shareholders of record on February 26, 2020.
GRAND RAPIDS, Mich., Feb. 11, 2020 (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 $0.07 per share at the February 11, 2020 Directors meeting. The dividend is payable on March 9, 2020 to shareholders of record on February 26, 2020.
To view an image of the NEW BREAKFAST ADDITION please visit:
https://www.globenewswire.com/NewsRoom/AttachmentNg/58d11ac5-a3c3-4a55-8f05-8c79cb396c60
“We are in the process of training across our Wendy’s® locations for the highly anticipated national roll-out of Wendy’s breakfast featuring the new Breakfast Baconator®, Honey Butter Chicken Biscuit and Frosty®-ccino. The Company is on track to hire additional new team members to help deliver breakfast sales and support market share across our 16 states of operations. Looking ahead, new-build restaurant locations, modernizations, the system-wide breakfast roll-out and additional Morning Belle locations are all contributing to our targeted $100 million sales increase for 2020,” stated Meritage CEO, Robert Schermer, Jr.
2020 Full-Year Outlook: Robust Sales Growth Ahead
- Sales growth of + 20% - 25%
- Earnings from Ops growth of + 20% - 25%
- Net Earnings growth of +15% - 20%
- EBITDA growth of +15% - 20%
- Dividend growth of +17% - 33%
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 337 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 a workforce of approximately 11,000 employees. The Company has approximately 9.0 million total weighted average fully-diluted common shares outstanding. The Company’s current and publicly available 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
