MHGU

Meritage Reports 2023 Full-Year Preliminary Results; 2024 Outlook: Accelerated Earnings Growth

Retrieved on: 
Tuesday, February 20, 2024
Forecasting, Growth, MHGU, OTCQX, Restaurant, Operation, Meritage, Dimension stone

Earnings from Operations increased 486.5% to $4.8 million compared to $0.8 million for the same period last year.

Key Points: 
  • Earnings from Operations increased 486.5% to $4.8 million compared to $0.8 million for the same period last year.
  • Net Income was $1.6 million compared to a (loss) of $(0.70) million for the same period last year.
  • Consolidated EBITDA (a non-GAAP measure) increased 104% to $9.7 million compared to $4.8 million for the same period last year.
  • Looking ahead, the Company is forecasting strong earnings growth for fiscal 2024, driven by operating margin improvements as commodity and labor inflation continues to ease.

Meritage Announces Fourth Quarter Dividend: Margin Improvements Forecasted In 2024

Retrieved on: 
Wednesday, November 8, 2023
Acquisition, MHGU, Meritage, Restaurant, Food, OTCQX, Food delivery, Operation

The dividend is payable on January 1, 2024, to shareholders of record as of December 15, 2023.

Key Points: 
  • The dividend is payable on January 1, 2024, to shareholders of record as of December 15, 2023.
  • “The Company recently reported third quarter sales of $170.3 million as well as results from operations that included margin improvements related to food and labor, as a percentage of sales.
  • Our key ongoing metric, Earnings from Operations, increased +6.4% over last year, and we believe that improvements in food and labor will continue throughout 2024 as the rate of inflation subsides and restaurant margins normalize.
  • Consumer demand in our Wendy’s restaurants continues to demonstrate resiliency and new store opening sales remain robust,” stated Meritage CEO, Robert E. Schermer, Jr.

Meritage Reports Third Quarter 2023 Results Operating Margin Improvements Ahead

Retrieved on: 
Friday, October 20, 2023
EBITDA, Growth, Forecasting, Marketing, MHGU, Meritage, Restaurant, Food, OTCQX, Operation, Video game

GRAND RAPIDS, Mich., Oct. 20, 2023 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, today reported financial results for the third quarter and the nine months ended October 1, 2023.

Key Points: 
  • GRAND RAPIDS, Mich., Oct. 20, 2023 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, today reported financial results for the third quarter and the nine months ended October 1, 2023.
  • Earnings from Operations increased +6.4% to $3.2 million compared to $3.0 million for the same period last year.
  • “Company restaurant sales remained solid in the third quarter, increasing to a record $170.3 million.
  • We anticipate food and operating margins to continue to improve in the fourth quarter and throughout 2024, as the rate of commodity inflation slowly subsides.

Meritage Announces Third Quarter Dividend: and 7 Brew Coffee Development Opportunity

Retrieved on: 
Wednesday, August 16, 2023
Meritage, Jack's Stir Brew Coffee, Pakistan Software Export Board, Acquisition, Restaurant, OTCQX, MHGU, Brew, Growth, Coffee

The dividend is payable on October 1, 2023, to shareholders of record as of September 15, 2023.

Key Points: 
  • The dividend is payable on October 1, 2023, to shareholders of record as of September 15, 2023.
  • The Board also authorized the Company to proceed with final due diligence to engage as a franchisee to develop and operate 7 Brew Coffee drive-thru locations in the Mid-West.
  • 7 Brew Coffee is a double drive thru concept, rolling out across the U.S. with many trade areas currently committed for development by franchisees.
  • The 7 Brew concept is part of the Company’s plan for growth and development of emerging brands, including Morning Belle and Taco Johns.

Meritage Reports Second Quarter 2023 Results; Continued Solid Growth Ahead

Retrieved on: 
Friday, July 14, 2023
OTCQX, MHGU, Operation, Growth, Restaurant, Meritage, Acquisition, Textile, Dimension stone, Video game

GRAND RAPIDS, Mich., July 14, 2023 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, today reported financial results for the second quarter ended July 2, 2023.

Key Points: 
  • GRAND RAPIDS, Mich., July 14, 2023 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, today reported financial results for the second quarter ended July 2, 2023.
  • Earnings from Operations increased 14.9% to $8.9 million compared to $7.7 million for the same period last year.
  • Consolidated EBITDA (a non-GAAP measure) increased 7.6% to $15.6 million compared to $14.5 million for the same period last year.
  • “The increase in sales during the second quarter was driven by a combination of same store sales growth, newly acquired locations, and new store openings.

Meritage Announces Annual Meeting Results and Second Quarter Dividend

Retrieved on: 
Tuesday, May 16, 2023
OTCQX, MHGU, Food, Meritage, Management

Each director will serve a one-year term until the 2024 annual meeting.

Key Points: 
  • Each director will serve a one-year term until the 2024 annual meeting.
  • The CEO’s Report, which followed the formal meeting, is available on the Company’s website and OTCQX: MHGU.
  • Following the Annual Shareholders Meeting, the Company’s Board of Directors approved a quarterly dividend of $0.03 per share.
  • “Our sales and operating earnings outlook remain strong for the second half of the year, with food and labor inflation pressures moderating.

Meritage Reports Acquisition of 25 Wendy’s Restaurants in North Carolina & Virgina

Retrieved on: 
Wednesday, May 10, 2023
OTCQX, MHGU, Restaurant, Digital technology, Acquisition, QSR, Taco, Investment, Hotel, Fast food

GRAND RAPIDS, Mich., May 10, 2023 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, announced today that it has acquired an additional 25 Wendy’s restaurants located in the North Carolina and Virginia market areas.

Key Points: 
  • GRAND RAPIDS, Mich., May 10, 2023 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, announced today that it has acquired an additional 25 Wendy’s restaurants located in the North Carolina and Virginia market areas.
  • “The acquisition of these 25 Wendy’s restaurants is consistent with the Company’s 5-year growth plan to acquire an operating base up to 400 Wendy’s and build new Wendy’s restaurants.
  • With today’s acquisition, the Company is operating 385 restaurants across 16 states.
  • The Company’s has opened four Taco John’s restaurants to-date and is planning to open an additional 10-12 locations this year.

Meritage Reports First Quarter 2023 Results; Strong Sales Growth Ahead

Retrieved on: 
Friday, April 14, 2023
OTCQX, MHGU, Operation, Digital technology, Meritage, QSR, Taco, Investment, Restaurant, Fast food

GRAND RAPIDS, Michigan, April 14, 2023 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, today reported financial results for the first quarter ended April 2, 2023.

Key Points: 
  • GRAND RAPIDS, Michigan, April 14, 2023 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, today reported financial results for the first quarter ended April 2, 2023.
  • Sales increased 8.7% to $157.7 million compared to $145.1 million for the same period last year.
  • Earnings from Operations were $0.9 million compared to $2.5 million for the same period last year.
  • “Our sales increased $12.6 million in the first quarter and continue to experience strong momentum into the second quarter.

Meritage Reports 2022 Full-Year Preliminary Results; 2023 Outlook: Transformational Growth Ahead

Retrieved on: 
Tuesday, February 14, 2023
Restaurant, Operation, MHGU, Investment, QSR, Acquisition, Digital technology, Taco, Meritage, OTCQX, Growth, Data management, AI, Dimension stone, Retail

GRAND RAPIDS, Mich., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise restaurant operator, today reported preliminary financial results for the fiscal year ended January 1, 2023.

Key Points: 
  • GRAND RAPIDS, Mich., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise restaurant operator, today reported preliminary financial results for the fiscal year ended January 1, 2023.
  • The 2022 fiscal year included one-time charges of $7.6 million associated with pre-opening, closing and disposition costs versus $4.0 million last year.
  • These strategic closures benefit and position the Company for stronger earnings growth going forward, as reflected in the earnings outlook for 2023.
  • Looking ahead to 2023, the Company is forecasting robust earnings growth, driven by new store openings and operating margin improvements throughout the year as cost inflation moderates.

Meritage Enters Agreement to Acquire Large Wendy’s Restaurant Portfolio

Retrieved on: 
Tuesday, December 20, 2022
Restaurant, Meritage, Workforce, Acquisition, Growth, OTCQX, Taco, Harbor, MHGU, Risk management, Fast food

Acquisitions, renovations, and new restaurant development are integral parts of our Wendy’s restaurant business model as we grow into new market areas.

Key Points: 
  • Acquisitions, renovations, and new restaurant development are integral parts of our Wendy’s restaurant business model as we grow into new market areas.
  • The Company has successfully completed 27 Wendy’s acquisitions over the past decade and remains a leader in new restaurant development within the Wendy’s system.
  • This year the Company was recognized by the Wendy’s brand with the ‘U.S Monument Award for Visionary Growth & Expansion’,” stated Meritage CEO, Robert Schermer, Jr.
  • Meritage continues to provide best in class results through a performance-based culture committed to operational excellence, strategic acquisitions, and real estate development.