GRAND RAPIDS, Mich., May 16, 2023 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, announced today during the Annual Shareholders Meeting, that the Company’s shareholders approved the election of eight directors: Chris A. Armbruster, John W. Inwright, Duane F. Kluting, Joseph L. Maggini Sr., Dirk J. Pruis, Gary A. Rose, Robert E. Schermer, Jr. and Peter D. Wierenga. 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.
Common Stock Special Dividend
Following the Annual Shareholders Meeting, the Company’s Board of Directors approved a quarterly dividend of $0.03 per share. The dividend is payable on July 1, 2023, to shareholders of record on June 15, 2023.
“Our sales and operating earnings outlook remain strong for the second half of the year, with food and labor inflation pressures moderating. We are focused on integrating the 25 Wendy’s restaurants acquired last week in North Carolina and Virginia as well as the construction of new Wendy’s and Taco John’s restaurants,” stated Meritage CEO, Robert E. Schermer, Jr.
2023 Full-Year Outlook: Stronger Operating Second Half
The Company has allocated significant capital resources to the Wendy’s and Taco John’s brands, committing to combined development agreements for 100 new locations through 2025.
2023 Outlook: Strong Earnings Growth Ahead:
- Sales +10% to +20%
- Earnings from Operations. +90% to +100%
- Net Income +35% to +45%
- EBITDA +20% to + 30%
The Company is focused on delivering quality, convenience, and affordability, while leveraging its best-in-class operating platform.
About the Company
Meritage Hospitality Group is the nation’s premier franchise operator, currently with 385 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 12,000 employees. At fiscal year-end 2022, the Company had total Diluted Weighted Average Shares Outstanding of 8,694,000 and Fully Diluted EPS of $0.84.
The Company’s current and publicly available information pursuant to SEC Rule 15c2-11 and FINRA Rule 6432 can be found at www.otcmarkets.com, under the stock symbol MHGU/Disclosures or the Company’s website, www.meritagehospitality.com.
SAFE HARBOR STATEMENT
Certain information in this new 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
