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RIGHTEOUSLY GOOD BEER
On tap:
http://www.churchstreetbrew.com/home/our-tap-room/
Meritage Announces 17% Increase First Quarter Common Stock Dividend and New Breakfast Rollout
Press Release | 02/11/2020
[b
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
Meritage Announces 17% Increase First Quarter Common Stock Dividend and New Breakfast Rollout
Press Release | 02/11/2020
[b
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
Excellent presentation and 6-year strategic plan.
https://s3.amazonaws.com/content.otcmarkets.com/media/1750452306/VhrGepVvohOLegX/doc.pdf
Tomorrow next earnings rapport.....
Great run. Going to double digits!!!
Big trades of each 136.217 before close.
Guess that the rest of the warrant holders do the same.
With this low float and this high volume trading, the addition of a few million shares is not a problem for the share price. The market will easely absorb that.
Long SAVA.
Form. 4 filed: another buy from CEO.
Thight float, high insider ownership
New trend?:
(translated)
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WOW, great picture!!!!!
Sixty Percent Full-Year Dividend Growth
Meritage Announces Fourth Quarter Common Stock Dividend; Sixty Percent Full-Year Dividend Growth
GRAND RAPIDS, Mich., Nov. 12, 2019 (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 12, 2019 meeting. The dividend is payable on December 10, 2019, to shareholders of record on November 27, 2019.
“The common stock dividends declared for the full-year represent an increase of 60% over the prior year, as we continue to reward shareholders commensurate with our earnings growth. An increase of 60% was at the high end of our target range for the year. The Company recently announced results for the nine months ended September 29, sales increased 5.75% to a record $346.4 million and Consolidated EBITDA (a non-GAAP measure) increased 18.7% to $35.2 million. During the year, the Company acquired 10 Wendy’s restaurants and is currently planning to open a new Wendy’s restaurant every two weeks through 2020, as our newly built and reimaged Wendy’s restaurants continue to provide a strong catalyst for continued sales and earnings growth,” stated Meritage CEO, Robert Schermer, Jr.
The Company’s 2025 business plan includes expanding the business to 435 restaurants, providing best in class results through a performance based culture committed to operational excellence, and committing to continued strategic acquisitions and real estate development.
Meritage Hospitality Group, Inc. is one of the nation’s premier restaurant operators, with 333 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 10,500 employees. The Company has approximately 9.7 million (fully diluted) 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.
Meritage Reports Acquisition of Five Wendy’s Restaurants Located in Atlanta, GA
Press Release | 10/31/2019
GRAND RAPIDS, Mich., Oct. 31, 2019 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), one of the nation’s premier franchise restaurant operators, announced today that it has acquired five additional Wendy’s restaurants located in the Atlanta, Georgia market area.
“The acquisition of five Atlanta area restaurants complements our existing 39 Wendy’s restaurants in the Atlanta market area and is consistent with our previously announced 2025 growth plans to expand our operating base to 435 total restaurants. We intend to immediately integrate each of the acquired Wendy’s into our operating and accounting platform and fold them into our Wendy’s remodeling program that is designed to enhance the overall guest experience”, stated Chief Executive Officer, Robert Schermer, Jr. The Company expects the five additional restaurants to add approximately $8.8 million in annual sales and be accretive to earnings going forward.
The Company continues to be a leader in new restaurant development within the Wendy’s U.S. system. With a stated goal of 400 Wendy’s restaurants, the Company recently announced its commitment to build an additional 40 Wendy’s restaurants by 2024 under the new Development Agreement. The Company is on pace for a record number of new and renovated restaurants in 2019.
During the first three quarters of 2019, the Company declared common stock cash dividends of $0.18 per share representing an increase of 100% over the same period last year along with EBITDA growth of 18.7%.
Company Outlook 2019: Sales & Earnings Acceleration
Sales growth of +10% to 20%
Net Earnings growth of +10% to 20%
EBITDA growth of +15% to 25%
Common stock dividend growth +50% to 60%
Looking Ahead: 2020
We are forecasting accelerating sales and earnings growth in 2020, driven by 2019 newly developed, reimaged and acquired restaurant coming fully on-line, as well as the nationwide roll-out of breakfast across our Wendy’s markets in the first quarter of 2020.
The Company continues to distinguish itself as a leader and innovator in the restaurant industry, 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 franchise operators, with 332 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 growing workforce of approximately 10,500 employees. 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.
M&A Awards: Schermer leads Meritage through aggressive expansion, growth
BY SYDNEY SMITH
Sunday, October 13, 2019 10:56am
Meritage Hospitality Group Inc. CEO Robert Schermer, Jr. has led the company as it has amassed a portfolio of about 400 Wendy’s restaurant locations and grown its revenue to nearly half a billion dollars.
Today, Meritage has a market capitalization of $106 million and a total enterprise value of about $300 million.
The company is coming off a record 2018, when Meritage opened a new Wendy’s nearly every two-and-a-half weeks, said Schermer, the winner in the executive category in the 2019 MiBiz Dealmakers of the Year Awards.
For 2018, Meritage’s sales grew 39.3 percent to $453 million and earnings before interest, tax, depreciation and amortization (EBITDA) grew 50.3 percent to $39.7 million. The company developed or acquired 62 restaurants during 2018 and integrated 71 restaurants it acquired in the prior year.
As well, Meritage raised about $5.6 million in preferred stock sales to fund acquisitions, alongside $78.9 million in new long-term debt.
For 2019, the company has forecasted net earnings growth of 10-20 percent, with EBITDA growth in the 15-percent to 25-percent range. Meritage also expects “strong sales and earnings growth in 2020, driven by newly developed, reimagined and acquired Wendy’s restaurants coming online during the year.”
Under Schermer’s leadership, the company also continued its dealmaking strategy this year. That includes signing a “groundbreaking” agreement with the Wendy’s organization under which Meritage will receive significant economic incentives, including royalty and marketing fee relief, for its commitment to invest $100 million to develop 40 new restaurant locations by the end of 2024.
In August, the company also signed two definitive asset purchase agreements to acquire 10 Wendy’s restaurants located in Georgia and Texas that would add around $17.9 million of sales. Meritage followed up that deal in September of this year with another deal to add five additional Wendy’s restaurants in the Odessa and Midland area of Texas.
Another unique deal had Meritage completing the sale of a 756-acre piece of real estate in the Bahamas to Disney in March 2019. The company said the deal will generate cash flow for new restaurant development, acquisitions, dividend distributions and stock buy-backs.
Overall, Schermer credits his team at Meritage for the company’s growth trajectory, as the deals require analyzing many factors when deciding on a new location, including evaluating the condition of the stores and economics of the area, as well as the opportunities in that particular market to expand.
This was the case earlier this year in the pair of Texas deals, he said.
“They were financially good stores, in reasonable shape and there is a lot of growth opportunities in and around that market,” Schermer said.
Schermer acknowledges that Meritage must soon wrestle with a new growth-related challenge: Franchisees in Wendy’s system cannot exceed 400 restaurants, and Meritage plans to reach that number within 18-24 months. The company plans to sell in existing markets and acquire stores in underdeveloped markets, he said.
Meritage also could explore new concepts, including its new breakfast restaurant dubbed Morning Belle, for which the company is eyeing 35 stores by the end of 2025.
“That will be kind of the next chapter in Wendy’s, and we’re looking for other opportunities that don’t compete with Wendy’s,” Schermer said.
"Year to date the Company’s consolidated EBITDA has increased 18.7% over last year, and we expect sale and earnings growth rates to accelerate in 2020 and 2021."
OKTOBER 16, 2019 - 12:45 PM PDT
Meritage Reports Third Quarter 2019 Results; Accelerating Sales and Earnings Growth Ahead
GRAND RAPIDS, Mich., Oct. 16, 2019 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), one of the nation’s premier restaurant operators, today reported financial results for the third quarter and the nine months ended September 29, 2019.
2019 Third Quarter Highlights:
Sales increased 6.3% to a record $117.9 million compared to $110.9 million for the same period last year.
Earnings from Operations were to $5.8 million compared to $6.3 million for the same period last year. (The current quarter included additional one-time pre-opening and acquisition costs of $806,000).
Net Earnings were $2.6 million compared to $3.7 million last year. (The change in Net Earnings reflects a negative year over year non-cash GAAP change of $582,000 resulting from the Company’s interest rate swap agreements, which are measured at fair value based on mark-to-market).
Consolidated EBITDA (a non-GAAP measure) was $10.1 million compared to $10.5 million for the same period last year.
“Our increased sales results through the third quarter reflect the underlying strength of the Wendy’s franchise and our ability to perform in a challenging labor environment. We continue to execute our strategic priorities, including new restaurant development and modernization. We believe that this focus will continue to generate long-term, industry-leading returns for our shareholders.
Year to date the Company’s consolidated EBITDA has increased 18.7% over last year, and we expect sale and earnings growth rates to accelerate in 2020 and 2021.
Our newly built, reimaged and acquired Wendy’s continue to provide a significant earnings catalyst, which we believe will be further enhanced by the Wendy’s nationwide roll-out of a new breakfast program during the first quarter next year,” stated Meritage CEO, Robert E. Schermer, Jr.
The Company has committed significant capital resources to the Wendy’s brand initiatives including commitment to build 40 new restaurants under the Groundbreaking Incentive Program, which include associated royalty and national marketing fee incentives.
2019 Nine Months Highlights:
Sales for the nine months ended September 29, 2019, increased 5.75% to $346.4 million compared to sales of $327.5 million for the same period last year.
Earnings from Operations were $17.6 million compared to $19.4 million for the same period last year. (The current quarter included $1.4 million of additional depreciation (non-cash expense) associated with new and renovated restaurants).
Net Earnings were $10.5 million compared to $10.7 million for the same period last year. (The change in Net Earnings reflects a negative year over year non-cash GAAP change of $4.0 million resulting from the Company’s interest rate swap agreements, which are measured at fair value based on mark-to-market).
Consolidated EBITDA (a non-GAAP measure) increased 18.7% to $35.2 million compared to $29.6 million last year.
Common stock cash dividends paid during the first nine months of the year represent a 100% increase over the same period last year.
Meritage continues to distinguish itself as a leader and innovator in the quick service restaurant and family dining segments, striving for best in class results through a performance based culture committed to operational excellence, strategic acquisitions and real estate development.
Full -Year 2019 Outlook: Accelerating Growth Ahead
Sales growth of 10% to 20%
Earnings from Operations growth of 10% to 20%
Net Earnings growth of 15% to 25%
EBITDA growth of 15% to 25%
Common stock dividend growth of 50% to 60%
Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 327 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 10,500 employees. The Company has approximately 6.3 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.
That would be a perfect fit. Or Lipton Unilever.
Well done, on time for the next level.
Almost all trades are on the ask now, this is getting serious.
Great idea. What we need is a little volume, and good news of course.
0.025 is the 1-month high level.
Yeah, noticed that, the bottom is gone!!
Ready To Drink market is the hottest market in the whole food sector!!!
NB€V on fire after big news coming from Nestea. VATE next???
The wait may soon be over.
Perhaps as soon as this week, the United States Department of Agriculture (“USDA”) is expected to issue its long-awaited regulations, finally implementing the Agriculture Improvement Act of 2018 (the “2018 Farm Bill”). Despite the enactment of the 2018 Farm Bill on December 20, 2018, the hemp industry has continued to operate pursuant to the Agricultural Act of 2014 (the “2014 Farm Bill”) until now. Once USDA regulations are implemented, we expect states with established hemp programs to submit state plans for USDA review and approval ahead of the 2020 planting season, and states which have not yet established hemp programs to do so in short order.
The USDA regulations are expected to discuss a wide variety of issues in treating hemp as an agricultural commodity, including issues important to the hemp industry such as:
Sampling and testing protocols (as many states currently vary);
The measurement of delta-9 tetrahydrocannabinol versus “total THC”; and
Types of genetics to be used (given the prevalent use of non-certified genetics to date).
Ultimately, we look forward to greater directive guidance and regulatory certainty to come from the release of the USDA regulations, and to then trickle down to the state and local levels. Feel free to connect with HLG’s attorneys concerning anticipated regulatory changes, or once released, to discuss the actual regulations and the impact of those regulations in various states.
June was the first profitable month for the company. If the third quarter will show a (small) profit we go up. The fourth quarter will send this a lot higher. Going through the roof in 2020. Long VATE.
Stock price forecast looking good:
The 3 analysts offering 12-month price forecasts for CV Sciences Inc have a median target of 6.00, with a high estimate of 8.00 and a low estimate of 5.00. The median estimate represents a +179.07% increase from the last price of 2.15
https://money.cnn.com/quote/forecast/forecast.html?symb=CVSI
Despite more than doubling the number of stores carrying our industry leading products to 4,591 stores in the first six months of this year, we see a significant runway for additional growth, including increasing our domestic and international store count, as well as broadening product SKUs with our retail partners.”
https://www.wallstreetpr.com/the-daily-buzz-oversold-bounce-plays-on-the-radar-to-kick-off-the-new-week-govx-mrmd-cvsi-42342
CV Sciences Inc (OTCMKTS:CVSI)is in an interesting position for new money flow possibilities. Remember, this is one of the big pure-play growth opportunities in the CBD space. The stock launched thousands of percentage points of upside last year on that theme.
Indeed, CVSI pulled in sales of $16.9M in its last reported quarterly financials, representing top line growth of 36.5%. In addition, the company has a strong balance sheet, with cash levels far exceeding current liabilities ($15.7M against $11.8M).
Yet now, we see it cracking under key support and finding a waterfall cascade of selling in response.
The catalyst should be understood. Obviously, some of this was technical. But the lion’s share of the blame goes to the company’s announcement that it intended to file for a Request of Continued Examination of its patent application No. 15/426,617 titled Pharmaceutical Formulations Containing Cannabidiol and Nicotine For Treating Smokeless Tobacco Addiction – an action that follows USPTO notifying the Company that the Patent Trial and Appeal Board had rejected the appeal to overturn the examiner’s decision to deny certain claims made within the patent application. “While the USPTO decision is disappointing, it’s important to recognize that this is not the end of the process and we plan to request continued examination.”
But there was also mitigating news: The company also just announced that it received the “NEXTY Consumer Choice Award” in the Supplement Category for the Company’s PlusCBD Oil Total Plant Complex Peppermint Spray.
According to the release, “Bestowed each year at Natural Products Expo East and West, the NEXTY Awards recognize natural products that eclipse others within their category in terms of innovation, inspiration, and integrity. All product candidates are evaluated via a rigorous submission and two-tiered judging process, and the winning products are selected based on targeted consumer feedback from 1,000 consumers who sample and score the products.”
CV Sciences Inc (OTCMKTS:CVSI) focuses on developing and commercializing novel therapeutics utilizing synthetic Cannabidiol (CBD). CVSI operates two distinct business segments: a drug development division focused on developing and commercializing novel therapeutics utilizing synthetic CBD; and, a consumer product division in manufacturing, marketing and selling plant-based CBD products to a range of market sectors, including nutraceutical, beauty care, specialty foods, and vape.
“Consumers choose and trust PlusCBD Oil because of our quality, purity and consistency. We offer the highest quality line of gluten-free, non-GMO full spectrum hemp CBD products in the industry and we’ve built our reputation on product purity and fundamentally sound research practices,” said Joseph Dowling, Chief Executive Officer of CV Sciences. “We are proud to be recognized by consumers as their favorite supplement, especially by those who are new to CBD.”
06:08 CV Sciences, Charlotte's Web analyst commentary at Piper Jaffray CV Sciences, Charlotte's Web offer most upside on CBD catalysts, says Piper. FDA regulation of cannabidiol products is still evolving, adding uncertainty now, and limiting the scope of federally legal products, Piper Jaffray analyst Michael Lavery tells investors in a research note. The analyst believes an FDA framework for a broader set of permissible products is a "significant upcoming catalyst" for CBD companies, as all retailers could stock a wider selection of higher velocity product forms. Further, he expects steps in the process along the way could also be "smaller catalysts in the meantime," potentially including an FDA update this fall. Owning CV Sciences (CVSI) and Charlotte's Web (CWBHF) ahead of this regulatory clarity offers the most upside, Lavery tells investors in a research note. The analyst also expect both companies to pursue up-listing to the Nasdaq or New York Stock Exchange, which he sees as a positive catalyst.
Read more at:
https://thefly.com/landingPageNews.php?id=2967499
It's a global phenomenon
I have seen a lot of shops with CBD products in the biggest cities of Europe. Tourists buy them a lot. All kind of products. Soap, Chocolate, Gummies, beer, candies etc. AMAZING!!!
Hemp mania 2019 coming.
Knocking on the door.
First CBD/Hemp stocks are already moving higher after the summer doldrums on higher volume. Don't be too late to get in here.
Income statement annual since 2014:
https://www.quotemedia.com/portal/financials?qm_symbol=mhgu
CV Sciences, Inc. (CVSI) Reports Next Week: What to Expect
Zacks Equity Research July 30, 2019
CVSI
Read More
The market expects CV Sciences, Inc. (CVSI - Free Report) to deliver flat earnings compared to the year-ago quarter on higher revenues when it reports results for the quarter ended June 2019. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 6. On the other hand, if they miss, the stock may move lower.
Meritage Reports Second Quarter 2019 Results; Earnings Growth Ahead
JULI 18, 2019 - 11:01 AM PDT
GRAND RAPIDS, Mich., July 18, 2019 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), one of the nation’s premier restaurant operators, today reported financial results for the second quarter ended June 30, 2019.
Second Quarter Highlights
Sales increased 1.5% to $118.7 million from $116.9 million for the same period last year.
Earnings from Operations were $6.4 million versus $8.9 million for the same period last year.
Net Earnings were $3.8 million compared to $5.6 million for the same period last year. The change in Net Earnings reflects a negative year over year non-cash GAAP change of $3.0 million resulting from the Company’s interest rate swap agreements, which are measured at fair value based on mark-to-market.
Consolidated EBITDA (a non-GAAP measure) increased 3.6% to $12.6 million compared to $12.1 million for the same period last year.
“We are pleased with the successful integration of acquired, newly constructed and renovated Wendy’s restaurants. We continue to focus on executing our 5-year plan, accelerating same-restaurant sales and building new restaurants in order to achieve our long term growth targets,” stated Robert Schermer, Jr., the Company’s CEO.
Six-Month Highlights
Sales for the six months increased 5.5% to $228.4 million compared to sales of $216.6 million for the same period last year.
Earnings from Operations were $11.8 million compared to $13.1 million last year.
Net Earnings increased 11.0% to $7.8 million compared to $7.1 million for the same period last year. Net Earnings reflects a negative year over year non-cash GAAP change of $3.4 million resulting from the Company’s interest rate swap agreements, which are measured at fair value based on mark-to-market.
Consolidated EBITDA (a non-GAAP measure) increased 31.0% to $25.0 million compared to $19.1 million last year.
The Company has committed significant long term capital resources to the Wendy’s brand initiatives, and recently announced an agreement to build 40 new Wendy’s restaurants by the end of 2024 under the Groundbreaking Incentive Program. Same store sales in newly built and re-imaged restaurants continue to deliver strong results as guests are rewarding us for the upgraded facilities and improved overall consumer experience.
Meritage continues to distinguish itself as a leader and innovator in the quick service and casual restaurant segments, striving for best in class results through a performance based culture committed to operational excellence, strategic acquisitions and real estate development.
Company 2019 Full-Year Financial Targets: Solid Growth Ahead
Sales growth of +10% to 20%
Net Earnings growth of +10% to 20%
EBITDA growth of +15 to 25%
Common stock dividend growth of +50% to 60%
"Our recently announced U.S. hemp sourcing initiative combined with this facility and capacity expansion positions CV Sciences for continued rapid domestic growth, while ensuring we are well-positioned to capitalize on the international opportunities we are currently exploring," said Joseph Dowling, Chief Executive Officer. "The distribution of PlusCBD™ Oil products into national retailers in the Food, Drug and Mass (FDM) channel is growing significantly, yet we are still in the early stages of growth. Despite more than doubling the number of stores carrying our industry leading products to 4,591 stores in the first six months of this year, we see a significant runway for additional growth, including increasing our domestic and international store count, as well as broadening product SKUs with our retail partners."
Fast growing list of MH HIPA locations:
http://sippindustries.com/major-hemp-h-ipa/
VATE looks perfect from a technical view:
https://otcbb.swingtradebot.com/equities/VATE:OTC