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.
