GRAND RAPIDS, Mich., Nov. 10, 2021 (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 $0.08 per share at the November 9, 2021, meeting. The dividend is payable on January 1, 2022, to shareholders of record on December 15, 2021.
Common stock dividends for the year increased 129% to $0.32 per share compared to $0.14 per share last year. Recently, the Company announced strong earnings results for the nine months with sales increasing 13.9% to $428.6 million while consolidated EBITDA (a non-GAAP measure) increased 13.5% to $37.6 million.
“The year has not been without its operating challenges, including labor and supply chain disruptions, which negatively impacted operating expenses during the year. We remain confident in our ability to remain flexible and adapt to operating conditions and believe we will see slow and steady improvements across our markets in 2022,” stated Meritage CEO, Robert Schermer, Jr.
“Looking ahead to 2022, we are planning to build 27 new restaurants within the Wendy’s and Taco Johns brands while renovating 30 of our existing Wendy’s restaurants. Our newly built and reimaged Wendy’s restaurants continue to provide a strong catalyst for continued sales and earnings which has allowed us to provide years of steady dividend growth,” stated Meritage CEO, Robert Schermer, Jr.
The Company’s 5-year growth plan includes expanding the Wendy’s operations to 400 restaurants, the development of 50 Taco John’s and continued development of Company branded restaurants. Meritage continues to provide best in class results through a performance-based culture committed to operational excellence, strategic acquisitions and real estate development.
Meritage Hospitality Group, Inc. is one of the nation’s premier restaurant operators, with 345 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 11,000 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.
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.