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GRAND RAPIDS, Mich., May 22, 2019 (GLOBE NEWSWIRE) -- Meritage Hospitality Group, Inc. (OTCQX: MHGU), one of the nation’s premier restaurant operators, today announced results following the annual shareholders meeting.
During the annual shareholder meeting, the Company’s shareholders elected eight directors: James P. Bishop, Duane F. Kluting, Joseph L. Maggini Sr., Dirk J. Pruis, Gary A. Rose, Robert E. Schermer, Sr., Robert E. Schermer, Jr. and Peter D. Wierenga. Each director will serve one year until the 2020 Annual Shareholders Meeting.
The CEO’s Strategic Review (available on the company’s website and OTCQX) highlighted observations in the restaurant industry, the Company’s strong past performance and an update on the five-year business plan to expand its restaurant operations to 420 restaurants by 2021. The management team intends to focus on accomplishing the 2021 financial and operational goals through a combination of continued investment in people development, acquisitions, new restaurant development and renovations.
The Company’s Board of Directors approved a special quarterly dividend of $0.06 per share at the May 21, 2019 Directors meeting immediately following the shareholders meeting. The dividend is payable on June 13, 2019 to shareholders of record on June 3, 2019.
“We reported strong earnings growth in the first quarter and believe the earnings growth trend will continue through 2019 and into 2020, driven by new development and reimaged locations. The Company’s goal is to reward shareholders commensurate with earnings growth,” stated Meritage CEO, Robert Schermer, Jr.
During the first six months of 2019 the Company has increased common stock dividends 200% to $0.12 per shares compared $0.04 last year during the same period.
The Company 2019 Full-Year Outlook: Solid Earnings Growth Ahead
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 318 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 10,000 employees. The Company has approximately 9.8 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 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 Ext 1012