Meritage Reports Second Quarter 2013 Results; Significant Sales & Earnings Growth
19 7월 2013 - 12:07AM
Marketwired
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, 2013.
Second Quarter Highlights
- Sales increased 38.6% to $35.1 million from
$25.3 million for the same period last year.
- Earnings before tax increased 165.1% to
$2,367,000 compared to $893,000 for the same period last
year.
- Net Earnings increased 81.8% to $1,712,000
compared to $941,000 for the same period last year.
- Consolidated EBITDA (a non-GAAP measure)
increased 132.6% to $3,329,000 compared to $1,430,000 million for
the same period last year.
- The Company declared its 39th consecutive quarterly dividend on
its Series B Cumulative convertible Preferred Stock of $0.20 per
share, which was payable on July 1, 2013 to shareholders of record
as of June 15, 2013.
- The Company declared a special common stock
dividend of $0.01 per share which was paid July 1, 2013 to
shareholders of record as of June 15, 2013.
"We are pleased with the continued integration of our newly
acquired Wendy's restaurants and the opening of our 113th
restaurant. We have allocated substantial resources toward Wendy's
growth, including the re-development of three 'Image Activation'
restaurants, which we believe will accelerate our Wendy's portfolio
transformation.
"The Company is preparing to open a new casual dining restaurant
named 'Freighters' under its proprietary casual dining themed
restaurant concept during the third quarter," added Meritage CEO,
Robert E. Schermer, Jr. Freighters Eatery and Taproom serves as the
centerpiece in a new $24.0 million Hilton Double Tree Hotel, Blue
Water Convention Center and Baker College Culinary Institute,
located on the St. Clair River in Port Huron, MI.
Six Months Highlights
- Sales for the six months increased 36.5% to
$66.8 million compared to sales of $48.9 million for the same
period last year.
- Income before tax increased 154.4% to
$2,832,000 compared to $1,113,000 for the same period last
year.
- Net Income increased 57.7% to $2,134,000
compared to $1,353,000 for the same period last year.
- Consolidated EBITDA (a non-GAAP measure)
increased 97.6% to $4.8 million compared to $2.4 million in
2012.
Meritage is one of the nation's premier franchise operators,
currently operating 113 quick-service and casual dining
restaurants. The Company specializes in the development and
operation of restaurants, utilizing its scalable back-of-house
operating platform. The Company is headquartered in Grand Rapids,
MI and employs a growing workforce of approximately 3,800. The
Company's public filings can be viewed at www.otcqx.com, under the
common stock symbol MHGU and the company's website at
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.
Meritage Hospitality (QX) (USOTC:MHGU)
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