Meritage Reports Second Quarter 2013 Results
19 7월 2013 - 2:40AM
OTC Markets
MERITAGE REPORTS SECOND QUARTER 2013 RESULTS;
SIGNIFICANT SALES & EARNINGS GROWTH
Grand Rapids, Michigan, July 18, 2013. 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
113threstaurant. 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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Meritage Hospitality (QX) (USOTC:MHGU)
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