Meritage Reports 2013 Year to Date and Third Quarter Results; Continued Strong Sales and Earnings Growth
16 10월 2013 - 10:23PM
OTC Markets
Meritage Reports 2013 Year to Date and Third Quarter Results;
Continued Strong Sales and Earnings Growth
Meritage Reports 2013 Year to Date and Third Quarter Results;
Continued Strong Sales and Earnings Growth
GRAND RAPIDS, MI--(Marketwired - Oct 16, 2013) - ?Meritage
Hospitality Group Inc. (OTCQX: MHGU), one of the nation's premier
restaurant operators, today reported financial results for the nine
months and quarter ended September 30, 2013.
Nine Months 2013 Highlights
- Sales for the nine months ended September 30, increased
38.9% to $102.6 million compared to sales of $73.9 million for the
same period last year.
- Earnings before income taxes increased 134.7% to $ 3.8
million compared to $1.6 million for the same period last
year.?
- Net Income increased 10.8% to $2.4 million compared to
$2.2 million for the same period last year -- which included
certain non-recurring tax benefits.
- Consolidated EBITDA (a non-GAAP measure) increased
67.4% to $6.9 million compared to $4.1 million last
year.
- The Company declared its
40th consecutive
quarterly dividend on its Series B Cumulative Convertible Preferred
Stock of $0.20 per share, which was payable on
October 1, 2013 to shareholders of record as of September 15,
2013.
"Company sales exceeded $100 million during the nine months
period, a company milestone, but most importantly the quality of
our earnings before income taxes has continued to improvement
significantly throughout the year," stated Meritage CEO, Robert E.
Schermer, Jr.?The new Wendy's Pretzel Bacon Cheeseburger and
Pretzel Chicken Pub sandwiches have been extremely well received by
our customers, driving sales and transactions. Meritage continues
to invest substantial resources into the Wendy's brand
transformation, including major restaurant property improvements
known as "Image Activation."
"We have three Image Activation restaurants under development
and remain highly confident that with our demonstrated history of
operational excellence and commitment to the Wendy's brand
transformation we will continue to drive higher sales and create
greater guest satisfaction in our Wendy's restaurant portfolio,"
added Mr. Schermer.
The Company's proprietary casual dining restaurants which
feature unique "made from scratch" recipes using locally sourced
ingredients, reported 14% same store sales growth over the nine
months period.
Third Quarter 2013 Highlights
- Sales?increased 43.4% to $35.8 million compared to
$25.0 million for the same?period last year.
- Earnings?before income taxes increased 23.7% to
$954,000 compared to $771,000 for?the same period last
year.
- Net?Income was $303,000 compared to $845,000 for the
same period last year --?which included non-recurring tax
benefits.
- Consolidated?EBITDA (a non GAAP measure) increased
22.7% % to $2.0 million compared to?$1.7 million for the same
period last year.
- The Company acquired two Wendy's restaurants located in
the Jacksonville, FL market area.
- The Company opened Freighters Eatery &
Taproom, a 230 seat casual dining
restaurant located on the St Clair River in Port Huron,
MI.
Meritage Hospitality Group is one of the nation's premier
restaurant operators, with 115 restaurants located in Florida,
Georgia, Michigan, North Carolina, South Carolina and Virginia.
Meritage is headquartered in Grand Rapids, MI operating with
approximately 3,900 employees. The Company's public filings can be
viewed at www.otcqx.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. ?
Meritage Hospitality (QX) (USOTC:MHGU)
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Meritage Hospitality (QX) (USOTC:MHGU)
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