Meritage Hospitality Reports Preliminary 2013 Fiscal Results; Issues 2014 Outlook: Earnings Growth
13 2월 2014 - 4:06AM
Marketwired
Meritage Hospitality Reports Preliminary 2013 Fiscal Results;
Issues 2014 Outlook: Earnings Growth
GRAND RAPIDS, MI--(Marketwired - Feb 12, 2014) - Meritage
Hospitality Group Inc. (OTCQX: MHGU), one of the nation's premier
restaurant operators, today reported preliminary financial results
for the 2013 fiscal year ended December 30, 2013.
2013 Full-Year Highlights
- Sales increased 39.2% to $137.8 million (a new record high
for the Company), compared to $99.0 million last year.
- Income Before Taxes increased 108% to $4.3
million compared to $2.1 million last year.
- Net Income was $3.1 million compared to $2.9 million last
year (last year included non-recurring income tax benefits
of $1.6 million).
- Consolidated EBITDA (a non-GAAP measure) increased 58.0%
to $8.4 million, compared to $5.3 million last year.
- The Company developed or acquired seven additional
restaurants during the year, finishing 2013 with
119 restaurants in operation.
- The Company declared its 45th consecutive quarterly
dividend on its Series B Cumulative Convertible Preferred
stock and doubled its Common Share cash distributions in
2013.
"In 2013 we made tremendous progress integrating newly acquired
restaurants and expanding our Wendy's market presence in Florida,
Georgia and Virginia. Complementing our acquisition strategy, we
are building new Wendy's "Image Activation" restaurants and
launching an extensive Wendy's restaurant renovation program. Our
quality of earnings improved significantly in 2013, as highlighted
by our Income Before Taxes growth rate of 108%," stated Robert E
Schermer, Jr., CEO.
"As we look to 2014 (beyond any short-term impact of an unusual
mid-west winter), we expect that our financial flexibility and
increasing cash flow will enable us to fund strong organic growth
initiatives and return capital to shareholders. We see a
strengthening of the overall health of our business with Net Income
growth projected in the range of 50% to 55% in 2014," added
Schermer.
Fourth Quarter 2013 Highlights
- Sales increased 40.4% to $35.1 million compared to $25.0
million in 2012.
- Net Income was $617,000 compared to $707,000 in the fourth
quarter of 2012.
- Consolidated EBITDA (a non-GAAP measure) increased 25.8%
to $1.5 million compared to $1.2 million in the same period
last year.
2014 Outlook: Growth is Imperative The Company's 2014 operating
targets include the following financial expectations:
- Sales growth of 10% to 15%
- Income Before Taxes growth of 55% to 60%
- Net Income growth of 50% to 55%
- EBITDA growth (a non-GAAP measure) of 30% to 35%
Our 2014 financial targets assume the development of new Wendy's
restaurants, the re-imaging of Wendy's restaurants, and the
exclusive catering rights to a new convention center located next
to our Freighters Restaurant on the St. Clair River in Port Huron,
Michigan.
The focus of our growth strategy continues to be investment in
restaurant opportunities where we can leverage our web-based
operating platform for efficiencies, providing the opportunity for
continued intrinsic business value creation and cash distributions
to shareholders.
About Meritage Meritage is one of the nation's premier
restaurant operators, currently managing 119 quick service and
casual dining restaurants. The Company specializes in the
acquisition, development and operation of quick service and casual
dining restaurant properties. The Company is headquartered in
Grand Rapids and employs a growing workforce of approximately
3,800. The Company seeks new restaurant acquisition and development
opportunities to capitalize on its web-based operating platform and
substantial restaurant operating expertise. 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 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 www.meritagehospitality.com.
Meritage Hospitality (QX) (USOTC:MHGU)
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Meritage Hospitality (QX) (USOTC:MHGU)
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부터 6월(6) 2023 으로 6월(6) 2024