Meritage Reports First Quarter 2014 Results Continued Sales and Earnings Growth
22 4월 2014 - 5:23AM
Marketwired
Meritage Reports First Quarter 2014 Results Continued Sales and
Earnings Growth
GRAND RAPIDS, MI--(Marketwired - Apr 21, 2014) - Meritage
Hospitality Group Inc. (OTCQX: MHGU), one of the nation's premier
restaurant operators, today reported financial results for the
first quarter ended March 30, 2014.
2014 First Quarter Highlights
- Sales increased 10.9% to a record $35.2 million from $31.7
million for the same period last year.
- Earnings from Operations increased 14.5% to $766,000
compared to $668,000 for the same period last year.
- Net Income was $197,000 compared to $422,000 for the same
period last year.
- Consolidated EBITDA (a non GAAP measure) increased 2.5% to
$1,534,000 compared to $1,497,000 for the same period last
year.
- The Company declared its 46th consecutive quarterly
dividend on its Series B Cumulative Convertible Preferred
Shares of $.20 per share, which was payable on April 1, 2014
to shareholders of record as of March 15, 2014.
- The Company opened its 121st restaurant, a new Wendy's
image activation design located in Jacksonville, FL.
"The story of this quarter was the strength and diversity of our
restaurant business and operating systems. Company restaurant
managers did an excellent job controlling food and labor costs
during an intense winter in the Midwest and Mid-Atlantic states.
The severe weather caused a number of one-time charges related to
property maintenance, equipment and temporary restaurant closings
during the quarter," stated Robert E. Schermer, Jr. the Company's
CEO.
"The Company's newly opened Wendy's restaurant continues to
produce company record sales volumes which are encouraging for the
new Wendy's design standard. In addition, our wholly-owned Twisted
Rooster style 'scratch-food' casual dining restaurant sales
increased 46.7% and the segment earnings from operations increased
175% over last year," added Mr. Schermer.
The Company reiterated its 2014 Outlook which included;
- Sales growth of 10% to 15%
- Net Income growth of 50% to 55%
- EBITDA growth (a non-GAAP measure) of 30% to 35%
The Company continues to seek tuck-in acquisitions and new
restaurant roll-out opportunities where it can leverage its
web-based operating platform and development skill-set within the
Wendy's franchise system and casual dining segment.
About Meritage Meritage is one of the nation's premier
restaurant operators, currently operating 121 quick service and
casual dining restaurants in six states. The Company is
headquartered in Grand Rapids and employs a workforce of
approximately 3,500. The Company's public filings can be viewed at
www.otcqx.com under the stock symbol MHGU, or at 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.
Meritage Hospitality (QX) (USOTC:MHGU)
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Meritage Hospitality (QX) (USOTC:MHGU)
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