GRAND RAPIDS, Mich., Nov. 11, 2015 (GLOBE NEWSWIRE) -- Meritage Hospitality Group, Inc. (OTCQX:MHGU), one of the nation’s premier restaurant operators, today announced that the Company’s Board of Directors approved a special dividend of $.03 per share at the November 10, 2015 Board of Directors meeting. The dividend is payable on December 8, 2015, to shareholders of record on November 26, 2015.
“The dividend represents a 100% increase over last year’s special dividend from the same period and is consistent with our stated philosophy to reward shareholders with cash dividend growth commensurate with the Company’s earnings growth,” stated Meritage CEO, Robert Schermer, Jr.
The Company successfully completed its five year growth targets, which resulted in significant sales and earnings growth through acquisitions, new restaurant development and renovations. The Meritage Wendy’s restaurant renovations continue to produce strong sales increases and enhance the overall guest experience. The Company casual restaurants earnings have continued to grow and we have new locations planned for opening in 2016 and beyond.
Company Updated Full Year 2015 Outlook
- Sales growth of 25% to 30%
- EBITDA growth of 85% to 90%
- Net Earnings growth of 110% to 115%
- Dividend growth of 100%
Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 167 restaurants in operation located in Florida, Georgia, Michigan, North Carolina, South Carolina, Ohio and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 5,100 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 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.