GRAND RAPIDS, MI--(Marketwire - May 1, 2012) - Meritage Hospitality Group Inc. (
First Quarter 2012 Highlights
- Sales increased 21.6% to $23.6 million from $19.4 million for the same period last year.
- Income from Operations increased 25.6% to $569,000 compared to $453,000 for the same period last year.
- Net Income from Continuing Operations increased 113.7% to $426,000 compared to $199,000 for the same period last year.
- Consolidated EBITDA (a non GAAP measure) increased 28.2% to $995,000 compared to $776,000 for the same period last year.
- The Company declared its 34th consecutive quarterly dividend on its Series B Cumulative Convertible Preferred stock of $.20 per share, which was payable on April 1, 2012 to shareholders of record as of March 15, 2012.
"Our focus remains on operational excellence, margin improvements and facility upgrades in our Wendy's restaurant portfolio. We are aggressively seeking opportunities to implement our web-based operating platform and team in the Wendy's restaurant system," stated Robert E. Schermer, Jr., the company's CEO. The Company's wholly owned Twisted Rooster casual dining restaurants continue to perform well, and the Company plans to add one to two new restaurants in 2012.
Meritage is one of the nation's premier restaurant operators, currently operating 89 quick service and casual dining restaurants. The Company is headquartered in Grand Rapids and employs a workforce of approximately 2,800. Meritage seeks growth opportunities to capitalize on its substantial restaurant development and operating expertise. 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.