Meritage Announces Increased Common Stock Special Dividend

GRAND RAPIDS, Mich., Aug. 15, 2018 (GLOBE NEWSWIRE) -- Meritage Hospitality Group, Inc. (OTCQX: MHGU), one of the nation’s premier restaurant operators, declared a special quarterly cash dividend of $0.05 per share at the August 14, 2018 Directors meeting. The dividend is payable on September 12, 2018 to shareholders of record on August 29, 2018.

“We reported strong sales and earnings growth in the second quarter with sales increase of 48.5% and EBITDA increase of 39.8%. Common stock cash dividends declared during the first nine months of the year represent an increase of 29% over the same period last year, as we continued to reward shareholders with dividend growth commensurate with earnings growth,” added Schermer.

The Company considers itself in the middle stages of a major growth cycle driven by acquisitions, restaurant renovations and the continuous development of new locations.

The Company 2018 Full-Year Financial Targets: Solid Growth Ahead

• Sales growth of 40% - 50%
• Income from Operations growth of 55% - 65%
• Net Earnings growth of 45% - 55%
• EBITDA growth of 40% - 50%
• Common stock dividend growth of 50% - 100%

Meritage continues to distinguish itself as a leader and innovator in the quick service restaurant segment, striving for best in class results through a performance culture committed to operational excellence, strategic acquisitions and real estate development.

About Meritage

Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 311 restaurants in operation located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 10,000 employees. The Company has approximately 6.2 million (basic) common shares outstanding. The Company’s public filings can be viewed at www.otcmarkets.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.  

CONTACT: Robert E. Schermer, Jr., CEO
Meritage Hospitality Group Inc.
616-776-2600