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Meritage Announces 50% Increase First Quarter Common Stock Special Dividend

GRAND RAPIDS, Mich., Feb. 12, 2019 (GLOBE NEWSWIRE) -- Meritage Hospitality Group, Inc. (MHGU), one of the nation’s premier restaurant operators, today announced that the Company’s Board of Directors approved a special quarterly dividend of $0.06 per share at the February 12, 2019 Directors meeting. The dividend is payable on March 7, 2019, to shareholders of record on February 25, 2019.

The Company recently reported record results for 2018 with sales growth of +39.3% and EBITDA growth of +50.3%. The $0.06 common stock special dividend represents a 50% increase over the first quarter last year and is consistent with our stated philosophy to reward shareholders commensurate with earnings growth.

“The Company’s new locations and recently acquired restaurants will contribute to sales and earnings growth throughout the year as we provide guests with more conveniences and grow customer traffic,” stated Meritage CEO, Robert Schermer, Jr.

Company 2019 Full-Year Financial Outlook: Solid Growth Ahead

  • Sales growth of +10% to 20%
  • Earnings from Operations growth of +10% to 20%
  • Net Earnings growth of +10% to 20%
  • EBITDA growth of 10% to 20%
  • Dividend growth of +50% to 60%

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 based culture committed to operational excellence, strategic acquisitions and real estate development.

Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 318 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 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