GRAND RAPIDS, Mich., June 25, 2020 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (MHGU), one of the nation’s premier restaurant operators, today announced results following the annual shareholders meeting.
During the annual shareholder meeting, the Company’s shareholders elected eight directors: Chris A. Armbruster, Duane F. Kluting, Joseph L. Maggini Sr., Dirk J. Pruis, Gary A. Rose, Robert E. Schermer, Sr., Robert E. Schermer, Jr. and Peter D. Wierenga. Each director will serve a one-year term until the 2021 annual shareholders meeting.
The CEO’s Business Update (available on the Company’s website and OTCQX: MHGU) highlighted trends and observations in the restaurant industry, earnings impact from COVID-19 lockdowns, second quarter’s strong operating recovery trends and the continued execution of the five-year business plan to expand its restaurant operations to 437 restaurants by 2025.
“The Company previously reported consolidated sales growth of +7.2% in the first quarter of the year, despite the COVID-19 forced closures of 335 dining rooms in mid-March. We were fortunate that Wendy’s entered March from a position of strength with the system-wide launch of its new breakfast daypart. The Company today is experiencing strong same restaurant sales and increased earnings trends driven by drive-thru efficiencies. The Company completed six new Wendy’s facilities and one new Morning Belle restaurant in 2020. We believe the Company is set-up for solid operating results in the second half of the year and a return to robust growth in 2021. The forecasted growth in 2021 is expected to be driven by new restaurant development, reimaged locations and acquisitions. The Company’s goal continues to be rewarding shareholders with dividend growth commensurate with earnings growth as we navigate our way to a new industry normal,” stated Meritage CEO, Robert E. Schermer, Jr.
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 340 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 10,500 employees. The Company has approximately 9.3 million diluted weighted average common shares outstanding. The Company’s public filings can be viewed at the Company’s website www.meritagehospitality.com under Investor Relations or www.otcmarkets.com, under the stock symbol MHGU.
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 Ext 1012