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Meritage Hospitality Group Inc. reports recurring developments in its franchise restaurant operating platform, including quarterly and annual sales, restaurant operating income, net earnings and Consolidated EBITDA. The company’s updates center on its Wendy’s restaurant portfolio, its proprietary Morning Belle breakfast, brunch and lunch concept, and restaurant development, reimaging and closure activity.
Company news also covers operating-margin trends, food, paper and labor cost pressures, menu and beverage innovation, delivery and restaurant technology initiatives, real estate development, strategic acquisitions and capital allocation. Governance updates and shareholder-liquidity discussions appear as part of Meritage’s public-company communications.
Meritage Hospitality Group (OTCQX: MHGU) announced a new $302.8 million senior secured credit facility led by City National Bank, effective August 5, 2021. This replaces their prior credit facility due in February 2022. The new structure includes term debt of $181.8 million, a development line of credit of $86.0 million, and a revolving line of credit of $35.0 million. The facility offers improved cash flow benefits and supports the goal of expanding to 600 restaurants by 2026. The first half of 2021 saw strong sales and earnings growth, with a 100% increase in dividends to $0.16 per share.
Meritage Hospitality Group (OTCQX: MHGU) reported significant financial growth for Q2 2021. Sales rose 21% to $147.3 million, while net earnings increased 31.9% to $8.0 million. Earnings from operations were $8.5 million, reflecting a year-over-year decrease due to prior COVID-related benefits. For the first half, sales reached $281.1 million, up 17.4%. The company anticipates sales growth of 10% to 15% and net earnings growth of 20% to 30% for the full year, amidst ongoing expansion plans, including 15 new Wendy’s locations.
Meritage Hospitality Group Inc. (OTCQX: MHGU) held its Annual Shareholders Meeting, where shareholders elected eight directors for a one-year term. The Board approved a quarterly dividend of $0.08 per share, payable on July 1, 2021. The company reported a fully diluted EPS of $0.56 for Q1, a significant turnaround from a loss of ($0.64) last year. Year-to-date, dividend growth stands at 128%. Looking ahead, Meritage projects sales growth of 10% to 15% and net earnings growth of 20% to 30%, supported by plans to open 20 new locations.
Meritage Hospitality Group Inc. (OTCQX: MHGU) reported strong Q1 2021 results, with sales up 13.6% to a record $133.8 million. Earnings from Operations surged to $6.3 million, compared to a loss last year. Net Earnings reached $4.9 million, a significant turnaround from a $3.7 million loss. Consolidated EBITDA increased 176.2% to $12.4 million. The company anticipates 2021 sales growth of 10% to 15% and plans to issue dividends with a substantial growth of 100% to 125%.
Meritage Hospitality Group (OTCQX: MHGU) announced a special quarterly dividend of $0.08 per share, a 14.3% increase from last year. The dividend will be paid on March 26 to shareholders recorded by March 15, 2021. The company's CEO highlighted strong sales momentum following record 2020 earnings despite pandemic challenges. Meritage plans to open 20 new locations and modernize 30 existing locations in 2021, aiming for sales growth of 10-15% and significant growth across earnings and EBITDA.
Meritage Hospitality Group (OTCQX: MHGU) reported a strong fiscal year ending January 3, 2021, with sales rising 10.4% to $516.2 million. Earnings from Operations increased 21.8% to $25.8 million, and Net Earnings rose 22.4% to $15.8 million. The fourth quarter saw even stronger results, with sales up 15.5% to $140 million and a net income surge of 265.4% to $8.8 million. Looking ahead, the company projects sales growth of 10% to 15% and plans to invest in new locations. The outlook remains optimistic as the recovery from COVID-19 accelerates.
Meritage Hospitality Group (OTCQX: MHGU) reported a strong third quarter for 2020, reflecting a 15.9% increase in sales to $136.6 million compared to the previous year. Earnings from operations rose 40.0% to $8.2 million, while net earnings surged 74.0% to $4.6 million. Consolidated EBITDA also increased 26.5% to $12.8 million. The company reinstated preferred stock dividends effective October 1, 2020. For the nine months, sales increased 8.6% to $376.1 million, although net earnings were $7.0 million, down from $10.5 million due to COVID-19 related expenses. Looking ahead, Meritage aims for ongoing growth through new restaurant developments.