Meritage Reports Preliminary 2015 Results; 2016 Outlook: Continued Earnings Growth
GRAND RAPIDS, Mich., Feb. 10, 2016 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX:MHGU), one of the nation’s premier restaurant operators, today reported preliminary financial results for 2015 fiscal year ended January 3, 2016.
2015 Full-Year Highlights:
Chief Executive Officer Robert Schermer, Jr., stated, “Our results for the year achieved many of our operational goals, including a strong contribution from newly built and acquired restaurants, culminating with record earnings in the fourth quarter. During the year, we experienced a number of positive factors including lower food costs, high same store sales growth and several beneficial real estate transactions. Our proprietary casual dining brands continued to grow with earnings increasing 26% for the year.
2015 represented our fifth consecutive year of sales and restaurant growth, which exceeded our original five-year plan submitted to shareholders. We accomplished these results through financial discipline, our unique operating & accounting platform and a service culture in our restaurants,” added Mr. Schermer.
Fourth Quarter 2015 Highlights:
Company 2016 Outlook: Continued Earnings from Operations Growth
The Company’s 2016 operating targets include the following year-over-year financial expectations (excluding any future acquisitions). The Company is planning to accelerate capital investments in 2016 including the renovation of 18 existing Wendy’s locations utilizing the new image activation design standards.
Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 166 restaurants in operation located in Florida, Georgia, Michigan, North Carolina, South Carolina, Ohio and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 5,100 employees. The Company has approximately 5,651,242 (basic) common shares outstanding. The Company’s public filings can be viewed at www.otcqx.com, under the stock symbol MHGU, or the Company’s website www.meritagehospitality.com.
SAFE HARBOR STATEMENT
Certain information in this new 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