SOURCE: Meritage Hospitality Group, Inc.

Meritage Hospitality Group, Inc.

November 13, 2013 12:08 ET

Meritage Announces Second 2013 Special Dividend of $0.01 per Share

GRAND RAPIDS, MI--(Marketwired - Nov 13, 2013) - Meritage Hospitality Group, Inc. (OTCQX: MHGU), one of the nation's premier restaurant operators, today announced that the Company's Board of Directors approved a special dividend of $0.01 per share at the recently held Board of Directors meeting. The dividend is payable on December 16, 2013 to shareholders of record on December 2, 2013.

"The dividend distributions are consistent with the Company's results and our stated targets in the previously communicated 'Outlook for 2013.' Our culture is to reward success with the Company's continued growth and earnings expansion. The ultimate goal continues to be focused on creating a rewarding investment for all of our stakeholders through continued restaurant growth and development, balanced with appropriate cash distributions," stated CEO, Robert E. Schermer, Jr.

With today's announced second Special Dividend we have accomplished a 100% dividend growth rate in 2013, and remain on plan to deliver our stated financial targets for the year.

2013 Outlook

  • Sales growth of 30% to 35%
  • EBITDA growth of 65% to 70%
  • Net Earnings growth of 15% to 20%
  • Special Dividend growth of 100%

The number of shares of common stock outstanding at the end of the third quarter was 5,522,602.

The Company is headquartered in Grand Rapids, MI and operates 114 restaurants in six states including Florida, Georgia, Michigan, North and South Carolina and Virginia.

The Company's public filings can be viewed at www.otcqx.com under the stock symbol MHGU, or at 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.