SOURCE: Meritage Hospitality Group

Meritage Hospitality Group

May 21, 2013 12:14 ET

Meritage Hospitality Approves Special Dividend; Announces Results of 2013 Annual Shareholder Meeting

GRAND RAPIDS, MI--(Marketwired - May 21, 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 May 21, 2013 Board of Directors Meeting. The dividend is payable on July 1, 2013 to shareholders of record on June 14, 2013.

"Our dividend distributions are consistent with the Company's culture to reward profitable growth. Our goal continues to be focused on creating a rewarding investment for all of our stakeholders through sustainable growth and reinvestment in the business, balanced with appropriate cash distributions," stated CEO, Robert E. Schermer, Jr.

At the Annual Shareholder Meeting, the Company's shareholders elected six directors: James P. Bishop, Duane F. Kluting, Joseph L. Maggini, Robert E. Schermer, Sr., Robert E. Schermer, Jr., and Peter D. Wierenga. Each director will serve until the 2014 Annual Shareholders' Meeting.

Also discussed at the Annual Shareholder Meeting:

  • 2013 Financial and Distribution Targets
    • 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 Company reiterated its annual operating plan for re-imaging its Wendy's restaurant portfolio and opening its new Freighters restaurant in July. The Wendy's system remains focused on long-term brand revitalization and facility reinvestment termed "image activation" aimed to enhance the entire customer experience in Wendy's restaurants, including store ambiance, quality of food and higher service standards.

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.