Meritage Hospitality Group, Inc. (OTCQX: MHGU) of Grand Rapids, Mich., one of the nation’s leading restaurant operators, recently announced that its board of directors approved a special dividend of $0.03 per share payable on June 26 to shareholders of record on June 5, 2015.
Meritage was a presenter at a recent Virtual Investor Conference, a cooperative venture by BetterInvesting and PR Newswire, along with its division Vintage. The archived May 7 conference may still be viewed on-demand. A copy of Meritage’s presentation materials from the conference may be found here.
“The special dividend represents a 100 percent increase over last year’s dividend from the same period and is consistent with our stated philosophy to reward common shareholders with cash dividends commensurate with earnings growth. We plan to continue our sales and earnings growth trajectory through acquisitions, major capital reinvestment in the Wendy’s restaurant system and new casual dining restaurant developments,” said Meritage CEO Robert E. Schermer Jr. in a news release.
Also at the annual shareholder meeting on May 19, the company announced its 2015 full year financial targets:
- Sales growth of 25 percent to 30 percent
- EBITDA growth of 55 percent to 65 percent (earnings before interest, taxes, depreciation and amortization)
- Net earnings growth of 100 percent
The Wendy’s system is making impressive progress with its ongoing brand and restaurant ownership transformation, the Meritage Hospitality Group news release noted.
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