Meritage Hospitality Group, Inc., a Grand Rapids, Mich., based restaurant operator, recently reported that its second quarter net earnings increased 79.1 percent to $2.2 million from $1.2 million for the same period last year. The quarter ended June 28.
Meritage will be a presenter at the Chicago Investor Expo, a Sept 12 daylong event created by the Chicago Coalition Chapters of BetterInvesting. Participants will learn more about investing, starting an investment club and other financial education topics.
Meritage said in a press release that other highlights of its second quarter included:
- Sales increased 26 percent to a record $51.0 million from $40.5 million for the same period last year.
- Earnings from operations increased 30 percent to $2.9 million from $2.2 million for the same period last year.
- Consolidated EBITDA (a non-GAAP measure) increased 81.5 percent to $5.2 million compared to $2.9 million for the same period last year.
- The company paid a special common stock dividend of $0.03 per share on June 26, 2015, representing a 100 percent dividend increase over the same period last year.
“The company continues to invest substantial resources in the Wendy’s restaurant brand initiatives, including the restaurant re-imaging program termed ‘image activation,’ as well as developing new restaurant locations and acquisitions. Our newly renovated Wendy’s restaurants are generating compelling double-digit, same-store-sales increases along with high customer satisfaction. The system goal is to have 60 percent of the restaurants image activated by the end of 2020, and we are currently on schedule for 10 percent of our restaurants to be image activated by year-end,” Meritage CEO, Robert E. Schermer, Jr., said in the news release.
The company also has plans to expand its own branded restaurants.
Meritage Hospitality operates 151 quick-service and chef-casual dining restaurants in six states and employs an active workforce of approximately 4,000. The company’s public filings can be viewed at www.otcqx.com, under the ticker MHGU and the company’s website at www.meritagehospitality.com.
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