Meritage Hosp - MHGU STOCK NEWS

Meritage Hospitality Group (OTCQX: MHGU) received the Wendy’s 2022 Monument Award for Visionary Growth and Expansion in the large franchise category. This award recognizes outstanding franchisees who enhance the Wendy's brand through their commitment to development, service, and sustainability. Meritage was honored for launching market tests, supporting brand initiatives, piloting new restaurant designs, and investing in innovative management methods. The award reflects Meritage's four-year commitment to operational excellence.

Meritage Hospitality Group (OTCQX: MHGU) announced a special quarterly dividend of $0.12 per share, payable on October 1, 2022. The company increased its stock repurchase authorization by 1,000,000 shares. With strong second-quarter results, the company aims for a full-year dividend growth of 12.5% and forecasts sales growth of 10% to 15% in 2022. Meritage is also set to invest approximately $100 million in expanding Taco John’s, targeting 50 new locations by 2026. This investment aligns with the company's strategy to enhance shareholder returns and capitalize on new growth opportunities.

Meritage Hospitality Group (OTCQX: MHGU) has initiated construction for its first Taco John’s location in Wyoming, Michigan, marking a significant step in its multi-state rollout plan. The company aims to build 50 new Taco John’s restaurants by 2026, with a potential for an additional 150. Meritage plans to invest around $100 million in this initiative, leveraging both cash and credit facilities. The company forecasts a sales growth of 10% to 15% and a similar increase in dividend growth for 2022, supported by strong growth from Wendy’s and Taco John’s developments.

Meritage Hospitality Group Inc. (OTCQX: MHGU) reported its second-quarter earnings for the period ending July 3, 2022. Sales rose 9.3% to $161.0 million, up from $147.3 million in the prior year. However, net earnings fell to $6.0 million from $7.9 million. The company announced an acquisition of six Wendy’s restaurants in Florida, expected to add approximately $11 million in annual sales. Year-to-date, sales increased 8.9% to $306.1 million. The full-year outlook anticipates 10% to 15% growth in sales and dividends.

Meritage Hospitality Group Inc. (OTCQX: MHGU) announced the acquisition of six Wendy’s restaurants in Jacksonville, Florida, as part of its growth strategy aimed at reaching 400 locations. This acquisition, funded by cash reserves, is expected to contribute approximately $11.0 million in annual sales and enhance earnings. The company is on track to open a record number of new restaurants in 2022 and plans to renovate the acquired locations to improve guest experiences. Meritage aims for a sales growth of 10% to 15% alongside a similar increase in dividends for the second half of 2022.

Meritage Hospitality Group (OTCQX: MHGU) held its Annual Shareholders Meeting on May 17, 2022, where shareholders elected eight directors for one-year terms. A quarterly dividend of $0.12 per share was approved, payable on July 1, 2022, to shareholders of record as of June 15, 2022. The company anticipates a stronger second half of 2022, committing resources to open 100 new Wendy’s and Taco John’s locations by 2025. Meritage currently operates 345 restaurants across 15 states and employs approximately 11,000 individuals.

Meritage Hospitality Group Inc. (MHGU) reported a first-quarter sales increase of 8.4%, reaching $145.1 million versus $133.8 million last year. However, earnings from operations fell to $2.2 million from $6.3 million, and net earnings decreased to $1.7 million compared to $4.9 million. EBITDA also dropped to $8.2 million from $12.4 million. The company attributed these declines to inflation and operational challenges due to the Omicron variant but maintains a positive outlook as it plans to develop new Taco John’s restaurants under a 50-store agreement.

Meritage Hospitality Group (MHGU) has successfully sold its Twisted Rooster restaurant concept, gaining approximately $500,000. The sale aligns with its strategic growth aimed at expanding multi-unit franchise development. The company plans to invest about $200 million in new Wendy's and Taco John’s locations, with four new Wendy’s already opened in 2022, aiming for a total of 25. Meritage's focus on restaurant development and digital technology continues to enhance its operational strategy, further solidifying its position in the quick-service restaurant sector.

Meritage Hospitality Group Inc. (OTCQX: MHGU) announced preliminary financial results for the fiscal year ending January 2, 2022, showing strong sales growth despite challenges. Sales rose 11.8% to a record $577.1 million. However, Earnings from Operations fell to $18.1 million from $25.8 million the previous year. Net Earnings increased 15.5% to $18.2 million, with Diluted Earnings Per Share rising 14.6% to $1.81. The company secured a $302.8 million credit facility and a development agreement with Taco John's for 50 stores. The outlook for 2022 remains positive with a predicted sales growth of 10%-15%.