GRAND RAPIDS, Mich., April 15, 2022 (World NEWSWIRE) — Meritage Hospitality Team Inc. (OTCQX: MHGU), the nation’s premier franchise operator, right now reported financial outcomes for the first quarter finished April 3, 2022.
Very first Quarter Highlights
-
Profits elevated 8.4{194d821e0dc8d10be69d2d4a52551aeafc2dee4011c6c9faa8f16ae7103581f6} to $145.1 million in comparison to $133.8 million for the exact same interval very last yr.
-
Earnings from Operations were $2.2 million when compared to $6.3 million for the exact same time period previous 12 months.
-
Net Earnings were being $1.7 million compared to $4.9 million for the exact time period very last calendar year.
-
Consolidated EBITDA (a non-GAAP measure) was $8.2 million when compared to $12.4 million for the exact time period past year.
“The Enterprise expected a slower start out to 2022 as a outcome of the dynamic inflation professional in the second 50 {194d821e0dc8d10be69d2d4a52551aeafc2dee4011c6c9faa8f16ae7103581f6} of 2021. In addition, the Omicron breakout in January 2022 noticeably impacted staffing and meals prices, but earnings have because stabilized. We anticipate margins to continue on bettering all through the remainder of the yr and are grateful for our administration teams who go on to successfully navigate the evolving sector. Our outlook continues to be beneficial as we shift forward with new restaurant enhancement, which includes the Company’s to start with Taco John’s dining establishments scheduled to open later this year,” mentioned Meritage CEO, Robert E. Schermer, Jr.
Strategic Expansion
-
Reliable with its strategic growth plans to accelerate multi-device franchise restaurant progress, the Corporation offered one particular of its informal dining brands through the quarter.
-
The Company’s very first Taco John’s dining places, scheduled to open later on this yr, are part of an distinctive 50 store advancement arrangement that features additional rights to acquire extra than 200 Taco John’s dining places.
-
Newly developed Wendy’s dining places continue to provide the Organization with a sturdy return on expense, as guests reward us for present-day cafe models and electronic enhancements.
-
The Firm carries on to leverage its strategic operating platform, exceptional in-residence restaurant progress expertise and investments in digital technological know-how to create the most effective-of-course QSR models focused on top quality, comfort, and affordability.
About the Organization
Meritage Hospitality Team is the nation’s premier cafe operators, presently with 345 dining places in procedure located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, South Carolina, Ohio, Oklahoma, Tennessee, Texas and Virginia. Meritage is headquartered in Grand Rapids, Michigan, functioning with a workforce of around 11,000 workforce. At fiscal calendar year-finish 2021, the Organization had whole weighted typical absolutely diluted popular shares exceptional of 8,417,219.
The Company’s existing and publicly available data pursuant to amended SEC Rule 15c2-11 and FINRA Rule 6432 can be uncovered at www.otcmarkets.com, below the inventory image MHGU/Disclosures or the Company’s web page, www.meritagehospitality.com.
Protected HARBOR Assertion
Specified info in this new release, significantly information and facts relating to long run financial overall performance and funds, and strategies, anticipations and aims of management, constitutes ahead-looking statements. Components set forth in our Risk-free Harbor Assertion, in addition to other doable factors not mentioned, could have an impact on the Company’s true final results and trigger these final results to vary materially from those expressed in forward-wanting statements. You should assessment the Company’s Safe and sound Harbor Assertion at http://www.meritagehospitality.com.
Robert E. Schermer, Jr.
Meritage Hospitality Group Inc.
(616) 776-2600 ext. 1012
