Meritage Reports Full-Year 2019 Preliminary Results; 2020 Outlook: Robust Growth Ahead
MERITAGE HOSPTLTY GRP INC (MHGU)
NASDAQ:AMEX Investor Relations:
meritagehospitality.com/investor-relations
Company Research
Source: GlobeNewswire
GRAND RAPIDS, Mich., Feb. 24, 2020 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), one of the nation’s premier franchise restaurant operator and developer, today reported preliminary financial results for the fiscal year ended December 29, 2019. 2019 Full-Year Highlights: Sales increased 7.4% to $467.5 million compared to $435.3 million last year.Earnings from Operations were $21.2 million compared to $25.4 million last year. (The current year included $2.1 million in additional depreciation, a non-cash expense)Net Earnings were $12.9 million compared to $13.2 million last year. (The change in Net Earnings reflects a negative year over year non-cash GAAP charge of $2.5 million resulting from the Company’s interest rate swap agreements, which are measured at fair value based on mark-to-market).Consolidated EBITDA (a non-GAAP measure) increased 12.2% to $44.6 million compared to $39.7 million last year.The Company developed or acquired a net of 20 restaurants dur
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