Meritage Reports 2023 Full-Year Preliminary Results; 2024 Outlook: Accelerated Earnings Growth
MERITAGE HOSPTLTY GRP INC (MHGU)
NASDAQ:AMEX Investor Relations:
meritagehospitality.com/investor-relations
Company Research
Source: GlobeNewswire
GRAND RAPIDS, Mich., Feb. 20, 2024 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise restaurant operator, today reported preliminary financial results for the fiscal year ended December 31, 2023. 2023 Fourth Quarter Highlights: Sales increased 5.3% to $167.9 million compared to sales of $159.4 million for the same period last year.Earnings from Operations increased 486.5% to $4.8 million compared to $0.8 million for the same period last year. Net Income was $1.6 million compared to a (loss) of $(0.70) million for the same period last year. Consolidated EBITDA (a non-GAAP measure) increased 104% to $9.7 million compared to $4.8 million for the same period last year. 2023 Full-Year Highlights: Sales increased 7.4% to a record $672.5 million compared to $626.0 million last year.Earnings from Operations increased 27.4% to $17.8 million compared to $14.0 million last year. Net Earnings were $6.0 million compared to
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