World News: 14:14 GMT Friday 12th October 2018. [Meritage Hospitality Group, Inc. via Globe Newswire via SPi World News]
GRAND RAPIDS, Mich., Oct. 12, 2018 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), one of the nation’s premier restaurant operators, today reported financial results for the third quarter and the nine months ended September 30, 2018.
“The Company’s record sales in the third quarter were driven primarily by the successful integration of newly acquired and renovated restaurants. The quarter also presented some seasonal challenges, as the extensive flooding from Hurricane Florence closed several of our Wendy’s restaurants for over a week. We believe our newly built, reimaged and acquired Wendy’s will continue to provide significant long-term earnings catalyst, as we execute our 420-restaurant growth plan. During the fourth quarter, we are planning to open a new Wendy’s restaurant every ten days for the remainder of the year,” stated Meritage CEO, Robert E. Schermer, Jr.
The Company has committed significant capital resources to the Wendy’s brand initiatives including new locations and remains on schedule to complete 26 projects for the year. Customers are continuing to reward us for the new and upgraded facilities with improved sales and greater overall guest satisfaction.
Meritage continues to distinguish itself as a leader and platform innovator in the quick service restaurant segment, striving for best in class results through a performance based culture committed to operational excellence, strategic acquisitions and real estate development.
Meritage Hospitality Group is one of the nation’s premier restaurant operators, with 311 restaurants in operation 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, operating with a workforce of approximately 10,000 employees. The Company has approximately 6.2 million (basic) common shares outstanding. The Company’s public filings can be viewed at , under the stock symbol MHGU, or the Company’s website .
SAFE HARBOR STATEMENT
CONTACT:Robert E. Schermer, Jr., CEOMeritage Hospitality Group Inc.(616) 776-2600
Globe Newswire: 14:14 GMT Friday 12th October 2018
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