Meritage Hospitality Group Inc. Reports Preliminary Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the Year of 2013
For the full year, the company's sales increased 7.6% to a record $99.0 million compared to $91.9 million in 2011. Income before tax increased 80.9% to $2.3 million compared to $1.3 million last year. Net income increased 28.2% to $2.9 million compared to $2.3 million for the same period last year. EBITDA increased 11.7% to $5.5 million compared to $5.0 million for the same period last year.
The company provided earnings guidance for the year of 2013. For the period, the company expects consolidated sales growth of 30% to 35%, earnings before taxes growth of 110% to 120%, net earnings growth of 15% to 20% (prior fiscal year included certain non-recurring deferred tax asset benefits) and EBITDA growth of 65% to 70%.