2023 Third Quarter Highlights:
- Sales increased +6.1% to
$170.3 million compared to$160.6 million for the same period last year. - Earnings from Operations increased +6.4% to
$3.2 million compared to$3.0 million for the same period last year. - Net Earnings were
$0.0 million compared to$1.8 million for the same period last year. - Consolidated EBITDA (a non-GAAP measure) was
$8.1 million compared to$8.8 million for the same period last year.
“Company restaurant sales remained solid in the third quarter, increasing to a record
2023 Year-To-Date Highlights:
- Sales for the nine months increased +8.1% to
$504.6 million compared to$466.6 million for the same period last year. - Earnings from Operations were
$13.0 million compared to$13.2 million for the same period last year. - Net Earnings were
$4.4 million compared to$9.8 million for the same period last. - Consolidated EBITDA (a non-GAAP measure) was
$29.1 million compared to$31.7 million for the same period last year. - The Company finished the third quarter with 385 restaurants in operation.
Outlook: Strong Sales Growth & Operating Momentum Ahead
The Company has committed significant long-term capital resources to Wendy’s brand initiatives, including an agreement to build 51 new Wendy’s restaurants by the end of 2025 under the Groundbreaker Incentive Program, and build Taco John’s restaurants under a development agreement which includes multiple economic incentives including royalty and marketing fee benefits, subject to the Company fulfilling a modified development schedule.
Looking forward,
About
The Company’s current and publicly available information pursuant to amended SEC Rule 15c2-11 and FINRA Rule 6432 can be found at www.otcmarkets.com, under the stock symbol MHGU/Disclosures or the Company’s website, www.meritagehospitality.com.
SAFE HARBOR STATEMENT
Certain information in this new release, particularly information regarding future economic performance and finances, and plans, expectations and objectives of management, constitutes forward-looking statements. Factors set forth in our Safe Harbor Statement, in addition to other possible factors not listed, could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements. Please review the Company’s Safe Harbor Statement at http://www.meritagehospitality.com.
CONTACT:
(616) 776-2600
Source:
2023 GlobeNewswire, Inc., source