Meritage Reports Second Quarter 2019 Results; Earnings Growth Ahead
MERITAGE HOSPTLTY GRP INC (MHGU)
NASDAQ:AMEX Investor Relations:
meritagehospitality.com/investor-relations
Company Research
Source: GlobeNewswire
GRAND RAPIDS, Mich., July 18, 2019 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), one of the nation’s premier restaurant operators, today reported financial results for the second quarter ended June 30, 2019. Second Quarter Highlights Sales increased 1.5% to $118.7 million from $116.9 million for the same period last year. Earnings from Operations were $6.4 million versus $8.9 million for the same period last year.Net Earnings were $3.8 million compared to $5.6 million for the same period last year. The change in Net Earnings reflects a negative year over year non-cash GAAP change of $3.0 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 3.6% to $12.6 million compared to $12.1 million for the same period last year. “We are pleased with the successful integration of acquired, newly constructed and renovated Wendy’s restaurants. W
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