Meritage Reports Third Quarter 2024 Results Sales & Operating Margin Growth Ahead
MERITAGE HOSPTLTY GRP INC (MHGU)
NASDAQ:AMEX Investor Relations:
meritagehospitality.com/investor-relations
Company Research
Source: GlobeNewswire
GRAND RAPIDS, Mich., Oct. 10, 2024 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise operator, today reported financial results for the third quarter and nine months ended September 29, 2024. 2024 Third Quarter Highlights: Sales were $164.8 million compared to $170.3 million for the same period last year.Earnings from Operations were $0.4 million compared to $3.2 million for the same period last year. Of note, third quarter 2024 results included a one-time, non-cash expense of $1.8 million related to closure and dispositions.Net Loss was $1.8 million compared to $0.0 million for the same period last year. Consolidated EBITDA (a non-GAAP measure) was $6.3 million compared to $8.1 million for the same period last year. “Company restaurant sales exceeded half a billion dollars for the first nine months, and earnings were equal to last year when adjusted for the one-time, non-cash expense of $1.8 million for closure and dispositions. W
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