From the Wires
Meritage Reports Preliminary Fourth Quarter and Full-Year 2012 Results; 2013 Targets and Outlook
By: Marketwire .
Feb. 12, 2013 02:12 PM
GRAND RAPIDS, MI -- (Marketwire) -- 02/12/13 -- Meritage Hospitality Group Inc. (OTCQX: MHGU), one of the nation's premier restaurant operators, today reported preliminary financial results for the 2012 fiscal year ended December 30, 2012.
2012 Consolidated Summary
"During 2012 we expanded beyond our core Wendy's market areas in Florida, Georgia and Michigan, into North Carolina, South Carolina and Virginia. Complementing the acquisition strategy, we continued new store development along with our extensive store renovation program aimed at modernizing the guest experience. A complete upgrade of our Wendy's portfolio with relevant buildings and higher customer service standards, supported by our unique web-based operating platform are key ingredients in our future growth," stated Robert E. Schermer, Jr., the Company's CEO.
Fourth Quarter 2012 Highlights
2013 Outlook: Accelerating Earnings Growth
The 2013 financial targets assume the integration of recently acquired and newly opened Wendy's restaurants, several new-build Wendy's restaurants, and several new Twisted Rooster-style casual dining restaurants.
In our Wendy's restaurant system, we remain focused on extensive brand revitalization and the image activation of our portfolio. The Company's remodeling efforts are a key ingredient in the over-all strategy to contemporize the entire customer experience including restaurant design, new food products and higher customer service standards. The goal is to grow profitable sales with an experience that is relevant to both new and existing consumers.
Meritage's planned unit growth for its Twisted Rooster-style restaurants, a wholly owned casual dining brand, is expected to generate accelerating sales and positive earnings contributions in 2013. The plan begins with the late spring 2013 opening of "Freighters." Freighters is the restaurant and catering centerpiece of a new $24.0 million St. Clair County Convention Center & Hilton Double Tree Hotel, located on the St. Clair River at the base of the Blue Water Bridge Port Huron, MI.
The focus of our growth strategy continues to be investment in Wendy's and casual dining restaurant opportunities where we can leverage our web-based operating platform for efficiencies and profitable growth, providing the opportunity for cash distributions to shareholders.
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