Such statements are subject to risks, uncertainties and other factors that may cause the actual performance of Denny's to be materially different from the performance indicated or implied by such statements.
Such risks and factors are set forth in the company's most recent annual report on Form 10-K for the year ended December 28, 2011, and in any subsequent quarterly reports on Form 10-Q.
With that, I will now turn the call over to John Miller, Denny's President and CEO.
John C. MillerThank you, Whit. Good afternoon, everyone. We are pleased with our second quarter results as we continue down the path of reenergizing Denny's. We achieved our fifth consecutive quarter of system-wide same-store sales increasing while growing our adjusted income before taxes 35% and generating $15 million of free cash flow. It is a testament to the resilience of our 59-year-old brand that we have been able to achieve these results in this challenging economic environment. We are most appreciative to our loyal guests and their guidance and their response in reenergizing Denny's. Our franchise-focused business model provides financial stability and flexibility, while enabling us to generate significant free cash flow that could be used to further strengthen our brand and increase long-term shareholder value. We remain focused on executing against our 3 key objectives implemented to help Denny's become one of the largest American full service restaurant brands in the world. Our first key objective is the revitalization of Denny's heritage as America's Diner, which provides the promise of everyday value, crave-able cooking of family favorites and indulgent items served in a come-as-you-are friendly and inviting atmosphere. We now have 6, going on 7, quarters under our belt with our America's Diner brand positioning efforts. But this is our compass. We are at the beginning stages of effectively broadening our approach from the more narrowly focused breakfast-all-day platform.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV