- Achieves Second Consecutive Year of Positive Franchise and Company Same-Store Sales -
- 2012 Full Year Adjusted Income Before Taxes* Increased 26% -
SPARTANBURG, S.C., Feb. 20, 2013 (GLOBE NEWSWIRE) -- Denny's Corporation (Nasdaq:DENN), franchisor and operator of one of America's largest full-service restaurant chains, today reported results for its fourth quarter and full year ended December 26, 2012.Full Year Summary
- System-wide same-store sales grew 1.3%, comprised of a 1.5% increase at franchised restaurants and a 0.2% increase at company restaurants.
- Opened 40 new system-wide restaurants, including six international locations.
- Refranchised 36 company restaurants completing the Franchise Growth Initiative started in 2007, achieving our target of operating approximately 10% of the Denny's system as company restaurants.
- Adjusted EBITDA* margin, as a percentage of total operating revenue, increased 0.8 percentage points to 16.0% compared with the prior year.
- Net income of $22.3 million, or $0.23 per diluted share, was impacted by a $7.9 million charge to other nonoperating expense as a result of refinancing our credit facility, $3.7 million of impairment expense, and $7.1 million in gains on the sale of assets.
- Adjusted Income Before Taxes* grew 26.2% to $47.0 million compared with the prior year.
- Generated $48.8 million of Free Cash Flow* used to reduce outstanding term loan debt by $28.0 million and repurchase 4.8 million shares for $22.2 million.
- System-wide same-store sales grew 1.7%, comprised of a 2.0% increase at franchised restaurants and a 0.5% increase at company restaurants.
- Opened 13 new system-wide restaurants, including one company restaurant in Las Vegas and one international restaurant located in San Pedro Sula, Honduras.
- Acquired one franchised restaurant located in the San Diego market for $1.4 million.
- Net income of $6.5 million, or $0.07 per diluted share, was impacted by $0.7 million of impairment expense.
- Adjusted Income Before Taxes* grew 15.6% to $10.9 million compared with the prior year quarter.
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