Adjusted Income Before Taxes*, Denny's target metric for earnings, increased 15.6% to $10.9 million compared with $9.5 million in the prior year quarter. In the fourth quarter, the provision for income taxes was $2.5 million, reflecting an annual effective tax rate of 36.4%. Due to the use of net operating loss and tax credit carryforwards, the Company paid only $0.2 million in cash taxes in the fourth quarter and $2.0 million in 2012.Denny's net income was $6.5 million for the fourth quarter 2012, or $0.07 per diluted share, which was impacted by $0.7 million of impairment expense. Prior year quarter net income of $92.0 million, or $0.94 per diluted share, was impacted by the recording of an $89.1 million, or $0.91 per diluted share, net deferred tax benefit resulting from the release of a substantial portion of the valuation allowance on certain deferred tax assets based on our improved historical and projected pre-tax income.
Denny's Corporation Reports Results For Fourth Quarter And Full Year 2012
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