- Adjusted Net Income Per Share* Increased 48.4% to $0.08 - - Refinances Credit Facility and Increases Share Repurchase Authorization by 10 Million Shares -
SPARTANBURG, S.C., April 30, 2013 (GLOBE NEWSWIRE) -- Denny's Corporation (Nasdaq:DENN), franchisor and operator of one of America's largest franchised full-service restaurant chains, today reported results for its first quarter ended March 27, 2013.
First Quarter Summary
- System-wide same-store sales decreased 0.7%, comprised of a 0.5% decrease at domestic franchised restaurants and a 1.5% decrease at company restaurants, with a 1.7% increase in system-wide same-store sales on a two-year basis.
- Opened seven new franchised restaurants and closed six franchised restaurants bringing total restaurant count to 1,689.
- Net Income of $7.1 million, or $0.07 per diluted share, grew 20.7% compared with the prior year quarter Net Income of $5.9 million, or $0.06 per diluted share.
- Adjusted Net Income per Share* of $0.08 grew 48.4% compared with the prior year quarter Adjusted Net Income per Share* of $0.05.
- Generated $12.6 million of Free Cash Flow* used to reduce outstanding term loan debt by $4.0 million and repurchase 341,100 shares for $1.9 million.
- Refinanced credit facility providing lower interest costs and increased flexibility for the Company to continue to return cash to shareholders.
- Authorized additional 10 million shares for ongoing share repurchase program bringing the total number of shares remaining in the outstanding programs to 12.4 million.