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Denny's Corporation Reports Results For First Quarter 2013

Stocks in this article: DENN

- 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.

Subsequent to the First Quarter

  • 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.

John Miller, President and Chief Executive Officer, stated, "Denny's delivered another quarter of solid results, as we continued to successfully execute against our key objectives implemented to strengthen and grow our position as one of the largest franchised American full-service restaurant brands. We remain focused on revitalizing Denny's image with our 'America's Diner' positioning, increasing the growth of the Denny's brand, and growing profitability and free cash flow. As we move forward, we will continue to work closely with our franchisees to increase restaurant level performance and new restaurant growth, while also balancing our capital allocation between reinvestments in the brand and returning value to shareholders."

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