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Denny's Corporation Reports Results For Second Quarter 2013

Stocks in this article: DENN

SPARTANBURG, S.C., July 29, 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 second quarter ended June 26, 2013.

Second Quarter Summary

  • System-wide same-store sales increased 0.6%, comprised of a 0.7% increase at domestic franchised restaurants and a 0.5% decrease at company restaurants.
  • Net Income of $6.2 million, or $0.07 per diluted share, grew 34.7% compared with the prior year quarter Net Income of $4.6 million, or $0.05 per diluted share.
  • Adjusted Net Income per Share* of $0.08 grew 20.7% compared with the prior year quarter Adjusted Net Income per Share* of $0.07. Adjusted Net Income* excludes debt refinancing charges, impairment charges and gains on sales of assets and other. Please see the tables in the Appendix for a reconciliation of Adjusted Net Income*.
  • Generated $11.1 million of Free Cash Flow* primarily used to repurchase 1.7 million shares for $9.4 million.
  • Acquired one franchised restaurant located in the Miami market and two parcels of real estate for a total of $3.2 million.
  • Opened 11 new franchised restaurants and closed ten franchised restaurants bringing total restaurant count to 1,690.
  • Opened newest international location at the Monterrey International Airport in Apodaca, Mexico which marks the first new location opened in Mexico in over 5 years.

John Miller, President and Chief Executive Officer, stated, "We delivered another quarter of solid results as we grew both our system-wide same-store sales and Adjusted Net Income per Share*. Our efforts to revitalize Denny's image, while increasing the growth of the Denny's brand and growing profitability and Free Cash Flow*, are taking hold as we continue to execute against our three key objectives. We believe that by leveraging our primarily franchise-focused business model and effectively allocating capital between reinvestments in the brand and returning cash to shareholders, we can provide attractive long-term shareholder returns."

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