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- Adjusted Net Income Per Share* Increased 5.1% to $0.08 -
- Achieved Positive System-Wide Same-Store Sales in Nine of the Last Ten Quarters -
SPARTANBURG, S.C., Oct. 28, 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 third quarter ended September 25, 2013.
Third Quarter Summary
Domestic system-wide same-store sales increased 1.2%, comprised of a 1.3% increase at domestic franchised restaurants and a 0.7% increase at company restaurants.
Opened nine new franchised restaurants including one non-traditional location at Wright State University and three international locations including Denny's first restaurants in Chile and El Salvador.
Net Income increased by 31.1% to $7.0 million, or $0.08 per diluted share, compared with the prior year quarter Net Income of $5.4 million, or $0.06 per diluted share.
Adjusted Net Income per Share* of $0.08 increased 5.1% 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 $11.6 million of Free Cash Flow* primarily used to repurchase 1.8 million shares.
John Miller, President and Chief Executive Officer, stated, "We achieved our ninth quarter of positive system-wide same-store sales in the past ten quarters, as our focus on delivering both everyday value and new product offerings is continuing to resonate with the consumer. This approach has enabled us to grow sales despite the challenging economic environment. In addition, the ongoing and successful expansion of Denny's global footprint was marked by our recent openings, bringing our total number of international locations to 100. We continue to focus on successfully executing against our key objectives which include growing sales through our 'America's Diner' positioning, increasing the growth of the Denny's brand domestically and internationally, and growing profitability and Free Cash Flow* through our franchise-focused business."