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Denny's Corporation Releases Preliminary Financial Results For Fourth Quarter And Full Year 2013

Stocks in this article: DENN

Achieves Third Consecutive Year of Positive System-wide Same-Store Sales

Tightens Full Year 2013 Financial Guidance Range

SPARTANBURG, S.C., Jan. 13, 2014 (GLOBE NEWSWIRE) -- Denny's Corporation (Nasdaq:DENN), franchisor and operator of one of America's largest franchised full-service restaurant chains, based on the number of restaurants, today reported preliminary results on domestic same-store sales and restaurant openings and closings for its fourth quarter and full year ended December 25, 2013.

Denny's fourth quarter domestic system-wide same-store sales increased 0.9%, comprised of a 0.8% increase at domestic franchised restaurants and a 1.5% increase at company restaurants. Denny's has achieved positive system-wide same-store sales in ten of the past 11 quarters in addition to achieving its third consecutive year of positive system-wide same-store sales.

In the fourth quarter 2013, Denny's opened 19 franchised restaurants and closed five system-wide restaurants, including one company restaurant. For the full year 2013, Denny's opened 46 new restaurants, including five international locations, and closed a total of 34 restaurants bringing the total restaurant count to 1,700. This is the fifth consecutive year of positive net system growth for the brand.

Based on preliminary results, Denny's is tightening its full year 2013 guidance ranges with Adjusted EBITDA* to be between $76 million and $78 million and Free Cash Flow* to be between $43 million and $45 million. Denny's expects to release financial and operating results for its fourth quarter and full year ended December 25, 2013 after the market closes on Wednesday, February 19, 2014. 

     
Preliminary Results Quarter Ended 12/25/13 Year Ended 12/25/13
     
Domestic Same-Store Sales    
 Company Restaurants 1.5% 0.0%
 Franchised Restaurants 0.8% 0.6%
 System-wide Restaurants 0.9% 0.5%
     
Restaurants Opened** 19 46
 Franchised & Licensed 19 46
 Company 0 0
     
Restaurants Closed** 5 34
 Franchised & Licensed 4 33
 Company 1 1

* Please refer to the tables in the Third Quarter 2013 Earnings Release dated October 28, 2013 for non-GAAP financial reconciliations of net income to Adjusted EBITDA and Free Cash Flow.

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