- Achieved Third Consecutive Year of Positive System-Wide Same-Store Sales -
- 2013 Full Year Adjusted Net Income Per Share* Increased 21.0% to $0.31 -
SPARTANBURG, S.C., Feb. 19, 2014 (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 fourth quarter and full year ended December 25, 2013.Fourth Quarter Summary
- 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.
- Opened 19 franchised restaurants bringing total number of restaurants to 1,700.
- Adjusted EBITDA* of $19.4 million, or 17.0% of total operating revenue, increased $1.7 million compared with the prior year.
- Adjusted Net Income per Share* of $0.08 increased 18.7% compared with the prior year quarter Adjusted Net Income per Share* of $0.07.
- Net Income, on a GAAP basis, was $4.3 million, or $0.05 per diluted share, including $4.9 million of non-cash impairment expense.
- Generated $8.9 million of Free Cash Flow* primarily used to repurchase 0.5 million shares and complete 16 Heritage remodels at company restaurants.
- Domestic system-wide same-store sales increased 0.5%, comprised of a 0.6% increase at domestic franchised restaurants and flat same-store sales at company restaurants.
- Opened 46 franchised restaurants, including five international locations and two non-traditional locations.
- Adjusted Net Income per Share* of $0.31 increased 21.0% compared with the prior year quarter Adjusted Net Income per Share* of $0.26.
- Net Income, on a GAAP basis, increased by 10.1% to $24.6 million, or $0.26 per diluted share, compared with the prior year Net Income of $22.3 million, or $0.23 per diluted share.
- Generated $44.2 million of Free Cash Flow* primarily used to repurchase 4.2 million shares for $24.7 million and reduce outstanding debt by $17.1 million.
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