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Denny's Corporation Reports Results For Fourth Quarter And Full Year 2013

Stocks in this article: DENN

- 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.

Full Year Summary

  • 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.

* Adjusted Net Income excludes debt refinancing charges, impairment charges and gains on sales of assets and other. Please refer to the historical reconciliation of Net Income to Adjusted Net Income, Adjusted Net Income Per Share, Adjusted EBITDA and Free Cash Flow included in the following tables.

John Miller, President and Chief Executive Officer, stated, "We delivered another quarter of same-store sales growth, marking our third consecutive year of positive same-store sales. We have made great progress revitalizing the Denny's brand with improvements in food, service and atmosphere. Our comprehensive approach has enabled us to grow sales despite the challenging economic environment. We are successfully expanding Denny's geographic presence in the U.S. and abroad, which now includes 101 restaurants in international locations. In addition, we have demonstrated that our franchise-focused business provides financial stability and flexibility while enabling us to generate earnings growth and significant free cash flow."

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