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- Domestic System-Wide Same-Store Sales Increases 1.8% With Company Same-Store Sales Growing 3.2% -
- Completed 16 Heritage Remodels at Company Restaurants -- Repurchased 1.4 Million Shares -
SPARTANBURG, S.C., April 28, 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 first quarter ended March 26, 2014.
First Quarter Summary
Domestic system-wide same-store sales increased 1.8%, comprised of a 3.2% increase at company restaurants and 1.5% increase at domestic franchised restaurants.
Completed 47 remodels at company and franchise restaurants, including 29 Heritage remodels.
Opened four franchised restaurants, including one international location.
Adjusted EBITDA* of $16.4 million, or 14.6% of total operating revenue, includes the impact from the temporary closure of the highest volume company operated restaurant.
Net Income was $6.4 million, or $0.07 per diluted share, compared with prior year quarter Net Income of $7.1 million, or $0.07 per diluted share.
Generated $6.7 million of Free Cash Flow* net of remodel investments at company restaurants.
Repurchased 1.4 million shares for $9.1 million with 7.9 million authorized shares remaining.
* Please refer to the historical reconciliation of Net Income to Adjusted EBITDA and Free Cash Flow included in the following tables.
John Miller, President and Chief Executive Officer, stated, "We are pleased to start the year with another quarter of system-wide same-store sales growth highlighted by our strongest quarter of same-store sales at company restaurants in over seven years. Our newly launched Heritage remodel program helped our company restaurants achieve positive same-store guest traffic. We continue to strengthen our position as a leader in our segment, as we make improvements in our food, service and atmosphere to evolve the business to meet the expectations of our guests. The success of our America's Diner revitalization is resonating with our guests and our franchisees, who continue to be energized and excited about the future at Denny's."