- System-wide same-store sales grew 0.9% with a 0.8% increase at franchised units and a 1.1% increase at company-owned units marking the second consecutive quarter that both franchise and company same-store sales have been positive.
- Same-store guest counts decreased 0.2% at company-owned units with two-year same-store guest counts of positive 2.1%.
- Opened 11 system-wide units, including three Flying J Travel Center conversion sites, three university units, and one international unit.
- Franchise operating margin of $21.3 million grew $0.5 million, compared to the prior year quarter. Franchise operating margin, as a percentage of franchise and license revenue, increased 3.1 percentage points to 66.4%, compared with the prior year quarter.
- Net income of $8.0 million, or $0.08 per diluted share, was impacted by $2.2 million in impairment expense.
- Adjusted income before taxes* increased 28% to $12.0 million compared with the prior year quarter adjusted income of $9.4 million.
- Reduced outstanding debt by $10 million bringing total term loan debt repayment to $40 million since October 2010 refinancing.
- Repurchased 1.3 million shares in the third quarter bringing total shares repurchased to 6.1 million in last 10 months.
Denny’s Corporation (NASDAQ: DENN), one of America’s largest full-service family restaurant chains, today reported results for its third quarter ended September 28, 2011. Third Quarter Summary