Denny's Corporation Reports Results for Second Quarter 2013

Denny's Corporation Reports Results for Second Quarter 2013

Adjusted Net Income Per Share* Increased 20.7% to $0.08

SPARTANBURG, S.C., July 29, 2013 (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 second quarter
ended June 26, 2013.

Second Quarter Summary

  *System-wide same-store sales increased 0.6%, comprised of a 0.7% increase
    at domestic franchised restaurants and a 0.5% decrease at company
    restaurants.
  *Net Income of $6.2 million, or $0.07 per diluted share, grew 34.7%
    compared with the prior year quarter Net Income of $4.6 million, or $0.05
    per diluted share.
  *Adjusted Net Income per Share* of $0.08 grew 20.7% compared with the prior
    year quarter Adjusted Net Income per Share* of $0.07. Adjusted Net Income*
    excludes debt refinancing charges, impairment charges and gains on sales
    of assets and other. Please see the tables in the Appendix for a
    reconciliation of Adjusted Net Income*.
  *Generated $11.1 million of Free Cash Flow* primarily used to repurchase
    1.7 million shares for $9.4 million.
  *Acquired one franchised restaurant located in the Miami market and two
    parcels of real estate for a total of $3.2 million.
  *Opened 11 new franchised restaurants and closed ten franchised restaurants
    bringing total restaurant count to 1,690.
  *Opened newest international location at the Monterrey International
    Airport in Apodaca, Mexico which marks the first new location opened in
    Mexico in over 5 years.

John Miller, President and Chief Executive Officer, stated, "We delivered
another quarter of solid results as we grew both our system-wide same-store
sales and Adjusted Net Income per Share*. Our efforts to revitalize Denny's
image, while increasing the growth of the Denny's brand and growing
profitability and Free Cash Flow*, are taking hold as we continue to execute
against our three key objectives. We believe that by leveraging our primarily
franchise-focused business model and effectively allocating capital between
reinvestments in the brand and returning cash to shareholders, we can provide
attractive long-term shareholder returns."

Second Quarter Results

For the second quarter of 2013, franchise and license revenue increased 0.7%
to $33.7 million compared with $33.5 million in the prior year quarter. The
$0.2 million increase in franchise revenue was primarily driven by a $0.5
million increase in royalties and $0.3 million increase in occupancy revenue
primarily driven by 32 additional equivalent franchised restaurants. The
increase was partially offset by a $0.6 million decrease in initial fee
revenue from refranchising 17 restaurants in the prior year quarter. Company
restaurant sales were $82.8 million reflecting a decline of $8.4 million due
to 24 fewer equivalent company restaurants, which reflects the impact of
selling company restaurants to franchisees as part of the Company's
refranchising strategy that was completed at the end of 2012.

Denny's opened 11 new franchised restaurants in the second quarter of this
year and closed ten franchised restaurants bringing the total restaurant count
to 1,690. Franchise operating margin of $22.1 million was flat to the prior
year. Franchise operating margin (as a percentage of franchise and license
revenue) was 65.7%, a decrease of 0.3 percentage points. The decrease was
primarily due to the lower initial fee revenue noted above, partially offset
by the increases in royalties and occupancy margin.

Company restaurant operating margin was $11.4 million, a decrease of $2.1
million, primarily due to the impact of selling company restaurants to
franchisees. Company restaurant operating margin (as a percentage of company
restaurant sales) was 13.7%. The 1.1 percentage point decrease was primarily
driven by higher product costs and unfavorable workers' compensation claims
development compared to the prior year quarter. These increases were partially
offset by lower payroll and benefits costs and lower occupancy costs.

Total general and administrative expenses decreased by $0.7 million to $14.1
million in the quarter. Depreciation and amortization expense decreased by
$0.5 million primarily as a result of the sale of company restaurants in 2012.
Net operating gains, losses and other charges, which include restructuring
charges, exit costs, impairment charges and gains or losses on the sale of
assets, decreased $5.5 million in the quarter. This decrease was primarily due
to gains on the sale of company restaurants to franchisees in the prior year
quarter.

Interest expense was $2.5 million as a result of a $27.8 million reduction in
total gross debt over the last 12 months and lower interest rates under the
Company's refinanced credit facility. In the second quarter, the provision for
income taxes was $2.5 million, reflecting an effective tax rate of 29.0%. Due
to the use of net operating loss and tax credit carryforwards, the Company
only paid $1.0 million in cash taxes in the second quarter.

Denny's second quarter net income of $6.2 million, or $0.07 per diluted share,
grew 34.7% compared to prior year quarter net income of $4.6 million, or $0.05
per diluted share. Net income was impacted by the refinancing of its credit
facility which resulted in a charge to other nonoperating expense of $1.2
million in the second quarter of 2013 and $7.9 million in the prior year
quarter. Adjusted Net Income* of $7.6 million, or $0.08 per diluted share,
grew 16.0% compared to Adjusted Net Income* of $6.5 million, or $0.07 per
diluted share, in the prior year quarter.

Denny's generated $11.1 million of Free Cash Flow* in the second quarter, a
portion of which was used to repurchase 1,665,517 shares for $9.4 million.
Since initiating its share repurchase strategy in November 2010, the Company
has used $59.0 million to repurchase 13.5 million shares through June 26,
2013. As of June 26, 2013, the Company had 11.5 million shares remaining in
its current authorized share repurchase initiative. In addition, Denny's ended
the second quarter with $176.6 million of total debt outstanding including
$97.5 million of borrowings under the revolving line of credit and $59.3
million of term loan debt outstanding.

Business Outlook

The Company continues to successfully execute against its key objectives
implemented to strengthen and grow its position as one of the largest American
full-service restaurant brands. These include:

  *Revitalize Denny's image with its "America's Diner" positioning.
  *Increase the growth of the Denny's brand both domestically and
    internationally.
  *Grow profitability and Free Cash Flow* through a primarily
    franchise-focused business model that balances reinvesting in the brand,
    returning cash to shareholders, and reducing outstanding debt.

Mark Wolfinger, Executive Vice President, Chief Administrative Officer and
Chief Financial Officer, concluded, "Our second quarter performance
demonstrates the strength of our franchise-focused business model which
generates solid Free Cash Flow*. With our new, more flexible, credit facility,
we will continue to execute our balanced capital allocation strategy as we
invest in growing and strengthening the brand, while returning cash to
shareholders through our ongoing share repurchase program."

The following full year 2013 estimates are based on management's expectations
at this time.

  *System-wide same-store sales growth between 0% and 1.0%.
  *New restaurant openings (all franchised) between 40 and 45 restaurants
    with net restaurant growth between 5 and 10 restaurants.
  *Total G&A, including share-based compensation, between $58 million and $60
    million.
  *Adjusted EBITDA* at the lower end of initial guidance range of $76 million
    to $80 million.
  *Cash capital expenditures between $20 million and $22 million, including
    approximately 20 remodels at company restaurants and the acquisition of
    two franchised restaurants and two parcels of real estate for a total of
    approximately $4.0 million.
  *Depreciation and amortization between $20.5 million and $21.5 million.
  *Net interest expense between $9.5 million and $10.5 million with net cash
    interest expense between $8.0 million and $9.0 million.
  *Cash taxes between $2.5 million and $3.5 million with income tax rate
    between 34% and 36%.
  *Free Cash Flow* between $43 million and $46 million.

* 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 tables below.

Conference Call and Webcast Information

Denny's will provide further commentary on the results for the second quarter
2013 on its quarterly investor conference call today, Monday, July 29, 2013 at
4:30 p.m. ET. Interested parties are invited to listen to a live broadcast of
the conference call accessible through the investor relations section of
Denny's website at investor.dennys.com. A replay of the call may be accessed
at the same location later in the day and will remain available for 30 days.

About Denny's

Denny's is the franchisor and operator of one of America's largest franchised
full-service restaurant chains, based on number of restaurants. Denny's
currently has 1,690 franchised, licensed, and company restaurants around the
world with combined sales of $2.5 billion including 1,592 restaurants in the
United States and 98 restaurants in Canada, Costa Rica, Mexico, Honduras,
Guam, Curaçao, Puerto Rico, Dominican Republic and New Zealand. As of June 26,
2013, 1,525 of Denny's restaurants were franchised and 165 restaurants were
company operated.For further information on Denny's, including news releases,
links to SEC filings and other financial information, please visit the Denny's
investor relations website at investor.dennys.com.

The Company urges caution in considering its current trends and any outlook on
earnings disclosed in this press release.In addition, certain matters
discussed in this release may constitute forward-looking statements.These
forward-looking statements, which reflect its best judgment based on factors
currently known, are intended to speak only as of the date such statements are
made and involve risks, uncertainties, and other factors that may cause the
actual performance of Denny's Corporation, its subsidiaries and underlying
restaurants to be materially different from the performance indicated or
implied by such statements.Words such as "expects", "anticipates",
"believes", "intends", "plans", "hopes", and variations of such words and
similar expressions are intended to identify such forward-looking
statements.Except as may be required by law, the Company expressly disclaims
any obligation to update these forward-looking statements to reflect events or
circumstances after the date of this release or to reflect the occurrence of
unanticipated events.Factors that could cause actual performance to differ
materially from the performance indicated by these forward-looking statements
include, among others:the competitive pressures from within the restaurant
industry; the level of success of the Company's strategic and operating
initiatives, advertising and promotional efforts; adverse publicity; changes
in business strategy or development plans; terms and availability of capital;
regional weather conditions; overall changes in the general economy,
particularly at the retail level; political environment (including acts of war
and terrorism); and other factors from time to time set forth in the Company's
SEC reports and other filings, including but not limited to the discussion in
Management's Discussion and Analysis and the risks identified in Item 1A. Risk
Factors contained in the Company's Annual Report on Form 10-K for the year
ended December 26, 2012 (and in the Company's subsequent quarterly reports on
Form 10-Q).

DENNY'S CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
                                                            
(In thousands)                                     6/26/2013  12/26/2012
Assets                                                       
Current assets                                               
Cash and cash equivalents                          $2,011   $13,565
Receivables                                        16,389     19,947
Assets held for sale                               1,496      —
Current deferred tax asset                         20,240     19,807
Other current assets                               7,522      11,291
Total current assets                               47,658     64,610
Property, net                                      104,277    107,004
Goodwill                                           31,451     31,430
Intangible assets, net                             48,471     48,920
Noncurrent deferred tax asset                      38,620     45,776
Other noncurrent assets                            30,921     27,145
Total assets                                       $301,398 $324,885
                                                            
Liabilities                                                  
Current liabilities                                          
Current maturities of long-term debt               $3,000   $8,500
Current maturities of capital lease obligations    4,221      4,181
Accounts payable                                   18,484     24,461
Other current liabilities                          48,055     54,682
Total current liabilities                          73,760     91,824
Long-term liabilities                                        
Long-term debt, less current maturities            153,750    161,500
Capital lease obligations, less current maturities 15,664     15,953
Other                                              55,764     60,068
Total long-term liabilities                        225,178    237,521
Total liabilities                                  298,938    329,345
                                                            
Shareholders' equity                                         
Common stock                                       1,045      1,038
Paid-in capital                                    564,777    562,657
Deficit                                            (482,239)  (495,518)
Accumulated other comprehensive loss, net of tax   (22,150)   (24,999)
Treasury stock                                     (58,973)   (47,638)
Total shareholders' equity (deficit)               2,460      (4,460)
Total liabilities and shareholders' equity         $301,398 $324,885
                                                            
Debt Balances                                                             
(In thousands)                                     6/26/2013  12/26/2012
Credit facility term loan and revolver due 2018    $156,750 $ —
Credit facility term loan due 2017                 —          170,000
Capital leases                                     19,885     20,134
Total debt                                         $176,635 $190,134


DENNY'S CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
                                                         
                                                Quarter Ended
(In thousands, except per share amounts)         6/26/2013 6/27/2012
Revenue:                                                  
Company restaurant sales                         $82,841 $91,239
Franchise and license revenue                    33,730    33,492
Total operating revenue                          116,571   124,731
Costs of company restaurant sales                71,451    77,743
Costs of franchise and license revenue           11,585    11,386
General and administrative expenses              14,085    14,785
Depreciation and amortization                    5,352     5,827
Operating (gains), losses and other charges, net 1,484     (4,009)
Total operating costs and expenses               103,957   105,732
Operating income                                 12,614    18,999
Interest expense, net                            2,548     2,993
Other nonoperating expense, net                  1,331     8,198
Net income before income taxes                   8,735     7,808
Provision for income taxes                       2,537     3,207
Net income                                       $6,198  $4,601
                                                         
                                                         
Basic net income per share                       $0.07   $0.05
Diluted net income per share                     $0.07   $0.05
                                                         
Basic weighted average shares outstanding        91,659    95,637
Diluted weighted average shares outstanding      93,665    97,408
                                                         
Comprehensive income                             $8,793  $4,869
                                                         
General and Administrative Expenses              Quarter Ended
(In thousands)                                   6/26/2013 6/27/2012
Share-based compensation                         $1,206  $876
Other general and administrative expenses        12,879    13,909
Total general and administrative expenses        $14,085 $14,785


DENNY'S CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
                                                          
                                                Two Quarters Ended
(In thousands, except per share amounts)         6/26/2013  6/27/2012
Revenue:                                                   
Company restaurant sales                         $163,871 $185,402
Franchise and license revenue                    67,190     66,067
Total operating revenue                          231,061    251,469
Costs of company restaurant sales                140,571    157,698
Costs of franchise and license revenue           22,987     22,698
General and administrative expenses              29,244     30,448
Depreciation and amortization                    10,576     11,887
Operating (gains), losses and other charges, net 1,618      (4,174)
Total operating costs and expenses, net          204,996    218,557
Operating income                                 26,065     32,912
Interest expense, net                            5,348      7,449
Other nonoperating expense, net                  1,332      7,903
Net income before income taxes                   19,385     17,560
Provision for income taxes                       6,106      7,094
Net income                                       $13,279  $10,466
                                                          
                                                          
Basic net income per share                       $0.14    $0.11
Diluted net income per share                     $0.14    $0.11
                                                          
Basic weighted average shares outstanding        92,004     95,856
Diluted weighted average shares outstanding      94,081     97,651
                                                          
Comprehensive income                             $16,128  $11,002
                                                          
General and Administrative Expenses             Two Quarters Ended
(In thousands)                                   6/26/2013  6/27/2012
Share-based compensation                         $2,381   $1,666
Other general and administrative expenses        26,863     28,782
Total general and administrative expenses        $29,244  $30,448


DENNY'S CORPORATION
Income, EBITDA, Free Cash Flow, and Net Income Reconciliations
(Unaudited)
                                                              
Income, EBITDA and Free    Quarter Ended             Two Quarters Ended
Cash Flow Reconciliation
(In thousands)             6/26/2013    6/27/2012    6/26/2013    6/27/2012
Net income                 $6,198     $4,601     $13,279    $10,466
Provision for income taxes 2,537        3,207        6,106        7,094
Operating (gains), losses  1,484        (4,009)      1,618        (4,174)
and other charges, net
Other nonoperating         1,331        8,198        1,332        7,903
expense, net
Share-based compensation   1,206        876          2,381        1,666
Adjusted Income Before     $12,756    $12,873    $24,716    $22,955
Taxes ^(1)
                                                              
Interest expense, net      2,548        2,993        5,348        7,449
Depreciation and           5,352        5,827        10,576       11,887
amortization
Cash payments for
restructuring charges and  (725)        (543)        (1,397)      (1,324)
exit costs
Cash payments for          (10)         —            (900)        (355)
share-based compensation
Adjusted EBITDA ^(1)       $19,921    $21,150    $38,343    $40,612
                                                              
Cash interest expense, net (2,249)      (2,579)      (4,734)      (6,329)
Cash paid for income       (992)        (1,152)      (1,335)      (1,365)
taxes, net
Cash paid for capital      (5,538)      (2,443)      (8,544)      (4,279)
expenditures
Free Cash Flow ^(1)        $11,142    $14,976    $23,730    $28,639
                                                              
Net Income Reconciliation  Quarter Ended             Quarter Ended
(In thousands)             6/26/2013    6/27/2012    6/26/2013    6/27/2012
Net income                 $6,198     $4,601     $13,279    $10,466
Gains on sales of assets   (33)         (4,908)      (15)         (6,863)
and other, net
Impairment charges         857          17           857          540
Loss on debt refinancing   1,187        7,923        1,187        7,923
Tax effect ^(2)            (633)        (1,103)      (639)        (582)
Adjusted Net Income ^(1)   $7,576     $6,530     $14,669    $11,484
                                                              
Diluted weighted-average   93,665       97,408       94,081       97,651
shares outstanding
                                                              
Adjusted Net Income Per    $0.08      $0.07      $0.16      $0.12
Share ^(1)
                                                              
(1) The Company believes that, in addition to other financial measures,
Adjusted Income Before Taxes, Adjusted EBITDA, Free Cash Flow, Adjusted Net
Income and Adjusted Net Income Per Share are appropriate indicators to assist
in the evaluation of its operating performance on a period-to-period
basis.The Company also uses Adjusted Income, Adjusted EBITDA and Free Cash
Flow internally as performance measures for planning purposes, including the
preparation of annual operating budgets, and for compensation purposes,
including bonuses for certain employees.Adjusted EBITDA is also used to
evaluate its ability to service debt because the excluded charges do not have
an impact on its prospective debt servicing capability and these adjustments
are contemplated in its credit facility for the computation of its debt
covenant ratios.Free Cash Flow, defined as Adjusted EBITDA less cash portion
of interest expense net of interest income, capital expenditures, and cash
taxes, is used to evaluate operating effectiveness and decisions regarding the
allocation of resources. However, Adjusted Income, Adjusted EBITDA, Free Cash
Flow, Adjusted Net Income and Adjusted Net Income Per Share should be
considered as a supplement to, not a substitute for, operating income, net
income or other financial performance measures prepared in accordance with
U.S. generally accepted accounting principles.
(2) Tax adjustments for the three and six months ended June 26, 2013 are
calculated using the Company's year-to-date effective tax rate of 31.5%.Tax
adjustments for the three and six months ended June 27, 2012 are calculated
using the Company's full year 2012 effective tax rate of 36.4%.


DENNY'S CORPORATION
Operating Margins
(Unaudited)
                                                                
                          Quarter Ended
(In thousands)             6/26/2013                 6/27/2012
Company restaurant                                               
operations: ^(1)
Company restaurant sales   $82,841      100.0%     $91,239      100.0%
Costs of company                                                 
restaurant sales:
Product costs              21,402         25.8%      22,702         24.9%
Payroll and benefits       33,220         40.1%      36,617         40.1%
Occupancy                  5,513          6.7%       6,222          6.8%
Other operating costs:                                           
Utilities                  3,178          3.8%       3,592          3.9%
Repairs and maintenance    1,524          1.8%       1,634          1.8%
Marketing                  3,113          3.8%       3,389          3.7%
Legal settlements          238            0.3%       71             0.1%
Other                      3,263          3.9%       3,516          3.9%
Total costs of company     $71,451      86.3%      $77,743      85.2%
restaurant sales
Company restaurant         $11,390      13.7%      $13,496      14.8%
operating margin ^(2)
                                                                
Franchise operations: ^(3)                                       
Franchise and license                                            
revenue
Royalty and license        $21,401      63.5%      $20,874      62.3%
revenue
Initial and other fee      450            1.3%       1,003          3.0%
revenue
Occupancy revenue          11,879         35.2%      11,615         34.7%
Total franchise and        $33,730      100.0%     $33,492      100.0%
license revenue
                                                                
Costs of franchise and                                           
license revenue
Occupancy costs            $8,766       26.0%      8,705          26.0%
Direct franchise costs     2,819          8.3%       2,681          8.0%
Total costs of franchise   $11,585      34.3%      $11,386      34.0%
and license revenue
Franchise operating margin $22,145      65.7%      $22,106      66.0%
^(2)
                                                                
Total operating revenue    $116,571     100.0%     $124,731     100.0%
^(4)
Total costs of operating   83,036         71.2%      89,129         71.5%
revenue ^(4)
Total operating margin     $33,535      28.8%      $35,602      28.5%
^(4)(2)
                                                                
Other operating expenses:                                        
^(4)(2)
General and administrative $14,085      12.1%      $14,785      11.9%
expenses
Depreciation and           5,352          4.6%       5,827          4.7%
amortization
Operating gains, losses    1,484          1.3%       (4,009)        (3.2)%
and other charges, net
Total other operating      $20,921      17.9%      $16,603      13.3%
expenses
                                                                
Operating income ^(4)      $12,614      10.8%      $18,999      15.2%
                                                                
(1) As a percentage of company restaurant sales
(2) Other operating expenses such as general and administrative expenses and
depreciation and amortization relate to both company and franchise operations
and are not allocated to costs of company restaurant sales and costs of
franchise and license revenue.As such, operating margin is considered a
non-GAAP financial measure.Operating margins should be considered as a
supplement to, not as a substitute for, operating income, net income or other
financial measures prepared in accordance with U.S. generally accepted
accounting principles.
(3) As a percentage of franchise and license revenue
(4) As a percentage of total operating revenue


DENNY'S CORPORATION
Operating Margins
(Unaudited)
                                                                
                          Two Quarters Ended
(In thousands)             6/26/2013                 6/27/2012
Company restaurant                                               
operations: ^(1)
Company restaurant sales   $163,871     100.0%     $185,402     100.0%
Costs of company                                                 
restaurant sales:
Product costs              42,548         26.0%      46,235         24.9%
Payroll and benefits       64,766         39.5%      74,370         40.1%
Occupancy                  10,741         6.6%       11,996         6.5%
Other operating costs:                                           
Utilities                  6,305          3.8%       7,306          3.9%
Repairs and maintenance    2,873          1.8%       3,322          1.8%
Marketing                  6,129          3.7%       6,924          3.7%
Legal settlements          514            0.3%       169            0.1%
Other                      6,695          4.1%       7,376          4.0%
Total costs of company     $140,571     85.8%      $157,698     85.1%
restaurant sales
Company restaurant         $23,300      14.2%      $27,704      14.9%
operating margin ^(2)
                                                                
Franchise operations: ^(3)                                       
Franchise and license                                            
revenue
Royalty and license        $42,428      63.1%      $41,401      62.7%
revenue
Initial and other fee      730            1.1%       1,439          2.2%
revenue
Occupancy revenue          24,032         35.8%      23,227         35.1%
Total franchise and        $67,190      100.0%     $66,067      100.0%
license revenue
                                                                
Costs of franchise and                                           
license revenue
Occupancy costs            $17,619      26.2%      $17,428      26.4%
Direct franchise costs     5,368          8.0%       5,270          8.0%
Total costs of franchise   $22,987      34.2%      $22,698      34.4%
and license revenue
Franchise operating margin $44,203      65.8%      $43,369      65.6%
^(2)
                                                                
Total operating revenue    $231,061     100.0%     $251,469     100.0%
^(4)
Total costs of operating   163,558        70.8%      180,396        71.7%
revenue ^(4)
Total operating margin     $67,503      29.2%      $71,073      28.3%
^(4)(2)
                                                                
Other operating expenses:                                        
^(4)(2)
General and administrative $29,244      12.7%      $30,448      12.1%
expenses
Depreciation and           10,576         4.6%       11,887         4.7%
amortization
Operating gains, losses    1,618          0.7%       (4,174)        (1.7)%
and other charges, net
Total other operating      $41,438      17.9%      $38,161      15.2%
expenses
                                                                
Operating income ^(4)      $26,065      11.3%      $32,912      13.1%
                                                                
(1) As a percentage of company restaurant sales
(2) Other operating expenses such as general and administrative expenses and
depreciation and amortization relate to both company and franchise operations
and are not allocated to costs of company restaurant sales and costs of
franchise and license revenue.As such, operating margin is considered a
non-GAAP financial measure.Operating margins should be considered as a
supplement to, not as a substitute for, operating income, net income or other
financial measures prepared in accordance with U.S. generally accepted
accounting principles.
(3) As a percentage of franchise and license revenue
(4) As a percentage of total operating revenue

DENNY'S CORPORATION
Statistical Data
(Unaudited)
                                                                 
Same-Store Sales                      Quarter Ended        Two Quarters Ended
(increase/(decrease) vs. prior year)  6/26/2013 6/27/2012  6/26/2013 6/27/2012
Company Restaurants                   (0.5)%    0.0%       (1.0)%    0.4%
Domestic Franchised Restaurants       0.7%      1.5%       0.1%      2.1%
Domestic System-wide Restaurants      0.6%      1.2%       0.0%      1.8%
System-wide Restaurants               0.6%      0.8%       0.0%      1.6%
                                                                 
Average Unit Sales                    Quarter Ended        Two Quarters Ended
(In thousands)                        6/26/2013 6/27/2012  6/26/2013 6/27/2012
Company Restaurants                   $505    $484     $999    $954
Franchised Restaurants                $359    $354     $708    $703
                                                                 
                                              Franchised          
Restaurant Unit Activity              Company   & Licensed Total     
Ending Units 3/27/13                  164       1,525      1,689     
Units Opened                          0         11         11        
Units Reacquired                      1         (1)        0         
Units Closed (Including Units         0         (10)       (10)      
Relocated)
Net Change                            1         0          1         
Ending Units 6/26/13                  165       1,525      1,690     
                                                                 
Equivalent Units                                                  
Second Quarter 2013                   164       1,525      1,689     
Second Quarter 2012                   188       1,493      1,681     
                                     (24)      32         8         
                                                                 
                                              Franchised          
Restaurant Unit Activity              Company   & Licensed Total     
Ending Units 12/26/12                 164       1,524      1,688     
Units Opened                          0         18         18        
Units Reacquired                      1         (1)        0         
Units Closed                          0         (16)       (16)      
Net Change                            1         1          2         
Ending Units 6/26/13                  165       1,525      1,690     
                                                                 
Equivalent Units                                                  
Year-to-Date 2013                     164       1,525      1,689     
Year-to-Date 2012                     194       1,487      1,681     
                                     (30)      38         8         

CONTACT: Investor Contact:
         Whit Kincaid
         877-784-7167
        
         Media Contact:
         Liz DiTrapano, ICR
         646-277-1226

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