×

Denny’s Corporation Reports Results for Second Quarter 2016

SPARTANBURG, S.C., Aug. 03, 2016 (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 29, 2016.

Second Quarter Highlights

  • Raised 2016 full year guidance for Adjusted EBITDA*.
  • Domestic system-wide same-store sales decreased 0.5%, including a decrease of 0.1% at company restaurants and a decrease of 0.5% at domestic franchised restaurants.
  • Two-year domestic system-wide same-store sales increased 6.8%.
  • Opened 13 system restaurants including 12 domestic and one international franchised locations.
  • Completed 57 remodels including six at company restaurants.
  • Company restaurant operating margin of $16.4 million increased 0.4% and franchise operating margin of $24.3 million increased 3.7%.
  • Net Loss was $11.6 million, or $0.15 per diluted share, due to a pre-tax settlement loss of $24.3 million resulting from the Company's pension plan liquidation.
  • Adjusted Net Income* grew 8.3% to $10.6 million while Adjusted Net Income per Share* increased 18.6% to $0.13.
  • Adjusted EBITDA* increased $1.7 million, or 6.8%, to $26.1 million.
  • Generated $18.5 million of Free Cash Flow*, after cash capital expenditures of $4.1 million.
  • Allocated $3.8 million towards share repurchases.

John Miller, President and Chief Executive Officer, stated, “We continued to generate strong Free Cash Flow* during the second quarter which supported ongoing investments in both Denny's brand revitalization and company restaurants and the return of capital to our shareholders. Not unlike others in the industry, our quarterly results were impacted by a challenging full-service dining environment as well as our prior year quarter, during which we achieved our strongest same-store sales performance in over a decade. Despite these circumstances, we continued to grow our revenues and improve our company and franchised restaurant margins through effective cost management. Going forward, we remain committed to delivering positive and profitable system sales growth by executing our brand revitalization strategy, enhancing the overall guest experience, and expanding our global reach.”

Second Quarter Results

Denny’s domestic system-wide same-store sales decreased 0.5%, including a 0.1% decrease at company restaurants and a 0.5% decrease at domestic franchised restaurants. During the quarter, Denny’s franchisees opened 13 restaurants. In addition, the Company acquired two franchised restaurants and refranchised two company restaurants. Denny’s franchisees closed six franchised restaurants, bringing the total number of restaurants to 1,720.

Denny’s total operating revenue grew 0.8% to $124.3 million due to an increase in both company restaurant sales and franchise royalties. Company restaurant sales grew 0.7% to $89.2 million due to a greater number of company restaurants compared to the prior year quarter. Franchise and licensing revenue grew 1.2% to $35.1 million primarily due to higher royalty revenue, partially offset by a decrease in occupancy revenue.

Company restaurant operating margin of $16.4 million, or 18.4% of company restaurant sales, increased $0.1 million and was flat on a percentage points basis. Franchise operating margin of $24.3 million, or 69.4% of franchise and licensing revenue, increased $0.9 million, or 1.7 percentage points.

Total general and administrative expenses of $16.2 million improved $0.6 million compared to the prior year quarter due to lower incentive compensation expense, partially offset by an increase in payroll and benefits expenses. Interest expense of $3.0 million increased $0.8 million due to higher borrowings compared to the prior year quarter. Denny’s ended the quarter with $221.7 million of total debt outstanding, including $198.0 million of borrowings under its revolving credit facility.

The provision for income taxes was $3.8 million, reflecting an effective tax rate of (49.5)%. This includes an income tax benefit of $2.1 million resulting from the pension plan liquidation. Excluding the impact of the liquidation, the effective income tax rate was 36.0%. Due to the use of net operating loss and tax credit carryforwards, the Company paid $0.6 million in cash taxes during the quarter.

Denny's Net Loss of $11.6 million, or $0.15 per diluted share, includes the impact of the Company's pension plan liquidation. Adjusted Net Income per Share* of $0.13 increased 18.6% compared to the prior year quarter and excludes the $22.2 million net settlement loss associated with the pension plan liquidation.

Free Cash Flow* and Capital Allocation

Denny’s generated $18.5 million of Free Cash Flow* in the quarter after investing $4.1 million in cash capital expenditures, including the remodeling of six company restaurants.

During the quarter, the Company allocated $3.8 million to repurchase 0.4 million shares. As of June 29, 2016, the Company had approximately $130 million remaining in authorized share repurchases, including the impact of the $50 million accelerated share repurchase agreement announced in November 2015. As part of that agreement, the Company received 3.5 million shares at the beginning of the term and received the remaining 1.5 million shares at the end of the agreement, which was completed during July 2016, after the quarter close.

Pension Plan Liquidation

As previously announced, the Company’s Advantica Pension Plan, which was closed to new participants at the end of 1999, was liquidated during the second quarter. As a result of the liquidation, the Company made a final contribution of $9.5 million and recorded a pre-tax settlement loss of $24.3 million during the quarter.

Business Outlook

Mark Wolfinger, Denny's Executive Vice President, Chief Administrative Officer and Chief Financial Officer, commented, “The continued successful execution of our brand transformation initiatives resulted in another quarter of increased revenues and company and franchise restaurant margins, along with greater profitability when excluding the one-time loss associated with our pension plan liquidation. Our highly franchised business is expected to generate over $50 million of Free Cash Flow* in 2016, after completing substantially all remodels at company restaurants and acquiring seven high-volume franchised restaurants."

The following full year 2016 estimates are based on management’s expectations at this time and exclude any impact from the liquidation of the Advantica Pension Plan.

  • Same-store sales growth at company restaurants between 1.5% and 2.5% with same-store sales growth at domestic franchised restaurants between 1% and 2%.
  • 44 to 48 new restaurant openings, with net restaurant growth of 10 to 15 restaurants.
  • Acquisition of seven (vs. one**) franchised restaurants and refranchising of six (vs. four**) company restaurants.
  • Total operating revenue between $505 and $508 million (vs. $500 and $505 million**) including franchise and licensing revenue between $139 and $140 million.
  • Company restaurant margin between 17% and 17.5% (vs. 16.5% and 17.5%**) and franchise restaurant margin between 69% and 69.5% (vs. 68.5% and 69%**).
  • Total general and administrative expenses between $65 and $67 million (vs. $64 and $67 million**).
  • Adjusted EBITDA* between $96 and $98 million (vs. $94 and $96 million**).
  • Depreciation and amortization expense between $21.5 and $22 million.
  • Net interest expense between $11.5 and $12 million (vs. $11 and $11.5 million**).
  • Effective income tax rate between 33% and 37% with $3 to $5 million of cash taxes.
  • Cash capital expenditures between $29 and $31 million (vs. $19 and $21 million**) including the acquisition of seven franchised restaurants, completion of approximately 25 remodels at company restaurants, the opening of one new company restaurant, and the scrape and rebuild of one company restaurant.
  • Free Cash Flow* between $51 and $53 million (vs. $60 and $62 million**).

* Adjusted Net Income excludes debt refinancing charges, impairment charges, gains on sales of assets, and other adjustments including the pension settlement loss. The forward looking non-GAAP estimates set forth above are provided only on a non-GAAP basis. The Company is not able to reconcile these forward-looking non-GAAP estimates to their most directly comparable GAAP estimates without unreasonable efforts because it is unable to predict or forecast the items impacting these estimates with a reasonable degree of accuracy. The Company is unable to determine the probable significance of the unavailable information. Please refer to the historical reconciliation of Net Income to Adjusted Income Before Taxes, Adjusted Net Income, Adjusted Net Income per Share, Adjusted EBITDA, and Free Cash Flow included in the following tables.
** Represents guidance ranges provided in Denny's first quarter 2016 earnings release dated May 2, 2016.

Conference Call and Webcast Information

Denny’s will provide further commentary on the results for the second quarter ended June 29, 2016 on its quarterly investor conference call today, Wednesday, August 3, 2016 at 4:30 p.m. Eastern Time. 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 Corporation is the franchisor and operator of one of America's largest franchised full-service restaurant chains, based on the number of restaurants. As of June 29, 2016, Denny’s had 1,720 franchised, licensed, and company restaurants around the world with combined sales of $2.8 billion including 117 restaurants in Canada, Puerto Rico, New Zealand, Mexico, Costa Rica, Dominican Republic, Honduras, Guam, the United Arab Emirates, Chile, Curaçao, El Salvador, and Trinidad and Tobago. 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 “expect”, “anticipate”, “believe”, “intend”, “plan”, “hope”, 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: competitive pressures from within the restaurant industry; the level of success of our operating initiatives and advertising and promotional efforts; adverse publicity; health concerns arising from food-related pandemics, outbreaks of flu viruses, such as avian flu, or other diseases; changes in business strategy or development plans; terms and availability of capital; regional weather conditions; overall changes in the general economy (including with regard to energy costs), 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 30, 2015 (and in the Company’s subsequent quarterly reports on Form 10-Q).

DENNY’S CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)6/29/16 12/30/15
Assets
Current assets
Cash and cash equivalents$6,693 $1,671
Receivables14,109 16,552
Assets held for sale 931
Other current assets9,690 17,260
Total current assets30,492 36,414
Property, net126,075 124,816
Goodwill33,668 33,454
Intangible assets, net48,779 46,074
Deferred income taxes26,664 29,159
Other noncurrent assets27,562 27,120
Total assets$293,240 $297,037
Liabilities
Current liabilities
Current maturities of capital lease obligations$3,276 $3,246
Accounts payable14,289 20,759
Other current liabilities57,441 77,548
Total current liabilities75,006 101,553
Long-term liabilities
Long-term debt, less current maturities198,000 195,000
Capital lease obligations, less current maturities20,457 17,499
Other52,434 43,580
Total long-term liabilities270,891 256,079
Total liabilities345,897 357,632
Shareholders' deficit
Common stock1,070 1,065
Paid-in capital568,697 565,364
Deficit(403,843) (402,245)
Accumulated other comprehensive loss, net of tax(9,853) (23,777)
Treasury stock(208,728) (201,002)
Total shareholders' deficit(52,657) (60,595)
Total liabilities and shareholders' deficit$293,240 $297,037
Debt Balances
(In thousands)6/29/16 12/30/15
Credit facility revolver due 2020$198,000 $195,000
Capital leases23,733 20,745
Total debt$221,733 $215,745


DENNY’S CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Quarter Ended
(In thousands, except per share amounts)6/29/16 7/1/15
Revenue:
Company restaurant sales$89,210 $88,629
Franchise and license revenue35,105 34,690
Total operating revenue124,315 123,319
Costs of company restaurant sales72,837 72,320
Costs of franchise and license revenue10,759 11,216
General and administrative expenses16,206 16,827
Depreciation and amortization5,105 5,314
Operating (gains), losses and other charges, net24,241 228
Total operating costs and expenses, net129,148 105,905
Operating income (loss)(4,833) 17,414
Interest expense, net3,014 2,264
Other nonoperating income, net(119) (83)
Net income (loss) before income taxes(7,728) 15,233
Provision for income taxes3,824 5,499
Net income (loss)$(11,552) $9,734
Basic net income (loss) per share$(0.15) $0.12
Diluted net income (loss) per share$(0.15) $0.11
Basic weighted average shares outstanding76,730 83,975
Diluted weighted average shares outstanding76,730 86,080
Comprehensive income$7,052 $13,317
General and Administrative ExpensesQuarter Ended
(In thousands)6/29/2016 7/1/2015
Share-based compensation$1,902 $1,859
Other general and administrative expenses14,304 14,968
Total general and administrative expenses$16,206 $16,827


DENNY’S CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Two Quarters Ended
(In thousands, except per share amounts)6/29/16 7/1/15
Revenue:
Company restaurant sales$179,596 $174,611
Franchise and license revenue69,361 68,879
Total operating revenue248,957 243,490
Costs of company restaurant sales146,948 143,628
Costs of franchise and license revenue20,762 22,194
General and administrative expenses33,133 33,763
Depreciation and amortization10,598 10,338
Operating (gains), losses and other charges, net24,116 836
Total operating costs and expenses, net235,557 210,759
Operating income13,400 32,731
Interest expense, net5,788 4,351
Other nonoperating income, net(92) (54)
Net income before income taxes7,704 28,434
Provision for income taxes9,302 10,167
Net income (loss)$(1,598) $18,267
Basic net income (loss) per share$(0.02) $0.22
Diluted net income (loss) per share$(0.02) $0.21
Basic weighted average shares outstanding76,895 84,467
Diluted weighted average shares outstanding76,895 86,547
Comprehensive income$12,326 $20,300
General and Administrative ExpensesTwo Quarters Ended
(In thousands)6/29/16 7/1/15
Share-based compensation$3,850 $3,564
Other general and administrative expenses29,283 30,199
Total general and administrative expenses$33,133 $33,763

DENNY’S CORPORATION
Reconciliation of Net (Loss) Income to Non-GAAP Operating Measures
(Unaudited)

The Company believes that, in addition to GAAP measures, certain other non-GAAP financial measures are appropriate indicators to assist in the evaluation of operating performance on a period-to-period basis. The Company 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 the ability to service debt because the excluded charges do not have an impact on prospective debt servicing capability and these adjustments are contemplated in our credit facility for the computation of our 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, each of these non-GAAP financial measures 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.

Quarter Ended Two Quarters Ended
(In thousands, except per share amounts)6/29/16 7/1/15 6/29/16 7/1/15
Net income (loss)$(11,552) $9,734 $(1,598) $18,267
Provision for income taxes3,824 5,499 9,302 10,167
Operating (gains), losses and other charges, net24,241 228 24,116 836
Other nonoperating income, net(119) (83) (92) (54)
Share-based compensation1,902 1,859 3,850 3,564
Adjusted Income Before Taxes$18,296 $17,237 $35,578 $32,780
Interest expense, net3,014 2,264 5,788 4,351
Depreciation and amortization5,105 5,314 10,598 10,338
Cash payments for restructuring charges and exit costs(339) (397) (833) (799)
Cash payments for share-based compensation (2,529) (3,440)
Adjusted EBITDA$26,076 $24,418 $48,602 $43,230
Cash interest expense, net(2,763) (2,019) (5,281) (3,864)
Cash paid for income taxes, net(627) (3,862) (938) (4,160)
Cash paid for capital expenditures(4,142) (8,955) (9,449) (12,401)
Free Cash Flow$18,544 $9,582 $32,934 $22,805
Quarter Ended Two Quarters Ended
(In thousands, except per share amounts)6/29/16 7/1/15 6/29/16 7/1/15
Net income (loss)$(11,552) $9,734 $(1,598) $18,267
Pension settlement loss24,297 24,297
Losses (gains) on sales of assets and other, net(43) 2 (687) (20)
Impairment charges 45 94
Loss on debt refinancing 293
Tax effect (1)(2,128) (17) (1,897) (131)
Adjusted Net Income$10,574 $9,764 $20,115 $18,503
Diluted weighted average shares outstanding (2)78,583 86,080 78,701 86,547
Adjusted Net Income Per Share$0.13 $0.11 $0.26 $0.21


(1)Tax adjustments for the loss on pension termination for the three and six months ended June 29, 2016 are calculated using an effective tax rate of 8.8%. The remaining tax adjustments for the three and six months ended June 29, 2016 are calculated using the Company's year-to-date effective tax rate of 35.8%, which excludes the impact of the pension termination. Tax adjustments for the three and six months ended July 1, 2015 are calculated using the Company's 2015 year-to-date effective tax rate of 35.8%.
(2)Due to the net loss for the three and six months ended June 29, 2016, in accordance with GAAP, awards related to share-based compensation are anti-dilutive and are excluded from diluted weighted average share outstanding. Basic and diluted shares were 76,730 for the quarter and 76,895 year-to-date. Since the net loss position is adjusted to an income position in our calculation of Adjusted Net Income, GAAP diluted weighted average shares outstanding have been adjusted for the effect of dilutive share-based compensation awards to calculate Adjusted Net Income Per Share.


DENNY’S CORPORATION
Operating Margins
(Unaudited)
Quarter Ended
(In thousands)6/29/16 7/1/15
Company restaurant operations: (1)
Company restaurant sales$89,210 100.0% $88,629 100.0%
Costs of company restaurant sales:
Product costs21,781 24.4% 21,876 24.7%
Payroll and benefits34,088 38.2% 33,665 38.0%
Occupancy4,993 5.6% 4,913 5.5%
Other operating costs:
Utilities2,852 3.2% 3,132 3.5%
Repairs and maintenance1,732 1.9% 1,497 1.7%
Marketing3,381 3.8% 3,258 3.7%
Other4,010 4.5% 3,979 4.5%
Total costs of company restaurant sales$72,837 81.6% $72,320 81.6%
Company restaurant operating margin (2)$16,373 18.4% $16,309 18.4%
Franchise operations: (3)
Franchise and license revenue:
Royalties$24,511 69.8% $23,774 68.5%
Initial fees798 2.3% 656 1.9%
Occupancy revenue9,796 27.9% 10,260 29.6%
Total franchise and license revenue$35,105 100.0% $34,690 100.0%
Costs of franchise and license revenue:
Occupancy costs$7,287 20.8% $7,733 22.3%
Other direct costs3,472 9.9% 3,483 10.0%
Total costs of franchise and license revenue$10,759 30.6% $11,216 32.3%
Franchise operating margin (2)$24,346 69.4% $23,474 67.7%
Total operating revenue (4)$124,315 100.0% $123,319 100.0%
Total costs of operating revenue (4)83,596 67.2% 83,536 67.7%
Total operating margin (4)(2)$40,719 32.8% $39,783 32.3%
Other operating expenses: (4)(2)
General and administrative expenses$16,206 13.0% $16,827 13.6%
Depreciation and amortization5,105 4.1% 5,314 4.3%
Operating (gains), losses and other charges, net24,241 19.5% 228 0.2%
Total other operating expenses$45,552 36.6% $22,369 18.1%
Operating income (loss) (4)$(4,833)(3.9)% $17,414 14.1%
(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
Operating Margins
(Unaudited)
Two Quarters Ended
(In thousands)6/29/16 7/1/15
Company restaurant operations: (1)
Company restaurant sales$179,596 100.0% $174,611 100.0%
Costs of company restaurant sales:
Product costs44,434 24.7% 43,320 24.8%
Payroll and benefits68,549 38.2% 66,869 38.3%
Occupancy9,793 5.5% 9,808 5.6%
Other operating costs:
Utilities5,803 3.2% 6,308 3.6%
Repairs and maintenance3,334 1.9% 2,947 1.7%
Marketing6,623 3.7% 6,465 3.7%
Other8,412 4.7% 7,911 4.5%
Total costs of company restaurant sales$146,948 81.8% $143,628 82.3%
Company restaurant operating margin (2)$32,648 18.2% $30,983 17.7%
Franchise operations: (3)
Franchise and license revenue:
Royalties$48,655 70.1% $46,937 68.1%
Initial fees1,324 1.9% 1,101 1.6%
Occupancy revenue19,382 28.0% 20,841 30.3%
Total franchise and license revenue$69,361 100.0% $68,879 100.0%
Costs of franchise and license revenue:
Occupancy costs$14,350 20.7% $15,624 22.7%
Other direct costs6,412 9.2% 6,570 9.5%
Total costs of franchise and license revenue$20,762 29.9% $22,194 32.2%
Franchise operating margin (2)$48,599 70.1% $46,685 67.8%
Total operating revenue (4)$248,957 100.0% $243,490 100.0%
Total costs of operating revenue (4)167,710 67.4% 165,822 68.1%
Total operating margin (4)(2)$81,247 32.6% $77,668 31.9%
Other operating expenses: (4)(2)
General and administrative expenses$33,133 13.3% $33,763 13.9%
Depreciation and amortization10,598 4.3% 10,338 4.2%
Operating gains, losses and other charges, net24,116 9.7% 836 0.3%
Total other operating expenses$67,847 27.3% $44,937 18.5%
Operating income (4)$13,400 5.4% $32,731 13.4%
(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 SalesQuarter Ended Two Quarters Ended
(increase (decrease) vs. prior year)6/29/16 7/1/15 6/29/16 7/1/15
Company Restaurants(0.1)% 7.9% 1.7% 7.7%
Domestic Franchised Restaurants(0.5)% 7.2% 0.9% 7.2%
Domestic System-wide Restaurants(0.5)% 7.3% 1.0% 7.2%
System-wide Restaurants(0.7)% 6.4% 0.7% 6.5%
Average Unit SalesQuarter Ended Two Quarters Ended
(In thousands)6/29/16 7/1/15 6/29/16 7/1/15
Company Restaurants$562 $559 $1,116 $1,097
Franchised Restaurants$390 $393 $778 $774
Franchised
Restaurant Unit ActivityCompany & Licensed Total
Ending Units March 30, 2016162 1,551 1,713
Units Opened 13 13
Units Reacquired2 (2)
Units Refranchised(2) 2
Units Closed (6) (6)
Net Change 7 7
Ending Units June 29, 2016162 1,558 1,720
Equivalent Units
Second Quarter 2016159 1,555 1,714
Second Quarter 2015158 1,536 1,694
Net Change1 19 20
Franchised
Restaurant Unit ActivityCompany & Licensed Total
Ending Units December 30, 2015164 1,546 1,710
Units Opened1 24 25
Units Reacquired3 (3)
Units Refranchised(6) 6
Units Closed (15) (15)
Net Change(2) 12 10
Ending Units June 29, 2016162 1,558 1,720
Equivalent Units
Year-to-Date 2016161 1,551 1,712
Year-to-Date 2015159 1,536 1,695
Net Change2 15 17


Investor Contact: Curt Nichols 877-784-7167 Media Contact: Jessica Liddell, ICR 203-682-8208

Source:Denny's Corporation