Businessweek

Denny's Corporation reported unaudited consolidated earnings results for the first quarter ended March 27, 2013. For the quarter, the company reported total operating revenue of $114,490,000 compared to $126,738,000 a year ago. Operating income was $13,451,000 compared to $13,913,000 a year ago. Net income before income taxes was $10,650,000 compared to $9,752,000 a year ago. Net income was $7,081,000 or $0.07 per diluted share compared to $5,865,000 or $0.06 per basic and diluted share a year ago. Adjusted income before taxes was $11,960,000 compared to $10,082,000 a year ago. Adjusted EBITDA was $18,422,000 compared to $19,462,000 a year ago. Cash paid for capital expenditures was $3,006,000 compared to $1,836,000 a year ago. Free cash flow was $12,588,000 compared to $13,663,000 a year ago. Adjusted net income was $7,093,000 or $0.08 per share compared to $4,954,000 or $0.05 per share a year ago. The following full year 2013 estimates are based on management's expectations at this time: System-wide same-store sales growth between 0% and 1.5%, adjusted EBITDA between $76 million and $80 million, cash capital expenditures between $19 million and $21 million, including approximately 20 to 25 remodels at company restaurants and the acquisition of two parcels of real estate for approximately $2.4 million in the second quarter of this year, 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 and free cash flow between $45 million and $48 million. The company expects new restaurant openings (all franchised) between 40 and 45 restaurants with net restaurant growth between 5 and 10 restaurants.

Denny's Corporation reported same-store sales results for the first quarter ended March 27, 2013. For the quarter, the company reported system-wide same-store sales were decreased 0.7%.

Denny's Corporation announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on Apr 30, 2013

On April 24, 2013, Denny's Corporation entered into an amended and restated credit agreement among Denny's Inc., as the borrower, the company, Denny's Realty, LLC and DFO, LLC, as Guarantors, Wells Fargo Bank, National Association, as Administrative Agent and L/C Issuer, Regions Bank and General Electric Capital Corporation, as Co-Syndication Agents, Cadence Bank N.A., Fifth Third Bank and RBS Citizens, N.A., as Co-Documentation Agents, and the other lenders. The new credit facility provides for a five-year $250 million credit facility that is comprised of a $60 million senior secured term loan and a $190 million senior secured revolver. Borrowings will bear a tiered interest rate based on the company's consolidated leverage ratio and is initially set at LIBOR plus 200 basis points. The new credit facility includes an accordion feature that would allow the borrowers to increase the size of the facility to $300 million. The maturity date for the new credit facility is April 24, 2018.

Denny's Corporation, Q1 2013 Earnings Call, Apr 30, 2013