Denny's, Inc. Opens First Non-Traditional Military Base Restaurant at Nellis Air Force Base in Las Vegas, Nevada
Nov 18 13
Denny's Inc. announced that the first non-traditional military base restaurant has been opened at Nellis Air Force Base in Las Vegas, Nevada. The newest Denny's Fresh Express non-traditional location is operated in partnership with the Army & Air Force Exchange Service (AAFES) who operates retail and convenience stores, gas stations, restaurants, theaters, vending and other businesses on military installations in all 50 states, five U.S. territories and more than 30 countries. Taking advantage of Denny's strong brand awareness, the company's non-traditional concepts, Denny's Fresh Express and Denny's AllNighter, utilize streamlined menus for locations where convenience and portability are critical. This includes colleges, airports, military installations, hospitals, travel plazas, food courts and other similar locations where Denny's Grand Slam breakfasts are served all day, in addition to satisfying portable menu items for consumers on the go.
Denny's Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 25, 2013; Provides Earnings Guidance for the Full Year 2013
Oct 28 13
Denny's Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 25, 2013. For the quarter, the company reported total operating revenues of $117,275,000, operating income of $13,525,000, net income before income taxes of $11,349,000, net income of $7,031,000 or $0.08 per basic and diluted share compared to the total operating revenues of $120,945,000, operating income of $11,690,000, net income before income taxes of $8,564,000, net income of $5,363,000 or $0.06 per basic and diluted share for the same quarter year ago. Adjusted income before taxes was $12,287,000 compared to the $13,110,000 for the same quarter year ago. Adjusted EBITDA was $19,166,000 compared to the $19,670,000 for the same quarter year ago. Adjusted net income was $6,986,000 or $0.08 per diluted share compared to the $6,992,000 or $0.07 per diluted share for the same quarter year ago. Free cash flow was $11,617,000 compared to $12,884,000 for the same quarter year ago. The 1.4% decrease in franchise and license revenue was primarily due to decreases in both occupancy revenue and initial fees. The decrease was partially offset by a $0.4 million increase in royalties from nine additional equivalent franchised restaurants. Cash capital expenditures of $4.9 million increased $1.3 million compared to the prior-year quarter. The increase was primarily driven by the remodeling activity in the company's restaurants as the company completed 7 remodels during the quarter.
For the nine months period, the company reported total operating revenues of $348,336,000, operating income of $39,590,000, net income before income taxes of $30,734,000, net income of $20,310,000 or $0.22 per basic and diluted share compared to the total operating revenues of $372,414,000, operating income of $44,602,000, net income before income taxes of $26,124,000, net income of $15,829,000 or $0.16 per diluted share for the same period year ago. Adjusted income before taxes was $37,003,000 compared to the $36,065,000 for the same period year ago. Adjusted EBITDA was $57,509,000 compared to the $60,282,000 for the same period year ago. Adjusted net income was $21,606,000 or $0.23 per diluted share compared to the $18,475,000 or $0.19 per diluted share for the same period year ago. Free cash flow was $35,347,000 compared to $41,523,000 for the same quarter year ago.
The company provided earnings guidance for the full year 2013. The company expected system-wide same-store sales growth between 0% and 1.0%. 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. Free Cash Flow between $43 million and $46 million. Cash taxes between $2.5 million and $3.5 million with income tax rate between 34% and 36%.