Denny’s Corporation (NASDAQ:DENN) has released the financial results for its fourth quarter and full year ended December 30, 2009. The full year summary for 2009 reported the net income as $41.6 million, which included $19.4 million of gains on sale of assets. The adjusted income prior to taxes also grew by 29%, or $6.8 million, to $30.0 million.
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Fourth quarter saw a net income increase of $21.4 million, including a $11.8 million in gains on sales of assets. The company’s adjusted income prior to taxes was $9.1 million, representing 29%, or $2.0 million in growth. Denny’s reported having generated $19.9 million in cash proceeds from asset sales while reducing outstanding debt by $26.9 million. The full financial report is available for review on the company’s investor relations site at http://ir.dennys.com.
Denny’s Corporation (Denny’s) is a family-style restaurant chain that owns and operates the Denny’s restaurant brand through its wholly owned subsidiaries, Denny’s Holdings, Inc. and Denny’s, Inc. As of December 26, 2008, the Denny’s brand consisted of 1,541 restaurants, 1,226 (80%) of which were franchised/licensed restaurants and 315 (20%), of which were Company-owned and operated. These Denny’s restaurants operated in 49 states, the District of Columbia, two United States territories and five foreign countries with concentrations in California (26% of total restaurants), Florida (10%) and Texas (10%).
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