Denny's Corp. (NASDAQ: DENN) reported Wednesday that the restaurant chain posted a fourth-quarter profit, citing cut backs on operating costs, according to Associated Press.
The company earned $17.9 million, or 18 cents per share, up from a loss of $3.5 million, or 4 cents per share, in the same period a year earlier.
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Revenue dropped 24 percent to $140.5 million from $184.7 million.
On average, analysts were expecting a profit of 4 cents per share, on sales of $139.8 million, according to a poll by Thomson Reuters.
The quarter's operating costs fell 33 percent to $116 million.
Sales at restaurants open at least a year declined 6.1 percent at company-owned units and 7.2 percent at franchised units.
For the full year, Denny's earned $41.6 million, or 42 cents per share, compared to $12.7 million, or 13 cents per share, a year earlier. Revenue fell to $608 million from $760.3 million.
Shares closed down 2 cents at $2.54. It rose 2 cents to $2.56 on early Thursday morning trading.
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