Denny's Corporation Reports Results for Third Quarter 2013

- Adjusted Net Income Per Share* Increased 5.1% to $0.08 -

- Achieved Positive System-Wide Same-Store Sales in Nine of the Last Ten Quarters -

SPARTANBURG, S.C. - Oct. 28, 2013 // 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 third quarter ended September 25, 2013.

Third Quarter Summary

  • Domestic system-wide same-store sales increased 1.2%, comprised of a 1.3% increase at domestic franchised restaurants and a 0.7% increase at company restaurants.
  • Opened nine new franchised restaurants including one non-traditional location at Wright State University and three international locations including Denny's first restaurants in Chile and El Salvador.
  • Net Income increased by 31.1% to $7.0 million, or $0.08 per diluted share, compared with the prior year quarter Net Income of $5.4 million, or $0.06 per diluted share.
  • Adjusted Net Income per Share* of $0.08 increased 5.1% compared with the prior year quarter Adjusted Net Income per Share* of $0.07. Adjusted Net Income* excludes debt refinancing charges, impairment charges and gains on sales of assets and other. Please see the tables in the Appendix for a reconciliation of Adjusted Net Income*.
  • Generated $11.6 million of Free Cash Flow* primarily used to repurchase 1.8 million shares.

John Miller, President and Chief Executive Officer, stated, "We achieved our ninth quarter of positive system-wide same-store sales in the past ten quarters, as our focus on delivering both everyday value and new product offerings is continuing to resonate with the consumer. This approach has enabled us to grow sales despite the challenging economic environment. In addition, the ongoing and successful expansion of Denny's global footprint was marked by our recent openings, bringing our total number of international locations to 100. We continue to focus on successfully executing against our key objectives which include growing sales through our 'America's Diner' positioning, increasing the growth of the Denny's brand domestically and internationally, and growing profitability and Free Cash Flow* through our franchise-focused business."

Third Quarter Results

For the third quarter of 2013, franchise and license revenue was $33.9 million compared with $34.4 million in the prior year quarter. 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. Company restaurant sales were $83.4 million due to 12 fewer equivalent company restaurants, which reflects the impact of selling company restaurants to franchisees as part of the Company's refranchising strategy that was completed at the end of 2012.

Denny's opened nine new franchised restaurants in the third quarter of this year and closed 13 franchised restaurants bringing the total restaurant count to 1,686. In addition, the Company sold two company restaurants to a franchisee and acquired one franchised restaurant bringing the total company restaurant count to 164 and total franchised restaurant count to 1,522.

Franchise operating margin of $22.3 million was approximately equal to the prior year. Franchise operating margin (as a percentage of franchise and license revenue) of 65.8% increased 0.9 percentage points primarily due to an increase in the royalty and licensing margin.

Company restaurant operating margin was $10.3 million, or 12.3% of company restaurant sales, down from 14.7% in the third quarter of 2012. The 2.4 percentage point decrease was primarily driven by increases in product costs, payroll and benefits costs and other operating costs. The increase in payroll and benefits costs included $0.2 million, or 0.3 percentage points, of unfavorable workers' compensation claims development compared to the prior year quarter. This increase was driven by $1.5 million of unfavorable workers' compensation claims development in the current quarter and $1.3 million of unfavorable workers' compensation claims development in the third quarter of 2012.

Total general and administrative expenses improved by $1.0 million to $13.7 million in the quarter. Net operating gains, losses and other charges, which include restructuring charges, exit costs, impairment charges and gains or losses on the sale of assets, totaled $0.2 million in the quarter.

Interest expense decreased $0.6 million to $2.5 million as a result of a $21.2 million reduction in total debt over the last 12 months and lower interest rates under the Company's refinanced credit facility. In the third quarter, the provision for income taxes was $4.3 million, reflecting an effective tax rate of 38.0%. Due to the use of net operating loss and tax credit carryforwards, the Company only paid $0.5 million in cash taxes in the third quarter.

Denny's third quarter net income of $7.0 million, or $0.08 per diluted share, grew 31.1% compared to prior year quarter net income of $5.4 million, or $0.06 per diluted share. Adjusted Net Income* of $7.0 million, or $0.08 per diluted share, was flat to prior year Adjusted Net Income* of $7.0 million, or $0.07 per diluted share, in the prior year quarter.

Denny's generated $11.6 million of Free Cash Flow* in the third quarter, a portion of which was used to repurchase 1,781,040 shares for $10.2 million. Since initiating its share repurchase strategy in November 2010, the Company has used $69.2 million to repurchase 15.3 million shares through September 25, 2013. As of September 25, 2013, the Company had 9.7 million shares remaining in its current authorized share repurchase initiative. In addition, Denny's ended the third quarter with $175.3 million of total debt outstanding including $97.0 million of borrowings under the revolving line of credit and $58.5 million of term loan debt outstanding.

Business Outlook

Mark Wolfinger, Executive Vice President, Chief Administrative Officer and Chief Financial Officer, commented, "In the third quarter, the Free Cash Flow* we generated after capital investments demonstrates the strength of our franchise-focused business. Our team's execution, together with a balanced capital allocation strategy, continues to provide us with the ability to reinvest in the brand and return value to shareholders through our share repurchase program."

Based on year-to-date results and management's expectations at this time, Denny's is updating its expectations for certain elements (New Restaurant Openings, Net Restaurant Growth and Total G&A) of its estimates for full year 2013.

  • Domestic system-wide same-store sales growth between 0% and 1%.
  • New restaurant openings at the lower end of initial guidance range of 40 to 45 franchised restaurants with net restaurant growth between 0 and 5 restaurants.
  • Total G&A, including share-based compensation, between $57 million and $59 million.
  • 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.
  • Net interest expense between $9.5 million and $10.5 million with net cash interest expense between $8.0 million and $9.0 million.
  • Cash taxes between $2.5 million and $3.5 million with income tax rate between 34% and 36%.
  • Free Cash Flow* between $43 million and $46 million.

* Please refer to the historical reconciliation of net income to Adjusted Net Income, Adjusted Net Income Per Share, Adjusted EBITDA and Free Cash Flow included in the tables below.

Conference Call and Webcast Information

Denny's will provide further commentary on the results for the third quarter 2013 on its quarterly investor conference call today, Monday, October 28, 2013 at 4:30 p.m. ET. 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 is the franchisor and operator of one of America's largest franchised full-service restaurant chains, based on number of restaurants. Denny's currently has 1,686 franchised, licensed, and company restaurants around the world with combined sales of $2.5 billion including 1,586 restaurants in the United States and 100 restaurants in Canada, Costa Rica, Mexico, Honduras, Guam, Curaçao, Puerto Rico, Dominican Republic, El Salvador, Chile and New Zealand. As of September 25, 2013, 1,522 of Denny's restaurants were franchised and 164 restaurants were company operated. 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 "expects", "anticipates", "believes", "intends", "plans", "hopes", 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: the competitive pressures from within the restaurant industry; the level of success of the Company's strategic and operating initiatives, advertising and promotional efforts; adverse publicity; changes in business strategy or development plans; terms and availability of capital; regional weather conditions; overall changes in the general economy, 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 26, 2012 (and in the Company's subsequent quarterly reports on Form 10-Q).

DENNY'S CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
     
(In thousands) 9/25/2013 12/26/2012
Assets    
Current assets    
Cash and cash equivalents  $ 6,330  $ 13,565
Receivables 14,167 19,947
Current deferred tax asset 20,962 19,807
Other current assets 9,001 11,291
Total current assets 50,460 64,610
Property, net 105,174 107,004
Goodwill 31,451 31,430
Intangible assets, net 48,479 48,920
Noncurrent deferred tax asset 34,829 45,776
Other noncurrent assets 29,516 27,145
Total assets  $ 299,909  $ 324,885
     
Liabilities    
Current liabilities    
Current maturities of long-term debt  $ 3,000  $ 8,500
Current maturities of capital lease obligations 4,170 4,181
Accounts payable 17,009 24,461
Other current liabilities 50,228 54,682
Total current liabilities 74,407 91,824
Long-term liabilities    
Long-term debt, less current maturities 152,500 161,500
Capital lease obligations, less current maturities 15,666 15,953
Other 56,951 60,068
Total long-term liabilities 225,117 237,521
Total liabilities 299,524 329,345
     
Shareholders' equity    
Common stock 1,047 1,038
Paid-in capital 566,369 562,657
Deficit (475,208) (495,518)
Accumulated other comprehensive loss, net of tax (22,607) (24,999)
Treasury stock (69,216) (47,638)
Total shareholders' equity (deficit) 385 (4,460)
Total liabilities and shareholders' equity  $ 299,909  $ 324,885
     
Debt Balances
(In thousands) 9/25/2013 12/26/2012
Credit facility term loan and revolver due 2018  $ 155,500 $ — 
Credit facility term loan due 2017 170,000
Capital leases 19,836 20,134
Total debt  $ 175,336  $ 190,134
 
 
DENNY'S CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
     
  Quarter Ended
(In thousands, except per share amounts) 9/25/2013 9/26/2012
Revenue:    
Company restaurant sales $ 83,371 $ 86,575
Franchise and license revenue 33,904 34,370
Total operating revenue 117,275 120,945
Costs of company restaurant sales 73,088 73,808
Costs of franchise and license revenue 11,599 12,078
General and administrative expenses 13,704 14,702
Depreciation and amortization 5,198 5,287
Operating (gains), losses and other charges, net 161 3,380
Total operating costs and expenses 103,750 109,255
Operating income 13,525 11,690
Interest expense, net 2,452 3,088
Other nonoperating (income) expense, net (276) 38
Net income before income taxes 11,349 8,564
Provision for income taxes 4,318 3,201
Net income $ 7,031 $ 5,363
     
Basic net income per share $ 0.08 $ 0.06
Diluted net income per share $ 0.08 $ 0.06
     
Basic weighted average shares outstanding 90,035 94,705
Diluted weighted average shares outstanding 91,967 96,745
     
Comprehensive income $ 6,574 $ 5,631
     
General and Administrative Expenses Quarter Ended
(In thousands) 9/25/2013 9/26/2012
Share-based compensation $ 1,053 $ 1,128
Other general and administrative expenses 12,651 13,574
Total general and administrative expenses $ 13,704 $ 14,702
 
 
DENNY'S CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
     
  Three Quarters Ended
(In thousands, except per share amounts) 9/25/2013 9/26/2012
Revenue:    
Company restaurant sales  $ 247,242  $ 271,977
Franchise and license revenue 101,094 100,437
Total operating revenue 348,336 372,414
Costs of company restaurant sales 213,659 231,506
Costs of franchise and license revenue 34,586 34,776
General and administrative expenses 42,948 45,150
Depreciation and amortization 15,774 17,174
Operating (gains), losses and other charges, net 1,779 (794)
Total operating costs and expenses, net 308,746 327,812
Operating income 39,590 44,602
Interest expense, net 7,800 10,537
Other nonoperating expense, net 1,056 7,941
Net income before income taxes 30,734 26,124
Provision for income taxes 10,424 10,295
Net income  $ 20,310  $ 15,829
     
     
Basic net income per share  $ 0.22  $ 0.17
Diluted net income per share  $ 0.22  $ 0.16
     
Basic weighted average shares outstanding 91,348 95,472
Diluted weighted average shares outstanding 93,377 97,196
     
Comprehensive income  $ 22,702  $ 16,633
     
General and Administrative Expenses Three Quarters Ended
(In thousands) 9/25/2013 9/26/2012
Share-based compensation  $ 3,434  $ 2,794
Other general and administrative expenses 39,514 42,356
Total general and administrative expenses  $ 42,948  $ 45,150
 
 
DENNY'S CORPORATION
Income, EBITDA, Free Cash Flow, and Net Income Reconciliations
(Unaudited)
         
Income, EBITDA and Free Cash Flow Reconciliation Quarter Ended Three Quarters Ended
(In thousands) 9/25/2013 9/26/2012 9/25/2013 9/26/2012
Net income  $ 7,031  $ 5,363  $ 20,310  $ 15,829
Provision for income taxes 4,318 3,201 10,424 10,295
Operating (gains), losses and other charges, net 161 3,380 1,779 (794)
Other nonoperating expense, net (276) 38 1,056 7,941
Share-based compensation 1,053 1,128 3,434 2,794
Adjusted Income Before Taxes (1)  $ 12,287  $ 13,110  $ 37,003  $ 36,065
         
Interest expense, net 2,452 3,088 7,800 10,537
Depreciation and amortization 5,198 5,287 15,774 17,174
Cash payments for restructuring charges and exit costs (771) (1,521) (2,168) (2,845)
Cash payments for share-based compensation (294) (900) (649)
Adjusted EBITDA (1)  $ 19,166  $ 19,670  $ 57,509  $ 60,282
         
Cash interest expense, net (2,156) (2,719) (6,890) (9,048)
Cash paid for income taxes, net (496) (500) (1,831) (1,865)
Cash paid for capital expenditures (4,897) (3,567) (13,441) (7,846)
Free Cash Flow (1)  $ 11,617  $ 12,884  $ 35,347  $ 41,523
         
Net Income Reconciliation Quarter Ended Three Quarters Ended
(In thousands) 9/25/2013 9/26/2012 9/25/2013 9/26/2012
Net income  $ 7,031  $ 5,363  $ 20,310  $ 15,829
Gains on sales of assets and other, net (68) 91 (83) (6,772)
Impairment charges 2,468 857 3,008
Loss on debt refinancing 2 1,187 7,925
Tax effect (2) 23 (932) (665) (1,515)
Adjusted Net Income (1)  $ 6,986  $ 6,992  $ 21,606  $ 18,475
         
Diluted weighted-average shares outstanding 91,967 96,745 93,377 97,196
         
Adjusted Net Income Per Share (1)  $ 0.08  $ 0.07  $ 0.23  $ 0.19
         
(1)  The Company believes that, in addition to other financial measures, Adjusted Income Before Taxes, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income and Adjusted Net Income Per Share are appropriate indicators to assist in the evaluation of its operating performance on a period-to-period basis. The Company also 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 its ability to service debt because the excluded charges do not have an impact on its prospective debt servicing capability and these adjustments are contemplated in its credit facility for the computation of its 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, Adjusted Income, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income and Adjusted Net Income Per Share 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.
(2)  Tax adjustments for the three and nine months ended September 25, 2013 are calculated using the Company's year-to-date effective tax rate of 33.9%. Tax adjustments for the three and nine months ended September 26, 2012 are calculated using the Company's full year 2012 effective tax rate of 36.4%.
 
 
DENNY'S CORPORATION
Operating Margins
(Unaudited)
         
  Quarter Ended
(In thousands) 9/25/2013 9/26/2012
Company restaurant operations: (1)        
Company restaurant sales  $ 83,371  100.0%  $ 86,575  100.0%
Costs of company restaurant sales:        
Product costs 21,722  26.1% 21,449  24.8%
Payroll and benefits 33,746  40.5% 34,409  39.7%
Occupancy 5,598  6.7% 5,780  6.7%
Other operating costs:        
Utilities 3,592  4.3% 3,760  4.3%
Repairs and maintenance 1,550  1.9% 1,578  1.8%
Marketing 3,116  3.7% 3,213  3.7%
Legal settlements 157  0.2% 197  0.2%
Other 3,607  4.3% 3,422  4.0%
Total costs of company restaurant sales  $ 73,088  87.7%  $ 73,808  85.3%
Company restaurant operating margin (2)  $ 10,283  12.3%  $ 12,767  14.7%
         
Franchise operations: (3)        
Franchise and license revenue:        
Royalties  $ 21,777  64.2%  $ 21,333  62.1%
Initial fees 434  1.3% 728  2.1%
Occupancy revenue 11,693  34.5% 12,309  35.8%
Total franchise and license revenue  $ 33,904  100.0%  $ 34,370  100.0%
         
Costs of franchise and license revenue:        
Occupancy costs  $ 8,616  25.4%  $ 9,027  26.2%
Other direct costs 2,983  8.8% 3,051  8.9%
Total costs of franchise and license revenue  $ 11,599  34.2%  $ 12,078  35.1%
Franchise operating margin (2)  $ 22,305  65.8%  $ 22,292  64.9%
         
Total operating revenue (4)  $ 117,275  100.0%  $ 120,945  100.0%
Total costs of operating revenue (4) 84,687  72.2% 85,886  71.0%
Total operating margin (4)(2)  $ 32,588  27.8%  $ 35,059  29.0%
         
Other operating expenses: (4)(2)        
General and administrative expenses  $ 13,704  11.7%  $ 14,702  12.2%
Depreciation and amortization 5,198  4.4% 5,287  4.4%
Operating gains, losses and other charges, net 161  0.1% 3,380  2.8%
Total other operating expenses  $ 19,063  16.3%  $ 23,369  19.3%
         
Operating income (4)  $ 13,525  11.5%  $ 11,690  9.7%
         
(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)
         
  Three Quarters Ended
(In thousands) 9/25/2013 9/26/2012
Company restaurant operations: (1)        
Company restaurant sales  $ 247,242  100.0%  $ 271,977  100.0%
Costs of company restaurant sales:        
Product costs 64,270  26.0% 67,684  24.9%
Payroll and benefits 98,512  39.8% 108,779  40.0%
Occupancy 16,339  6.6% 17,776  6.5%
Other operating costs:        
Utilities 9,897  4.0% 11,066  4.1%
Repairs and maintenance 4,423  1.8% 4,901  1.8%
Marketing 9,245  3.7% 10,138  3.7%
Legal settlements 671  0.3% 366  0.1%
Other 10,302  4.2% 10,796  4.0%
Total costs of company restaurant sales  $ 213,659  86.4%  $ 231,506  85.1%
Company restaurant operating margin (2)  $ 33,583  13.6%  $ 40,471  14.9%
         
 Franchise operations: (3)        
Franchise and license revenue:        
Royalties  $ 64,205  63.5%  $ 62,734  62.5%
Initial fees 1,164  1.2% 2,167  2.2%
Occupancy revenue 35,725  35.3% 35,536  35.3%
Total franchise and license revenue  $ 101,094  100.0%  $ 100,437  100.0%
         
Costs of franchise and license revenue:        
Occupancy costs  $ 26,235  25.9%  $ 26,455  26.3%
Other direct costs 8,351  8.3% 8,321  8.3%
Total costs of franchise and license revenue  $ 34,586  34.2%  $ 34,776  34.6%
Franchise operating margin (2)  $ 66,508  65.8%  $ 65,661  65.4%
         
Total operating revenue (4)  $ 348,336  100.0%  $ 372,414  100.0%
Total costs of operating revenue (4) 248,245  71.3% 266,282  71.5%
Total operating margin (4)(2)  $ 100,091  28.7%  $ 106,132  28.5%
         
Other operating expenses: (4)(2)        
General and administrative expenses  $ 42,948  12.3%  $ 45,150  12.1%
Depreciation and amortization 15,774  4.5% 17,174  4.6%
Operating gains, losses and other charges, net 1,779  0.5% (794)  (0.2)%
Total other operating expenses  $ 60,501  17.4%  $ 61,530  16.5%
         
Operating income (4)  $ 39,590  11.4%  $ 44,602  12.0%
         
(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 Sales Quarter Ended Three Quarters Ended
(increase/(decrease) vs. prior year) 9/25/2013 9/26/2012 9/25/2013 9/26/2012
Company Restaurants  0.7%  (0.5)%  (0.4)%  0.1%
Domestic Franchised Restaurants  1.3%  0.7%  0.5%  1.6%
Domestic System-wide Restaurants  1.2%  0.5%  0.4%  1.4%
System-wide Restaurants  1.0%  0.4%  0.3%  1.1%
         
Average Unit Sales Quarter Ended Three Quarters Ended
(In thousands) 9/25/2013 9/26/2012 9/25/2013 9/26/2012
Company Restaurants  $ 510  $ 493  $ 1,509  $ 1,447
Franchised Restaurants  $ 365  $ 358  $ 1,073  $ 1,061
         
Restaurant Unit Activity
Company
Franchised 
& Licensed

Total
 
Ending Units 6/26/13 165 1,525 1,690  
Units Opened 0 9 9  
Units Reacquired 1 (1) 0  
Units Refranchised (2) 2 0  
Units Closed 0 (13) (13)  
 Net Change (1) (3) (4)  
Ending Units 9/25/13 164 1,522 1,686  
         
Equivalent Units        
Third Quarter 2013 163 1,520 1,683  
Third Quarter 2012 175 1,511 1,686  
  (12) 9 (3)  
         
Restaurant Unit Activity
Company
Franchised & 
Licensed

Total
 
Ending Units 12/26/12 164 1,524 1,688  
Units Opened 0 27 27  
Units Reacquired 2 (2) 0  
Units Refranchised (2) 2 0  
Units Closed 0 (29) (29)  
Net Change 0 (2) (2)  
Ending Units 9/25/13 164 1,522 1,686  
         
Equivalent Units        
Year-to-Date 2013 164 1,524 1,688  
Year-to-Date 2012 188 1,495 1,683  
  (24) 29 5  

Contacts:

Investor
Whit Kincaid
877-784-7167

Media
Liz DiTrapano
ICR
646-277-1226

###

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