Denny's Corporation Announces Rebuilding of Highest Volume Company Owned Restaurant
SPARTANBURG, S.C. - Jan. 3, 2014 // GLOBE NEWSWIRE // - Denny's Corporation (Nasdaq:DENN), franchisor and operator of one of America's largest franchised full-service restaurant chains, based on the number of restaurants, today announced that one of its Las Vegas restaurants, located at 3397 South Las Vegas Boulevard adjacent to the Best Western Plus Casino Royale and across the street from the Mirage Hotel and Casino, has been closed for reconstruction. This company operated location is the highest volume restaurant for the brand and is expected to reopen in 2015.
The Company's Casino Royale location is one of Denny's oldest existing restaurants and opened in 1966. The landlord is redeveloping the location to include a completely rebuilt Denny's restaurant with an updated atmosphere and additional seating capacity. In 2013, the Company expects this restaurant to contribute pre-tax operating income of approximately $2.8 million to $2.9 million.
John Miller, President and Chief Executive Officer, stated, "Our Casino Royale location has been in operation for nearly 50 years and in the past year alone served 746,000 guests. We have a marquee location with this restaurant, and we now have the opportunity to work closely with our landlord to incorporate our new Heritage brand image and add additional seating capacity so that we can continue to serve Denny's craveable breakfast, lunch and dinner 24 hours a day. We are proud to bring a fresh experience to this location and eagerly look forward to its completion in 2015."
Denny's is the franchisor and operator of one of America's largest franchised full-service restaurant chains, based on the 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).
SOURCE Denny's Corporation