Denny’s Corporation announced that the company’s Board of Directors approved a new multi-year share repurchase program authorizing the purchase of an additional $250 million of Common Stock.
This is in addition to repurchases previously authorized. Under the new authorization, the company may purchase its Common Stock from time to time in the open market or in privately negotiated transactions. The amount and timing of any purchases will depend upon a number of factors, including the price and availability of the xompany’s shares, trading volume and general market conditions.
Mark Wolfinger, Executive Vice-President, Chief Administrative Officer and Chief Financial Officer, says, “The ongoing progress with the revitalization of Denny’s and the evolution to a more highly franchised and asset-light business model further supports our confidence that our ongoing efforts are creating value for our shareholders. The new $250 million repurchase program enhances our ability to return capital to shareholders as we work to grow our Adjusted Free Cash Flow and Adjusted Earnings per Share. With this new share repurchase authorization, our cumulative share repurchase authorizations exceed $800 million since beginning the program in 2010.”
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