|         |                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Domestic system-wide same-store sales growth of 7.3%, comprised of a 7.9% increase at company restaurants and 7.2% increase at domestic franchised restaurants. |

|         |                                                                          |
|---------|--------------------------------------------------------------------------|
| • | Opened 13 system restaurants including four international locations. |

|         |                                                            |
|---------|------------------------------------------------------------|
| • | Completed 77 remodels including 17 at company restaurants. |

|         |                                                                                              |
|---------|----------------------------------------------------------------------------------------------|
| • | Adjusted EBITDA* of $24.4 million, or 19.8% of total operating revenue, increased 15.9%. |

|         |                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------|
| • | Net Income of $9.7 million increased 17.7% with Diluted Net Income per Share of $0.11 growing 20.8%. |

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| • | Adjusted Net Income of $9.8 million grew 18.1% with Adjusted Net Income per Share* of $0.11 increasing 21.2%. |

|         |                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| • | Generated $9.6 million of Free Cash Flow* after remodel investments at company restaurants and the purchase of one parcel of real estate. |

|         |                                                                                             |
|---------|---------------------------------------------------------------------------------------------|
| • | Allocated $16.1 million to repurchase 1.5 million shares during the second quarter. |

|   |                                                                                                                                                                                                                                                                                                            |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | Adjusted Net Income excludes debt refinancing charges, impairment charges and gains on sales of assets and other.  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 following tables. |

----

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |
| Component                                                                     | Full Year 2015 Guidance |
|                                                                          | Previous** | Current |
| Domestic Franchise Same-Store Sales                                           | 2.5% to 3.5% | 5.0% to 6.0% |
| Company Same-Store Sales                                                      | 3.5% to 4.5% | 5.5% to 6.5% |
| New Restaurant Openings                                                       | 35 - 45 (All Franchised) | 40 - 45 (All Franchised) |
| Net Restaurant Growth                                                         | Single Digit | No Change |
| Total General and Administrative Expenses (includes Share-Based Compensation) | $61M to $64M | $64M to $67M |
| Adjusted EBITDA*                                                              | $85M to $87M | $86M to $88M |
| Cash Capital Expenditures                                                     | $24M to $26M | $26M to $28M |
| Depreciation and Amortization Expense                                         | $20M to $21M | No Change |
| Interest Expense, net                                                         | $8.5M to $9.5M | No Change |
| Effective Income Tax Rate(Cash Taxes)                                         | 36% to 38%($6M to $8M) | 35% to 37%(No Change) |
| Free Cash Flow*                                                               | $45M to $47M | $44M to $46M |

|   |                                                                                                                                                                                         |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | 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 following tables. |

|    |                                                                     |
|----|---------------------------------------------------------------------|
| ** | As announced in First Quarter 2015 Earnings Release on May 4, 2015. |

----

----

|                   |
|-------------------|
|                   |  |
| Investor Contact: | Whit Kincaid |
|              | 877-784-7167 |
|              |   |
| Media Contact:    | Kristina Jorge, ICR |
|              | 646-277-1226 |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |
| DENNY’S CORPORATION                       |
| Condensed Consolidated Balance Sheets           |
| (Unaudited)                                     |
|                                            |   |   |   |   |   |   |
| (In thousands)                                  | July 1, 2015 |   | December 31, 2014 |
| Assets                                          |   |   |   |
|                                            | Current assets |   |   |   |
|                                            |   | Cash and cash equivalents | $ | 5,125 |  |   | $ | 3,074 |  |
|                                            |   | Receivables | 13,749 |  |   | 18,059 |  |
|                                            |   | Current deferred income taxes | 23,081 |  |   | 24,310 |  |
|                                            |   | Other current assets | 9,485 |  |   | 10,628 |  |
|                                            |   |   | Total current assets | 51,440 |  |   | 56,071 |  |
|                                            | Property, net | 113,467 |  |   | 109,777 |  |
|                                            | Goodwill | 31,451 |  |   | 31,451 |  |
|                                            | Intangible assets, net | 45,728 |  |   | 46,278 |  |
|                                            | Noncurrent deferred income taxes | 12,879 |  |   | 19,252 |  |
|                                            | Other noncurrent assets | 30,149 |  |   | 27,029 |  |
|                                            |   |   | Total assets | $ | 285,114 |  |   | $ | 289,858 |  |
|                                            |   |   |   |   |   |   |
| Liabilities                                     |   |   |   |
|                                            | Current liabilities |   |   |   |
|                                            |   | Current maturities of long-term debt | $ | — |  |   | $ | 4,125 |  |
|                                            |   | Current maturities of capital lease obligations | 3,259 |  |   | 3,609 |  |
|                                            |   | Accounts payable | 12,277 |  |   | 13,250 |  |
|                                            |   | Other current liabilities | 54,440 |  |   | 59,432 |  |
|                                            |   |   | Total current liabilities | 69,976 |  |   | 80,416 |  |
|                                            | Long-term liabilities |   |   |   |
|                                            |   | Long-term debt, less current maturities | 142,000 |  |   | 135,875 |  |
|                                            |   | Capital lease obligations, less current maturities | 15,345 |  |   | 15,204 |  |
|                                            |   | Other | 55,079 |  |   | 56,780 |  |
|                                            |   |   | Total long-term liabilities | 212,424 |  |   | 207,859 |  |
|                                            |   |   | Total liabilities | 282,400 |  |   | 288,275 |  |
|                                            |   |   |   |   |   |   |
| Shareholders' equity                            |   |   |   |
|                                            |   | Common stock | 1,064 |  |   | 1,058 |  |
|                                            |   | Paid-in capital | 573,711 |  |   | 571,674 |  |
|                                            |   | Deficit | (419,954 | ) |   | (438,221 | ) |
|                                            |   | Accumulated other comprehensive loss, net of tax | (22,569 | ) |   | (24,602 | ) |
|                                            |   | Treasury stock | (129,538 | ) |   | (108,326 | ) |
|                                            |   |   | Total shareholders' equity | 2,714 |  |   | 1,583 |  |
|                                            |   |   | Total liabilities and shareholders' equity | $ | 285,114 |  |   | $ | 289,858 |  |
|                                            |   |   |   |   |   |   |
| Debt Balances                                   |
| (In thousands)                                  | July 1, 2015 |   | December 31, 2014 |
| Credit facility revolver due 2020               | $ | 142,000 |  |   | $ | — |  |
| Credit facility term loan and revolver due 2018 | — |  |   | 140,000 |  |
| Capital leases                                  | 18,604 |  |   | 18,813 |  |
|                                            | Total debt | $ | 160,604 |  |   | $ | 158,813 |  |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |
| DENNY’S CORPORATION                                 |
| Condensed Consolidated Statements of Comprehensive Income |
| (Unaudited)                                               |
|                                                      |   |   |   |   |   |
|                                                      |   |   | Quarter Ended |
| (In thousands, except per share amounts)                  | July 1, 2015 |   | June 25, 2014 |
| Revenue:                                                  |   |   |   |
|                                                      | Company restaurant sales | $ | 88,629 |  |   | $ | 81,138 |  |
|                                                      | Franchise and license revenue | 34,690 |  |   | 33,476 |  |
|                                                      |   | Total operating revenue | 123,319 |  |   | 114,614 |  |
| Costs of company restaurant sales                         | 72,320 |  |   | 69,647 |  |
| Costs of franchise and license revenue                    | 11,216 |  |   | 10,633 |  |
| General and administrative expenses                       | 16,827 |  |   | 14,068 |  |
| Depreciation and amortization                             | 5,314 |  |   | 5,281 |  |
| Operating (gains), losses and other charges, net          | 228 |  |   | 40 |  |
|                                                      |   | Total operating costs and expenses, net | 105,905 |  |   | 99,669 |  |
| Operating income                                          | 17,414 |  |   | 14,945 |  |
| Interest expense, net                                     | 2,264 |  |   | 2,274 |  |
| Other nonoperating income, net                            | (83 | ) |   | (332 | ) |
| Net income before income taxes                            | 15,233 |  |   | 13,003 |  |
| Provision for income taxes                                | 5,499 |  |   | 4,730 |  |
| Net income                                                | $ | 9,734 |  |   | $ | 8,273 |  |
|                                                      |   |   |   |   |   |
|                                                      |   |   |   |   |   |
| Basic net income per share                                | $ | 0.12 |  |   | $ | 0.10 |  |
| Diluted net income per share                              | $ | 0.11 |  |   | $ | 0.09 |  |
|                                                      |   |   |   |   |   |
| Basic weighted average shares outstanding                 | 83,975 |  |   | 86,781 |  |
| Diluted weighted average shares outstanding               | 86,080 |  |   | 88,384 |  |
|                                                      |   |   |   |   |   |
| Comprehensive income                                      | $ | 13,317 |  |   | $ | 7,885 |  |
|                                                      |   |   |   |   |   |
| General and Administrative Expenses                       | Quarter Ended |
| (In thousands)                                            | July 1, 2015 |   | June 25, 2014 |
| Share-based compensation                                  | $ | 1,859 |  |   | $ | 1,180 |  |
| Other general and administrative expenses                 | 14,968 |  |   | 12,888 |  |
|                                                      | Total general and administrative expenses | $ | 16,827 |  |   | $ | 14,068 |  |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |
| DENNY’S CORPORATION                                 |
| Condensed Consolidated Statements of Comprehensive Income |
| (Unaudited)                                               |
|                                                      |   |   |   |   |   |
|                                                      |   |   | Two Quarters Ended |
| (In thousands, except per share amounts)                  | July 1, 2015 |   | June 25, 2014 |
| Revenue:                                                  |   |   |   |
|                                                      | Company restaurant sales | $ | 174,611 |  |   | $ | 160,442 |  |
|                                                      | Franchise and license revenue | 68,879 |  |   | 66,092 |  |
|                                                      |   | Total operating revenue | 243,490 |  |   | 226,534 |  |
| Costs of company restaurant sales                         | 143,628 |  |   | 139,822 |  |
| Costs of franchise and license revenue                    | 22,194 |  |   | 21,330 |  |
| General and administrative expenses                       | 33,763 |  |   | 28,184 |  |
| Depreciation and amortization                             | 10,338 |  |   | 10,519 |  |
| Operating (gains), losses and other charges, net          | 836 |  |   | 462 |  |
|                                                      |   | Total operating costs and expenses, net | 210,759 |  |   | 200,317 |  |
| Operating income                                          | 32,731 |  |   | 26,217 |  |
| Interest expense, net                                     | 4,351 |  |   | 4,596 |  |
| Other nonoperating income, net                            | (54 | ) |   | (432 | ) |
| Net income before income taxes                            | 28,434 |  |   | 22,053 |  |
| Provision for income taxes                                | 10,167 |  |   | 7,349 |  |
| Net income                                                | $ | 18,267 |  |   | $ | 14,704 |  |
|                                                      |   |   |   |   |   |
|                                                      |   |   |   |   |   |
| Basic net income per share                                | $ | 0.22 |  |   | $ | 0.17 |  |
| Diluted net income per share                              | $ | 0.21 |  |   | $ | 0.16 |  |
|                                                      |   |   |   |   |   |
| Basic weighted average shares outstanding                 | 84,467 |  |   | 87,792 |  |
| Diluted weighted average shares outstanding               | 86,547 |  |   | 89,630 |  |
|                                                      |   |   |   |   |   |
| Comprehensive income                                      | $ | 20,300 |  |   | $ | 14,108 |  |
|                                                      |   |   |   |
| General and Administrative Expenses                       | Two Quarters Ended |
| (In thousands)                                            | July 1, 2015 |   | June 25, 2014 |
| Share-based compensation                                  | $ | 3,564 |  |   | $ | 2,344 |  |
| Other general and administrative expenses                 | 30,199 |  |   | 25,840 |  |
|                                                      | Total general and administrative expenses | $ | 33,763 |  |   | $ | 28,184 |  |

----

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| DENNY’S CORPORATION                                      |
| Income, EBITDA, Free Cash Flow, and Net Income Reconciliations |
| (Unaudited)                                                    |
|                                                           |   |   |   |   |   |   |   |   |   |
| Income, EBITDA and Free Cash Flow Reconciliation               | Quarter Ended |   | Two Quarters Ended |
| (In thousands)                                                 | July 1, 2015 |   | June 25, 2014 |   | July 1, 2015 |   | June 25, 2014 |
| Net income                                                     | $ | 9,734 |  |   | $ | 8,273 |  |   | $ | 18,267 |  |   | $ | 14,704 |  |
| Provision for income taxes                                     | 5,499 |  |   | 4,730 |  |   | 10,167 |  |   | 7,349 |  |
| Operating (gains), losses and other charges, net               | 228 |  |   | 40 |  |   | 836 |  |   | 462 |  |
| Other nonoperating income, net                                 | (83 | ) |   | (332 | ) |   | (54 | ) |   | (432 | ) |
| Share-based compensation                                       | 1,859 |  |   | 1,180 |  |   | 3,564 |  |   | 2,344 |  |
| Adjusted Income Before Taxes (1)                               | $ | 17,237 |  |   | $ | 13,891 |  |   | $ | 32,780 |  |   | $ | 24,427 |  |
|                                                           |   |   |   |   |   |   |   |
| Interest expense, net                                          | 2,264 |  |   | 2,274 |  |   | 4,351 |  |   | 4,596 |  |
| Depreciation and amortization                                  | 5,314 |  |   | 5,281 |  |   | 10,338 |  |   | 10,519 |  |
| Cash payments for restructuring charges and exit costs         | (397 | ) |   | (385 | ) |   | (799 | ) |   | (1,016 | ) |
| Cash payments for share-based compensation                     | — |  |   | — |  |   | (3,440 | ) |   | (1,083 | ) |
| Adjusted EBITDA (1)                                            | $ | 24,418 |  |   | $ | 21,061 |  |   | $ | 43,230 |  |   | $ | 37,443 |  |
|                                                           |   |   |   |   |   |   |   |
| Cash interest expense, net                                     | (2,019 | ) |   | (2,010 | ) |   | (3,864 | ) |   | (4,062 | ) |
| Cash paid for income taxes, net                                | (3,862 | ) |   | (820 | ) |   | (4,160 | ) |   | (1,640 | ) |
| Cash paid for capital expenditures                             | (8,955 | ) |   | (6,669 | ) |   | (12,401 | ) |   | (13,526 | ) |
| Free Cash Flow (1)                                             | $ | 9,582 |  |   | $ | 11,562 |  |   | $ | 22,805 |  |   | $ | 18,215 |  |
|                                                           |   |   |   |   |   |   |   |
| Net Income Reconciliation                                      | Quarter Ended |   | Two Quarters Ended |
| (In thousands)                                                 | July 1, 2015 |   | June 25, 2014 |   | July 1, 2015 |   | June 25, 2014 |
| Net income                                                     | $ | 9,734 |  |   | $ | 8,273 |  |   | $ | 18,267 |  |   | $ | 14,704 |  |
| Losses (gains) on sales of assets and other, net               | 2 |  |   | (33 | ) |   | (20 | ) |   | (41 | ) |
| Impairment charges                                             | 45 |  |   | 28 |  |   | 94 |  |   | 28 |  |
| Loss on debt refinancing                                       | — |  |   | — |  |   | 293 |  |   | — |  |
| Tax effect (2)                                                 | (17 | ) |   | 2 |  |   | (131 | ) |   | 4 |  |
| Adjusted Net Income (1)                                        | $ | 9,764 |  |   | $ | 8,270 |  |   | $ | 18,503 |  |   | $ | 14,695 |  |
|                                                           |   |   |   |   |   |   |   |
| Diluted weighted-average shares outstanding                    | 86,080 |  |   | 88,384 |  |   | 86,547 |  |   | 89,630 |  |
|                                                           |   |   |   |   |   |   |   |
| Adjusted Net Income Per Share (1)                              | $ | 0.11 |  |   | $ | 0.09 |  |   | $ | 0.21 |  |   | $ | 0.16 |  |

|     |
|-----|
|     |  |
| (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 six months ended July 1, 2015 are calculated using the Company's year-to-date effective tax rate of 35.8%. Tax adjustments for the three and six months ended June 25, 2014 are calculated using the Company's 2014 year-to-date effective tax rate of 33.3%. |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| DENNY’S CORPORATION            |
| Operating Margins                    |
| (Unaudited)                          |
|                                 |   |   |   |   |   |   |
|                                 |   |   |   | Quarter Ended |
| (In thousands)                       | July 1, 2015 |   | June 25, 2014 |
| Company restaurant operations: (1)   |   |   |   |   |   |
|                                 | Company restaurant sales | $ | 88,629 |  | 100.0 | % |   | $ | 81,138 |  | 100.0 | % |
|                                 | Costs of company restaurant sales: |   |   |   |   |   |
|                                 |   | Product costs | 21,876 |  | 24.7 | % |   | 21,327 |  | 26.3 | % |
|                                 |   | Payroll and benefits | 33,665 |  | 38.0 | % |   | 31,978 |  | 39.4 | % |
|                                 |   | Occupancy | 4,913 |  | 5.5 | % |   | 4,899 |  | 6.0 | % |
|                                 |   | Other operating costs: |   |   |   |   |   |
|                                 |   |   | Utilities | 3,132 |  | 3.5 | % |   | 3,326 |  | 4.1 | % |
|                                 |   |   | Repairs and maintenance | 1,497 |  | 1.7 | % |   | 1,473 |  | 1.8 | % |
|                                 |   |   | Marketing | 3,258 |  | 3.7 | % |   | 2,855 |  | 3.5 | % |
|                                 |   |   | Other | 3,979 |  | 4.5 | % |   | 3,789 |  | 4.7 | % |
|                                 | Total costs of company restaurant sales | $ | 72,320 |  | 81.6 | % |   | $ | 69,647 |  | 85.8 | % |
|                                 | Company restaurant operating margin (2) | $ | 16,309 |  | 18.4 | % |   | $ | 11,491 |  | 14.2 | % |
|                                 |   |   |   |   |   |   |   |   |
| Franchise operations: (3)            |   |   |   |   |   |
|                                 | Franchise and license revenue: |   |   |   |   |   |
|                                 | Royalties | $ | 23,774 |  | 68.5 | % |   | $ | 22,125 |  | 66.1 | % |
|                                 | Initial fees | 656 |  | 1.9 | % |   | 332 |  | 1.0 | % |
|                                 | Occupancy revenue | 10,260 |  | 29.6 | % |   | 11,019 |  | 32.9 | % |
|                                 | Total franchise and license revenue | $ | 34,690 |  | 100.0 | % |   | $ | 33,476 |  | 100.0 | % |
|                                 |   |   |   |   |   |   |   |   |
|                                 | Costs of franchise and license revenue: |   |   |   |   |   |
|                                 | Occupancy costs | $ | 7,733 |  | 22.3 | % |   | $ | 8,213 |  | 24.6 | % |
|                                 | Other direct costs | 3,483 |  | 10.0 | % |   | 2,420 |  | 7.2 | % |
|                                 | Total costs of franchise and license revenue | $ | 11,216 |  | 32.3 | % |   | $ | 10,633 |  | 31.8 | % |
|                                 | Franchise operating margin (2) | $ | 23,474 |  | 67.7 | % |   | $ | 22,843 |  | 68.2 | % |
|                                 |   |   |   |   |   |   |   |   |
| Total operating revenue (4)          | $ | 123,319 |  | 100.0 | % |   | $ | 114,614 |  | 100.0 | % |
| Total costs of operating revenue (4) | 83,536 |  | 67.7 | % |   | 80,280 |  | 70.0 | % |
| Total operating margin (4)(2)        | $ | 39,783 |  | 32.3 | % |   | $ | 34,334 |  | 30.0 | % |
|                                 |   |   |   |   |   |   |   |   |
| Other operating expenses: (4)(2)     |   |   |   |   |   |
|                                 | General and administrative expenses | $ | 16,827 |  | 13.6 | % |   | $ | 14,068 |  | 12.3 | % |
|                                 | Depreciation and amortization | 5,314 |  | 4.3 | % |   | 5,281 |  | 4.6 | % |
|                                 | Operating gains, losses and other charges, net | 228 |  | 0.2 | % |   | 40 |  | — | % |
|                                 | Total other operating expenses | $ | 22,369 |  | 18.1 | % |   | $ | 19,389 |  | 16.9 | % |
|                                 |   |   |   |   |   |   |   |   |
| Operating income (4)                 | $ | 17,414 |  | 14.1 | % |   | $ | 14,945 |  | 13.0 | % |
|                                 |   |   |   |   |   |   |   |   |
| (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            |
| Operating Margins                    |
| (Unaudited)                          |
|                                 |   |   |   |   |   |   |
|                                 |   |   |   | Two Quarters Ended |
| (In thousands)                       | July 1, 2015 |   | June 25, 2014 |
| Company restaurant operations: (1)   |   |   |   |   |   |
|                                 | Company restaurant sales | $ | 174,611 |  | 100.0 | % |   | $ | 160,442 |  | 100.0 | % |
|                                 | Costs of company restaurant sales: |   |   |   |   |   |
|                                 |   | Product costs | 43,320 |  | 24.8 | % |   | 41,910 |  | 26.1 | % |
|                                 |   | Payroll and benefits | 66,869 |  | 38.3 | % |   | 65,077 |  | 40.6 | % |
|                                 |   | Occupancy | 9,808 |  | 5.6 | % |   | 10,027 |  | 6.2 | % |
|                                 |   | Other operating costs: |   |   |   |   |   |
|                                 |   |   | Utilities | 6,308 |  | 3.6 | % |   | 6,657 |  | 4.1 | % |
|                                 |   |   | Repairs and maintenance | 2,947 |  | 1.7 | % |   | 2,932 |  | 1.8 | % |
|                                 |   |   | Marketing | 6,465 |  | 3.7 | % |   | 5,862 |  | 3.7 | % |
|                                 |   |   | Other | 7,911 |  | 4.5 | % |   | 7,357 |  | 4.6 | % |
|                                 | Total costs of company restaurant sales | $ | 143,628 |  | 82.3 | % |   | $ | 139,822 |  | 87.1 | % |
|                                 | Company restaurant operating margin (2) | $ | 30,983 |  | 17.7 | % |   | $ | 20,620 |  | 12.9 | % |
|                                 |   |   |   |   |   |   |   |   |
| Franchise operations: (3)            |   |   |   |   |   |
|                                 | Franchise and license revenue: |   |   |   |   |   |
|                                 | Royalties | $ | 46,937 |  | 68.1 | % |   | $ | 43,606 |  | 66.0 | % |
|                                 | Initial fees | 1,101 |  | 1.6 | % |   | 449 |  | 0.7 | % |
|                                 | Occupancy revenue | 20,841 |  | 30.3 | % |   | 22,037 |  | 33.3 | % |
|                                 | Total franchise and license revenue | $ | 68,879 |  | 100.0 | % |   | $ | 66,092 |  | 100.0 | % |
|                                 |   |   |   |   |   |   |   |   |
|                                 | Costs of franchise and license revenue: |   |   |   |   |   |
|                                 | Occupancy costs | $ | 15,624 |  | 22.7 | % |   | $ | 16,481 |  | 25.0 | % |
|                                 | Other direct costs | 6,570 |  | 9.5 | % |   | 4,849 |  | 7.3 | % |
|                                 | Total costs of franchise and license revenue | $ | 22,194 |  | 32.2 | % |   | $ | 21,330 |  | 32.3 | % |
|                                 | Franchise operating margin (2) | $ | 46,685 |  | 67.8 | % |   | $ | 44,762 |  | 67.7 | % |
|                                 |   |   |   |   |   |   |   |   |
| Total operating revenue (4)          | $ | 243,490 |  | 100.0 | % |   | $ | 226,534 |  | 100.0 | % |
| Total costs of operating revenue (4) | 165,822 |  | 68.1 | % |   | 161,152 |  | 71.1 | % |
| Total operating margin (4)(2)        | $ | 77,668 |  | 31.9 | % |   | $ | 65,382 |  | 28.9 | % |
|                                 |   |   |   |   |   |   |   |   |
| Other operating expenses: (4)(2)     |   |   |   |   |   |
|                                 | General and administrative expenses | $ | 33,763 |  | 13.9 | % |   | $ | 28,184 |  | 12.4 | % |
|                                 | Depreciation and amortization | 10,338 |  | 4.2 | % |   | 10,519 |  | 4.6 | % |
|                                 | Operating gains, losses and other charges, net | 836 |  | 0.3 | % |   | 462 |  | 0.2 | % |
|                                 | Total other operating expenses | $ | 44,937 |  | 18.5 | % |   | $ | 39,165 |  | 17.3 | % |
|                                 |   |   |   |   |   |   |   |   |
| Operating income (4)                 | $ | 32,731 |  | 13.4 | % |   | $ | 26,217 |  | 11.6 | % |
|                                 |   |   |   |   |   |   |   |   |
| (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 |

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|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| DENNY’S CORPORATION      |
| Statistical Data               |
| (Unaudited)                    |
|                           |   |   |   |   |   |   |   |   |   |
| Same-Store Sales               | Quarter Ended |   | Two Quarters Ended |
| (increase vs. prior year)      | July 1, 2015 |   | June 25, 2014 |   | July 1, 2015 |   | June 25, 2014 |
|                           | Company Restaurants | 7.9 | % |   | 3.7 | % |   | 7.7 | % |   | 3.4 | % |
|                           | Domestic Franchised Restaurants | 7.2 | % |   | 1.7 | % |   | 7.2 | % |   | 1.6 | % |
|                           | Domestic System-wide Restaurants | 7.3 | % |   | 1.9 | % |   | 7.2 | % |   | 1.8 | % |
|                           | System-wide Restaurants | 6.4 | % |   | 1.7 | % |   | 6.5 | % |   | 1.5 | % |
|                           |   |   |   |   |   |   |   |   |   |
| Average Unit Sales             | Quarter Ended |   | Two Quarters Ended |
| (In thousands)                 | July 1, 2015 |   | June 25, 2014 |   | July 1, 2015 |   | June 25, 2014 |
|                           | Company Restaurants | $ | 559 |  |   | $ | 511 |  |   | $ | 1,097 |  |   | $ | 1,009 |  |
|                           | Franchised Restaurants | $ | 400 |  |   | $ | 366 |  |   | $ | 788 |  |   | $ | 722 |  |
|                           |   |   |   |   |   |   |   |   |   |
|                           |   |   |   |   | Franchised |   |   |   |   |
| Restaurant Unit Activity       | Company |   |  & Licensed |   | Total |   |   |
| Ending Units April 1, 2015     | 160 |  |   | 1,534 |  |   | 1,694 |  |   |   |
|                           | Units Opened | — |  |   | 13 |  |   | 13 |  |   |   |
|                           | Units Reacquired | 1 |  |   | (1 | ) |   | — |  |   |   |
|                           | Units Closed | (1 | ) |   | (10 | ) |   | (11 | ) |   |   |
|                           |   | Net Change | — |  |   | 2 |  |   | 2 |  |   |   |
| Ending Units July 1, 2015      | 160 |  |   | 1,536 |  |   | 1,696 |  |   |   |
|                           |   |   |   |   |   |   |   |   |   |
| Equivalent Units               |   |   |   |   |   |   |   |
|                           | Second Quarter 2015 | 158 |  |   | 1,536 |  |   | 1,694 |  |   |   |
|                           | Second Quarter 2014 | 159 |  |   | 1,534 |  |   | 1,693 |  |   |   |
|                           |   | Net Change | (1 | ) |   | 2 |  |   | 1 |  |   |   |
|                           |   |   |   |   |   |   |   |   |   |
|                           |   |   |   |   | Franchised |   |   |   |   |
| Restaurant Unit Activity       | Company |   |  & Licensed |   | Total |   |   |
| Ending Units December 31, 2014 | 161 |  |   | 1,541 |  |   | 1,702 |  |   |   |
|                           | Units Opened | — |  |   | 22 |  |   | 22 |  |   |   |
|                           | Units Reacquired | 1 |  |   | (1 | ) |   | — |  |   |   |
|                           | Units Closed | (2 | ) |   | (26 | ) |   | (28 | ) |   |   |
|                           |   | Net Change | (1 | ) |   | (5 | ) |   | (6 | ) |   |   |
| Ending Units July 1, 2015      | 160 |  |   | 1,536 |  |   | 1,696 |  |   |   |
|                           |   |   |   |   |   |   |   |   |   |
| Equivalent Units               |   |   |   |   |   |   |   |
|                           | Year-to-Date 2015 | 159 |  |   | 1,536 |  |   | 1,695 |  |   |   |
|                           | Year-to-Date 2014 | 159 |  |   | 1,535 |  |   | 1,694 |  |   |   |
|                           |   | Net Change | — |  |   | 1 |  |   | 1 |  |   |   |