|         |                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Domestic system-wide same-store sales growth of 5.8%, comprised of a 6.5% increase at company restaurants and 5.7% increase at domestic franchised restaurants. |

|         |                                                                       |
|---------|-----------------------------------------------------------------------|
| • | Opened 45 system restaurants with net system growth of 8 restaurants. |

|         |                                                             |
|---------|-------------------------------------------------------------|
| • | Completed 232 remodels including 51 at company restaurants. |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | Adjusted EBITDA* of $88.7 million increased $6.2 million, or 7.5%. |

|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | Net Income of $36.0 million, or $0.42 per diluted share, increased 9.9%. |

|         |                                                         |
|---------|---------------------------------------------------------|
| • | Adjusted Net Income per Share* of $0.43 grew 16.4%. |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | Generated $42.3 million of Free Cash Flow*, after cash capital spending of $32.8 million. |

|         |                                                     |
|---------|-----------------------------------------------------|
| • | Allocated $105.8 million towards share repurchases. |

|         |                                                                                                                                                                         |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Domestic system-wide same-store sales growth of 2.9%, comprised of a 3.5% increase at company restaurants and 2.8% increase at domestic franchised restaurants. |

|         |                                                                   |
|---------|-------------------------------------------------------------------|
| • | Opened 14 system restaurants including three company restaurants. |

|         |                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Adjusted EBITDA* of $21.9 million grew 4.8%, excluding the impact of an additional operating week in 2014 which contributed approximately $3.6 million. |

|         |                                                                             |
|---------|-----------------------------------------------------------------------------|
| • | Net Income of $8.8 million, or $0.11 per diluted share, decreased 9.5%. |

|         |                                                                                                                                              |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------|
| • | Adjusted Net Income* of $8.9 million, or $0.11 per diluted share, increased 18.9%, excluding the impact of an additional operating week. |

|         |                                                                                   |
|---------|-----------------------------------------------------------------------------------|
| • | Generated $7.1 million of Free Cash Flow* and repurchased 5.1 million shares. |

----

----

|         |                                                                                                                                                         |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Same-store sales growth at company restaurants between 1.5% and 2.5% with same-store sales growth at domestic franchised restaurants between 1% and 2%. |

|         |                                                                                                                                                                                     |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | 44 to 48 new restaurant openings, including one company operated opening in partnership with Kwik TripTM convenience stores, with net restaurant growth of 5 to 10 restaurants. |

|         |                                                                                                                           |
|---------|---------------------------------------------------------------------------------------------------------------------------|
| • | Total operating revenue between $501 and $506 million with franchise and licensing revenue between $140 and $141 million. |

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | Company margin between 16% and 17% with franchise margin between 68.5% and 69%. |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | Total general and administrative expenses between $64 and $67 million. |

|         |                                               |
|---------|-----------------------------------------------|
| • | Adjusted EBITDA* between $92 and $95 million. |

|         |                                                                      |
|---------|----------------------------------------------------------------------|
| • | Depreciation and amortization expense between $21.5 and $22 million. |

|         |                                                     |
|---------|-----------------------------------------------------|
| • | Net interest expense between $11 and $11.5 million. |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | Effective income tax rate between 33% and 37% with $3 to $5 million of cash taxes. |

|         |                                                                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Cash capital expenditures between $18 and $20 million including completion of approximately 25 remodels at company restaurants, opening of one new company restaurant, and scrape and rebuild of a company restaurant. |

|         |                                              |
|---------|----------------------------------------------|
| • | Free Cash Flow* between $59 and $62 million. |

|   |                                                                                                                                                                                                                                                                                                              |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | 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. |

----

----

|                   |
|-------------------|
|                   |  |
| 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)                                  | 12/30/15 |   | 12/31/14 |
| Assets                                          |   |   |   |
|                                            | Current assets |   |   |   |
|                                            |   | Cash and cash equivalents | $ | 1,671 |  |   | $ | 3,074 |  |
|                                            |   | Receivables | 16,552 |  |   | 18,059 |  |
|                                            |   | Assets held for sale | 931 |  |   | — |  |
|                                            |   | Current deferred income taxes | — |  |   | 24,310 |  |
|                                            |   | Other current assets | 17,260 |  |   | 10,628 |  |
|                                            |   |   | Total current assets | 36,414 |  |   | 56,071 |  |
|                                            | Property, net | 124,816 |  |   | 109,777 |  |
|                                            | Goodwill | 33,454 |  |   | 31,451 |  |
|                                            | Intangible assets, net | 46,074 |  |   | 46,278 |  |
|                                            | Noncurrent deferred income taxes | 29,159 |  |   | 19,252 |  |
|                                            | Other noncurrent assets | 27,120 |  |   | 27,029 |  |
|                                            |   |   | Total assets | $ | 297,037 |  |   | $ | 289,858 |  |
|                                            |   |   |   |   |   |   |
| Liabilities                                     |   |   |   |
|                                            | Current liabilities |   |   |   |
|                                            |   | Current maturities of long-term debt | $ | — |  |   | $ | 4,125 |  |
|                                            |   | Current maturities of capital lease obligations | 3,246 |  |   | 3,609 |  |
|                                            |   | Accounts payable | 20,759 |  |   | 13,250 |  |
|                                            |   | Other current liabilities | 77,548 |  |   | 59,432 |  |
|                                            |   |   | Total current liabilities | 101,553 |  |   | 80,416 |  |
|                                            | Long-term liabilities |   |   |   |
|                                            |   | Long-term debt, less current maturities | 195,000 |  |   | 135,875 |  |
|                                            |   | Capital lease obligations, less current maturities | 17,499 |  |   | 15,204 |  |
|                                            |   | Other | 43,580 |  |   | 56,780 |  |
|                                            |   |   | Total long-term liabilities | 256,079 |  |   | 207,859 |  |
|                                            |   |   | Total liabilities | 357,632 |  |   | 288,275 |  |
|                                            |   |   |   |   |   |   |
| Shareholders' equity                            |   |   |   |
|                                            |   | Common stock | 1,065 |  |   | 1,058 |  |
|                                            |   | Paid-in capital | 565,364 |  |   | 571,674 |  |
|                                            |   | Deficit | (402,245 | ) |   | (438,221 | ) |
|                                            |   | Accumulated other comprehensive loss, net of tax | (23,777 | ) |   | (24,602 | ) |
|                                            |   | Treasury stock | (201,002 | ) |   | (108,326 | ) |
|                                            |   |   | Total shareholders' (deficit) equity | (60,595 | ) |   | 1,583 |  |
|                                            |   |   | Total liabilities and shareholders' equity | $ | 297,037 |  |   | $ | 289,858 |  |
|                                            |   |   |   |   |   |   |
| Debt Balances                                   |
| (In thousands)                                  | 12/30/15 |   | 12/31/14 |
| Credit facility revolver due 2020               | $ | 195,000 |  |   | $ | — |  |
| Credit facility term loan and revolver due 2018 | — |  |   | 140,000 |  |
| Capital leases                                  | 20,745 |  |   | 18,813 |  |
|                                            | Total debt | $ | 215,745 |  |   | $ | 158,813 |  |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |
| DENNY’S CORPORATION                                 |
| Condensed Consolidated Statements of Comprehensive Income |
| (Unaudited)                                               |
|                                                      |   |   |   |   |   |
|                                                      |   |   | Quarter Ended |
| (In thousands, except per share amounts)                  | 12/30/15 |   | 12/31/14 |
| Revenue:                                                  |   |   |   |
|                                                      | Company restaurant sales | $ | 89,183 |  |   | $ | 91,415 |  |
|                                                      | Franchise and license revenue | 34,842 |  |   | 37,314 |  |
|                                                      |   | Total operating revenue | 124,025 |  |   | 128,729 |  |
| Costs of company restaurant sales                         | 75,639 |  |   | 77,183 |  |
| Costs of franchise and license revenue                    | 10,502 |  |   | 12,122 |  |
| General and administrative expenses                       | 16,831 |  |   | 17,284 |  |
| Depreciation and amortization                             | 5,712 |  |   | 5,514 |  |
| Operating (gains), losses and other charges, net          | 644 |  |   | 221 |  |
|                                                      |   | Total operating costs and expenses, net | 109,328 |  |   | 112,324 |  |
| Operating income                                          | 14,697 |  |   | 16,405 |  |
| Interest expense, net                                     | 2,605 |  |   | 2,302 |  |
| Other nonoperating income, net                            | (399 | ) |   | (147 | ) |
| Net income before income taxes                            | 12,491 |  |   | 14,250 |  |
| Provision for income taxes                                | 3,732 |  |   | 4,572 |  |
| Net income                                                | $ | 8,759 |  |   | $ | 9,678 |  |
|                                                      |   |   |   |   |   |
|                                                      |   |   |   |   |   |
| Basic net income per share                                | $ | 0.11 |  |   | $ | 0.11 |  |
| Diluted net income per share                              | $ | 0.11 |  |   | $ | 0.11 |  |
|                                                      |   |   |   |   |   |
| Basic weighted average shares outstanding                 | 78,650 |  |   | 84,765 |  |
| Diluted weighted average shares outstanding               | 80,783 |  |   | 87,136 |  |
|                                                      |   |   |   |   |   |
| Comprehensive income                                      | $ | 10,828 |  |   | $ | 2,214 |  |
|                                                      |   |   |   |   |   |
| General and Administrative Expenses                       | Quarter Ended |
| (In thousands)                                            | 12/30/15 |   | 12/31/14 |
| Share-based compensation                                  | $ | 1,130 |  |   | $ | 2,853 |  |
| Other general and administrative expenses                 | 15,701 |  |   | 14,431 |  |
|                                                      | Total general and administrative expenses | $ | 16,831 |  |   | $ | 17,284 |  |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |
| DENNY’S CORPORATION                                 |
| Condensed Consolidated Statements of Comprehensive Income |
| (Unaudited)                                               |
|                                                      |   |   |   |   |   |
|                                                      |   |   | Fiscal Year Ended |
| (In thousands, except per share amounts)                  | 12/30/15 |   | 12/31/14 |
| Revenue:                                                  |   |   |   |
|                                                      | Company restaurant sales | $ | 353,073 |  |   | $ | 334,684 |  |
|                                                      | Franchise and license revenue | 138,220 |  |   | 137,611 |  |
|                                                      |   | Total operating revenue | 491,293 |  |   | 472,295 |  |
| Costs of company restaurant sales                         | 294,357 |  |   | 288,808 |  |
| Costs of franchise and license revenue                    | 43,345 |  |   | 44,761 |  |
| General and administrative expenses                       | 66,602 |  |   | 58,907 |  |
| Depreciation and amortization                             | 21,472 |  |   | 21,218 |  |
| Operating (gains), losses and other charges, net          | 2,366 |  |   | 1,270 |  |
|                                                      |   | Total operating costs and expenses, net | 428,142 |  |   | 414,964 |  |
| Operating income                                          | 63,151 |  |   | 57,331 |  |
| Interest expense, net                                     | 9,283 |  |   | 9,182 |  |
| Other nonoperating expense (income), net                  | 139 |  |   | (612 | ) |
| Net income before income taxes                            | 53,729 |  |   | 48,761 |  |
| Provision for income taxes                                | 17,753 |  |   | 16,036 |  |
| Net income                                                | $ | 35,976 |  |   | $ | 32,725 |  |
|                                                      |   |   |   |   |   |
|                                                      |   |   |   |   |   |
| Basic net income per share                                | $ | 0.44 |  |   | $ | 0.38 |  |
| Diluted net income per share                              | $ | 0.42 |  |   | $ | 0.37 |  |
|                                                      |   |   |   |   |   |
| Basic weighted average shares outstanding                 | 82,627 |  |   | 86,323 |  |
| Diluted weighted average shares outstanding               | 84,729 |  |   | 88,355 |  |
|                                                      |   |   |   |   |   |
| Comprehensive income                                      | $ | 36,801 |  |   | $ | 24,965 |  |
|                                                      |   |   |   |
| General and Administrative Expenses                       | Fiscal Year Ended |
| (In thousands)                                            | 12/30/15 |   | 12/31/14 |
| Share-based compensation                                  | $ | 6,635 |  |   | $ | 5,846 |  |
| Other general and administrative expenses                 | 59,967 |  |   | 53,061 |  |
|                                                      | Total general and administrative expenses | $ | 66,602 |  |   | $ | 58,907 |  |

----

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| DENNY’S CORPORATION                                      |
| Income, EBITDA, Free Cash Flow, and Net Income Reconciliations |
| (Unaudited)                                                    |
|                                                           |   |   |   |   |   |   |   |   |   |
| Income, EBITDA and Free Cash Flow Reconciliation               | Quarter Ended |   | Fiscal Year Ended |
| (In thousands)                                                 | 12/30/15 |   | 12/31/14 |   | 12/30/15 |   | 12/31/14 |
| Net income                                                     | $ | 8,759 |  |   | $ | 9,678 |  |   | $ | 35,976 |  |   | $ | 32,725 |  |
| Provision for income taxes                                     | 3,732 |  |   | 4,572 |  |   | 17,753 |  |   | 16,036 |  |
| Operating (gains), losses and other charges, net               | 644 |  |   | 221 |  |   | 2,366 |  |   | 1,270 |  |
| Other nonoperating (income) expense, net                       | (399 | ) |   | (147 | ) |   | 139 |  |   | (612 | ) |
| Share-based compensation                                       | 1,130 |  |   | 2,853 |  |   | 6,635 |  |   | 5,846 |  |
| Adjusted Income Before Taxes (1)                               | $ | 13,866 |  |   | $ | 17,177 |  |   | $ | 62,869 |  |   | $ | 55,265 |  |
|                                                           |   |   |   |   |   |   |   |
| Interest expense, net                                          | 2,605 |  |   | 2,302 |  |   | 9,283 |  |   | 9,182 |  |
| Depreciation and amortization                                  | 5,712 |  |   | 5,514 |  |   | 21,472 |  |   | 21,218 |  |
| Cash payments for restructuring charges and exit costs         | (259 | ) |   | (479 | ) |   | (1,475 | ) |   | (2,036 | ) |
| Cash payments for share-based compensation                     | — |  |   | — |  |   | (3,440 | ) |   | (1,083 | ) |
| Adjusted EBITDA (1)                                            | $ | 21,924 |  |   | $ | 24,514 |  |   | $ | 88,709 |  |   | $ | 82,546 |  |
|                                                           |   |   |   |   |   |   |   |
| Cash interest expense, net                                     | (2,348 | ) |   | (2,049 | ) |   | (8,299 | ) |   | (8,139 | ) |
| Cash paid for income taxes, net                                | (448 | ) |   | (732 | ) |   | (5,364 | ) |   | (3,802 | ) |
| Cash paid for capital expenditures                             | (12,018 | ) |   | (4,196 | ) |   | (32,780 | ) |   | (22,076 | ) |
| Free Cash Flow (1)                                             | $ | 7,110 |  |   | $ | 17,537 |  |   | $ | 42,266 |  |   | $ | 48,529 |  |
|                                                           |   |   |   |   |   |   |   |
| Net Income Reconciliation                                      | Quarter Ended |   | Fiscal Year Ended |
| (In thousands)                                                 | 12/30/15 |   | 12/31/14 |   | 12/30/15 |   | 12/31/14 |
| Net income                                                     | $ | 8,759 |  |   | $ | 9,678 |  |   | $ | 35,976 |  |   | $ | 32,725 |  |
| Gains on sales of assets and other, net                        | (50 | ) |   | (38 | ) |   | (93 | ) |   | (112 | ) |
| Impairment charges                                             | 264 |  |   | 53 |  |   | 935 |  |   | 401 |  |
| Loss on debt refinancing                                       | — |  |   | — |  |   | 293 |  |   | — |  |
| Tax effect (2)                                                 | (71 | ) |   | (5 | ) |   | (375 | ) |   | (95 | ) |
| Adjusted Net Income (1)                                        | $ | 8,902 |  |   | $ | 9,688 |  |   | $ | 36,736 |  |   | $ | 32,919 |  |
|                                                           |   |   |   |   |   |   |   |
| Diluted weighted-average shares outstanding                    | 80,783 |  |   | 87,136 |  |   | 84,729 |  |   | 88,355 |  |
|                                                           |   |   |   |   |   |   |   |
| Adjusted Net Income Per Share (1)                              | $ | 0.11 |  |   | $ | 0.11 |  |   | $ | 0.43 |  |   | $ | 0.37 |  |

|     |
|-----|
|     |  |
| (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 months and year ended December 30, 2015 are calculated using the Company's year-to-date effective tax rate of 33.0%. Tax adjustments for the three months and year ended December 31, 2014 are calculated using the Company's 2014 year-to-date effective tax rate of 32.9%. |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| DENNY’S CORPORATION            |
| Operating Margins                    |
| (Unaudited)                          |
|                                 |   |   |   |   |   |   |
|                                 |   |   |   | Quarter Ended |
| (In thousands)                       | 12/30/15 |   | 12/31/14 |
| Company restaurant operations: (1)   |   |   |   |   |   |
|                                 | Company restaurant sales | $ | 89,183 |  | 100.0 | % |   | $ | 91,415 |  | 100.0 | % |
|                                 | Costs of company restaurant sales: |   |   |   |   |   |
|                                 |   | Product costs | 23,051 |  | 25.8 | % |   | 23,551 |  | 25.8 | % |
|                                 |   | Payroll and benefits | 35,508 |  | 39.8 | % |   | 35,696 |  | 39.0 | % |
|                                 |   | Occupancy | 5,471 |  | 6.1 | % |   | 5,400 |  | 5.9 | % |
|                                 |   | Other operating costs: |   |   |   |   |   |
|                                 |   |   | Utilities | 3,041 |  | 3.4 | % |   | 3,529 |  | 3.9 | % |
|                                 |   |   | Repairs and maintenance | 1,521 |  | 1.7 | % |   | 1,543 |  | 1.7 | % |
|                                 |   |   | Marketing | 2,679 |  | 3.0 | % |   | 3,326 |  | 3.6 | % |
|                                 |   |   | Other | 4,368 |  | 4.9 | % |   | 4,138 |  | 4.5 | % |
|                                 | Total costs of company restaurant sales | $ | 75,639 |  | 84.8 | % |   | $ | 77,183 |  | 84.4 | % |
|                                 | Company restaurant operating margin (2) | $ | 13,544 |  | 15.2 | % |   | $ | 14,232 |  | 15.6 | % |
|                                 |   |   |   |   |   |   |   |   |
| Franchise operations: (3)            |   |   |   |   |   |
|                                 | Franchise and license revenue: |   |   |   |   |   |
|                                 | Royalties | $ | 23,896 |  | 68.6 | % |   | $ | 24,524 |  | 65.7 | % |
|                                 | Initial fees | 819 |  | 2.3 | % |   | 1,053 |  | 2.8 | % |
|                                 | Occupancy revenue | 10,127 |  | 29.1 | % |   | 11,737 |  | 31.5 | % |
|                                 | Total franchise and license revenue | $ | 34,842 |  | 100.0 | % |   | $ | 37,314 |  | 100.0 | % |
|                                 |   |   |   |   |   |   |   |   |
|                                 | Costs of franchise and license revenue: |   |   |   |   |   |
|                                 | Occupancy costs | $ | 7,172 |  | 20.6 | % |   | $ | 8,361 |  | 22.4 | % |
|                                 | Other direct costs | 3,330 |  | 9.5 | % |   | 3,761 |  | 10.1 | % |
|                                 | Total costs of franchise and license revenue | $ | 10,502 |  | 30.1 | % |   | $ | 12,122 |  | 32.5 | % |
|                                 | Franchise operating margin (2) | $ | 24,340 |  | 69.9 | % |   | $ | 25,192 |  | 67.5 | % |
|                                 |   |   |   |   |   |   |   |   |
| Total operating revenue (4)          | $ | 124,025 |  | 100.0 | % |   | $ | 128,729 |  | 100.0 | % |
| Total costs of operating revenue (4) | 86,141 |  | 69.5 | % |   | 89,305 |  | 69.4 | % |
| Total operating margin (4)(2)        | $ | 37,884 |  | 30.5 | % |   | $ | 39,424 |  | 30.6 | % |
|                                 |   |   |   |   |   |   |   |   |
| Other operating expenses: (4)(2)     |   |   |   |   |   |
|                                 | General and administrative expenses | $ | 16,831 |  | 13.6 | % |   | $ | 17,284 |  | 13.4 | % |
|                                 | Depreciation and amortization | 5,712 |  | 4.6 | % |   | 5,514 |  | 4.3 | % |
|                                 | Operating gains, losses and other charges, net | 644 |  | 0.5 | % |   | 221 |  | 0.2 | % |
|                                 | Total other operating expenses | $ | 23,187 |  | 18.7 | % |   | $ | 23,019 |  | 17.9 | % |
|                                 |   |   |   |   |   |   |   |   |
| Operating income (4)                 | $ | 14,697 |  | 11.9 | % |   | $ | 16,405 |  | 12.7 | % |
|                                 |   |   |   |   |   |   |   |   |
| (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)                          |
|                                 |   |   |   |   |   |   |
|                                 |   |   |   | Fiscal Year Ended |
| (In thousands)                       | 12/30/15 |   | 12/31/14 |
| Company restaurant operations: (1)   |   |   |   |   |   |
|                                 | Company restaurant sales | $ | 353,073 |  | 100.0 | % |   | $ | 334,684 |  | 100.0 | % |
|                                 | Costs of company restaurant sales: |   |   |   |   |   |
|                                 |   | Product costs | 89,660 |  | 25.4 | % |   | 86,825 |  | 25.9 | % |
|                                 |   | Payroll and benefits | 136,626 |  | 38.7 | % |   | 133,280 |  | 39.8 | % |
|                                 |   | Occupancy | 20,443 |  | 5.8 | % |   | 20,845 |  | 6.2 | % |
|                                 |   | Other operating costs: |   |   |   |   |   |
|                                 |   |   | Utilities | 12,866 |  | 3.6 | % |   | 13,915 |  | 4.2 | % |
|                                 |   |   | Repairs and maintenance | 6,017 |  | 1.7 | % |   | 5,971 |  | 1.8 | % |
|                                 |   |   | Marketing | 12,527 |  | 3.5 | % |   | 12,329 |  | 3.7 | % |
|                                 |   |   | Other | 16,218 |  | 4.6 | % |   | 15,643 |  | 4.7 | % |
|                                 | Total costs of company restaurant sales | $ | 294,357 |  | 83.4 | % |   | $ | 288,808 |  | 86.3 | % |
|                                 | Company restaurant operating margin (2) | $ | 58,716 |  | 16.6 | % |   | $ | 45,876 |  | 13.7 | % |
|                                 |   |   |   |   |   |   |   |   |
| Franchise operations: (3)            |   |   |   |   |   |
|                                 | Franchise and license revenue: |   |   |   |   |   |
|                                 | Royalties | $ | 94,755 |  | 68.6 | % |   | $ | 90,835 |  | 66.0 | % |
|                                 | Initial fees | 2,478 |  | 1.8 | % |   | 1,893 |  | 1.4 | % |
|                                 | Occupancy revenue | 40,987 |  | 29.6 | % |   | 44,883 |  | 32.6 | % |
|                                 | Total franchise and license revenue | $ | 138,220 |  | 100.0 | % |   | $ | 137,611 |  | 100.0 | % |
|                                 |   |   |   |   |   |   |   |   |
|                                 | Costs of franchise and license revenue: |   |   |   |   |   |
|                                 | Occupancy costs | $ | 30,416 |  | 22.0 | % |   | $ | 33,134 |  | 24.1 | % |
|                                 | Other direct costs | 12,929 |  | 9.4 | % |   | 11,627 |  | 8.4 | % |
|                                 | Total costs of franchise and license revenue | $ | 43,345 |  | 31.4 | % |   | $ | 44,761 |  | 32.5 | % |
|                                 | Franchise operating margin (2) | $ | 94,875 |  | 68.6 | % |   | $ | 92,850 |  | 67.5 | % |
|                                 |   |   |   |   |   |   |   |   |
| Total operating revenue (4)          | $ | 491,293 |  | 100.0 | % |   | $ | 472,295 |  | 100.0 | % |
| Total costs of operating revenue (4) | 337,702 |  | 68.7 | % |   | 333,569 |  | 70.6 | % |
| Total operating margin (4)(2)        | $ | 153,591 |  | 31.3 | % |   | $ | 138,726 |  | 29.4 | % |
|                                 |   |   |   |   |   |   |   |   |
| Other operating expenses: (4)(2)     |   |   |   |   |   |
|                                 | General and administrative expenses | $ | 66,602 |  | 13.6 | % |   | $ | 58,907 |  | 12.5 | % |
|                                 | Depreciation and amortization | 21,472 |  | 4.4 | % |   | 21,218 |  | 4.5 | % |
|                                 | Operating gains, losses and other charges, net | 2,366 |  | 0.5 | % |   | 1,270 |  | 0.3 | % |
|                                 | Total other operating expenses | $ | 90,440 |  | 18.4 | % |   | $ | 81,395 |  | 17.2 | % |
|                                 |   |   |   |   |   |   |   |   |
| Operating income (4)                 | $ | 63,151 |  | 12.9 | % |   | $ | 57,331 |  | 12.1 | % |
|                                 |   |   |   |   |   |   |   |   |
| (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 |   | Fiscal Year Ended |
| (increase vs. prior year)       | 12/30/15 |   | 12/31/14 |   | 12/30/15 |   | 12/31/14 |
|                            | Company Restaurants | 3.5 | % |   | 5.8 | % |   | 6.5 | % |   | 4.2 | % |
|                            | Domestic Franchised Restaurants | 2.8 | % |   | 4.6 | % |   | 5.7 | % |   | 2.5 | % |
|                            | Domestic System-wide Restaurants | 2.9 | % |   | 4.7 | % |   | 5.8 | % |   | 2.8 | % |
|                            | System-wide Restaurants | 2.0 | % |   | 4.4 | % |   | 4.9 | % |   | 2.5 | % |
|                            |   |   |   |   |   |   |   |   |   |
| Average Unit Sales              | Quarter Ended |   | Fiscal Year Ended |
| (In thousands)                  | 12/30/15 |   | 12/31/14 |   | 12/30/15 |   | 12/31/14 |
|                            | Company Restaurants | $ | 557 |  |   | $ | 572 |  |   | $ | 2,217 |  |   | $ | 2,100 |  |
|                            | Franchised Restaurants | $ | 394 |  |   | $ | 409 |  |   | $ | 1,579 |  |   | $ | 1,506 |  |
|                            |   |   |   |   |   |   |   |   |   |
|                            |   |   |   |   | Franchised |   |   |   |   |
| Restaurant Unit Activity        | Company |   |  & Licensed |   | Total |   |   |
| Ending Units September 30, 2015 | 161 |  |   | 1,539 |  |   | 1,700 |  |   |   |
|                            | Units Opened | 3 |  |   | 11 |  |   | 14 |  |   |   |
|                            | Units Reacquired | 1 |  |   | (1 | ) |   | — |  |   |   |
|                            | Units Refranchised | (1 | ) |   | 1 |  |   | — |  |   |   |
|                            | Units Closed | — |  |   | (4 | ) |   | (4 | ) |   |   |
|                            |   | Net Change | 3 |  |   | 7 |  |   | 10 |  |   |   |
| Ending Units December 30, 2015  | 164 |  |   | 1,546 |  |   | 1,710 |  |   |   |
|                            |   |   |   |   |   |   |   |   |   |
| Equivalent Units                |   |   |   |   |   |   |   |
|                            | Fourth Quarter 2015 | 160 |  |   | 1,543 |  |   | 1,703 |  |   |   |
|                            | Fourth Quarter 2014 | 160 |  |   | 1,533 |  |   | 1,693 |  |   |   |
|                            |   | Net Change | — |  |   | 10 |  |   | 10 |  |   |   |
|                            |   |   |   |   |   |   |   |   |   |
|                            |   |   |   |   | Franchised |   |   |   |   |
| Restaurant Unit Activity        | Company |   |  & Licensed |   | Total |   |   |
| Ending Units December 31, 2014  | 161 |  |   | 1,541 |  |   | 1,702 |  |   |   |
|                            | Units Opened | 3 |  |   | 42 |  |   | 45 |  |   |   |
|                            | Units Reacquired | 3 |  |   | (3 | ) |   | — |  |   |   |
|                            | Units Refranchised | (1 | ) |   | 1 |  |   | — |  |   |   |
|                            | Units Closed | (2 | ) |   | (35 | ) |   | (37 | ) |   |   |
|                            |   | Net Change | 3 |  |   | 5 |  |   | 8 |  |   |   |
| Ending Units December 30, 2015  | 164 |  |   | 1,546 |  |   | 1,710 |  |   |   |
|                            |   |   |   |   |   |   |   |   |   |
| Equivalent Units                |   |   |   |   |   |   |   |
|                            | Year-to-Date 2015 | 159 |  |   | 1,538 |  |   | 1,697 |  |   |   |
|                            | Year-to-Date 2014 | 159 |  |   | 1,534 |  |   | 1,693 |  |   |   |
|                            |   | Net Change | — |  |   | 4 |  |   | 4 |  |   |   |