|         |                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | System-wide same-store sales increased 0.6%, comprised of a 0.7% increase at domestic franchised restaurants and a 0.5% decrease at company restaurants. |

|         |                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net Income of $6.2 million, or $0.07 per diluted share, grew 34.7% compared with the prior year quarter Net Income of $4.6 million, or $0.05 per diluted share. |

|         |                                                                                                                                                                                                                                                                                                                                           |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Adjusted Net Income per Share* of $0.08 grew 20.7% 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 $11.1 million of Free Cash Flow* primarily used to repurchase 1.7 million shares for $9.4 million. |

|         |                                                                                                                            |
|---------|----------------------------------------------------------------------------------------------------------------------------|
| • | Acquired one franchised restaurant located in the Miami market and two parcels of real estate for a total of $3.2 million. |

|         |                                                                                                                      |
|---------|----------------------------------------------------------------------------------------------------------------------|
| • | Opened 11 new franchised restaurants and closed ten franchised restaurants bringing total restaurant count to 1,690. |

|         |                                                                                                                                                                     |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Opened newest international location at the Monterrey International Airport in Apodaca, Mexico which marks the first new location opened in Mexico in over 5 years. |

----

----

|         |                                                                              |
|---------|------------------------------------------------------------------------------|
| • | Revitalize Denny's image with its “America's Diner” positioning. |

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | Increase the growth of the Denny's brand both domestically and internationally. |

|         |                                                                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Grow profitability and Free Cash Flow* through a primarily franchise-focused business model that balances reinvesting in the brand, returning cash to shareholders, and reducing outstanding debt. |

|         |                                                          |
|---------|----------------------------------------------------------|
| • | System-wide same-store sales growth between 0% and 1.0%. |

|         |                                                                                                                                 |
|---------|---------------------------------------------------------------------------------------------------------------------------------|
| • | New restaurant openings (all franchised) between 40 and 45 restaurants with net restaurant growth between 5 and 10 restaurants. |

|         |                                                                                         |
|---------|-----------------------------------------------------------------------------------------|
| • | Total G&A, including share-based compensation, between $58 million and $60 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. |

----

----

|                   |              |
|-------------------|--------------|
| Investor Contact: | Whit Kincaid |

|                |                |
|----------------|----------------|
| Media Contact: | Liz Brady, ICR |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |
| DENNY’S CORPORATION                       |
| Condensed Consolidated Balance Sheets           |
| (Unaudited)                                     |
|                                            |   |   |   |   |   |   |
| (In thousands)                                  | 6/26/2013 |   | 12/26/2012 |
| Assets                                          |   |   |   |
|                                            | Current assets |   |   |   |
|                                            |   | Cash and cash equivalents | $ | 2,011 |  |   | $ | 13,565 |  |
|                                            |   | Receivables | 16,389 |  |   | 19,947 |  |
|                                            |   | Assets held for sale | 1,496 |  |   | — |  |
|                                            |   | Current deferred tax asset | 20,240 |  |   | 19,807 |  |
|                                            |   | Other current assets | 7,522 |  |   | 11,291 |  |
|                                            |   |   | Total current assets | 47,658 |  |   | 64,610 |  |
|                                            | Property, net | 104,277 |  |   | 107,004 |  |
|                                            | Goodwill | 31,451 |  |   | 31,430 |  |
|                                            | Intangible assets, net | 48,471 |  |   | 48,920 |  |
|                                            | Noncurrent deferred tax asset | 38,620 |  |   | 45,776 |  |
|                                            | Other noncurrent assets | 30,921 |  |   | 27,145 |  |
|                                            |   |   | Total assets | $ | 301,398 |  |   | $ | 324,885 |  |
|                                            |   |   |   |   |   |   |
| Liabilities                                     |   |   |   |
|                                            | Current liabilities |   |   |   |
|                                            |   | Current maturities of long-term debt | $ | 3,000 |  |   | $ | 8,500 |  |
|                                            |   | Current maturities of capital lease obligations | 4,221 |  |   | 4,181 |  |
|                                            |   | Accounts payable | 18,484 |  |   | 24,461 |  |
|                                            |   | Other current liabilities | 48,055 |  |   | 54,682 |  |
|                                            |   |   | Total current liabilities | 73,760 |  |   | 91,824 |  |
|                                            | Long-term liabilities |   |   |   |
|                                            |   | Long-term debt, less current maturities | 153,750 |  |   | 161,500 |  |
|                                            |   | Capital lease obligations, less current maturities | 15,664 |  |   | 15,953 |  |
|                                            |   | Other | 55,764 |  |   | 60,068 |  |
|                                            |   |   | Total long-term liabilities | 225,178 |  |   | 237,521 |  |
|                                            |   |   | Total liabilities | 298,938 |  |   | 329,345 |  |
|                                            |   |   |   |   |   |   |
| Shareholders' equity                            |   |   |   |
|                                            |   | Common stock | 1,045 |  |   | 1,038 |  |
|                                            |   | Paid-in capital | 564,777 |  |   | 562,657 |  |
|                                            |   | Deficit | (482,239 | ) |   | (495,518 | ) |
|                                            |   | Accumulated other comprehensive loss, net of tax | (22,150 | ) |   | (24,999 | ) |
|                                            |   | Treasury stock | (58,973 | ) |   | (47,638 | ) |
|                                            |   |   | Total shareholders' equity (deficit) | 2,460 |  |   | (4,460 | ) |
|                                            |   |   | Total liabilities and shareholders' equity | $ | 301,398 |  |   | $ | 324,885 |  |
|                                            |   |   |   |   |   |   |
| Debt Balances                                   |
| (In thousands)                                  | 6/26/2013 |   | 12/26/2012 |
| Credit facility term loan and revolver due 2018 | $ | 156,750 |  |   | $ | — |  |
| Credit facility term loan due 2017              | — |  |   | 170,000 |  |
| Capital leases                                  | 19,885 |  |   | 20,134 |  |
|                                            | Total debt | $ | 176,635 |  |   | $ | 190,134 |  |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |
| DENNY’S CORPORATION                                 |
| Condensed Consolidated Statements of Comprehensive Income |
| (Unaudited)                                               |
|                                                      |   |   |   |   |   |
|                                                      |   |   | Quarter Ended |
| (In thousands, except per share amounts)                  | 6/26/2013 |   | 6/27/2012 |
| Revenue:                                                  |   |   |   |
|                                                      | Company restaurant sales | $ | 82,841 |  |   | $ | 91,239 |  |
|                                                      | Franchise and license revenue | 33,730 |  |   | 33,492 |  |
|                                                      |   | Total operating revenue | 116,571 |  |   | 124,731 |  |
| Costs of company restaurant sales                         | 71,451 |  |   | 77,743 |  |
| Costs of franchise and license revenue                    | 11,585 |  |   | 11,386 |  |
| General and administrative expenses                       | 14,085 |  |   | 14,785 |  |
| Depreciation and amortization                             | 5,352 |  |   | 5,827 |  |
| Operating (gains), losses and other charges, net          | 1,484 |  |   | (4,009 | ) |
|                                                      |   | Total operating costs and expenses | 103,957 |  |   | 105,732 |  |
| Operating income                                          | 12,614 |  |   | 18,999 |  |
| Interest expense, net                                     | 2,548 |  |   | 2,993 |  |
| Other nonoperating expense, net                           | 1,331 |  |   | 8,198 |  |
| Net income before income taxes                            | 8,735 |  |   | 7,808 |  |
| Provision for income taxes                                | 2,537 |  |   | 3,207 |  |
| Net income                                                | $ | 6,198 |  |   | $ | 4,601 |  |
|                                                      |   |   |   |   |   |
|                                                      |   |   |   |   |   |
| Basic net income per share                                | $ | 0.07 |  |   | $ | 0.05 |  |
| Diluted net income per share                              | $ | 0.07 |  |   | $ | 0.05 |  |
|                                                      |   |   |   |   |   |
| Basic weighted average shares outstanding                 | 91,659 |  |   | 95,637 |  |
| Diluted weighted average shares outstanding               | 93,665 |  |   | 97,408 |  |
|                                                      |   |   |   |   |   |
| Comprehensive income                                      | $ | 8,793 |  |   | $ | 4,869 |  |
|                                                      |   |   |   |   |   |
| General and Administrative Expenses                       | Quarter Ended |
| (In thousands)                                            | 6/26/2013 |   | 6/27/2012 |
| Share-based compensation                                  | $ | 1,206 |  |   | $ | 876 |  |
| Other general and administrative expenses                 | 12,879 |  |   | 13,909 |  |
|                                                      | Total general and administrative expenses | $ | 14,085 |  |   | $ | 14,785 |  |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |
| DENNY’S CORPORATION                                 |
| Condensed Consolidated Statements of Comprehensive Income |
| (Unaudited)                                               |
|                                                      |   |   |   |   |   |
|                                                      |   |   | Two Quarters Ended |
| (In thousands, except per share amounts)                  | 6/26/2013 |   | 6/27/2012 |
| Revenue:                                                  |   |   |   |
|                                                      | Company restaurant sales | $ | 163,871 |  |   | $ | 185,402 |  |
|                                                      | Franchise and license revenue | 67,190 |  |   | 66,067 |  |
|                                                      |   | Total operating revenue | 231,061 |  |   | 251,469 |  |
| Costs of company restaurant sales                         | 140,571 |  |   | 157,698 |  |
| Costs of franchise and license revenue                    | 22,987 |  |   | 22,698 |  |
| General and administrative expenses                       | 29,244 |  |   | 30,448 |  |
| Depreciation and amortization                             | 10,576 |  |   | 11,887 |  |
| Operating (gains), losses and other charges, net          | 1,618 |  |   | (4,174 | ) |
|                                                      |   | Total operating costs and expenses, net | 204,996 |  |   | 218,557 |  |
| Operating income                                          | 26,065 |  |   | 32,912 |  |
| Interest expense, net                                     | 5,348 |  |   | 7,449 |  |
| Other nonoperating expense, net                           | 1,332 |  |   | 7,903 |  |
| Net income before income taxes                            | 19,385 |  |   | 17,560 |  |
| Provision for income taxes                                | 6,106 |  |   | 7,094 |  |
| Net income                                                | $ | 13,279 |  |   | $ | 10,466 |  |
|                                                      |   |   |   |   |   |
|                                                      |   |   |   |   |   |
| Basic net income per share                                | $ | 0.14 |  |   | $ | 0.11 |  |
| Diluted net income per share                              | $ | 0.14 |  |   | $ | 0.11 |  |
|                                                      |   |   |   |   |   |
| Basic weighted average shares outstanding                 | 92,004 |  |   | 95,856 |  |
| Diluted weighted average shares outstanding               | 94,081 |  |   | 97,651 |  |
|                                                      |   |   |   |   |   |
| Comprehensive income                                      | $ | 16,128 |  |   | $ | 11,002 |  |
|                                                      |   |   |   |
| General and Administrative Expenses                       | Two Quarters Ended |
| (In thousands)                                            | 6/26/2013 |   | 6/27/2012 |
| Share-based compensation                                  | $ | 2,381 |  |   | $ | 1,666 |  |
| Other general and administrative expenses                 | 26,863 |  |   | 28,782 |  |
|                                                      | Total general and administrative expenses | $ | 29,244 |  |   | $ | 30,448 |  |

----

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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)                                                 | 6/26/2013 |   | 6/27/2012 |   | 6/26/2013 |   | 6/27/2012 |
| Net income                                                     | $ | 6,198 |  |   | $ | 4,601 |  |   | $ | 13,279 |  |   | $ | 10,466 |  |
| Provision for income taxes                                     | 2,537 |  |   | 3,207 |  |   | 6,106 |  |   | 7,094 |  |
| Operating (gains), losses and other charges, net               | 1,484 |  |   | (4,009 | ) |   | 1,618 |  |   | (4,174 | ) |
| Other nonoperating expense, net                                | 1,331 |  |   | 8,198 |  |   | 1,332 |  |   | 7,903 |  |
| Share-based compensation                                       | 1,206 |  |   | 876 |  |   | 2,381 |  |   | 1,666 |  |
| Adjusted Income Before Taxes (1)                               | $ | 12,756 |  |   | $ | 12,873 |  |   | $ | 24,716 |  |   | $ | 22,955 |  |
|                                                           |   |   |   |   |   |   |   |
| Interest expense, net                                          | 2,548 |  |   | 2,993 |  |   | 5,348 |  |   | 7,449 |  |
| Depreciation and amortization                                  | 5,352 |  |   | 5,827 |  |   | 10,576 |  |   | 11,887 |  |
| Cash payments for restructuring charges and exit costs         | (725 | ) |   | (543 | ) |   | (1,397 | ) |   | (1,324 | ) |
| Cash payments for share-based compensation                     | (10 | ) |   | — |  |   | (900 | ) |   | (355 | ) |
| Adjusted EBITDA (1)                                            | $ | 19,921 |  |   | $ | 21,150 |  |   | $ | 38,343 |  |   | $ | 40,612 |  |
|                                                           |   |   |   |   |   |   |   |
| Cash interest expense, net                                     | (2,249 | ) |   | (2,579 | ) |   | (4,734 | ) |   | (6,329 | ) |
| Cash paid for income taxes, net                                | (992 | ) |   | (1,152 | ) |   | (1,335 | ) |   | (1,365 | ) |
| Cash paid for capital expenditures                             | (5,538 | ) |   | (2,443 | ) |   | (8,544 | ) |   | (4,279 | ) |
| Free Cash Flow (1)                                             | $ | 11,142 |  |   | $ | 14,976 |  |   | $ | 23,730 |  |   | $ | 28,639 |  |
|                                                           |   |   |   |   |   |   |   |
| Net Income Reconciliation                                      | Quarter Ended |   | Quarter Ended |
| (In thousands)                                                 | 6/26/2013 |   | 6/27/2012 |   | 6/26/2013 |   | 6/27/2012 |
| Net income                                                     | $ | 6,198 |  |   | $ | 4,601 |  |   | $ | 13,279 |  |   | $ | 10,466 |  |
| Gains on sales of assets and other, net                        | (33 | ) |   | (4,908 | ) |   | (15 | ) |   | (6,863 | ) |
| Impairment charges                                             | 857 |  |   | 17 |  |   | 857 |  |   | 540 |  |
| Loss on debt refinancing                                       | 1,187 |  |   | 7,923 |  |   | 1,187 |  |   | 7,923 |  |
| Tax effect (2)                                                 | (633 | ) |   | (1,103 | ) |   | (639 | ) |   | (582 | ) |
| Adjusted Net Income (1)                                        | $ | 7,576 |  |   | $ | 6,530 |  |   | $ | 14,669 |  |   | $ | 11,484 |  |
|                                                           |   |   |   |   |   |   |   |
| Diluted weighted-average shares outstanding                    | 93,665 |  |   | 97,408 |  |   | 94,081 |  |   | 97,651 |  |
|                                                           |   |   |   |   |   |   |   |
| Adjusted Net Income Per Share (1)                              | $ | 0.08 |  |   | $ | 0.07 |  |   | $ | 0.16 |  |   | $ | 0.12 |  |

|     |
|-----|
|     |  |
| (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 June 26, 2013 are calculated using the Company's year-to-date effective tax rate of 31.5%.  Tax adjustments for the three and six months ended June 27, 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)                       | 6/26/2013 |  | 6/27/2012 |
| Company restaurant operations: (1)   |   |   |   |   |   |
|                                 | Company restaurant sales | $ | 82,841 |  | 100.0 | % |   | $ | 91,239 |  | 100.0 |  % |
|                                 | Costs of company restaurant sales: |   |   |   |   |   |
|                                 |   | Product costs | 21,402 |  | 25.8 | % |   | 22,702 |  | 24.9 |  % |
|                                 |   | Payroll and benefits | 33,220 |  | 40.1 | % |   | 36,617 |  | 40.1 |  % |
|                                 |   | Occupancy | 5,513 |  | 6.7 | % |   | 6,222 |  | 6.8 |  % |
|                                 |   | Other operating costs: |   |   |   |   |   |
|                                 |   |   | Utilities | 3,178 |  | 3.8 | % |   | 3,592 |  | 3.9 |  % |
|                                 |   |   | Repairs and maintenance | 1,524 |  | 1.8 | % |   | 1,634 |  | 1.8 |  % |
|                                 |   |   | Marketing | 3,113 |  | 3.8 | % |   | 3,389 |  | 3.7 |  % |
|                                 |   |   | Legal settlements | 238 |  | 0.3 | % |   | 71 |  | 0.1 |  % |
|                                 |   |   | Other | 3,263 |  | 3.9 | % |   | 3,516 |  | 3.9 |  % |
|                                 | Total costs of company restaurant sales | $ | 71,451 |  | 86.3 | % |   | $ | 77,743 |  | 85.2 |  % |
|                                 | Company restaurant operating margin (2) | $ | 11,390 |  | 13.7 | % |   | $ | 13,496 |  | 14.8 |  % |
|                                 |   |   |   |   |   |   |   |   |
| Franchise operations: (3)            |   |   |   |   |   |
|                                 | Franchise and license revenue |   |   |   |   |   |
|                                 |    Royalty and license revenue | $ | 21,401 |  | 63.5 | % |   | $ | 20,874 |  | 62.3 |  % |
|                                 |    Initial and other fee revenue | 450 |  | 1.3 | % |   | 1,003 |  | 3.0 |  % |
|                                 |    Occupancy revenue | 11,879 |  | 35.2 | % |   | 11,615 |  | 34.7 |  % |
|                                 | Total franchise and license revenue | $ | 33,730 |  | 100.0 | % |   | $ | 33,492 |  | 100.0 |  % |
|                                 |   |   |   |   |   |   |   |   |
|                                 | Costs of franchise and license revenue |   |   |   |   |   |
|                                 |    Occupancy costs | $ | 8,766 |  | 26.0 | % |   | $ | 8,705 |  | 26.0 |  % |
|                                 |    Direct franchise costs | 2,819 |  | 8.3 | % |   | 2,681 |  | 8.0 |  % |
|                                 | Total costs of franchise and license revenue | $ | 11,585 |  | 34.3 | % |   | $ | 11,386 |  | 34.0 |  % |
|                                 | Franchise operating margin (2) | $ | 22,145 |  | 65.7 | % |   | $ | 22,106 |  | 66.0 |  % |
|                                 |   |   |   |   |   |   |   |   |
| Total operating revenue (4)          | $ | 116,571 |  | 100.0 | % |   | $ | 124,731 |  | 100.0 |  % |
| Total costs of operating revenue (4) | 83,036 |  | 71.2 | % |   | 89,129 |  | 71.5 |  % |
| Total operating margin (4)(2)        | $ | 33,535 |  | 28.8 | % |   | $ | 35,602 |  | 28.5 |  % |
|                                 |   |   |   |   |   |   |   |   |
| Other operating expenses: (4)(2)     |   |   |   |   |   |
|                                 | General and administrative expenses | $ | 14,085 |  | 12.1 | % |   | $ | 14,785 |  | 11.9 |  % |
|                                 | Depreciation and amortization | 5,352 |  | 4.6 | % |   | 5,827 |  | 4.7 |  % |
|                                 | Operating gains, losses and other charges, net | 1,484 |  | 1.3 | % |   | (4,009 | ) | (3.2 | )% |
|                                 | Total other operating expenses | $ | 20,921 |  | 17.9 | % |   | $ | 16,603 |  | 13.3 |  % |
|                                 |   |   |   |   |   |   |   |   |
| Operating income (4)                 | $ | 12,614 |  | 10.8 | % |   | $ | 18,999 |  | 15.2 |  % |

|     |
|-----|
|     |  |
| (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)                       | 6/26/2013 |   | 6/27/2012 |
| Company restaurant operations: (1)   |   |   |   |   |   |
|                                 | Company restaurant sales | $ | 163,871 |  | 100.0 | % |   | $ | 185,402 |  | 100.0 |  % |
|                                 | Costs of company restaurant sales: |   |   |   |   |   |
|                                 |   | Product costs | 42,548 |  | 26.0 | % |   | 46,235 |  | 24.9 |  % |
|                                 |   | Payroll and benefits | 64,766 |  | 39.5 | % |   | 74,370 |  | 40.1 |  % |
|                                 |   | Occupancy | 10,741 |  | 6.6 | % |   | 11,996 |  | 6.5 |  % |
|                                 |   | Other operating costs: |   |   |   |   |   |
|                                 |   |   | Utilities | 6,305 |  | 3.8 | % |   | 7,306 |  | 3.9 |  % |
|                                 |   |   | Repairs and maintenance | 2,873 |  | 1.8 | % |   | 3,322 |  | 1.8 |  % |
|                                 |   |   | Marketing | 6,129 |  | 3.7 | % |   | 6,924 |  | 3.7 |  % |
|                                 |   |   | Legal settlements | 514 |  | 0.3 | % |   | 169 |  | 0.1 |  % |
|                                 |   |   | Other | 6,695 |  | 4.1 | % |   | 7,376 |  | 4.0 |  % |
|                                 | Total costs of company restaurant sales | $ | 140,571 |  | 85.8 | % |   | $ | 157,698 |  | 85.1 |  % |
|                                 | Company restaurant operating margin (2) | $ | 23,300 |  | 14.2 | % |   | $ | 27,704 |  | 14.9 |  % |
|                                 |   |   |   |   |   |   |   |   |
| Franchise operations: (3)            |   |   |   |   |   |
|                                 | Franchise and license revenue |   |   |   |   |   |
|                                 |    Royalty and license revenue | $ | 42,428 |  | 63.1 | % |   | $ | 41,401 |  | 62.7 |  % |
|                                 |    Initial and other fee revenue | 730 |  | 1.1 | % |   | 1,439 |  | 2.2 |  % |
|                                 |    Occupancy revenue | 24,032 |  | 35.8 | % |   | 23,227 |  | 35.1 |  % |
|                                 | Total franchise and license revenue | $ | 67,190 |  | 100.0 | % |   | $ | 66,067 |  | 100.0 |  % |
|                                 |   |   |   |   |   |   |   |   |
|                                 | Costs of franchise and license revenue |   |   |   |   |   |
|                                 |    Occupancy costs | $ | 17,619 |  | 26.2 | % |   | $ | 17,428 |  | 26.4 |  % |
|                                 |    Direct franchise costs | 5,368 |  | 8.0 | % |   | 5,270 |  | 8.0 |  % |
|                                 | Total costs of franchise and license revenue | $ | 22,987 |  | 34.2 | % |   | $ | 22,698 |  | 34.4 |  % |
|                                 | Franchise operating margin (2) | $ | 44,203 |  | 65.8 | % |   | $ | 43,369 |  | 65.6 |  % |
|                                 |   |   |   |   |   |   |   |   |
| Total operating revenue (4)          | $ | 231,061 |  | 100.0 | % |   | $ | 251,469 |  | 100.0 |  % |
| Total costs of operating revenue (4) | 163,558 |  | 70.8 | % |   | 180,396 |  | 71.7 |  % |
| Total operating margin (4)(2)        | $ | 67,503 |  | 29.2 | % |   | $ | 71,073 |  | 28.3 |  % |
|                                 |   |   |   |   |   |   |   |   |
| Other operating expenses: (4)(2)     |   |   |   |   |   |
|                                 | General and administrative expenses | $ | 29,244 |  | 12.7 | % |   | $ | 30,448 |  | 12.1 |  % |
|                                 | Depreciation and amortization | 10,576 |  | 4.6 | % |   | 11,887 |  | 4.7 |  % |
|                                 | Operating gains, losses and other charges, net | 1,618 |  | 0.7 | % |   | (4,174 | ) | (1.7 | )% |
|                                 | Total other operating expenses | $ | 41,438 |  | 17.9 | % |   | $ | 38,161 |  | 15.2 |  % |
|                                 |   |   |   |   |   |   |   |   |
| Operating income (4)                 | $ | 26,065 |  | 11.3 | % |   | $ | 32,912 |  | 13.1 |  % |

|     |
|-----|
|     |  |
| (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 |   | Two Quarters Ended |
| (increase/(decrease) vs. prior year) | 6/26/2013 |   | 6/27/2012 |   | 6/26/2013 |   | 6/27/2012 |
|                                 | Company Restaurants | (0.5 | )% |   | 0.0 | % |   | (1.0 | )% |   | 0.4 | % |
|                                 | Domestic Franchised Restaurants | 0.7 |  % |   | 1.5 | % |   | 0.1 |  % |   | 2.1 | % |
|                                 | Domestic System-wide Restaurants | 0.6 |  % |   | 1.2 | % |   | 0.0 |  % |   | 1.8 | % |
|                                 | System-wide Restaurants | 0.6 |  % |   | 0.8 | % |   | 0.0 |  % |   | 1.6 | % |
|                                 |   |   |   |   |   |   |   |   |   |
| Average Unit Sales                   | Quarter Ended |   | Two Quarters Ended |
| (In thousands)                       | 6/26/2013 |   | 6/27/2012 |   | 6/26/2013 |   | 6/27/2012 |
|                                 | Company Restaurants | $ | 505 |  |   | $ | 484 |  |   | $ | 999 |  |   | $ | 954 |  |
|                                 | Franchised Restaurants | $ | 359 |  |   | $ | 354 |  |   | $ | 708 |  |   | $ | 703 |  |
|                                 |   |   |   |   |   |   |   |   |   |
|                                 |   |   |   |   | Franchised |   |   |   |   |
| Restaurant Unit Activity             | Company |   |  & Licensed |   | Total |   |   |
| Ending Units 3/27/13                 | 164 |  |   | 1,525 |  |   | 1,689 |  |   |   |
|                                 | Units Opened | 0 |  |   | 11 |  |   | 11 |  |   |   |
|                                 | Units Reacquired | 1 |  |   | (1 | ) |   | 0 |  |   |   |
|                                 | Units Closed (Including Units Relocated) | 0 |  |   | (10 | ) |   | (10 | ) |   |   |
|                                 |   | Net Change | 1 |  |   | 0 |  |   | 1 |  |   |   |
| Ending Units 6/26/13                 | 165 |  |   | 1,525 |  |   | 1,690 |  |   |   |
|                                 |   |   |   |   |   |   |   |   |   |
| Equivalent Units                     |   |   |   |   |   |   |   |
|                                 | Second Quarter 2013 | 164 |  |   | 1,525 |  |   | 1,689 |  |   |   |
|                                 | Second Quarter 2012 | 188 |  |   | 1,493 |  |   | 1,681 |  |   |   |
|                                 |   |   | (24 | ) |   | 32 |  |   | 8 |  |   |   |
|                                 |   |   |   |   |   |   |   |   |   |
|                                 |   |   |   |   | Franchised |   |   |   |   |
| Restaurant Unit Activity             | Company |   |  & Licensed |   | Total |   |   |
| Ending Units 12/26/12                | 164 |  |   | 1,524 |  |   | 1,688 |  |   |   |
|                                 | Units Opened | 0 |  |   | 18 |  |   | 18 |  |   |   |
|                                 | Units Reacquired | 1 |  |   | (1 | ) |   | 0 |  |   |   |
|                                 | Units Closed | 0 |  |   | (16 | ) |   | (16 | ) |   |   |
|                                 |   | Net Change | 1 |  |   | 1 |  |   | 2 |  |   |   |
| Ending Units 6/26/13                 | 165 |  |   | 1,525 |  |   | 1,690 |  |   |   |
|                                 |   |   |   |   |   |   |   |   |   |
| Equivalent Units                     |   |   |   |   |   |   |   |
|                                 | Year-to-Date 2013 | 164 |  |   | 1,525 |  |   | 1,689 |  |   |   |
|                                 | Year-to-Date 2012 | 194 |  |   | 1,487 |  |   | 1,681 |  |   |   |
|                                 |   |   | (30 | ) |   | 38 |  |   | 8 |  |   |   |