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Denny’s Corporation Reports Results for Second Quarter 2012

July 31, 2012

- Adjusted Income Before Taxes* Grows 35% -

- Quarterly System-wide Same Store Sales Increases 0.8% and 2.8% Over Two Years -

SPARTANBURG, S.C.--(BUSINESS WIRE)--Jul. 31, 2012-- Denny’s Corporation (NASDAQ: DENN), franchisor and operator of one of America's largest full-service restaurant chains, today reported results for its second quarter ended June 27, 2012.

Second Quarter Summary

  • System-wide same-store sales grew 0.8%, which marks the fifth consecutive quarter that system-wide same-store sales have been positive, achieving two-year same-store sales of positive 2.8%.
  • Opened nine franchised units, including two international units in the Dominican Republic and Canada.
  • Signed largest international development agreement to date for 50 units in southern China.
  • Franchise operating margin increased 0.8 percentage points to 66.0% compared with the prior year.
  • Company restaurant operating margin increased 1.5 percentage points to 14.8% compared with the prior year.
  • Adjusted EBITDA* margin increased 1.7 percentage points to 17.0% compared with the prior year.
  • Net income of $4.6 million, or $0.05 per diluted share, was impacted by a charge to other nonoperating expense of $7.9 million as a result of the refinancing of our credit facility in April 2012.
  • Adjusted Income Before Taxes* grew 34.6% to $12.9 million compared with the prior year.
  • Free Cash Flow* increased 14.5% to $15.0 million compared with the prior year.
  • Reduced outstanding term loan debt by $7 million to $183 million bringing Total Debt to Adjusted EBITDA Ratio below 2.5x.
  • Repurchased 1.4 million shares in the second quarter bringing total shares repurchased since November 2010 to 8.1 million.

John Miller, President and Chief Executive Officer, stated, “During the second quarter, we achieved our fifth consecutive quarter of positive system-wide same-store sales along with the highest quarterly two-year same-store sales we have generated in almost five years. Despite the persistently challenging economic environment, we continue to deliver solid financial results and make progress in our efforts to differentiate Denny’s in the market place. By executing on our strategies to further reinforce our position as America’s Diner and globally as your local diner, we will build on our efforts to increase shareholder value. As Denny’s approaches its 60th anniversary and 1,700th location, we believe that Denny’s will become one of the largest American full service brands in the world. Our recent partnership to open units in southern China is the first significant step toward that goal.”

Second Quarter Results

For the second quarter of 2012, franchise and license revenue increased 5.2% to $33.5 million compared with $31.8 million in the prior year quarter. The $1.7 million increase in franchise revenue was primarily driven by a $0.9 million increase in royalties due to 51 additional equivalent franchise restaurants and the effects of higher same-store sales in addition to higher occupancy revenue. Company restaurant sales of $91.2 million decreased $12.8 million due to 36 fewer equivalent company restaurants compared with the prior year quarter. Denny’s total operating revenue, including both company restaurant sales and franchise revenue, was $124.7 million compared with $135.9 million in the prior year quarter.

Denny’s opened nine new franchised units in the second quarter of this year, including two international units in the Dominican Republic and Canada. During the quarter, Denny’s closed five franchised and company restaurants and franchisees purchased 17 company-owned restaurants.

Total operating margin increased $1.0 million, or 2.9%, to $35.6 million. Franchise operating margin increased $1.4 million to $22.1 million primarily due to the increases in franchise royalties and occupancy margin. Company restaurant operating margin decreased $0.4 million primarily due to the impact of selling company-owned units to franchisees.

As a percentage of total operating revenue, total operating margin increased 3.0 percentage points to 28.5%. Franchise operating margin, as a percentage of franchise and license revenue, was 66.0%, an increase of 0.8 percentage points compared with the prior year quarter. Company restaurant operating margin (as a percentage of company restaurant sales) was 14.8%, an increase of 1.5 percentage points compared with the prior year quarter. The increase in company restaurant operating margin was primarily driven by lower other operating costs and lower payroll and benefit costs compared to the prior year quarter.

Total general and administrative expenses increased $0.7 million compared with the prior year quarter primarily due to higher performance-based compensation accruals.

Depreciation and amortization expense decreased by $1.4 million compared with the prior year quarter, primarily as a result of the sale of restaurants over the past two years. Net operating gains, losses and other charges, which reflect restructuring charges, exit costs, impairment charges and gains or losses on the sale of assets, increased $3.6 million in the quarter. The increase was primarily the result of the sale of more company-owned units to franchisees.

Interest expense decreased $1.9 million to $3.0 million as a result of a $39.2 million reduction in total gross debt over the last 12 months and lower interest rates under the refinanced credit facility.

In the second quarter, the provision for income taxes increased $2.8 million, primarily due to a higher effective tax rate of 41.1% compared to 4.8% effective tax rate in the prior year quarter. The change in the effective tax rate compared to the prior year resulted from the release of a substantial portion of the valuation allowance on certain deferred tax assets based on our improved historical and projected pre-tax income. Due to the use of net operating loss and tax credit carryforwards, the Company only paid $1.2 million in cash taxes in the second quarter.

Denny’s net income was $4.6 million for the second quarter 2012, or $0.05 per diluted share, compared with prior year period net income of $8.1 million, or $0.08 per diluted share. Net income was impacted by the refinancing of our credit facility which resulted in a charge to other nonoperating expense of $7.9 million for the unamortized portion of deferred financing costs and original issue discount related to the prior facility, and portion of the fees related to the new facility. Adjusted Income Before Taxes*, Denny’s metric for earnings guidance, increased 34.6% to $12.9 million compared with the prior year quarter Adjusted Income Before Taxes* of $9.6 million.

Business Outlook

Mark Wolfinger, Executive Vice President, Chief Administrative Officer and Chief Financial Officer, stated, “Our franchised-focused business model has enabled us to deliver another solid quarter of financial performance as demonstrated by our year-over-year increases in same-store sales, profitability, and cash flow. Our total debt ratio is now below 2.5x which lowers the interest rate on our term loan by 25 bps. to around 3.0%, based on current rates. Our business model provides financial stability and flexibility while enabling us to continue to return value to shareholders through debt repayment and share repurchases.”

Based on year-to-date results and management’s expectations at this time, Denny’s is reiterating the Company’s financial guidance for full year 2012.

Component           Full Year 2012 Guidance
Previous**               Current      
         
Franchise Same-Store Sales 1.0% to 3.0% No Change
 
Company Same-Store Sales 0.0% to 2.0% No Change
 
New System Units 45 – 50 No Change
(includes 1 company-owned unit)
 
Adjusted EBITDA* ($M) $80 to $84 No Change
 
Adjusted Income Before Taxes* ($M) $45 to $49 No Change
 
$12.5 to $13.5
Interest Expense, net ($M) (includes $10.5 to $11.5 of net No Change
cash interest expense)
 
Cash Capital Expenditure ($M) $15 to $16 No Change
 
Cash Taxes ($M) $3 to $4 No Change
 
Free Cash Flow* ($M) $51 to $55 No Change
 

*

 

Please refer to the historical reconciliation of net income to Adjusted Income Before Taxes, Adjusted EBITDA, and Free Cash Flow included in the tables below.

** As announced in First Quarter 2012 Earnings Release on April 30, 2012.
 

Further Information

Denny’s will provide further commentary on the results for the second quarter of 2012 on its quarterly investor conference call today, Tuesday, July 31, 2012 at 5:00 p.m. ET. Interested parties are invited to listen to a live broadcast of the conference call accessible through the investor relations section of Denny’s website at ir.dennys.com. A replay of the call may be accessed at the same location later in the day and will remain available for 30 days.

Denny's is the franchisor and operator of one of America's largest full-service restaurant chains, based on number of units. As of June 27, 2012, Denny’s had 1,684 franchised, licensed, and company-owned restaurants across the United States, Canada, Costa Rica, Mexico, Honduras, Guam, Curaçao, Puerto Rico, Dominican Republic and New Zealand. For further information on Denny's, including news releases, links to SEC filings and other financial information, please visit the Denny's investor relations website.

The Company urges caution in considering its current trends and any outlook on earnings disclosed in this press release. In addition, certain matters discussed in this release may constitute forward-looking statements. These forward-looking statements, which reflect our best judgment based on factors currently known, are intended to speak only as of the date such statements are made and involve risks, uncertainties, and other factors that may cause the actual performance of Denny’s Corporation, its subsidiaries and underlying restaurants to be materially different from the performance indicated or implied by such statements. Words such as “expects”, “anticipates”, “believes”, “intends”, “plans”, “hopes”, and variations of such words and similar expressions are intended to identify such forward-looking statements. Except as may be required by law, the Company expressly disclaims any obligation to update these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Factors that could cause actual performance to differ materially from the performance indicated by these forward-looking statements include, among others: the competitive pressures from within the restaurant industry; the level of success of the Company’s strategic and operating initiatives, advertising and promotional efforts; adverse publicity; changes in business strategy or development plans; terms and availability of capital; regional weather conditions; overall changes in the general economy, particularly at the retail level; political environment (including acts of war and terrorism); and other factors from time to time set forth in the Company’s SEC reports and other filings, including but not limited to the discussion in Management’s Discussion and Analysis and the risks identified in Item 1A. Risk Factors contained in the Company’s Annual Report on Form 10-K for the year ended December 28, 2011 (and in the Company’s subsequent quarterly reports on Form 10-Q).

DENNY’S CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
               
Quarter Quarter
Ended Ended
(In thousands, except per share amounts) 6/27/12 6/29/11
Revenue:
Company restaurant sales $ 91,239 $ 104,021
Franchise and license revenue   33,492     31,832  
Total operating revenue   124,731     135,853  
Costs of company restaurant sales 77,743 90,154
Costs of franchise and license revenue 11,386 11,085
General and administrative expenses 14,785 14,092
Depreciation and amortization 5,827 7,234
Operating (gains), losses and other charges, net   (4,009 )   (419 )
Total operating costs and expenses   105,732     122,146  
Operating income   18,999     13,707  
Other expenses:
Interest expense, net 2,993 4,901
Other nonoperating expense, net   8,198     268  
Total other expenses, net   11,191     5,169  
Net income before income taxes 7,808 8,538
Provision for income taxes   3,207     408  
Net income $ 4,601   $ 8,130  
 
 
Net income per share:
Basic $ 0.05   $ 0.08  
Diluted $ 0.05   $ 0.08  
 
Weighted average shares outstanding:
Basic   95,637     98,421  
Diluted   97,408     100,602  
 
Comprehensive income $ 4,869   $ 8,130  
 
DENNY’S CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
               
Two Quarters Two Quarters
Ended Ended
(In thousands, except per share amounts) 6/27/12 6/29/11
Revenue:
Company restaurant sales $ 185,402 $ 208,576
Franchise and license revenue   66,067     63,082  
Total operating revenue   251,469     271,658  
Costs of company restaurant sales 157,698 182,102
Costs of franchise and license revenue 22,698 22,650
General and administrative expenses 30,448 28,231
Depreciation and amortization 11,887 14,422
Operating (gains), losses and other charges, net   (4,174 )   (948 )
Total operating costs and expenses   218,557     246,457  
Operating income   32,912     25,201  
Other expenses:
Interest expense, net 7,449 10,594
Other nonoperating expense, net   7,903     1,746  
Total other expenses, net   15,352     12,340  
Net income before income taxes 17,560 12,861
Provision for income taxes   7,094     607  
Net income $ 10,466   $ 12,254  
 
 
Net income per share:
Basic $ 0.11   $ 0.12  
Diluted $ 0.11   $ 0.12  
 
Weighted average shares outstanding:
Basic   95,856     98,700  
Diluted   97,651     100,976  
 
Comprehensive income $ 11,002   $ 12,254  
 
DENNY’S CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
             
(In thousands) 6/27/12 12/28/11
ASSETS
Current Assets
Cash and cash equivalents $ 20,997 $ 13,740
Receivables, net 13,781 14,971
Assets held for sale 486 2,351
Current deferred tax asset 20,324 15,519
Other   8,491     14,712  
  64,079     61,293  
Property, net 102,626 112,772
Goodwill 30,476 30,764
Intangible assets, net 49,804 50,921
Noncurrent deferred tax asset 49,137 60,636
Other assets   32,758     34,115  
Total Assets $ 328,880   $ 350,501  
 
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current Liabilities
Current maturities of long-term debt $ 12,054 $ 2,591
Current maturities of capital lease obligations 4,368 4,380
Accounts payable 17,035 25,935
Other current liabilities   50,971     54,289  
  84,428     87,195  
Long-Term Liabilities
Long-term debt, less current maturities 171,000 193,257
Capital lease obligations, less current maturities 16,996 18,077
Other   59,228     61,648  
  247,224     272,982  
Total Liabilities   331,652     360,177  
 
Shareholders' Deficit
Common stock 1,030 1,027
Paid-in capital 559,160 557,396
Deficit (507,361 ) (517,827 )
Accumulated other comprehensive loss, net of tax (24,277 ) (24,813 )
Treasury stock   (31,324 )   (25,459 )
Total Shareholders' Deficit   (2,772 )   (9,676 )
Total Liabilities and Shareholders' Deficit $ 328,880   $ 350,501  
 
 
Debt Balances
(In thousands) 6/27/12 12/28/11
Credit facility term loan due 2017, net of discount of $0 and $2,251, respectively $ 183,054 $ 195,749
Capital leases and other debt   21,364     22,556  
Total Debt $ 204,418   $ 218,305  
 
DENNY’S CORPORATION
Income, EBITDA, Free Cash Flow and G&A Reconciliations
(Unaudited)
                   
Quarter Quarter Two Quarters Two Quarters
Income and EBITDA Reconciliation Ended Ended Ended Ended
(In thousands) 6/27/12 6/29/11 6/27/12 6/29/11
Net income $ 4,601 $ 8,130 $ 10,466 $ 12,254
 
Provision for (benefit from) income taxes 3,207 408 7,094 607
Operating (gains), losses and other charges, net (4,009 ) (419 ) (4,174 ) (948 )
Other nonoperating expense, net 8,198 268 7,903 1,746
Share-based compensation 876 1,176 1,666 2,149
       
Adjusted Income Before Taxes (1) $ 12,873   $ 9,563   $ 22,955   $ 15,808  
 
Interest expense, net 2,993 4,901 7,449 10,594
Depreciation and amortization 5,827 7,234 11,887 14,422
Cash payments for restructuring charges and exit costs (543 ) (747 ) (1,324 ) (1,453 )
Cash payments for share-based compensation - (99 ) (355 ) (99 )
       
Adjusted EBITDA (1) $ 21,150   $ 20,852   $ 40,612   $ 39,272  
 
Cash interest expense, net (2,579 ) (4,111 ) (6,329 ) (9,085 )
Cash paid for income taxes, net (1,152 ) (574 ) (1,365 ) (737 )
Cash paid for capital expenditures (2,443 ) (3,084 ) (4,279 ) (8,854 )
       
Free Cash Flow (1) $ 14,976   $ 13,083   $ 28,639   $ 20,596  
 
Quarter Quarter Two Quarters Two Quarters
General and Administrative Expenses Reconciliation Ended Ended Ended Ended
(In thousands)   6/27/12     6/29/11     6/27/12     6/29/11  
Share-based compensation $ 876 $ 1,176 $ 1,666 $ 2,149
Other general and administrative expenses   13,909     12,916     28,782     26,082  
Total general and administrative expenses $ 14,785   $ 14,092   $ 30,448   $ 28,231  
 
(1)   We believe that, in addition to other financial measures, Adjusted Income Before Taxes, Adjusted EBITDA and Free Cash Flow are appropriate indicators to assist in the evaluation of our operating performance on a period-to-period basis. We also use 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 our ability to service debt because the excluded charges do not have an impact on our prospective debt servicing capability and these adjustments are contemplated in our credit facility for the computation of our 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 and Free Cash Flow 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.
 
DENNY’S CORPORATION
Operating Margins
(Unaudited)
                     
Quarter Quarter
Ended Ended
(In thousands) 6/27/12 6/29/11
Company restaurant operations: (2)
Company restaurant sales $ 91,239 100.0 % $ 104,021 100.0 %
Costs of company restaurant sales:
Product costs 22,702 24.9 % 25,613 24.6 %
Payroll and benefits 36,617 40.1 % 42,419 40.8 %
Occupancy 6,222 6.8 % 6,793 6.5 %
Other operating costs:
Utilities 3,592 3.9 % 4,590 4.4 %
Repairs and maintenance 1,634 1.8 % 1,890 1.8 %
Marketing 3,389 3.7 % 3,971 3.8 %
Legal settlements 71 0.1 % (14 ) (0.0 %)
Other   3,516   3.9 %   4,892   4.7 %
Total costs of company restaurant sales $ 77,743   85.2 % $ 90,154   86.7 %
Company restaurant operating margin (3) $ 13,496   14.8 % $ 13,867   13.3 %
 
Franchise operations: (4)
Franchise and license revenue
Royalty and license revenue $ 20,874 62.3 % $ 19,926 62.6 %
Initial and other fee revenue 1,003 3.0 % 708 2.2 %
Occupancy revenue   11,615   34.7 %   11,198   35.2 %
Total franchise and license revenue $ 33,492   100.0 % $ 31,832   100.0 %
 
Costs of franchise and license revenue
Direct franchise costs $ 2,681 8.0 % $ 2,427 7.6 %
Occupancy costs   8,705   26.0 %   8,658   27.2 %
Total costs of franchise and license revenue $ 11,386   34.0 % $ 11,085   34.8 %
Franchise operating margin (3) $ 22,106   66.0 % $ 20,747   65.2 %
 
Total operating revenue (1) $ 124,731 100.0 % $ 135,853 100.0 %
Total costs of operating revenue (1)   89,129   71.5 %   101,239   74.5 %
Total operating margin (1)(3) $ 35,602   28.5 % $ 34,614   25.5 %
 
Other operating expenses: (1)(3)
General and administrative expenses $ 14,785 11.9 % $ 14,092 10.4 %
Depreciation and amortization 5,827 4.7 % 7,234 5.3 %
Operating gains, losses and other charges, net   (4,009 ) (3.2 %)   (419 ) (0.3 %)
Total other operating expenses $ 16,603   13.3 % $ 20,907   15.4 %
       
Operating income (1) $ 18,999   15.2 % $ 13,707   10.1 %
 
(1)   As a percentage of total operating revenue
(2) As a percentage of company restaurant sales
(3) 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.
(4) As a percentage of franchise and license revenue
 
DENNY’S CORPORATION
Operating Margins
(Unaudited)
                     
Two Quarters Two Quarters
Ended Ended
(In thousands) 6/27/12 6/29/11
Company restaurant operations: (2)
Company restaurant sales $ 185,402 100.0 % $ 208,576 100.0 %
Costs of company restaurant sales:
Product costs 46,235 24.9 % 51,248 24.6 %
Payroll and benefits 74,370 40.1 % 86,615 41.5 %
Occupancy 11,996 6.5 % 13,653 6.5 %
Other operating costs:
Utilities 7,306 3.9 % 8,979 4.3 %
Repairs and maintenance 3,322 1.8 % 3,732 1.8 %
Marketing 6,924 3.7 % 7,812 3.7 %
Legal settlements 169 0.1 % 63 0.0 %
Other   7,376   4.0 %   10,000   4.8 %
Total costs of company restaurant sales $ 157,698   85.1 % $ 182,102   87.3 %
Company restaurant operating margin (3) $ 27,704   14.9 % $ 26,474   12.7 %
 
Franchise operations: (4)
Franchise and license revenue
Royalty and license revenue $ 41,401 62.7 % $ 39,220 62.2 %
Initial and other fee revenue 1,439 2.2 % 1,613 2.6 %
Occupancy revenue   23,227   35.1 %   22,249   35.2 %
Total franchise and license revenue $ 66,067   100.0 % $ 63,082   100.0 %
 
Costs of franchise and license revenue
Direct franchise costs $ 5,270 8.0 % $ 5,432 8.6 %
Occupancy costs   17,428   26.4 %   17,218   27.3 %
Total costs of franchise and license revenue $ 22,698   34.4 % $ 22,650   35.9 %
Franchise operating margin (3) $ 43,369   65.6 % $ 40,432   64.1 %
 
Total operating revenue (1) $ 251,469 100.0 % $ 271,658 100.0 %
Total costs of operating revenue (1)   180,396   71.7 %   204,752   75.4 %
Total operating margin (1)(3) $ 71,073   28.3 % $ 66,906   24.6 %
 
Other operating expenses: (1)(3)
General and administrative expenses $ 30,448 12.1 % $ 28,231 10.4 %
Depreciation and amortization 11,887 4.7 % 14,422 5.3 %
Operating gains, losses and other charges, net   (4,174 ) (1.7 %)   (948 ) (0.3 %)
Total other operating expenses $ 38,161   15.2 % $ 41,705   15.4 %
       
Operating income (1) $ 32,912   13.1 % $ 25,201   9.3 %
 
(1)   As a percentage of total operating revenue
(2) As a percentage of company restaurant sales
(3) 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.
(4) As a percentage of franchise and license revenue
 
DENNY’S CORPORATION
Statistical Data
(Unaudited)
                         
Quarter Quarter Two Quarters Two Quarters
Same-Store Sales Ended Ended Ended Ended
(increase/(decrease) vs. prior year) 6/27/12 6/29/11 6/27/12 6/29/11
Company Restaurants 0.0 % 2.6 % 0.4 % 0.6 %
Franchised Restaurants 0.9 % 1.8 % 1.8 % 0.0 %
System-wide Restaurants 0.8 % 2.0 % 1.6 % 0.2 %
 
Company Restaurant Sales Detail
Guest Check Average 1.7 % 1.2 % 2.0 % 0.5 %
Guest Counts (1.6 %) 1.4 % (1.6 %) 0.1 %
 
 
Quarter Quarter Two Quarters Two Quarters
Average Unit Sales Ended Ended Ended Ended
(In thousands) 6/27/12 6/29/11 6/27/12 6/29/11
Company Restaurants $ 484 $ 463 $ 954 $ 915
Franchised Restaurants $ 354 $ 349 $ 703 $ 688
 
Franchised
Restaurant Unit Activity Company & Licensed Total
Ending Units 3/28/12 197 1,483 1,680
Units Opened 0 9 9
Units Refranchised (17 ) 17 0
Units Closed (Including Units Relocated)   (3 )   (2 )   (5 )
Net Change   (20 )   24     4  
Ending Units 6/27/12   177     1,507     1,684  
 
Equivalent Units
Second Quarter 2012 188 1,493 1,681
Second Quarter 2011   224     1,442     1,666  
  (36 )   51     15  
 
 
Franchised
Restaurant Unit Activity Company & Licensed Total
Ending Units 12/28/11 206 1,479 1,685
Units Opened 0 15 15
Units Refranchised (23 ) 23 0
Units Closed (Including Units Relocated)   (6 )   (10 )   (16 )
Net Change   (29 )   28     (1 )
Ending Units 6/27/12   177     1,507     1,684  
 
Equivalent Units
Year-to-Date 2012 194 1,487 1,681
Year-to-Date 2011   228     1,436     1,664  
  (34 )   51     17  
 

Source: Denny’s Corporation

Investor Contact:
Denny’s Corporation
Whit Kincaid, 877-784-7167
or
Media Contact:
ICR
Liz Brady, 646-277-1226

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