UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 11-K
(Mark
One)
|
þ
|
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For the fiscal year ended December
31, 2007
or
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For the transition period from
_____ to _____
Commission File Number
0−18051
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A.
|
Full
title of the plan and the address of the plan, if different from that of
the issuer named below:
|
Denny's
401(k) Plan
|
B.
|
Name
of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
|
Denny's
Corporation
203 E. Main
Street
Spartanburg, SC
29319-0001
DENNY’S 401(k)
PLAN
Financial
Statements
December 31,
2007 and 2006
(With
Report of Independent Registered Public Accounting Firm Thereon)
DENNY’S 401(k)
PLAN
Financial
Statements
December 31,
2007 and 2006
Index
|
Note:
|
Schedules
not filed herewith are omitted because of the absence of the conditions
under which they are required.
|
1
The
Retirement Committee
Denny’s
401(k) Plan
We have
audited the accompanying statements of net assets available for benefits of the
Denny’s 401(k) Plan (the Plan) as of December 31, 2007 and 2006, and the related
statements of changes in net assets available for benefits for the years then
ended. These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Plan as of
December 31, 2007 and 2006, and the changes in net assets available for benefits
for the years then ended in conformity with U.S. generally accepted
accounting principles.
Our
audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental Schedule of Assets (Held
at End of Year) as of December 31, 2007 is presented for the purpose of
additional analysis and is not a required part of the basic financial statements
but is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan's management. This supplemental schedule has been subjected to the auditing
procedures applied in the audit of the basic 2007 financial statements and, in
our opinion, is fairly stated in all material respects in relation to the basic
2007 financial statements taken as a whole.
Greenville,
South Carolina
June 27,
2008
2
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DENNY’S
401(k) PLAN
|
||||||||
|
December
31, 2007 and December 31, 2006
|
||||||||
|
2007
|
2006
|
|||||||
|
Assets:
|
||||||||
|
Investments
- at fair value (Note 3):
|
||||||||
|
Money
market funds
|
$ | 582,603 | 1,168,774 | |||||
|
Pooled,
common and collective funds
|
43,763,357 | 47,449,178 | ||||||
|
Mutual
funds
|
33,472,137 | 30,939,663 | ||||||
|
Denny's
Corporation common stock
|
— | 921,638 | ||||||
|
Participant
Loans
|
1,920,537 | 1,586,045 | ||||||
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Total
investments - at fair value
|
79,738,634 | 82,065,298 | ||||||
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Receivable
- participant contributions
|
174,365 | — | ||||||
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Receivable
- employer contribution
|
65,177 | 65,580 | ||||||
|
Total
assets
|
79,978,176 | 82,130,878 | ||||||
|
Liabilities:
|
||||||||
|
Accrued
expenses
|
15,004 | 48,143 | ||||||
|
Excess
employer match refundable (Note 5)
|
— | 4,687 | ||||||
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Excess
contributions refundable (Notes 1 and 5)
|
159,435 | 105,764 | ||||||
|
Total
liabilities
|
174,439 | 158,594 | ||||||
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Net
assets available for benefits at fair value
|
79,803,737 | 81,972,284 | ||||||
|
Adjustment
from fair value to contract value for fully benefit-responsive
investment contracts (Note 1)
|
97,914 | 496,243 | ||||||
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Net
assets available for benefits
|
$ | 79,901,651 | 82,468,527 | |||||
See accompanying notes to financial statements.
3
|
DENNY’S
401(k) PLAN
|
||||||||
|
Years
ended December 31, 2007 and 2006
|
||||||||
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2007
|
2006
|
|||||||
|
Additions:
|
||||||||
|
Investment
income:
|
||||||||
|
Net
appreciation in fair value of investments (Note 3)
|
$ | 3,810,540 | 5,223,401 | |||||
|
Interest
and dividends
|
949,271 | 683,261 | ||||||
|
Investment
income – plan interest in Denny’s 401(k) Plans Master
|
||||||||
|
Trust
investment income (Notes 1 and 4)
|
— | 927,339 | ||||||
|
Total
investment income
|
4,759,811 | 6,834,001 | ||||||
|
Contributions:
|
||||||||
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Employer's
|
1,613,689 | 1,522,060 | ||||||
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Participants’
|
4,947,137 | 4,282,513 | ||||||
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Total
contributions
|
6,560,826 | 5,804,573 | ||||||
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Total
additions
|
11,320,637 | 12,638,574 | ||||||
|
Deductions:
|
||||||||
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Benefits
paid to participants
|
13,669,355 | 12,772,167 | ||||||
|
Administrative
expenses
|
218,158 | 141,127 | ||||||
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Total
deductions
|
13,887,513 | 12,913,294 | ||||||
|
Transfers
of assets to Denny’s 401(k) Plan
|
— | 41,570,437 | ||||||
|
Net
increase (decrease) in net assets available for benefits
|
(2,566,876 | ) | 41,295,717 | |||||
|
Net
assets available for benefits:
|
||||||||
|
Beginning
of year
|
82,468,527 | 41,172,810 | ||||||
|
End
of year
|
$ | 79,901,651 | 82,468,527 | |||||
See accompanying notes to financial statements.
4
DENNY’S
401(k) PLAN
December
31, 2007 and 2006
(1) Description
of the Plan
The
following brief description of the Denny’s 401(k) Plan (the Plan) is
provided for general information purposes only. Participants should refer to the
Plan document for more complete information.
|
(a)
|
Plan
Merger
|
On
January 31, 2006, the Denny’s Hourly/HCE 401(k) Plan was merged into the Denny’s
Salaried 401(k) Plan. The combined plan was renamed the Denny’s
401(k) Plan. In conjunction with this, Denny’s Corporation common stock was
removed as an investment option. This transaction was overseen and approved by
the Plan’s committee. On February 1, 2006, the Plan transitioned its 401(k)
record keeping and trustee duties from Ameriprise Financial to Wells
Fargo.
|
(b)
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General
|
The Plan
is a qualified deferred compensation plan, subject to the Employee Retirement
Income Security Act of 1974 (ERISA). Any employee of Denny’s Corporation
(Denny’s or the Company), who has attained age 21 and is not an ineligible
employee may make pre-tax contributions to the Plan immediately upon employment.
The following individuals are ineligible to participate in the Plan: nonresident
aliens; individuals classified as independent contractors by Denny’s (even if
later reclassified as common law employees); employees whose employment is
covered by a collective bargaining arrangement that does not provide for them to
participate in this Plan; and lease employees. Plan participants must complete
six months of service with the Company to be eligible for Denny’s matching
contribution.
The
Plan’s committee and plan administrator control and manage the operation and
administration of the Plan. Since February 1, 2006, Wells Fargo has served
as the Plan’s trustee. Prior to February 1, 2006, Ameriprise Financial served as
the Plan’s trustee.
|
(c)
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Interest
in Master Trust
|
For the
period ending January 31, 2006 (prior to the merger of the Denny’s Hourly/HCE
401(k) Plan into the Denny’s Salaried 401(k) Plan), the Plan’s investments were
held in the Denny’s 401(k) Plans Master Trust (the Master Trust) which was
established for the investment of assets of the Denny’s Salaried 401(k) Plan and
the Denny’s Hourly/HCE 401(k) Plan.
|
(d)
|
Contributions
|
Each
year, participants may make pre-tax contributions of up to 25% of eligible
compensation. Participants may also contribute amounts representing
distributions from other qualified defined benefit or defined contribution
plans.
In 2007
and 2006, the Company matched 100% of employee pre-tax contributions, up to 3%
of compensation for all participating employees of the Company who had completed
six months or more of service. Highly compensated employees are not
eligible for the employer match.
Contributions
are subject to certain Internal Revenue Code (IRC)
limitations. Excess contributions to be returned to participants are
shown as a liability of $99,827 and $105,764 as of December 31, 2007 and 2006,
respectively, in the accompanying statements of net assets available for
benefits.
5
|
(e)
|
Participant
Accounts
|
Individual
accounts are maintained for each plan participant. Each participant’s account is
credited with the participant’s contribution and allocations of the Company’s
contributions and earnings, and is charged with allocations of plan losses and
administrative expenses and benefit payments, if applicable. Allocations are
based on earnings and participant account balances, as defined. The benefit to
which a participant is entitled is the benefit that can be provided from the
participant’s vested account.
|
(f)
|
Vesting
|
All
participants are immediately vested in their contributions plus actual earnings
thereon. Vesting in the Company’s matching and discretionary contribution
portion of their accounts plus actual earnings thereon is based on years of
continuous service. For each employee whose initial date of employment is on or
after January 1, 2002, the Company’s contribution portion of his/her account
plus actual earnings thereon will be 100% vested after three years of continuous
service.
|
(g)
|
Investment
Options
|
Participants
direct both participant and employer contributions in 1% increments in a
combination of any of 18 investment options currently offered by the Plan.
Participants may change their investment options at any time via telephone or
through the Wells Fargo website.
Effective
February 1, 2006, the Plan no longer allowed new contributions or transfers into
the Denny’s Stock Fund. Additionally, the Denny’s Stock Fund was eliminated as
an investment option during 2007. Any balances remaining as of
December 15, 2007 were liquidated and automatically transferred into the
Moderate Model Portfolio.
|
(h)
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Participant
Loans
|
Participants
may borrow up to 50% of the vested portion of their account, not to exceed
$50,000 less the highest outstanding loan balance during the prior 12-month
period. The minimum loan amount is $1,000. Each participant may have only one
loan outstanding at any time. Loan terms cannot exceed 60 months. The loans are
secured by the balance in the participant’s account and bear interest at rates
that are comparable to rates charged by commercial lending institutions at the
time the loan is made. The participant also bears any loan administration costs
incurred. Loans are repaid through payroll deductions. If an employee who has a
loan outstanding terminates employment, the loan balance, including interest, is
due and payable. If the loan balance is not paid in full at that time, the
participant’s account balance will be reduced by the outstanding loan amount.
Additionally, the unpaid balance of the loan will be reported as a taxable
distribution. Loans
outstanding at December 31, 2007 have a range of interest rates from 4.00% to
9.25%.
|
(i)
|
Payment
of Benefits
|
Distributions
under the Plan are made upon a participant’s death, disability, retirement, or
termination of employment. Participants may elect to receive the vested portion
of their account balance in a lump-sum payment or roll their distribution into
another eligible retirement plan or IRA.
|
(j)
|
Administrative
Expenses
|
Administrative
expenses of the Plan are paid by the Plan.
6
|
(k)
|
Withdrawals
|
Withdrawals
during employment are permitted only under hardship circumstances that are
determined by the Internal Revenue Service “Safe Harbor” rules. Participants who
are age 59-1/2 or older may withdraw from their account at any time, for
any reason allowed by law.
|
(l)
|
Forfeited
Accounts
|
Forfeitures
are used to reduce future employer matching contributions to the
Plan. In 2007 and 2006, forfeitures of $111,819 and $56,626,
respectively, were forfeited and will be used to reduce employer
contributions.
|
(m)
|
New
Accounting Pronouncements
|
Effective
December 31, 2006, the Plan adopted Financial Accounting Standards Board (the
“FASB”) Staff Position FSP AAG INV-1 and Statement of Position 94-4-1,
“Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain
Investment Companies Subject to the AICPA Investment Company Guide and
Defined-Contribution Held and Welfare and Pension Plans” (the
“FSP”). The FSP requires that the Statement of Net Assets Available
for Benefits present both the fair value of the Plan’s investments and the
adjustment from fair value to contract value for the fully benefit-responsive
investment contracts. The Statement of Changes in Net Assets
Available for Benefits is prepared on a contract value basis for the fully
benefit-responsive investment contracts.
Effective
January 1, 2007, the Plan adopted FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes”, an interpretation
of the FASB Statement No. 109 (“FIN 48”). FIN 48 requires an entity to
determine whether it is more-likely-than-not that a tax position will be
sustained in the event of examination by the appropriate taxing authorities
before any part of the benefit can be recorded in the financial statements. The
adoption of FIN 48 did not have a material impact on the
Plan’s financial statements.
In
September 2006, the FASB issued Statement on Financial Accounting Standards No.
157 (“SFAS 157”), “Fair Value Measurements.” SFAS 157 establishes a
single authoritative definition of fair value, sets out a framework for
measuring fair value and requires additional disclosures about fair value
measurement. SFAS 157 is effective for fiscal years beginning after
November 15, 2007. In February 2008, the FASB issued FSP FAS 157-2, "Effective
Date of FASB Statement No. 157" ("FSP FAS 157-2"), which permits a one-year
deferral of the application of SFAS 157 for all nonfinancial assets and
nonfinancial liabilities, except those that are recognized or disclosed at fair
value in the financial statements on a recurring basis (at least annually). Plan
Management does not believe the adoption of SFAS 157 will have a material impact
on the Plan’s financial statements.
|
(2)
|
Summary
of Significant Accounting Policies
|
|
(a)
|
Basis
of Presentation
|
The
accompanying financial statements have been prepared on the accrual basis of
accounting and in accordance with U.S. generally accepted accounting
principles.
|
(b)
|
Use
of Estimates
|
The
preparation of financial statements in conformity with U.S. generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of additions and deductions during the reporting period.
Actual results could differ from those estimates.
7
|
(c)
|
Investment
Valuation and Income Recognition
|
The fair
value of mutual funds and Denny’s Corporation common stock is determined by
quoted market prices. The collective trust funds do not have quoted
market prices. The fair value of the collective trust funds is determined based
on the net asset value of the respective funds, which are based on the estimated
fair value of the underlying investments in each fund. Such underlying
investments are generally valued based on quoted market prices.
Purchases
and sales of securities are recorded on a trade-date basis. Dividends are
recorded on the ex-dividend date.
|
(d)
|
Payment
of Benefits
|
Benefit
payments to participants are recorded upon distribution.
|
(e)
|
Investment
Risk
|
The Plan
provides for investments that are exposed to risk, such as interest rate,
credit, and market volatility risk. Due to the level of risk associated with
certain investment securities, it is possible that changes in the value of
investment securities may occur in the near future and that changes could
materially affect the amounts reported in the statement of net assets available
for benefits.
|
(3)
|
Investments
|
Individual
investments that represent 5% or more of the Plan’s net assets available for
benefits as of December 31, 2007 and 2006 were as follows:
|
2007
|
2006
|
|||||||
|
Investments
at fair value:
|
||||||||
|
Wells
Fargo Stable Return Fund N**
|
$ | 32,431,905 | $ | 34,514,015 | ||||
|
Wells
Fargo Russell 2000 Index Fund G
|
8,094,972 | 9,804,824 | ||||||
|
Wells
Fargo Advantage Index Fund
|
9,233,143 | 10,023,099 | ||||||
|
Harbor
International Fund
|
4,148,873 | 3,543,350 | ||||||
**
Contract value for this fund at December 31, 2007 and 2006 was $32,529,819 and
$35,010,258, respectively.
Appreciation
(including gains and losses on investments bought and sold, as well as held
during the years) on investments was as follows:
|
2007
|
2006
|
|||||||
|
Net
appreciation in fair value of investments:
|
||||||||
|
Pooled,
common and collective funds
|
$ | 1,768,860 | $ | 2,568,679 | ||||
|
Mutual
funds
|
2,134,417 | 2,477,463 | ||||||
|
Denny’s
Corporation common stock
|
(92,737 | ) | 177,259 | |||||
| $ | 3,810,540 | $ | 5,223,401 | |||||
8
|
(4)
|
Master
Trust
|
For the
period ending January 31, 2006 (prior to the merger of the Denny’s Hourly/HCE
401(k) Plan into the Denny’s Salaried 401(k) Plan), all of the investment assets
of Denny’s Salaried 401(k) Plan were held in a trust account at Ameriprise
Financial and consisted of an undivided interest in an investment account of the
Denny’s 401(k) Plans Master Trust, a master trust established by the Company and
administered by Ameriprise Financial, the Plan’s trustee.
Prior to
the merger of the Denny’s Hourly/HCE 401(k) Plan into the Denny’s Salaried
401(k) Plan on January 31, 2006, use of the Master Trust permitted the
commingling of trust assets for the two plans for investment and administrative
purposes. Although the assets of both plans were commingled in the Master Trust,
the trustee maintained supporting records for the purpose of allocating the net
gain or loss of the investment account to the participating plans. The net
investment income or loss of the investment assets were allocated by Ameriprise
Financial to each participating plan based on the relationship of the interest
of each plan to the total of the interest of the participating
plans.
The net
investment gain for the Master Trust for the period ended January 31, 2006
is summarized below:
|
2006
|
||||
| Net appreciation in fair value of investments: | ||||
|
Collective
trust funds
|
$ | 1,019,587 | ||
|
Mutual
funds
|
679,724 | |||
|
Common
Stock
|
34,035 | |||
| 1,733,346 | ||||
|
Interest
and dividend income
|
— | |||
|
Total
investment gain
|
$ | 1,733,346 | ||
The
Plan’s share of the Master Trust investment gain for the period ended January
31, 2006 was 53.5%.
|
(5)
|
Employer
Match Contributions
|
During
2007, the Company determined that several employees were not properly classified
as highly compensated employees in prior periods. As a result, these
employees improperly received a company match on their contributions and some
made contributions in excess of the IRC limitations. Based on the Company’s
analysis, it was determined that these employees should have forfeited company
match contributions of approximately $40,000. In addition, the Plan should have
distributed approximately $59,000 in excess contributions, which is shown as a
liability in the accompanying statements of net assets available for benefits as
of December 31, 2007. The amounts will be forfeited from the participants’
account and the excess contribution distributions will be made on or
about August 1, 2008.
During
2006, the Company determined that several employees did not properly receive the
employer matching contribution for various periods beginning in 1999. Based on
the Company’s analysis, it was determined that the Company owed approximately
$66,000 to these participants, which is shown as a receivable to the Plan in the
accompanying statements of net assets available for benefits as of December 31,
2006. In addition, some employees improperly received the employer matching
contribution for various periods beginning in 2002. Based on the
Company’s analysis, it was determined that these participants owed approximately
$5,000 to the Company, which is shown as a liability in the accompanying
statements of net assets available for benefits as of December 31, 2006. On June
1, 2007, the applicable amounts were paid to and received from the
Plan.
9
|
(6)
|
Party-in-Interest
Transactions
|
For the
years ended December 31, 2007 and 2006, certain Plan investments consist of
pooled, common and collective funds managed by Wells Fargo, the trustee and,
therefore, these transactions qualify as party-in-interest
transactions. Fees paid by the Plan to Wells Fargo for the years
ended December 31, 2007 and 2006 amounted to approximately $25,000 and $37,000,
respectively.
The Plan
pays administrative fees to the Plan’s sponsor. Fees paid by the Plan
to Denny’s Corporation for the years ended December 31, 2007 and 2006 amounted
to approximately $16,000 and $15,000, respectively.
Previously,
the trust invested in common stock of the Plan’s sponsor. These transactions
qualified as party-in-interest transactions. Effective February 1,
2006, the Plan no longer allowed new contributions or transfers into the Denny’s
Stock Fund. As of December 15, 2007, any remaining balances invested in the Plan
sponsor’s common stock were liquidated and automatically transferred into the
Moderate Model Portfolio.
|
(7)
|
Plan
Termination
|
Although
it has not expressed any intention to do so, the Company has the right under the
Plan to terminate the Plan subject to the provisions set forth in ERISA. In the
event that the Plan is terminated, participants would become 100% vested in
their accounts.
During
2007, the Plan incurred a partial termination as a result of the Company’s
initiative to sell company-owned restaurant units to franchisees. All
affected employees, who were active participants in the Plan, became fully
vested in their employer contributions upon partial plan
termination.
|
(8)
|
Tax
Status
|
The
Internal Revenue Service has determined and informed the Company by a
letter dated January 17, 2003, that the Plan is designed in
accordance with the applicable sections of the Internal Revenue
Code (IRC).
The Plan
has been amended since receiving the determination letter,
however, the Company believes that the Plan in currently designed and
being operated in compliance with applicable requirements of the IRC
and Plan document.
10
|
(9)
|
Reconciliation
of Financial Statements to Form
5500
|
The
following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500:
|
2007
|
2006
|
|||||||
|
Net
assets available for benefits per the financial statements
|
$ | 79,901,651 | $ | 82,468,527 | ||||
|
Adjustment
from fair value to contract value for fully benefit-responsive investment
contracts
|
(97,914 | ) | (496,243 | ) | ||||
|
Net
assets available for benefits per the Form 5500
|
$ | 79,803,737 | $ | 81,972,284 | ||||
The
following is a reconciliation of investment income per the financial statements
to the Form 5500:
|
2007
|
||||
|
Total
investment income per the financial statements
|
$ | 4,759,811 | ||
|
Adjustment
from fair value to contract value for fully benefit-responsive investment
contracts
|
398,329 | |||
|
Total
investment income per the Form 5500
|
$ | 5,158,140 | ||
Fully
benefit-responsive contracts are recorded on the Form 5500 at fair value versus
contract value on the financial statements.
11
DENNY’S
401(k) PLAN
Schedule
H, line 4i – Schedule of Assets (Held at End of Year)
December
31, 2007
|
Identity
of issuer, borrower or similar party
|
Description
of Investment
|
Market
Value
|
|||
|
Cash
Equivalents
|
|||||
|
Wells
Fargo Short-Term Investment Fund G*
|
582,603
shares
|
$ | 582,603 | ||
| 582,603 | |||||
|
Pooled,
Common and Collective Funds
|
|||||
|
Fully
benefit-responsive
|
|||||
|
Wells
Fargo Stable Return Fund N*
|
785,141
shares
|
32,431,905 | |||
|
Non
benefit-responsive
|
|||||
|
Wells
Fargo International Equity Index Fund G*
|
194,851
shares
|
3,236,480 | |||
|
Wells
Fargo Russell 2000 Index Fund G*
|
518,649
shares
|
8,094,972 | |||
| 43,763,357 | |||||
|
Mutual
Funds
|
|||||
|
PIMCO
Real Return Bond Fund
|
308,212
shares
|
3,378,006 | |||
|
PIMCO
Total Return Fund - Admin
|
323,091
shares
|
3,453,844 | |||
|
American
Europacific Growth Fund
|
32,900
shares
|
1,650,263 | |||
|
American
Growth Fund of America
|
64,679
shares
|
2,183,548 | |||
|
Goldman
Sachs Growth Opportunities Fund
|
46,651
shares
|
1,053,850 | |||
|
Harbor
International Fund
|
58,658
shares
|
4,148,873 | |||
|
Ivy
Small Cap Growth Fund
|
16,320
shares
|
214,447 | |||
|
Janus
Mid-Cap Value Fund
|
118,768
shares
|
2,663,962 | |||
|
MSIF
Trust Mid-Cap Growth Portfolio
|
18,014
shares
|
585,269 | |||
|
Royce
Pennsylvania Mutual Fund
|
50,964
shares
|
551,434 | |||
|
T
Rowe Price Equity Income Fund
|
104,503
shares
|
2,930,255 | |||
|
Vanguard
Total Stock Market Index
|
41,759
shares
|
1,425,243 | |||
|
Wells
Fargo Advantage Index Fund*
|
165,498
shares
|
9,233,143 | |||
| 33,472,137 | |||||
|
Loans
to participants, at estimated fair value
|
Interest
rates ranging from 4.00% to 9.25% & maturity dates of 2008 through
2012
|
1,920,537 | |||
|
Total
|
$ | 79,738,634 | |||
| * - Party-in-interest | |||||
| Cost omitted for participant-directed investments | |||||
See
accompanying report of independent registered public accounting
firm.
12
|
Number
|
Description
|
|
|
23
|
Consent
of Independent Registered Public Accounting
Firm.
|
The Plan. Pursuant to the
requirements of the Securities Exchange Act of 1934, the trustees (or other
persons who administer the employee benefit plan) have duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly
authorized.
| Denny's 401(k) Plan | |||
|
Date: June 27,
2008
|
By:
|
/s/ Jay C. Gilmore | |
| Jay C. Gilmore | |||
| Vice President, Chief Accounting Officer and | |||
| Corporate Controller and as member of the | |||
| Retirement Plan Committee | |||
| (administrator of Denny's 401(k) Plan) | |||
13