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Rewards Network Inc. Reports $0.14 Diluted Earnings per Share, Growth in Marketing Services Program, and Positive Cash Flows

CHICAGO, IL -- (Marketwire) -- 07/29/09 -- Rewards Network Inc. (NASDAQ: DINED), a leading provider of marketing services and dining rewards programs to the restaurant industry, today announced $0.14 diluted earnings per share for the second quarter of 2009. Second quarter results were highlighted by growth in the Marketing Services Program, lower loss provision expense in the Marketing Credits Program and lower operating expenses. At the end of the second quarter, the Company had $21.0 million of cash on hand and continued to be debt free. During the quarter, the Company repurchased $4.1 million of its common stock under its previously announced $5.0 million stock repurchase plan.

Second Quarter 2009 Results

Rewards Network ended the second quarter with 10,197 merchants, a 4.4% increase over the same period in the prior year, and the highest number of merchants since December 2005. Consistent with the past four quarters, Marketing Services Program merchants led the growth, increasing by 1,731 or 55.4% over the prior year period and by 722 or 18.9% over the prior quarter. The growth in Marketing Services Program merchants has been driven by new marketing initiatives and price adjustments designed to accommodate merchants in the current economic environment. Marketing Credits Program merchants declined by 1,303 or 19.6% over the prior year and 501 or 8.6% over the prior quarter as the Company continued to apply more conservative dining credits purchasing policies and credit standards in order to rebalance its portfolio with more creditworthy merchants.

For the second quarter of 2009, the Company reported total sales of $54.6 million and net revenues of $17.1 million, a decrease of 17% and 14%, respectively, as compared to the prior year. Sales declined over the prior year both as a result of decreased consumer spending in a difficult economic environment, as well as a shift in mix towards the lower yield Marketing Services Program. However, net revenues declined less than sales, as net revenues were partially offset by the shift in merchants towards the higher margin, lower risk Marketing Services Program and a $1.2 million, or 38.3%, decrease in the loss provision expense.

"We are seeing strong interest in our Marketing Services Program, and are growing this product line by providing value to merchants through new marketing initiatives, channels, and partners," said Ron Blake, CEO of Rewards Network. "For the first time since the economic crisis unfolded in the middle of 2008, we are beginning to see favorable trends in consumer spending at our participating merchants, including increased dining activity and slight increases in spending over the last several months. We continue to believe that consumers are looking for value and that this trend should continue even as the economy improves, which plays to the strengths of Rewards Network."

With the continued application of more conservative dining credits purchasing policies and credit standards, the composition of the dining credits portfolio has shifted both towards restaurant segments that have been impacted less by the current economic environment and towards more creditworthy merchants. The net dining credits portfolio was $56.6 million as of June 30, 2009, as compared to $87.5 million as of June 30, 2008, 35.3% lower than the prior year. The net dining credits usage period was reduced to 6.2 months for the second quarter of 2009, as compared to 7.6 months for the same period in the prior year. By purchasing fewer dining credits but from more creditworthy merchants, the Company's loss reserve expense for the second quarter of 2009 declined to $2.0 million or 3.7% percent of total sales, as compared to $3.3 million or 5.0% of total sales for the prior year period. The Company will continue to maintain its focus on risk mitigation in the Marketing Credits Program until it has more visibility into the economy and consumer spending trends.

The Company has exercised disciplined expense management in light of the economic downturn. As a result, operating expenses decreased $1.5 million or 9.2% for the second quarter of 2009 as compared to the same period in the prior year.

"In the second quarter, the Company's profitability and positive cash flow resulted from operational and strategic planning over the last several quarters," said Chris Locke, CFO of Rewards Network. "In particular, we focused on optimizing cash generation, maintaining liquidity, exercising discipline and conservatism in purchasing dining credits, growing the Marketing Services Program, and managing operating expenses. As a result, the Company is well positioned to take advantage of the operating leverage we have created as the economy recovers."

The following table presents financial highlights of the Company's operations for the second quarter and year to date periods ended June 30, 2009 and 2008 (in millions, except per share amounts, merchant count and net dining credits usage period). Diluted earnings per share amounts have been adjusted to reflect the one-for-three reverse stock split effective July 6, 2009.

                                            2Q'09   2Q'08   YTD'09  YTD'08
                                            ------- ------- ------- -------
Sales                                       $  54.6 $  65.7 $ 108.5 $ 124.8
Net revenues                                $  17.1 $  19.9 $  33.1 $  38.7
Operating expenses                          $  15.1 $  16.6 $  30.5 $  33.6
Net income                                  $   1.3 $   1.9 $   1.2 $   3.1
Diluted earnings per share                  $  0.14 $  0.21 $  0.13 $  0.34

Total merchants                              10,197   9,769
Dining credits portfolio, net of reserves   $  56.6 $  87.5
Net dining credits usage period (months)        6.2     7.6


"We believe the appropriate response to the economic and credit environment has been to manage the business to lower risk, and to maintain liquidity through both a positive cash position and access to our revolving line of credit," said Blake. "We are well positioned by having two valuable product lines with very different risk profiles. By acting conservatively within the Marketing Credits Program and growing the lower risk Marketing Services Program, we generated strong cash flows and profitability, despite lower sales than a year ago."

Year to Date 2009 Results

Sales for the six months ended June 30, 2009 were 13.0% lower as compared to the prior year period, largely as a result of a difficult economy. While merchant count increased to a level not seen since December 2005, sales were impacted by the shift in sales mix towards the Marketing Services Program, the Company's decision to purchase fewer dining credits, lower consumer spending, and a shift in participating merchants to lower price point restaurants.

Net revenues for the six months ended June 30, 2009 were 14.5% lower as compared to the prior year period. While net revenues were negatively impacted by lower sales, they were partially offset by the shift in sales towards the higher margin, lower risk Marketing Services Program, and lower member benefits expense in the period.

Operating expenses for the six months ended June 30, 2009 were 9.3% lower as compared to the prior year period due to the Company's continued disciplined operating expense management.

Cash

During the first half of 2009, the Company generated $17.9 million of cash from operations, primarily as a result of its purchase of fewer dining credits, as well as net income. The Company funded approximately $46 million of new dining credits while lowering the average amount of capital at risk with each merchant by reducing the net dining credits usage period year over year from 7.6 months at the end of the second quarter of 2008 to 6.2 months at the end of the second quarter of 2009.

Cash used in investing and financing activities for the six months ended June 30, 2009 was $5.6 million as a result of the following expenditures:

--  $4.1 million to repurchase common stock.
--  $1.5 million to purchase information technology tools and for the
    development of new websites.
    

At the end of the quarter, the Company had $21.0 million of cash on hand, was debt free and had not drawn on its line of credit.

"Our cash generation in 2009 has been driven by our conservatism in funding new dining credits and good operating results in a challenging period for restaurants. As we continue to get more visibility into the economy and consumer spending trends, we may choose to invest more cash in the Marketing Credits Program," said Locke.

Conclusion

"With the insight into the restaurant industry we have from our data, we have weathered the economic storm so far by actively managing the risk in our dining credits portfolio," concluded Blake. "While our dining credits portfolio is smaller, it is also stronger overall through the application of our conservative purchasing policies and credit standards. While stabilizing our dining credits portfolio, we also enhanced the marketing services we provide to demonstrate value to our merchants and members. We have made progress in demonstrating value in our Marketing Services Program that can be seen in the double-digit growth in that product line year over year. We continue to believe we are well positioned to take advantage of opportunities in both programs as the economy improves."

Webcast Information

Management will host a conference call at 10:00 a.m. Eastern Time on Wednesday, July 29, 2009. Participants are invited to join a live webcast of the call, which may be accessed by visiting the Investor Relations section of the Rewards Network website at investor.rewardsnetwork.com. The webcast is also available at www.streetevents.com and www.earnings.com. Participants should log on at least 10 minutes prior to the webcast to register and download any necessary software. If you are unable to participate during the live webcast, a replay of the call and presentation will be archived on the Company's website at investor.rewardsnetwork.com. Alternatively, a dial-in replay is available through August 28, 2009, by dialing 1-888-286-8010 and using passcode 92359590.

About Rewards Network

Rewards Network (NASDAQ: DINED), headquartered in Chicago, IL, operates the leading dining rewards programs in North America. Thousands of restaurants and other merchants benefit from the company's restaurant marketing efforts that include millions of email impressions, mobile access to restaurants via iPhone(TM) and BlackBerry® smartphones and dining Web sites. Rewards Network also provides restaurant ratings and other restaurant business intelligence, as well as access to capital to restaurants in our program. In conjunction with major airline frequent flyer programs and other affinity organizations, Rewards Network provides more than three million members with incentives to dine at participating restaurants. These incentives include airline miles, college savings rewards, reward program points and Cashback Rewards(SM) savings. For additional information about Rewards Network, visit RewardsNetwork.com or call (877) 491-3463.

Safe Harbor Statement

Statements in this release that are not strictly historical are "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectation or beliefs, and are subject to risks, trends and uncertainties. Actual results, performance or achievements may differ materially from those expressed or implied by the statements herein due to factors that include, but are not limited to, the following: (i) the impact of the economy on dining activity, (ii) the Company's inability to attract and retain merchants, (iii) the Company's susceptibility to restaurant credit risk and the risk that its allowance for losses related to restaurant credit risk in connection with dining credits may prove inadequate, (iv) the Company's dependence upon its relationships with payment card issuers, transaction processors, presenters and aggregators, (v) a security breach that results in a payment card issuer re-issuing a significant number of registered payment cards, (vi) changes to payment card association rules and practices, (vii) the Company's dependence on its relationships with airlines and other reward program partners for a significant number of members, (viii) the concentration of a significant amount of the Company's rewards currency in one industry group, the airline industry, (ix) adverse weather conditions affecting dining activity, (x) the Company's minimum purchase obligations and performance requirements, (xi) the Company's inability to attract and retain active members, (xii) factors causing our operating results to fluctuate over time, (xiii) the Company's ability to obtain sufficient cash to operate its business, (xiv) changes in the Company's programs that affect the rate of rewards, (xv) the Company's inability to maintain an adequately-staffed sales force, (xvi) the Company's inability to maintain an appropriate balance between the number of members and the number of participating merchants in each market, (xvii) network interruptions, processing interruptions or processing errors, (xviii) susceptibility to a changing regulatory environment, (xix) increased operating costs or loss of members due to privacy concerns of the Company's program partners, payment card processors and the public, (xx) the failure of the Company's security measures, (xxi) the loss of key personnel, (xxii) increasing competition, and (xxiii) a shift toward Marketing Services Program that may cause revenues to decline. A more detailed description of the factors that, among others, should be considered in evaluating our outlook can be found in the Company's annual report on Form 10-K for the year ended December 31, 2008 filed with the Securities and Exchange Commission. The Company undertakes no obligation to, and expressly disclaims any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise, except as required by law.

                 Rewards Network Inc. and Subsidiaries
                            -unaudited-
(amounts in thousands, except per share data, restaurants in the program,
   average transaction amount and estimated months to consume dining
                        credits portfolio)
(all share amounts have been adjusted to reflect the reverse one-for-three
                 stock split effective July 6, 2009)



                                            Three Months Ended June 30,
                                        -----------------------------------
                                          2009      %       2008      %
                                        -------- -------  -------- -------

Sales                                   $ 54,555  100.00% $ 65,723  100.00%

      Cost of sales                       27,566   50.53%   34,876   53.07%
      Provision for losses                 2,011    3.69%    3,259    4.96%
      Member benefits                      7,880   14.44%    7,718   11.74%
                                        -------- -------  -------- -------

Net revenues                            $ 17,098   31.34% $ 19,870   30.23%

Membership fees and other income             278    0.51%      318    0.48%
                                        -------- -------  -------- -------

         Total operating revenues       $ 17,376   31.85% $ 20,188   30.72%
                                        -------- -------  -------- -------

Operating expenses:
      Salaries and benefits             $  4,733    8.68% $  5,620    8.55%
      Sales commission and expenses        4,981    9.13%    4,606    7.01%
      Professional fees                      662    1.21%      892    1.36%
      Member and merchant marketing          599    1.10%    1,090    1.66%
      General and administrative           4,114    7.54%    4,415    6.72%

      Total operating expenses          $ 15,089   27.66% $ 16,623   25.29%
                                        -------- -------  -------- -------

         Operating income                  2,287    4.19%    3,565    5.42%

Other expenses, net                           15    0.03%      430    0.65%
                                        -------- -------  -------- -------

         Income before income
          tax provision                 $  2,272    4.16% $  3,135    4.77%

Income tax provision                         992    1.82%    1,226    1.87%
                                        -------- -------  -------- -------

         Net income                     $  1,280    2.34% $  1,909    2.90%
                                        ======== =======  ======== =======

Net earnings per share
      Basic                             $   0.14          $   0.21
      Diluted                           $   0.14          $   0.21
Weighted average number of common and
 common equivalent shares
      Basic                                8,912             9,055
      Diluted                              8,948             9,104



                                            Six Months Ended June 30,
                                        -----------------------------------
                                          2009      %       2008      %
                                        -------- -------  -------- -------

Sales                                   $108,545  100.00% $124,786  100.00%

      Cost of sales                       56,261   51.83%   65,495   52.49%
      Provision for losses                 5,438    5.01%    5,484    4.39%
      Member benefits                     13,734   12.65%   15,068   12.08%
                                        -------- -------  -------- -------

Net revenues                            $ 33,112   30.51% $ 38,739   31.04%

Membership fees and other income             543    0.50%      669    0.54%
                                        -------- -------  -------- -------

         Total operating revenues       $ 33,655   31.01% $ 39,408   31.58%
                                        -------- -------  -------- -------

Operating expenses:
      Salaries and benefits             $  9,450    8.71% $ 10,864    8.71%
      Sales commission and expenses       10,093    9.30%    9,863    7.90%
      Professional fees                    1,260    1.16%    1,513    1.21%
      Member and merchant marketing        1,275    1.17%    2,025    1.62%
      General and administrative           8,388    7.73%    9,324    7.47%

      Total operating expenses          $ 30,466   28.07% $ 33,589   26.92%
                                        -------- -------  -------- -------

         Operating income                  3,189    2.94%    5,819    4.66%

Other expenses, net                           50    0.05%      630    0.50%
                                        -------- -------  -------- -------

         Income before income
          tax provision                 $  3,139    2.89% $  5,189    4.16%

Income tax provision                       1,972    1.82%    2,122    1.70%
                                        -------- -------  -------- -------

         Net income                     $  1,167    1.08% $  3,067    2.46%
                                        ======== =======  ======== =======

Net earnings per share
      Basic                             $   0.13          $   0.34
      Diluted                           $   0.13          $   0.34
Weighted average number of common and
 common equivalent shares
      Basic                                9,033             9,045
      Diluted                              9,094             9,131





                 Rewards Network Inc. and Subsidiaries
                             -unaudited-
    (amounts in thousands, except per share data, restaurants in the
   program, average transaction amount and estimated months to consume
                      dining credits portfolio)
(all share amounts have been adjusted to reflect the reverse one-for-three
                 stock split effective July 6, 2009)


                   Three months ended             Three months ended
                      June 30, 2009                  June 30, 2008
              -----------------------------  -----------------------------
              Marketing Marketing            Marketing Marketing
              Credits   Services             Credits   Services
              Program   Program     Total    Program   Program     Total
              --------  --------  ---------  --------  --------  ---------

Number of
 qualified
 transactions    1,396     1,177      2,573     1,724       785      2,509
Average
 transaction
 amount       $  44.19  $  45.53  $   44.80  $  45.27  $  46.75  $   45.73

Qualified
 transaction
 amounts      $ 61,683  $ 53,583  $ 115,266  $ 78,039  $ 36,702  $ 114,741
Sales yield       75.5%     15.0%      47.3%     76.5%     16.3%      57.3%
Sales         $ 46,546  $  8,009  $  54,555  $ 59,723  $  6,000  $  65,723

Cost of
 dining
 credits      $ 27,279  $      0  $  27,279  $ 34,528  $      0  $  34,528
Processing
 fees              152       135        287       207       141        348
              --------  --------  ---------  --------  --------  ---------
Total cost of
 sales        $ 27,431  $    135  $  27,566  $ 34,735  $    141  $  34,876
              --------  --------  ---------  --------  --------  ---------

Provision for
 losses       $  2,011  $      0  $   2,011  $  3,259  $      0  $   3,259

Member
 benefits     $  4,388  $  3,492  $   7,880  $  5,527  $  2,191  $   7,718

              --------  --------  ---------  --------  --------  ---------
Net revenues  $ 12,716  $  4,382  $  17,098  $ 16,202  $  3,668  $  19,870
              ========  ========  =========  ========  ========  =========



                  Six months ended                Six months ended
                    June 30, 2009                   June 30, 2008
            ------------------------------  ------------------------------
            Marketing  Marketing            Marketing  Marketing
            Credits    Services             Credits    Services
            Program    Program     Total    Program    Program     Total
            ---------  --------  ---------  ---------  --------  ---------

Number of
 qualified
 transactions   2,894     2,040      4,934      3,245     1,561      4,806
Average
 transaction
 amount     $   43.33  $  45.48  $   44.22  $   46.08  $  46.21  $   46.12

Qualified
 transaction
 amounts    $ 125,384  $ 92,773  $ 218,157  $ 149,526  $ 72,133  $ 221,659
Sales yield      75.3%     15.2%      49.8%      75.5%     16.4%      56.3%
Sales       $  94,465  $ 14,080  $ 108,545  $ 112,958  $ 11,828  $ 124,786

Cost of
 dining
 credits    $  55,757  $      0  $  55,757  $  64,866  $      0  $  64,866
Processing
 fees             289       215        504        406       223        629
            ---------  --------  ---------  ---------  --------  ---------
Total cost
 of sales   $  56,046  $    215  $  56,261  $  65,272  $    223  $  65,495
            ---------  --------  ---------  ---------  --------  ---------

Provision
 for losses $   5,438  $      0  $   5,438  $   5,484  $      0  $   5,484

Member
 benefits   $   8,122  $  5,612  $  13,734  $  10,719  $  4,349  $  15,068

            ---------  --------  ---------  ---------  --------  ---------
Net
 revenues   $  24,859  $  8,253  $  33,112  $  31,483  $  7,256  $  38,739
            =========  ========  =========  =========  ========  =========

Definitions:

Qualified transaction amounts:  Represents the total dollar value of all
                                member dining transactions at participating
                                merchants when a benefit is offered.
                                Qualified transaction amounts are divided
                                by the number of qualified transactions to
                                arrive at the average transaction amount.

Sales yield:                    Represents the percentage of qualified
                                transaction amounts that Rewards Network
                                reports as revenue. The percentage is based
                                on each agreement between the merchant and
                                Rewards Network.

Cost of dining credits:         Represents the amount of dining credits, at
                                cost, redeemed by members when transacting
                                at participating merchants when a benefit
                                is offered. Under the Company's Marketing
                                Services Program, no dining credits are
                                purchased by Rewards Network.

Provision for losses:           Represents the current period expense
                                necessary to maintain an appropriate
                                reserve against the Company's dining
                                credits portfolio. No provision is applied
                                to the Marketing Services Program, as the
                                Company does not purchase dining credits
                                under that program.

Total member benefits:          Represents the dollar value of benefits
                                paid to members in Cashback Rewards(SM)
                                savings, airline miles, or other benefit
                                currencies, for dining at participating
                                merchants.



                Rewards Network Inc. and Subsidiaries
                            -unaudited-
(amounts in thousands, except per share data, restaurants in the program,
          average transaction amount and estimated months to
                   consume dining credits portfolio)
(all share amounts have been adjusted to reflect the reverse one-for-three
                  stock split effective July 6, 2009)



Selected Balance Sheet and Cash Flow
 Information                                      June 30,    December 31,
                                                    2009          2008
                                                ------------  ------------
                                                                 (Audited)
Cash and cash equivalents                       $     21,014  $      9,008
Dining credits                                  $     72,888  $     95,727
Allowance for doubtful dining credits accounts  ($    16,270) ($    20,064)
Goodwill                                        $      8,117  $      8,117
Total assets                                    $    113,674  $    123,816

Accounts payable - dining credits               $      3,952  $      5,081
Litigation and related accruals                            -  $      3,164
Stockholders' equity                            $     97,274  $     99,319

                                                     Six Months Ended
                                                         June 30,
                                                --------------------------
                                                    2009          2008
                                                ------------  ------------
Net cash provided by (used in):
         Operations                             $     17,917  $     14,292
         Investing                              ($     1,506) ($     2,412)
         Financing                              ($     4,138) ($     1,963)




                   Rewards Network Inc. and Subsidiaries
                              -unaudited-
(amounts in thousands, except per share data, restaurants in the program,
           average transaction amount and estimated months to
                  consume dining credits portfolio)
(all share amounts have been adjusted to reflect the reverse one-for-three
                 stock split effective July 6, 2009)

                        Q2         Q1         Q4         Q3         Q2
                       2009       2009       2008       2008       2008
                     ---------  ---------  ---------  ---------  ---------
Sales Statistic
 Trends:
Marketing Credits
 Program sales       $  46,546  $  47,919  $  51,795  $  56,402  $  59,723
Marketing Services
 Program sales           8,009      6,071      5,890      6,040      6,000
                     ---------  ---------  ---------  ---------  ---------
Total sales          $  54,555  $  53,990  $  57,685  $  62,442  $  65,723
Sequential
 Percentage Change
Marketing Credits
 Program sales            -2.9%      -7.5%      -8.2%      -5.6%      12.2%
Marketing Services
 Program sales            31.9%       3.1%      -2.5%       0.7%       3.0%
Total sales                1.0%      -6.4%      -7.6%      -5.0%      11.3%

Merchant Count
 Trends (period
 ended):
Marketing Credits
 Program merchants       5,343      5,844      6,293      6,449      6,646
Marketing Services
 Program merchants       4,854      4,082      3,595      3,306      3,123
                     ---------  ---------  ---------  ---------  ---------
Total merchants         10,197      9,926      9,888      9,755      9,769
Sequential
 Percentage Change
Marketing Credits
 Program merchants        -8.6%      -7.1%      -2.4%      -3.0%       0.0%
Marketing Services
 Program merchants        18.9%      13.5%       8.7%       5.9%       6.2%
Total merchants            2.7%       0.4%       1.4%      -0.1%       1.9%

Qualified
 Transaction Amounts
 Trends:
Marketing Credits
 Program             $  61,683  $  63,701  $  66,673  $  73,780  $  78,039
Marketing Services
 Program                53,583     39,190     37,485     37,574     36,702
                     ---------  ---------  ---------  ---------  ---------
Total qualified
 transaction amounts $ 115,266  $ 102,891  $ 104,158  $ 111,354  $ 114,741
Sequential
 Percentage Change
Marketing Credits
 Program                  -3.2%      -4.5%      -9.6%      -5.5%       9.2%
Marketing Services
 Program                  36.7%       4.5%      -0.2%       2.4%       3.6%
Total qualified
 transaction amounts      12.0%      -1.2%      -6.5%      -3.0%       7.3%

Sales Yield Trends:
Marketing Credits
 Program sales yield      75.5%      75.2%      77.7%      76.4%      76.5%
Marketing Services
 Program sales yield      15.0%      15.5%      15.7%      16.1%      16.3%
Total sales yield         47.3%      52.5%      55.4%      56.1%      57.3%

Member Activity
 Trends:
Member accounts
 active last 12
 months                  3,142      3,142      3,146      3,130      3,103
Number of qualified
 transactions during
 quarter                 2,573      2,361      2,305      2,486      2,509

Cost of Dining
 Credits Trends:
Cost of dining
 credits             $  27,279  $  28,478  $  30,411  $  32,994  $  34,528
Cost as % of
 Marketing Credits
 Program sales            58.6%      59.4%      58.7%      58.5%      57.8%

Dining Credits
 Portfolio and
 Allowance Trends:
Ending gross dining
 credits portfolio   $  72,888  $  82,305  $  95,727  $ 103,265  $ 107,815
Ending net dining
 credits portfolio   $  56,618  $  63,016  $  75,663  $  82,389  $  87,547
Net write-offs -
 gross write-offs
 less recoveries     $   5,332  $   4,394  $   3,563  $   2,106  $   2,681
Ending allowance for
 dining credits
 losses              $  16,270  $  19,289  $  20,064  $  20,876  $  20,268
Allowance as % of
 gross dining
 credits                  22.3%      23.4%      21.0%      20.2%      18.8%
Estimated months to
 consume gross
 dining credits *          8.0        8.7        9.4        9.4        9.4
Estimated months to
 consume net dining
 credits *                 6.2        6.6        7.5        7.5        7.6
* Calculated as Ending Dining Credits Portfolio / (Quarterly Cost of
  Dining Credits / 3)

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