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IHOP CORP. ANNOUNCES NET INCOME INCREASE FOR FOURTH QUARTER AND FOR YEAR

 GLENDALE, Calif., March 1 /PRNewswire/ -- IHOP Corp. (NASDAQ: IHOP) today reported its net income and sales for the fourth quarter and year ended Dec. 31, 1992.
 For the quarter, IHOP's net income was $2,810,000, a 52 percent increase over last year's $1,849,000. Net income per common share was $.31 per share vs. $.21 per share for the comparable 1991 period. During the quarter, IHOP incurred an extraordinary charge to earnings because of the early extinguishment of debt. Earnings before the extraordinary item were $3,643,000, or $.41 per share, a 97 percent increase over the prior year's $1,849,000, or $.21 per share.
 For the year, net income was $7,931,000, a 70 percent gain over last year's $4,666,000. Net income per common share was $.89 (based on 8.9 million weighted average shares) vs. $.64 (based on 7.1 million weighted average shares). Income before extraordinary item was $8,764,000, or $.98 per share, compared to last year's $5,303,000, or $.73 per share.
 In both 1992 and 1991, IHOP incurred extraordinary charges to earnings because of costs associated with the early extinguishment of debt. In 1992, the company placed $32 million in unsecured senior notes and used the proceeds, in part, to extinguish $28 million of secured debt. In 1991, debt was extinguished with a portion of the proceeds of IHOP's initial public stock offering.
 Richard K. Herzer, chief executive officer, stated, "We are continuing to develop IHOP into an outstanding food service company. Our new and remodeled restaurants, as well as restaurants newly converted from other concepts, are showing great consumer acceptance. During 1992, we added 40 new IHOPs to the system. The growth in our same store sales for 1992 was among the highest of any competitor in our industry. In 1993 we plan to add about 57 additional stores. Approximately 25 will be company-developed, we will convert an additional 17 stores to IHOPs from another concept, and about 15 others will be added by our franchisees and area licensees. We are enthusiastic about our prospects for 1993."
 System-wide sales, the retail sales of all International House of Pancakes restaurants, increased 25.8 percent to $129 million for the fourth quarter of 1992, and 15.9 percent to $480 million for the year ended Dec. 31, 1992, vs. comparable periods in the prior year.
 System-wide comparable sales per restaurant increased 9.2 percent for the fourth quarter of 1992, and 7.7 percent for the year ended Dec. 31, 1992, vs. comparable periods in the prior year.
 The company develops, franchises and operates International House of Pancakes restaurants, one of America's best-known national family restaurant chains. As of Dec. 31, 1992, the company had 547 restaurants including 530 IHOPs and 17 restaurants which are being converted to IHOPs. Of the 530 IHOPs, 370 were operated by franchisees, 50 were operated by the company, and 110 were operated by area licensees. IHOP restaurants are located in 35 states, Canada and Japan, with the greatest concentration of restaurants in California, New York/New Jersey, Florida and Texas.
 IHOP CORP. AND SUBSIDIARIES
 Selected Financial Data
 (In thousands, except per share data)
 Fourth Quarter
 Ended Dec. 31,(a)

 1992 1991
 Revenues $33,656 $27,481
 Income before income taxes and
 extraordinary item 6,154 3,152
 Income before extraordinary item 3,643 1,849
 Extraordinary item
 net of income taxes (833)(b) ---
 Net income 2,810 1,849
 Income per common share before
 extraordinary item .41 .21
 Extraordinary item per common share (.09)(b) ---
 Net income per common share $.31(c) $.21
 Weighted average shares outstanding 8,967 8,873
 Twelve Months
 Ended Dec. 31,(a)
 1992 1991
 Revenues $113,951 $105,272
 Income before income taxes and
 extraordinary item 14,804 8,961
 Income before extraordinary item 8,764 5,303
 Extraordinary item net of income taxes (833)(b) (637)(b)
 Net income 7,931 4,666
 Income per common share before
 extraordinary item .98 .73
 Extraordinary item per common share (.09)(b) (.09)(b)
 Net income per common share $.89 $.64
 Weighted average shares outstanding 8,945(d) 7,087
 (a) The fiscal fourth quarter of 1992 consisted of 14 weeks, and the fiscal fourth quarter of 1991 was made up of 13 weeks; similarly, the fiscal year 1992 consisted of 53 weeks, and the fiscal year 1991 was made up of 52 weeks.
 (b) Costs related to early extinguishment of debt.
 (c) Does not add because of rounding.
 (d) Increase in shares primarily because of initial public offering on July 12, 1991.
 IHOP CORP. AND SUBSIDIARIES
 Results of Operations
 (Dollars in thousands)
 Three Months Ended 12 Months Ended
 Dec. 31, Dec. 31,
 1992(A) 1991 1992(A) 1991
 Restaurant Data(B)
 Effective
 restaurants(C)
 Franchise 356 335 346 323
 Company 49 54 51 60
 Area license 109 106 110 106
 Total 514 495 507 489
 System Wide
 Sales (D)(B) $129,397 $102,868 $479,458 $413,582
 Percent Increase 25.8 pct 8.9 pct 15.9 pct 7.4 pct
 Average sales
 per effective
 restaurant $252 $208 $946 $845
 Percent
 Increase 21.1 pct 7.2 pct 12.0 pct 5.5 pct
 Comparable average
 sales per
 restaurant(E) $240 $210 $936 $845
 Percent Increase 9.2 pct 5.9 pct 7.7 pct 3.5 pct
 Franchise
 Sales $97,583 $75,777 $353,914 $293,795
 Percent Increase 28.8 pct 14.6 pct 20.5 pct 10.7 pct
 Average sales per
 effective
 restaurant $274 $226 $1,023 $909
 Percent
 Increase 21.2 pct 8.7 pct 12.5 pct 6.2 pct
 Comparable average
 sales per
 restaurant(E) $248 $221 $970 $895
 Percent Increase 8.1 pct 4.6 pct 6.2 pct 2.6 pct
 Company(B)
 Sales $10,484 $9,169 $38,204 $39,572
 Percent Change 14.3 pct 0.6 pct (3.5 pct) 2.9 pct
 Average sales
 per effective
 restaurant $214 $170 $749 $660
 Percent
 Increase 25.9 pct 10.4 pct 13.5 pct 4.8 pct
 Area License
 Sales $21,330 $17,922 $87,340 $80,215
 Percent Change 19.0 pct (6.6 pct) 8.9 pct (1.4 pct)
 Average sales
 per effective
 restaurant $196 $169 $494 $757
 Percent Change 16.0 pct (2.9 pct) 4.9 pct 2.4 pct
 (A) The fiscal fourth quarter of 1992 consisted of 14 weeks, and the fiscal fourth quarter of 1991 was made up of 13 weeks; similarly, the fiscal year 1992 consisted of 53 weeks, and the fiscal year 1991 was made up of 52 weeks. The fiscal quarter and fiscal year comparable average sales per restaurant have been adjusted for comparability with the 1991 periods.
 (B) Includes data for IHOP restaurants only and does not include data for restaurants operated as another concept pending conversion to IHOP restaurants.
 (C) "Effective restaurants" are the number of restaurants in a given fiscal period adjusted to account for restaurants open only a portion of the period.
 (D) "System wide sales" are retail sales of franchisees, company-operated restaurants and area licensees as reported to the company.
 (E) "Comparable average sales" reflects sales for restaurants that are operated for the entire fiscal period indicated as well as the entire prior fiscal period but does not include data on area license restaurants located in Florida and Japan.
 IHOP CORP. AND SUBSIDIARIES
 Restaurant Development and Franchising Activity
 Three Months 12 Months
 Ended Dec. 31, Ended Dec. 31,
 1992 1991 1992 1991
 Restaurant Activity(A)
 IHOP - beginning of period 512 499 499 490
 New openings
 IHOP-developed 14 7 23 16
 Investor program 2 2 10 6
 Area license 2 --- 7 1
 Total new openings 18 9 40 23
 Closings
 Company and franchised (---) (6) (6) (10)
 Area license (---) (3) (3) (4)
 IHOP - end of period 530 499 530 499
 JB's - end of period(B) 17 --- 17 ---
 Total - end of period 547 499 547 499
 Summary - end of period
 IHOP
 Franchise 370 338 370 338
 Company 50 55 50 55
 Area license 110 106 110 106
 Total IHOP 530 499 530 499
 JB's(B) 17 --- 17 ---
 Total restaurants 547 499 547 499
 Restaurant Franchising
 Activity
 IHOP-developed 8 6 15 14
 Investor program 2 2 10 6
 Rehabilitated and
 refranchised 7 6 16 18
 Reacquired by company (1) (6) (6) (13)
 Closed --- (4) (3) (7)
 Net Change 16 4 32 18
 (A) The company reports restaurants in Canada as franchise restaurants although seven of the eight restaurants are operated under an area license agreement.
 (B) In 1992, the company acquired 23 JB's restaurants. At Dec. 31, 1992, six had been converted to IHOP restaurants, three were in the process of being converted, and 14 were pending conversion and being operated as JB's.
 IHOP CORP. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (In thousands, except per share and share amounts)
 Three Months Ended 12 Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenues
 Franchise operations $16,590 $13,194 $61,178 $52,193
 Company operations 10,484 9,169 38,204 39,572
 Other 6,582 5,118 14,569 13,507
 Total revenues 33,656 27,481 113,951 105,272
 Costs and expenses
 Franchise operations 7,504 6,232 28,164 24,834
 Company operations 9,764 8,788 35,301 36,927
 Field, corporate and
 administrative 4,593 4,352 18,637 16,845
 Depreciation and
 amortization 1,246 1,185 5,014 4,944
 Interest 1,202 1,148 4,762 5,660
 Other 3,193 2,624 7,269 7,101
 Total costs and
 expenses 27,502 24,329 99,147 96,311
 Income before income taxes
 and extraordinary item 6,154 3,152 14,804 8,961
 Provision for
 income taxes 2,511 1,303 6,040 3,658
 Income before
 extraordinary item 3,643 1,849 8,764 5,303
 Extraordinary item,
 net of income tax benefit (833) --- (833) (637)
 Net income $2,810 $1,849 $7,931 $4,666
 Income per common share
 before extraordinary item $.41 $.21 $.98 $.73
 Extraordinary item
 per common share (.09) --- (.09) (.09)
 Net income
 per common share $.31(a) $.21 $.89 $.64
 Weighted average common
 shares outstanding 8,967 8,873 8,945 7,087
 Consolidated Balance Sheets
 (In thousands)
 Dec. 31,
 1992 1991
 Current assets, net $21,657 $15,852
 Property and equipment, net 52,066 36,199
 Other assets 76,099 60,749
 Total assets $149,822 $112,800
 Current liabilities $18,112 $15,109
 Long-term debt 33,039 21,821
 Other long-term liabilities 40,679 27,210
 Shareholders' equity 57,992 48,660
 Total liabilities and
 shareholders' equity $149,822 $112,800
 (a) Does not add because of rounding.
 -0- 3/1/93
 /CONTACT: Larry Alan Kay, executive VP, or Frederick G. Silny, CFO, IHOP, 818-240-6055/
 (IHOP)


CO: IHOP Corp. ST: California IN: LEI SU: ERN

JL-LS -- LA007 -- 1195 03/01/93 08:08 EST
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