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IHOP CORP. ANNOUNCES $15 MILLION LOAN AGREEMENT WITH BANK OF AMERICA

IHOP CORP. ANNOUNCES $15 MILLION LOAN AGREEMENT WITH BANK OF AMERICA
 GLENDALE, Calif., April 8 /PRNewswire/ -- IHOP Corp. (NASDAQ: IHOP) today announced that it has executed a definitive agreement for a $15 million revolving line of credit with Bank of America.
 Under the terms of the new three-year loan, $7.5 million is available for the acquisition and development of restaurant properties and an additional $7.5 million for general corporate purposes.
 Richard K. Herzer, chief executive officer of the company stated, "The new revolving credit agreement gives us the financial flexibility to continue the growth of the International House of Pancakes chain. We plan to open about 30 stores this year, approximately 24 by the company and about another six by our franchisees and area licensees."
 Herzer said the new loan replaces the previously existing $4.7 million revolving line of credit with another bank.
 For the year ended Dec. 31, 1991, IHOP reported revenues of $105,272,000, compared to revenues of $97,296,000 the previous year. Income before extraordinary item was $5,303,000 or $.73 per share vs. $3,118,000 or $.53 per share. Net income was $4,666,000 or $.64 per share, compared to $3,118,000 or $.53 per share for the previous year.
 Net income for 1991 included an extraordinary charge to earnings of $637,000, net of income taxes, that occurred in the third quarter of 1991, due to costs associated with the early extinguishment of debt from the proceeds of the company's initial public offering in July 1991.
 IHOP develops, franchises and operates International House of Pancakes Restaurants, one of America's best-known national family restaurant chains. As of March 31, 1992, the IHOP system included 504 restaurants, 341 of which were operated by franchisees, 56 of which were operated by the company, and 107 of which were operated by area licensees. IHOP restaurants are located in 35 states, Canada and Japan, with the greatest concentration of restaurants in Southern California, New York/New Jersey, Florida and Texas.
 -0- 4/8/92
 /CONTACT: Larry Alan Kay, executive VP, or Frederick G. Silny, VP-finance, 818-240-6055, both of IHOP/
 (IHOP) CO: IHOP Corp. ST: California IN: LEI SU:


AL-JL -- LA012 -- 6068 04/08/92 08:31 EDT
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Publication:PR Newswire
Date:Apr 8, 1992
Words:376
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