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IHOP CORP. ANNOUNCES 59 PERCENT INCREASE IN SECOND QUARTER PROFITS

IHOP CORP. ANNOUNCES 59 PERCENT INCREASE IN SECOND QUARTER PROFITS
 GLENDALE, Calif., July 30 /PRNewswire/ -- IHOP Corp. (NASDAQ: IHOP) today reported record net income and systemwide sales for the second quarter ended June 30, 1992.
 For the quarter, IHOP's net income was $1,749,000, a 59.3 percent increase over last year's $1,098,000. Net income per common share was $.20 (based on 8.9 million shares outstanding) vs. $.19 (based on 5.5 million shares outstanding) for the comparable 1991 period.
 For the six months ended June 30, 1992, net income was $2,721,000, a 78.3 percent increase over last year's $1,526,000. Net income per common share was $.31 (based on 8.9 million shares outstanding) vs. $.26 (based on 5.5 million shares outstanding) for the comparable 1991 period.
 Systemwide sales, the retail sales of all International House of Pancakes restaurants, increased 12.3 percent to $114 million for the second quarter of 1992 and 12.2 percent to $226 million for the six months ended June 30, 1992, vs. the comparable periods in the prior year.
 Systemwide comparable sales per restaurant increased 6.8 percent both for the second quarter of 1992 and for the six months ended June 30, 1992, vs. the comparable 1991 periods.
 IHOP Corp. announced on July 22, 1992, that it had reached a preliminary agreement with JB's Restaurants Inc. to acquire 23 JB's restaurants in Washington and Oregon. After the acquisition, the units will be converted to International House of Pancakes restaurants.
 Richard K. Herzer, chief executive officer, stated, "We have been very pleased with our retail sales growth during these difficult economic times. Regarding the acquisition of the 23 JB's restaurants, we have been successful in converting other concepts to International House of Pancakes restaurants and the acquisition of these restaurants is an extension of our current program. We have also continued to upgrade our restaurant chain by remodeling 48 units and opening 13 new restaurants during the first six months of 1992."
 The company develops, franchises and operates International House of Pancakes restaurants, one of America's best-known national family restaurant chains. As of June 30, 1992, the IHOP system included 505 restaurants, 349 of which were operated by franchisees, 49 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 California, New York/New Jersey, Florida and Texas.
 IHOP CORP. AND SUBSIDIARIES
 Selected Financial Data
 (In thousands, except per share data)
 Second Quarter Ended
 June 30,
 1992 1991
 Revenues $26,834 $27,463
 Income before income taxes 2,954 1,750
 Net income 1,749 1,098
 Net income per common share $.20 $.19
 Weighted average shares
 outstanding 8,948(a) 5,487
 Six Months Ended
 June 30,
 1992 1991
 Revenues $51,138 $50,079
 Income before income taxes 4,596 2,485
 Net income 2,721 1,526
 Net income per common share $.31 $.26
 Weighted average shares
 outstanding 8,923(a) 5,487
 (a) Increase in shares primarily because of initial public offering on July 12, 1991.
 -0- 7/30/92
 /CONTACT: Larry Alan Kay, executive VP, or Frederick G. Silny, VP-finance, of IHOP, 818-240-6055/
 (IHOP) CO: IHOP Corp. ST: California IN: LEI SU: ERN


LS-KJ -- LA001 -- 4913 07/30/92 08:32 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
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