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IHOP CORP. ANNOUNCES FOURTH QUARTER AND YEAR END, 1991 RESULTS

 IHOP CORP. ANNOUNCES FOURTH QUARTER AND YEAR END, 1991 RESULTS
 GLENDALE, Calif., Feb. 27 /PRNewswire/ -- IHOP Corp. (NASDAQ: IHOP) today reported its net income and sales for the fourth quarter and year ended December 31, 1991.
 For the quarter, IHOP's net income was $1,849,000, a 57 percent increase over last year's $1,175,000. Net income per common share was $.21 per share (based on 8.9 million weighted average shares outstanding) vs. $.20 per share (based on 5.5 million weighted average shares) for the comparable 1990 period.
 For the year ended Dec. 31, 1991, income before extraordinary item was $5,303,000, an increase of 70 percent over last year's $3,118,000. Income per common share before extraordinary item was $.73 (based on 7.1 million weighted average shares outstanding) vs. $.53 per share (based on 5.4 million weighted average shares) for the comparable 1990 period. Net income for the year, 1991 was $4,666,000 or $.64 per share compared to $3,118,000 or $.53 per share for the comparable period a year ago.
 The extraordinary charge to earnings of $637,000, net of income taxes, occurred during the third quarter of 1991 and was due to costs associated with the early extinguishment of debt from the proceeds of the company's initial public stock offering in July 1991.
 Richard K. Herzer, chief executive officer of the company stated, "Following through on our successful public offering last year, we have reported excellent financial results with all of our growth programs on track. One of the key measures of our success has been the progress of same store sales, which reflect continued improvement in the face of a lagging economy. Accompanying this has been the acceptance of our new and remodeled restaurant openings. The new restaurants are designed to be more spacious and efficient facilities. We look forward to continued progress throughout 1992."
 System-wide sales, the retail sales of all International House of Pancakes restaurants, increased 8.9 percent to $103 million for the fourth quarter of 1991 and 7.4 percent to $414 million for the year ended Dec. 31, 1991, vs. comparable periods in the prior year.
 System-wide comparable sales per restaurant increased 5.9 percent for the fourth quarter of 1991 and 3.5 percent for the year ended Dec. 31, 1991 vs. comparable periods in the prior year. This trend has continued into the first quarter, 1992 with comparable store sales up 9.1 percent in January and 6.9 percent in February. 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, 1991, the IHOP system included 499 restaurants, 338 of which were operated by franchisees, 55 of which were operated by the company, and 106 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.
 IHOP CORP.
 Selected Financial Data
 (In thousands, except per share data)
 Fourth Quarter Ended Dec. 31,
 1991 1990
 Revenues $27,481 $26,492
 Income before income taxes 3,152 2,077
 Net income 1,849 1,175
 Net income per common share .21 .20
 Weighted average shares outstanding 8,873 (b) 5,487
 Twelve Months Ended Dec. 31,
 1991 1990
 Revenues $105,272 $ 97,296
 Income before income taxes and
 extraordinary item 8,961 5,512
 Income before extraordinary item 5,303 3,118
 Extraordinary item net of income
 taxes (637) (a) ---
 Net income 4,666 3,118
 Income per common share
 before extraordinary item .73 .53
 Extraordinary item (.09) (a) ---
 Net income per common share .64 .53
 Weighted average shares
 outstanding 7,087 (b) 5,421
 (a) Costs related to early extinguishment of debt.
 (b) Increase in shares pursuant to initial public offering on July 12, 1991.
 -0- 2/27/92
 /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:


KJ -- LA022 -- 3082 02/27/92 08:30 EST
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Date:Feb 27, 1992
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