DineEquity, Inc. Reports 30% Growth in Adjusted Earnings per Share for the First Quarter 2015

First Quarter 2015 Highlights

- First quarter 2015 adjusted EPS (Non-GAAP) of $1.64
- First quarter 2015 GAAP EPS of $1.47, a 36% increase over first quarter 2014
- First quarter domestic system wide same-restaurant sales increased 4.8% at IHOP and 2.9% at Applebee's
- Generated free cash flow of $41 million
- Approximately $32 million returned to shareholders in the form of cash dividends and share repurchases, representing an 8% increase compared to the first quarter 2014

GLENDALE, Calif. - April 30, 2015 // PRNewswire // - DineEquity, Inc. (NYSE: DIN), the parent company of Applebee's Neighborhood Grill & Bar ® and IHOP® restaurants, today announced financial results for the first quarter of fiscal 2015.

"DineEquity started the year with continued strong momentum, delivering a 30% increase in first quarter adjusted earnings per diluted share. Our focus on enhancing our iconic brands and guests' experiences is yielding positive results. Both Applebee's and IHOP continued to outpace industry sales for their respective categories," said Julia A. Stewart, Chairman and Chief Executive Officer of DineEquity, Inc.

Ms. Stewart continued, "Our strong performance continued to generate robust free cash flow, the majority of which was returned to shareholders. Looking ahead, we will continue to deliver on our brand-building strategies and remain focused on innovation and operations excellence to drive the business."

First Quarter 2015 Financial Highlights

  • Adjusted net income available to common stockholders was $31.1 million, representing adjusted earnings per diluted share of $1.64, for the first quarter of 2015. This compares to $24.0 million, representing adjusted earnings per diluted share of $1.26, for the first quarter of 2014. The increase in adjusted net income was mainly due to a decline in cash interest expense and higher gross profit from strong same-restaurant sales growth across both brands. (See "Non-GAAP Financial Measures" below.)
  • GAAP net income available to common stockholders was $28.0 million for the first quarter of 2015, representing earnings per diluted share of $1.47. This compares to net income available to common stockholders of $20.5 million, representing earnings per diluted share of $1.08, for the first quarter of 2014. The increase was mainly due to a decline in interest expense and higher gross profit from strong same-restaurant sales growth across both brands.
  • For the first quarter of 2015, cash flows from operating activities and free cash flow both were $41.1 million. (See "Non-GAAP Financial Measures" below.)

Same-Restaurant Sales Performance

First Quarter 2015

  • IHOP's domestic system-wide same restaurant sales increased 4.8% for the first quarter of 2015 compared to the same period in 2014.
  • Applebee's domestic system-wide same-restaurant sales increased 2.9% for the first quarter of 2015 compared to the first quarter of 2014.

Financial Performance Guidance for Fiscal 2015

DineEquity reiterates its financial performance guidance for fiscal 2015 contained in the press release issued on February 25, 2015. The Company's financial performance guidance reflects the impact of a 53rd operating week in fiscal 2015, in which the last month of the fiscal fourth quarter contains six weeks.

Investor Conference Call Today

The Company will host a conference call to discuss its results on the same day at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time. To participate on the call, please dial (800) 708-4539 and reference pass code 39398238. International callers, please dial (847) 619-6396 and reference pass code 39398238.

A live webcast of the call will be available on DineEquity's Web site at www.dineequity.com, and may be accessed by visiting Calls & Presentations under the site's Investors section. Participants should allow approximately ten minutes prior to the call's start time to visit the site and download any streaming media software needed to listen to the webcast. A telephonic replay of the call may be accessed from 10:30 a.m. Pacific Time on April 30, 2015 through 11:59 p.m. Pacific Time on May 5, 2015 by dialing (888) 843-7419 and referencing pass code 39398238#. International callers, please dial (630) 652-3042 and reference pass code 39398238#. An online archive of the webcast will also be available on the Investors section of DineEquity's Web site.

About DineEquity, Inc.

Based in Glendale, California, DineEquity, Inc., through its subsidiaries, franchises and operates restaurants under the Applebee's Neighborhood Grill & Bar and IHOP brands. With more than 3,600 restaurants combined in 18 countries, over 400 franchisees and approximately 200,000 team members (including franchisee- and company-operated restaurant employees), DineEquity is one of the largest full-service restaurant companies in the world. For more information on DineEquity, visit the Company's Web site located at www.dineequity.com.

Forward-Looking Statements

Statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words such as "may," "will," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those expressed or implied in such statements. These factors include, but are not limited to: the effect of general economic conditions; the Company's indebtedness ; risk of future impairment charges; trading volatility and the price of the Company's common stock; the Company's results in any given period differing from guidance provided to the public; the highly competitive nature of the restaurant business; the Company's business strategy failing to achieve anticipated results; risks associated with the restaurant industry; risks associated with locations of current and future restaurants; rising costs for food commodities and utilities; shortages or interruptions in the supply or delivery of food; ineffective marketing and guest relationship initiatives and use of social media; changing health or dietary preferences; our engagement in business in foreign markets; harm to our brands' reputation; litigation; fourth-party claims with respect to intellectual property assets; environmental liability; liability relating to employees; failure to comply with applicable laws and regulations; failure to effectively implement restaurant development plans; our dependence upon our franchisees; concentration of Applebee's franchised restaurants in a limited number of franchisees; credit risk from IHOP franchisees operating under our previous business model; termination or non-renewal of franchise agreements; franchisees breaching their franchise agreements; insolvency proceedings involving franchisees; changes in the number and quality of franchisees; inability of franchisees to fund capital expenditures; heavy dependence on information technology; the occurrence of cyber incidents or a deficiency in our cybersecurity; failure to execute on a business continuity plan; inability to attract and retain talented employees; risks associated with retail brand initiatives; failure of our internal controls; and other factors discussed from time to time in the Company's Annual and Quarterly Reports on Forms 10-K and 10-Q and in the Company's other filings with the Securities and Exchange Commission. The forward-looking statements contained in this release are made as of the date hereof and the Company assumes no obligation to update or supplement any forward-looking statements.

Non-GAAP Financial Measures

This news release includes references to the Company's non-GAAP financial measures "adjusted net income available to common stockholders (adjusted EPS)," "free cash flow," and "segment EBITDA." "Adjusted EPS" is computed for a given period by deducting from net income or loss available to common stockholders for such period the effect of any closure and impairment charges, any gain or loss related to debt extinguishment, any intangible asset amortization, any non-cash interest expense, and any gain or loss related to the disposition of assets. This is presented on an aggregate basis and a per share (diluted) basis. For fiscal 2015, "Free cash flow" for a given period is defined as cash provided by operating activities, plus receipts from notes and equipment contracts receivable, excluding direct financing lease receivables ("receipts from notes and equipment contracts receivable"), less capital expenditures. "Segment EBITDA" for a given period is defined as gross profit plus depreciation and amortization as well as interest charges related to the segment. Management utilizes free cash flow to determine the amount of cash remaining for general corporate and strategic purposes and for the return of cash to stockholders pursuant to our capital allocation strategy, after the receipts from notes and equipment contracts receivable, and the funding of operating activities, capital expenditures and debt service. Management believes this information is helpful to investors to determine the Company's adherence to debt covenants and the Company's cash available for these purposes. Adjusted EPS, free cash flow and segment EBITDA are supplemental non-GAAP financial measures and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with United States generally accepted accounting principles.

DineEquity, Inc. and Subsidiaries

Consolidated Statements of Income

(In thousands, except per share amounts)

(Unaudited)

 
   

Three Months Ended

   

March 31,

   

2015

     

2014

Revenues:

       

   Franchise and restaurant revenues

 

$

141,818

 

$

131,795

   Rental revenues

 

31,402

 

30,753

   Financing revenues

 

2,594

 

4,653

   Total revenues

 

175,814

 

167,201

Cost of revenues:

       

   Franchise and restaurant expenses

 

52,026

 

45,678

   Rental expenses

 

23,490

 

23,866

   Financing expenses

 

12

 

585

   Total cost of revenues

 

75,528

 

70,129

   Gross profit

 

100,286

 

97,072

General and administrative expenses

 

34,230

 

34,185

Interest expense

 

15,646

 

24,969

Amortization of intangible assets

 

2,500

 

3,071

   Closure and impairment charges, net

 

1,827

 

200

Loss on extinguishment of debt

 

 

6

(Gain) loss on disposition of assets

 

(9)

 

927

Income before income tax provision

 

46,092

 

33,714

Income tax provision

 

(17,680)

 

(12,890)

Net income

 

$

28,412

 

$

20,824

Net income available to common stockholders:

       

Net income

 

$

28,412

 

$

20,824

   Less: Net income allocated to unvested participating restricted stock

 

(372)

 

(343)

Net income available to common stockholders

 

$

28,040

 

$

20,481

Net income available to common stockholders per share:

       

   Basic

 

$

1.49

 

$

1.09

   Diluted

 

$

1.47

 

$

1.08

Weighted average shares outstanding:

       

   Basic

 

18,870

 

18,794

   Diluted

 

19,019

 

19,054

         

Dividends declared per common share

 

$

0.875

 

$

0.75

Dividends paid per common share

 

$

0.875

 

$

0.75

 

 

DineEquity, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share amounts)

 
   

March 31,
 2015

    

December 31,
2014

   

(Unaudited)

   

Assets

       

Current assets:

       

   Cash and cash equivalents

 

$

133,470

 

$

104,004

   Receivables, net

 

93,532

 

153,498

   Restricted cash

 

40,701

 

52,262

   Prepaid gift cards

 

41,208

 

51,268

   Prepaid income taxes

 

 

11,753

   Deferred income taxes

 

34,743

 

30,860

   Other current assets

 

12,905

 

9,239

   Total current assets

 

356,559

 

412,884

Long-term receivables, net

 

175,579

 

180,856

Property and equipment, net

 

235,355

 

241,229

Goodwill

 

697,470

 

697,470

Other intangible assets, net

 

779,878

 

782,336

Deferred rent receivable

 

90,920

 

91,117

Other non-current assets, net

 

41,553

 

42,216

   Total assets

 

$

2,377,314

 

$

2,448,108

         

Liabilities and Stockholders' Equity

       

Current liabilities:

       

   Accounts payable

 

$

34,781

 

$

41,771

   Gift card liability

 

119,072

 

179,760

   Accrued advertising

 

22,807

 

10,150

   Accrued employee compensation and benefits

 

10,913

 

25,722

   Dividends payable

 

16,704

 

16,635

   Accrued interest payable

 

3,897

 

14,126

   Income taxes payable

 

11,820

 

   Current maturities of capital lease and financing obligations

 

15,125

 

14,852

   Other accrued expenses

 

7,425

 

10,033

   Total current liabilities

 

242,544

 

313,049

Long-term debt

 

1,300,000

 

1,300,000

Capital lease obligations, less current maturities

 

94,584

 

98,119

Financing obligations, less current maturities

 

42,493

 

42,524

Deferred income taxes

 

311,827

 

319,111

Deferred rent payable

 

75,096

 

75,375

Other non-current liabilities

 

22,576

 

20,857

   Total liabilities

 

2,089,120

 

2,169,035

Commitments and contingencies

       

Stockholders' equity:

       

   Common stock, $0.01 par value, shares: 40,000,000 authorized; March 31, 2015 - 25,219,105 issued, 19,050,897 outstanding; December 31, 2014 - 25,240,055 issued, 18,953,567 outstanding

 

252

 

252

   Additional paid-in-capital

 

283,000

 

279,946

   Retained earnings

 

325,374

 

313,644

   Accumulated other comprehensive loss

 

(88)

 

(73)

   Treasury stock, at cost; shares: March 31, 2015 - 6,168,208; December 31, 2014 - 6,286,488

 

(320,344)

 

(314,696)

Total stockholders' equity

 

288,194

 

279,073

   Total liabilities and stockholders' equity

 

$

2,377,314

 

$

2,448,108

 

DineEquity, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 
   

Three Months Ended

   

March 31,

   

2015

     

2014

Cash flows from operating activities:

       

Net income

 

$

28,412

 

$

20,824

Adjustments to reconcile net income to cash flows provided by operating activities:

       

Depreciation and amortization

 

7,815

 

8,783

Non-cash interest expense

 

755

 

1,642

Deferred income taxes

 

(10,378)

 

(10,031)

Non-cash stock-based compensation expense

 

2,432

 

3,143

Tax benefit from stock-based compensation

 

4,696

 

3,524

Excess tax benefit from stock-based compensation

 

(4,526)

 

(4,455)

Closure and impairment charges

 

1,827

 

200

(Gain) loss on disposition of assets

 

(9)

 

927

Other

 

31

 

(396)

Changes in operating assets and liabilities:

       

Accounts receivable, net

 

(2,742)

 

(9,767)

Current income tax receivables and payables

 

22,341

 

18,020

Gift card receivables and payables

 

5,623

 

2,982

Prepaid expenses and other current assets

 

(1,638)

 

(751)

Accounts payable

 

1,034

 

9,175

Accrued employee compensation and benefits

 

(14,810)

 

(14,857)

Other accrued expenses

 

267

 

23,877

Cash flows provided by operating activities

 

41,130

 

52,840

Cash flows from investing activities:

       

Additions to property and equipment

 

(2,617)

 

(2,039)

Proceeds from sale of property and equipment

 

 

681

Principal receipts from notes, equipment contracts and other long-term receivables

 

4,442

 

3,415

Other

 

(40)

 

(55)

Cash flows provided by investing activities

 

1,785

 

2,002

Cash flows from financing activities:

       

Repayment of long-term debt

 

 

(1,200)

Principal payments on capital lease and financing obligations

 

(3,165)

 

(2,695)

Repurchase of DineEquity common stock

 

(15,003)

 

(15,002)

Dividends paid on common stock

 

(16,598)

 

(14,293)

Repurchase of restricted stock

 

(2,961)

 

(1,831)

Proceeds from stock options exercised

 

8,206

 

6,623

Excess tax benefit from stock-based compensation

 

4,526

 

4,455

Change in restricted cash

 

11,561

 

(3,692)

Other

 

(15)

 

Cash flows used in financing activities

 

(13,449)

 

(27,635)

Net change in cash and cash equivalents

 

29,466

 

27,207

Cash and cash equivalents at beginning of period

 

104,004

 

106,011

Cash and cash equivalents at end of period

 

$

133,470

 

$

133,218

 

NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts)

(Unaudited)

 

Reconciliation of (i) net income available to common stockholders to (ii) net income available to common stockholders excluding closure and impairment charges; loss on extinguishment of debt; amortization of intangible assets; non-cash interest expense; and gain or loss on disposition of assets, all items net of taxes, and related per share data:

 
   

Three Months Ended

   

March 31,

   

2015

 

2014

Net income available to common stockholders, as reported

 

$

28,040

 

$

20,481

Closure and impairment charges

 

1,827

 

200

Loss on extinguishment of debt

 

 

6

Amortization of intangible assets

 

2,500

 

3,071

Non-cash interest expense

 

755

 

1,642

(Gain) loss on disposition of assets

 

(9)

 

927

Income tax provision

 

(1,928)

 

(2,221)

Net income allocated to unvested participating restricted stock

 

(43)

 

(61)

Net income available to common stockholders, as adjusted

 

$

31,142

 

$

24,045

         

Diluted net income available to common stockholders per share:

       

Net income available to common stockholders, as reported

 

$

1.47

 

$

1.08

Closure and impairment charges

 

0.06

 

0.01

Loss on extinguishment of debt

 

 

0.00

Amortization of intangible assets

 

0.08

 

0.10

Non-cash interest expense

 

0.02

 

0.06

(Gain) loss on disposition of assets

 

(0.00)

 

0.03

Net income allocated to unvested participating restricted stock

 

(0.00)

 

(0.00)

Rounding

 

0.01

 

(0.02)

Diluted net income available to common stockholders per share, as adjusted

 

$

1.64

 

$

1.26

         

Numerator for basic EPS-income available to common stockholders, as adjusted

 

$

31,142

 

$

24,045

Effect of unvested participating restricted stock using the two-class method

 

 

3

Numerator for diluted EPS-income available to common stockholders after assumed conversions, as adjusted

 

$

31,142

 

$

24,048

         

Denominator for basic EPS-weighted-average shares

 

18,870

 

18,794

Dilutive effect of stock options

 

149

 

260

Denominator for diluted EPS-weighted-average shares and assumed conversions

 

19,019

 

19,054

 

DineEquity, Inc. and Subsidiaries
Non-GAAP Financial Measures
(Unaudited)

 

Reconciliation of the Company's cash provided by operating activities to "free cash flow" (cash provided by operating activities, plus receipts from notes and equipment contracts receivable, less additions to property and equipment). We believe this information is helpful to investors to determine our cash available for general corporate purposes and for the return of cash to stockholders pursuant to our capital allocation strategy.

 

 

   

Three Months Ended

   

March 31,

   

2015

 

2014

   

(In millions)

Cash flows provided by operating activities

 

$

41.1

 

$

52.8

Receipts from notes and equipment contracts receivable

 

2.6

 

1.8

Additions to property and equipment

 

(2.6)

 

(2.0)

Free cash flow

 

41.1

 

52.6

Dividends paid on common stock

 

(16.6)

 

(14.3)

Repurchase of DineEquity common stock

 

(15.0)

 

(15.0)

   

$

9.5

 

$

23.3

 

DineEquity, Inc. and Subsidiaries

Non-GAAP Financial Measures

(In thousands)

(Unaudited)

 

Reconciliation of U.S. GAAP gross profit to segment EBITDA:

 
 

Three months ended March 31, 2015

 

Franchise - 
Applebee's

 

Franchise - 
IHOP

 

Company
Restaurants

 

Rental 
Operations

 

Financing 
Operations

 

Total

Revenue

$

52,431

 

$

72,111

 

$

17,276

 

$

31,402

 

$

2,594

 

$

175,814

Expense

1,596

 

33,921

 

16,509

 

23,490

 

12

 

75,528

Gross profit

50,835

 

38,190

 

767

 

7,912

 

2,582

 

100,286

Plus:

                     

Depreciation/amortization

2,592

 

 

189

 

3,224

 

 

6,005

Interest charges

 

 

99

 

3,501

 

 

3,600

Segment EBITDA

$

53,427

 

$

38,190

 

$

1,055

 

$

14,637

 

$

2,582

 

$

109,891

   
 

Three months ended March 31, 2014

 

Franchise - 
Applebee's

   

Franchise - 
IHOP

   

Company
Restaurants

   

Rental 
Operations

   

Financing 
Operations

   

Total

Revenue

$

50,753

 

$

64,741

 

$

16,301

 

$

30,753

 

$

4,653

 

$

167,201

Expense

1,400

 

27,973

 

16,305

 

23,866

 

585

 

70,129

Gross profit

49,353

 

36,768

 

(4)

 

6,887

 

4,068

 

97,072

Plus:

                     

Depreciation/amortization

2,621

 

 

524

 

3,344

 

 

6,489

Interest charges

 

 

100

 

3,860

 

 

3,960

Segment EBITDA

$

51,974

 

$

36,768

 

$

620

 

$

14,091

 

$

4,068

 

$

107,521

 

Restaurant Data

The following table sets forth, for the three months ended March 31, 2015 and 2014, the number of "Effective Restaurants" in the Applebee's and IHOP systems and information regarding the percentage change in sales at those restaurants compared to the same periods in the prior year. Sales at restaurants that are owned by franchisees and area licensees are not attributable to the Company. However, we believe that presentation of this information is useful in analyzing our revenues because franchisees and area licensees pay us royalties and advertising fees that are generally based on a percentage of their sales, and, where applicable, rental payments under leases that  may be partially based on a percentage of their sales. Management also uses this information to make decisions about future plans for the development of additional restaurants as well as evaluation of current operations.

   

Three Months Ended

   

March 31,

   

2015

 

2014

   

(unaudited)

Applebee's Restaurant Data

       

Effective Restaurants(a)

       

   Franchise

 

1,992

 

1,985

   Company

 

23

 

23

   Total

 

2,015

 

2,008

         

System-wide(b)

       

   Sales percentage change(c)

 

3.6%

 

(0.7)%

   Domestic same-restaurant sales percentage change(d)

 

2.9%

 

(0.5)%

         

Franchise(b)

       

   Sales percentage change(c)

 

3.6%

 

(0.7)%

   Domestic same-restaurant sales percentage change(d)

 

2.9%

 

(0.5)%

   Average weekly domestic unit sales (in thousands)

 

$

51.1

 

$

49.5

             
     
     
   

Three Months Ended

   

March 31,

   

2015

 

2014

   

(unaudited)

IHOP Restaurant Data

       

Effective Restaurants(a)

       

   Franchise

 

1,470

 

1,439

   Area license

 

167

 

169

   Company

 

12

 

11

   Total

 

1,649

 

1,619

         

System-wide(b)

       

   Sales percentage change(c)

 

6.2%

 

6.5%

   Domestic same-restaurant sales percentage change(d)

 

4.8%

 

3.9%

         

Franchise(b)

       

   Sales percentage change(c)

 

6.0%

 

6.4%

   Domestic same-restaurant sales percentage change(d)

 

4.8%

 

3.9%

   Average weekly domestic unit sales (in thousands)

 

$

37.7

 

$

36.4

         

Area License (b)

       

   Sales percentage change(c)

 

7.0%

 

8.0%

             

 

(a)

"Effective Restaurants" are the weighted average number of restaurants open in a given fiscal period, adjusted to account for restaurants open for only a portion of the period. Information is presented for all Effective Restaurants in the Applebee's and IHOP systems, which includes restaurants owned by the Company as well as those owned by franchisees and area licensees.

   

(b)

"System-wide" sales are retail sales at Applebee's restaurants operated by franchisees and IHOP restaurants operated by franchisees and area licensees, as reported to the Company, in addition to retail sales at company-operated restaurants.  Sales at restaurants that are owned by franchisees and area licensees are not attributable to the Company. Unaudited reported sales for Applebee's domestic franchise restaurants, IHOP franchise restaurants and IHOP area license restaurants for the three months ended March 31, 2015 and 2014 were as follows:

   

 

   

Three Months Ended

   

March 31,

   

2015

 

2014

   

(In millions)

Reported sales (unaudited)

       

Applebee's franchise restaurant sales

 

$

1,226.0

 

$

1,183.1

IHOP franchise restaurant sales

 

$

721.2

 

$

680.3

IHOP area license restaurant sales

 

$

75.0

 

$

70.1

 

   

(c)

"Sales percentage change" reflects, for each category of restaurants, the percentage change in sales in any given fiscal period compared to the prior fiscal period for all restaurants in that category.

   

(d)

"Domestic same-restaurant sales percentage change" reflects the percentage change in sales, in any given fiscal period, compared to the same weeks in the prior year for domestic restaurants that have been operated throughout both fiscal periods that are being compared and have been open for at least 18 months. Because of new unit openings and restaurant closures, the domestic restaurants open throughout both fiscal periods being compared may be different from period to period. Same-restaurant sales percentage change does not include data on IHOP area license restaurants located in Florida.

 

DineEquity, Inc. and Subsidiaries

Restaurant Data (unaudited)

 
         

The following table summarizes our restaurant development activity:

 

Three Months Ended

   

March 31,

   

2015

 

2014

Applebee's Restaurant Development Activity

       

Summary - beginning of period:

       

Franchise

 

1,994

 

1,988

Company restaurants

 

23

 

23

    Total Applebee's restaurants, beginning of period

 

2,017

 

2,011

Franchise restaurants opened:

       

  Domestic

 

4

 

8

  International

 

2

 

Total franchise restaurants opened

 

6

 

8

Franchise restaurants closed:

       

    Domestic

 

(4)

 

(5)

    International

 

(5)

 

(3)

Total franchise restaurants closed

 

(9)

 

(8)

Net franchise restaurant (reduction) development

 

(3)

 

Summary - end of period:

       

Franchise

 

1,991

 

1,988

Company restaurants

 

23

 

23

Total Applebee's restaurants, end of period

 

2,014

 

2,011

         

IHOP Restaurant Development Activity

       

Summary - beginning of period:

       

Franchise

 

1,472

 

1,439

Area license

 

167

 

168

Company

 

11

 

13

        Total IHOP restaurants, beginning of period

 

1,650

 

1,620

Franchise/area license restaurants opened:

       

Domestic franchise

 

6

 

9

Domestic area license

 

1

 

1

International franchise

 

 

4

Total franchise/area license restaurants opened

 

7

 

14

Franchise/area license restaurants closed:

       

Domestic franchise

 

(6)

 

(5)

Domestic area license

 

(1)

 

International franchise

 

 

(1)

International area license

 

 

(1)

Total franchise/area license restaurants closed

 

(7)

 

(7)

Net franchise/area license restaurant development

 

 

7

Refranchised from Company restaurants

 

1

 

3

Franchise restaurants reacquired by the Company

 

(3)

 

        Net franchise/area license restaurant additions

 

(2)

 

10

Summary - end of period

       

Franchise

 

1,470

 

1,449

Area license

 

167

 

168

Company

 

13

 

10

Total IHOP restaurants, end of period

 

1,650

 

1,627

SOURCE DineEquity, Inc.

Contacts:

Ken Diptee
Investors
Executive Director
Investor Relations
DineEquity, Inc.
818-637-3632

Dan Goldstein
Media Relations
Sard Verbinnen & Co.
310-201-2040

Nazan Riahei
Media Relations
Sard Verbinnen & Co.
310-201-2040

###

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