Dine Brands Global, Inc. Reports First Quarter 2018 Results

GLENDALE, Calif. - May 2, 2018 // PRNewswire // - Dine Brands Global, 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 2018.

"We are leveraging the benefit of our asset-lite business model to invest in the growth of our brands and build on recent momentum. Both Applebee's and IHOP achieved positive same-restaurant sales for the first quarter and outperformed their respective categories. This marks the second consecutive quarter of sales improvement for each brand. We are very pleased with the results and encouraged that the first-quarter trends for both brands continued through April," said Steve Joyce, Chief Executive Officer of Dine Brands Global, Inc.

Mr. Joyce continued, "Looking ahead, we are acting on several strategic initiatives, such as enhancing our data and analytics capabilities, to drive sustainable positive sales performance and create significant value for our shareholders and franchisees. Supported by a performance-based culture and the addition of significant leadership talent, we have established clear goals for our brands, which will drive long-term success."

First Quarter of Fiscal 2018 Financial Highlights

  • GAAP net income available to common stockholders increased approximately 8% to $16.5 million, or earnings per diluted share of $0.92 for the first quarter of 2018. This compares to net income available to common stockholders of $15.3 million (as adjusted for the adoption of new accounting revenue guidance titled Accounting Standards Codification 606 "Revenues from Contracts with Customers"), or earnings per diluted share of $0.86, for the first quarter of fiscal 2017. The increase in net income was primarily due to a decline in general and administrative expenses and a reduction in our effective corporate tax rate following the enactment of the Tax Cuts and Jobs Act tax legislation in December 2017. These items were substantially offset by lower segment profit primarily due to an increase of $13.5 million in franchisor contributions to the Applebee's national advertising fund in the first quarter of 2018.
  • Adjusted net income available to common stockholders was $19.8 million, or adjusted earnings per diluted share of $1.11, for the first quarter of fiscal 2018. This compares to adjusted net income available to common stockholders of $22.8 million (as adjusted for the adoption of Accounting Standards Codification 606), or adjusted earnings per diluted share of $1.28, for the first quarter of fiscal 2017. The decrease in adjusted net income was mainly due to lower gross profit resulting from an increase of $13.5 million in franchisor contributions to the Applebee's national advertising fund, partially offset by our lower federal tax rate and positive same-restaurant sales for both brands. (See "Non-GAAP Financial Measures" below.)
  • General and administrative expenses declined to approximately $41.9 million for the first quarter of fiscal 2018 compared to $50.3 million for the first quarter of fiscal 2017. The decrease was primarily due to lower personnel costs due to non-recurring executive separation costs in the first quarter of 2017.
  • Cash flows from operating activities were approximately $16.5 million for the first quarter of fiscal 2018 compared to approximately $19.5 million for the first quarter of fiscal 2017. The decline was primarily due to slightly lower net income and changes in working capital. Adjusted free cash flow was $15.3 million for the first quarter of fiscal 2018. This compares to $19.2 million for the first quarter of fiscal 2017. (See "Non-GAAP Financial Measures" below.)

Same-Restaurant Sales Performance

First Quarter of Fiscal 2018

  • Applebee's domestic system-wide comparable same-restaurant sales increased 3.3% for the first quarter of 2018.
  • IHOP's domestic system-wide comparable same-restaurant sales increased 1.0% for the first quarter of 2018.

Financial Performance Guidance for Fiscal 2018

Dine Brands reiterates its financial performance guidance for fiscal 2018 contained in the press release issued on February 20, 2018 and the Form 8-K filed on the same day.

First Quarter Fiscal 2018 Results Conference Call Today

The Company will host a conference call to discuss its results on the same day at 8:00 a.m. Pacific Time. To participate on the call, please dial (888) 771-4371 and reference passcode 46726894. International callers, please dial (847) 585-4405 and reference passcode 46726894. A live webcast of the call will be available on www.dinebrands.com and may be accessed by visiting Events and 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 May 2, 2018 through 11:59 p.m. Pacific Time on May 9, 2018 by dialing (888) 843-7419 and referencing passcode 46726894#. International callers, please dial (630) 652-3042 and reference passcode 46726894#. An online archive of the webcast will also be available on Events and Presentations under the Investors section of the Company's website.

About Dine Brands Global, Inc.

Based in Glendale, California, Dine Brands Global, Inc. (NYSE: DIN), through its subsidiaries, franchises restaurants under both the Applebee's Neighborhood Grill & Bar and IHOP brands. With more than 3,700 restaurants combined in 19 countries and over 380 franchisees, Dine Brands is one of the largest full-service restaurant companies in the world. For more information on Dine Brands, visit the Company's website located at www.dinebrands.com.

Forward-Looking Statements

Statements contained in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by words such as "may," "will," "would," "should," "could," "expect," "anticipate," "believe," "estimate," "intend," "plan," "goal" 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: general economic conditions; our level of indebtedness; compliance with the terms of our securitized debt; our ability to refinance our current indebtedness or obtain additional financing; our dependence on information technology; potential cyber incidents; the implementation of restaurant development plans; our dependence on our franchisees; the concentration of our Applebee's franchised restaurants in a limited number of franchisees; the financial health our franchisees; our franchisees' and other licensees' compliance with our quality standards and trademark usage; general risks associated with the restaurant industry; potential harm to our brands' reputation; possible future impairment charges; the effects of tax reform; trading volatility and fluctuations in the price of our stock; our ability to achieve the financial guidance we provide to investors; successful implementation of our business strategy; the availability of suitable locations for new restaurants; shortages or interruptions in the supply or delivery of products from third parties or availability of utilities; the management and forecasting of appropriate inventory levels; development and implementation of innovative marketing and use of social media; changing health or dietary preference of consumers; risks associated with doing business in international markets; the results of litigation and other legal proceedings; third-party claims with respect to intellectual property assets; our ability to attract and retain management and other key employees; compliance with federal, state and local governmental regulations; risks associated with our self-insurance; natural disasters or other series incidents; our success with development initiatives outside of our core business; the adequacy of our internal controls over financial reporting and future changes in accounting standards; 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 does not intend to, nor does it assume any obligation to, update or supplement any forward-looking statements after the date hereof to reflect actual results or future events or circumstances.

Non-GAAP Financial Measures

This press release includes references to the Company's non-GAAP financial measure "adjusted net income available to common stockholders, "adjusted earnings per diluted share (Adjusted EPS)" and "Adjusted free cash flow." 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, any gain or loss related to the disposition of assets, and other items deemed not reflective of current operations. This is presented on an aggregate basis and a per share (diluted) basis. "Adjusted free cash flow" for a given period is defined as cash provided by operating activities, plus receipts from notes and equipment contracts receivable, less capital expenditures. Management may use certain of these non-GAAP financial measures along with the corresponding U.S. GAAP measures to evaluate the performance of the business and to make certain business decisions. Management uses adjusted free cash flow in its periodic assessments of, among other things, the amount of cash dividends per share of common stock and repurchases of common stock and we believe it is important for investors to have the same measure used by management for that purpose. Adjusted free cash flow does not represent residual cash flow available for discretionary purposes. Additionally, adjusted EPS is one of the metrics used in determining payouts under the Company's annual cash incentive plan. Management believes that these non-GAAP financial measures provide additional meaningful information that should be considered when assessing the business and the Company's performance compared to prior periods and the marketplace. Adjusted EPS and adjusted free cash flow 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 U.S. GAAP.

Dine Brands Global, Inc. and Subsidiaries

Consolidated Statements of Income

(In thousands, except per share amounts)

(Unaudited)

 
   

Three Months Ended

   

March 31,

   

2018

 

2017

Revenues:

     

(as adjusted)

Franchise revenues

 

$

155,313

   

$

154,725

 

Rental revenues

 

30,841

   

30,465

 

Financing revenues

 

2,009

   

2,131

 

Company restaurant sales

 

   

4,140

 

Total revenues

 

188,163

   

191,461

 

Cost of revenues:

       

Franchise and restaurant expenses

 

81,872

   

70,167

 

Rental expenses

 

22,641

   

22,666

 

Financing expenses

 

150

   

 

Company restaurant expenses

 

   

4,343

 

Total cost of revenues

 

104,663

   

97,176

 

Gross profit

 

83,500

   

94,285

 

General and administrative expenses

 

41,911

   

50,305

 

Interest expense

 

15,199

   

15,363

 

Closure and impairment charges

 

2,604

   

217

 

Amortization of intangible assets

 

2,502

   

2,500

 

Gain on disposition of assets

 

(1,427)

   

(109)

 

Income before income tax provision

 

22,711

   

26,009

 

Income tax provision

 

(5,638)

   

(10,414)

 

Net income

 

$

17,073

   

$

15,595

 

Net income available to common stockholders:

       

Net income

 

$

17,073

   

$

15,595

 

Less: Net income allocated to unvested participating restricted stock

 

(568)

   

(283)

 

Net income available to common stockholders

 

$

16,505

   

$

15,312

 

Net income available to common stockholders per share:

       

Basic

 

$

0.93

   

$

0.87

 

Diluted

 

$

0.92

   

$

0.86

 

Weighted average shares outstanding:

       

Basic

 

17,703

   

17,694

 

Diluted

 

17,845

   

17,737

 
         

Dividends declared per common share

 

$

0.63

   

$

0.97

 

Dividends paid per common share

 

$

0.97

   

$

0.97

 

 

Dine Brands Global, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share amounts)

 
   

March 31, 2018

 

December 31, 2017

   

(Unaudited)

 

(as adjusted)

Assets

       

Current assets:

       

Cash and cash equivalents

 

$

96,399

   

$

117,010

 

Receivables, net

 

105,834

   

140,188

 

Restricted cash

 

32,391

   

31,436

 

Prepaid gift card costs

 

31,174

   

40,725

 

Prepaid income taxes

 

36,078

   

45,981

 

Other current assets

 

6,906

   

12,615

 

     Total current assets

 

308,782

   

387,955

 

Long-term receivables, net

 

122,362

   

126,570

 

Property and equipment, net

 

198,624

   

199,585

 

Goodwill

 

339,236

   

339,236

 

Other intangible assets, net

 

581,639

   

582,787

 

Deferred rent receivable

 

81,720

   

82,971

 

Non-current restricted cash

 

14,700

   

14,700

 

Other non-current assets, net

 

3,983

   

4,135

 

Total assets

 

$

1,651,046

   

$

1,737,939

 
         

Liabilities and Stockholders' Deficit

       

Current liabilities:

       

Current maturities of long-term debt

 

$

12,965

   

$

12,965

 

Accounts payable

 

45,236

   

55,028

 

Gift card liability

 

117,266

   

164,441

 

Dividends payable

 

11,520

   

17,748

 

Current maturities of capital lease and financing obligations

 

12,986

   

14,193

 

Accrued employee compensation and benefits

 

10,098

   

13,547

 

Deferred franchise revenue, short-term

 

10,851

   

11,001

 

Other accrued expenses

 

15,047

   

16,001

 

     Total current liabilities

 

235,969

   

304,924

 

Long-term debt, less current maturities

 

1,267,468

   

1,269,849

 

Capital lease obligations, less current maturities

 

60,268

   

61,895

 

Financing obligations, less current maturities

 

38,981

   

39,200

 

Deferred income taxes, net

 

114,522

   

119,996

 

Deferred rent payable

 

62,371

   

69,112

 

Deferred franchise revenue, long-term

 

68,581

   

70,432

 

Other non-current liabilities

 

19,772

   

18,071

 

     Total liabilities

 

1,867,932

   

1,953,479

 

Commitments and contingencies

       

Stockholders' deficit:

       

Common stock, $0.01 par value, shares: 40,000,000 authorized; March 31, 2018 - 25,013,067 issued, 17,922,137 outstanding; December 31, 2017 - 25,022,312 issued, 17,993,124 outstanding

 

250

   

250

 

Additional paid-in-capital

 

264,994

   

276,408

 

Accumulated deficit

 

(52,867)

   

(69,940)

 

Accumulated other comprehensive loss

 

(58)

   

(105)

 

Treasury stock, at cost; shares: March 31, 2018 - 7,090,930; December 31, 2017 - 7,029,188

 

(429,205)

   

(422,153)

 

Total stockholders' deficit

 

(216,886)

   

(215,540)

 

     Total liabilities and stockholders' deficit

 

$

1,651,046

   

$

1,737,939

 

 

 

Dine Brands Global, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 
   

Three Months Ended

   

March 31,

   

2018

 

2017

       

(as adjusted)

Cash flows from operating activities:

       

Net income

 

$

17,073

   

$

15,595

 

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

       

Closure and impairment charges

 

2,594

   

209

 

Depreciation and amortization

 

7,940

   

7,706

 

Non-cash interest expense

 

864

   

827

 

Deferred income taxes

 

(1,182)

   

(2,714)

 

Non-cash stock-based compensation expense

 

3,368

   

6,165

 

Gain on disposition of assets

 

(1,421)

   

(109)

 

Other

 

(6,199)

   

(2,932)

 

Changes in operating assets and liabilities:

       

Accounts receivable, net

 

(8,804)

   

(818)

 

Current income tax receivables and payables

 

5,529

   

7,176

 

Gift card receivables and payables

 

(2,269)

   

(7,855)

 

Other current assets

 

5,709

   

(736)

 

Accounts payable

 

65

   

1,745

 

Accrued employee compensation and benefits

 

(3,448)

   

(2,162)

 

Other current liabilities

 

(3,351)

   

(2,554)

 

Cash flows provided by operating activities

 

16,468

   

19,543

 

Cash flows from investing activities:

       

Additions to property and equipment

 

(3,488)

   

(2,997)

 

Proceeds from sale of property and equipment

 

655

   

 

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

 

4,930

   

5,002

 

Additions to long-term receivables

 

(2,325)

   

 

Other

 

(27)

   

(188)

 

Cash flows (used in) provided by investing activities

 

(255)

   

1,817

 

Cash flows from financing activities:

       

Repayment of long-term debt

 

(3,250)

   

 

Dividends paid on common stock

 

(17,453)

   

(17,432)

 

Repurchase of common stock

 

(10,003)

   

(10,003)

 

Principal payments on capital lease and financing obligations

 

(4,536)

   

(3,608)

 

Tax payments for restricted stock upon vesting

 

(1,083)

   

(2,022)

 

Proceeds from stock options exercised

 

456

   

1,474

 

Cash flows used in financing activities

 

(35,869)

   

(31,591)

 

Net change in cash, cash equivalents and restricted cash

 

(19,656)

   

(10,231)

 

Cash, cash equivalents and restricted cash at beginning of period

 

163,146

   

185,491

 

Cash, cash equivalents and restricted cash at end of period

 

$

143,490

   

$

175,260

 

 

Dine Brands Global, Inc. and Subsidiaries

Non-GAAP Financial Measures

(In thousands, except per share amounts)

(Unaudited)

 

Reconciliation of net income available to common stockholders to net income available to common stockholders, as adjusted for the following items: closure and impairment charges; executive separation costs; amortization of intangible assets;  non-cash interest expense; gain or loss on disposition of assets; and the combined tax effect of the preceding adjustments, as well as related per share data:

 
   

Three Months Ended

   

March 31,

   

2018

 

2017

Net income available to common stockholders, as reported

 

$

16,505

   

$

15,312

 

Closure and impairment charges

 

2,604

   

217

 

Executive separation costs

 

   

8,782

 

Amortization of intangible assets

 

2,502

   

2,500

 

Non-cash interest expense

 

864

   

827

 

Gain on disposition of assets

 

(1,427)

   

(109)

 

Income tax provision

 

(1,181)

   

(4,642)

 

Net income allocated to unvested participating restricted stock

 

(111)

   

(117)

 

Net income available to common stockholders, as adjusted

 

$

19,756

   

$

22,770

 
         

Diluted net income available to common stockholders per share:

       

Net income available to common stockholders, as reported

 

$

0.92

   

$

0.86

 

Closure and impairment charges

 

0.11

   

0.01

 

Executive separation costs

 

   

0.31

 

Amortization of intangible assets

 

0.10

   

0.09

 

Non-cash interest expense

 

0.04

   

0.03

 

Gain on disposition of assets

 

(0.06)

   

(0.00)

 

Net income allocated to unvested participating restricted stock

 

(0.00)

   

(0.01)

 

Rounding

 

   

(0.01)

 

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

 

$

1.11

   

$

1.28

 
         

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

 

$

19,756

   

$

22,770

 

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

 

1

   

3

 

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

 

$

19,757

   

$

22,773

 
         

Denominator for basic EPS-weighted-average shares

 

17,703

   

17,694

 

Dilutive effect of stock options

 

142

   

43

 

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

 

17,845

   

17,737

 

 

Dine Brands Global, Inc. and Subsidiaries

Non-GAAP Financial Measures

(Unaudited)

 

Reconciliation of the Company's cash provided by operating activities to "adjusted free cash flow" (cash provided by operating activities, plus receipts from notes and equipment contracts receivable, less additions to property and equipment). Management uses this liquidity measure in its periodic assessments of, among other things, the amount of cash dividends per share of common stock and repurchases of common stock and we believe it is important for investors to have the same measure used by management for that purpose. Adjusted free cash flow does not represent residual cash flow available for discretionary purposes.

 
   

Three Months Ended

   

March 31,

   

2018

 

2017

   

(In millions)

Cash flows provided by operating activities

 

$

16.5

   

$

19.5

 

Receipts from notes and equipment contracts receivable

 

2.3

   

2.7

 

Additions to property and equipment

 

(3.5)

   

(3.0)

 

Adjusted free cash flow

 

15.3

   

19.2

 

Dividends paid on common stock

 

(17.5)

   

(17.4)

 

Repurchase of Dine Brands common stock

 

(10.0)

   

(10.0)

 
   

$

(12.2)

   

$

(8.2)

 

 

Dine Brands Global, Inc. and Subsidiaries

Restaurant Data

 

The following table sets forth, for the three months ended March 31, 2018 and 2017, 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 and, as such, the percentage change in sales at Effective Restaurants is based on non-GAAP sales data. 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 partially may be 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,

 

2018

   

2017

 

(Unaudited)

Applebee's Restaurant Data

     

Effective Restaurants(a)

     

Franchise

 

1,923

   

2,007

 
       

System-wide(b)

     

Sales percentage change(c)

0.9

%

 

(8.6)

%

Domestic same-restaurant sales percentage change(d)

3.3

%

 

(7.9)

%

       

Franchise(b)

     

Domestic sales percentage change(c)

0.9

%

 

(8.6)

%

Domestic same-restaurant sales percentage change(d)

3.3

%

 

(7.9)

%

Average weekly domestic unit sales (in thousands)

$        47.6

   

$             45.2

 
               

IHOP Restaurant Data

       

Effective Restaurants(a)

       

Franchise

 

1,619

   

1,552

 

Area license

 

164

   

166

 

Company

 

   

10

 

Total

 

1,783

   

1,728

 
         

System-wide(b)

       

Sales percentage change(c)

 

3.9

%

 

0.2

%

Domestic same-restaurant sales percentage change(d)

 

1.0

%

 

(1.7)

%

         

Franchise(b)

       

Sales percentage change(c)

 

4.9

%

 

0.7

%

Domestic same-restaurant sales percentage change(d)

 

1.0

%

 

(1.7)

%

Average weekly domestic unit sales (in thousands)

 

$          37.1

   

$           36.9

 
         

Area License (b)

       

Sales percentage change(c)

 

(0.2)

%

 

(3.7)

%

                 

 

Dine Brands Global, Inc. and Subsidiaries

Restaurant Data

   

(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 franchisees and area licensees as well as those owned by the Company.

   

(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. An increase in franchisees' reported sales will result in a corresponding increase in our royalty revenue, while a decrease in franchisees' reported sales will result in a corresponding decrease in our royalty revenue. Unaudited reported sales for Applebee's domestic franchise restaurants, IHOP franchise restaurants and IHOP area license restaurants for the three months ended March 31, 2018 and 2017 were as follows:

   
   

Three Months Ended

   

March 31,

   

2018

 

2017

 

(In millions)

Reported sales (unaudited)

       

Applebee's domestic franchise restaurant sales

 

$

1,095.6

   

$

1,086.2

 

IHOP franchise restaurant sales

 

780.6

   

$

744.2

 

IHOP area license restaurant sales

 

75.3

   

$

72.5

 

Total

 

$

1,951.5

   

$

1,902.9

 
   

(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.

 

Dine Brands Global, Inc. and Subsidiaries

Restaurant Data

 (unaudited)

 

The following table summarizes our restaurant development activity:

 
   

Three Months Ended

   

March 31,

   

2018

 

2017

Applebee's Restaurant Development Activity

       

Beginning of period:

 

1,936

   

2,016

 

Franchise restaurants opened:

       

Domestic

 

   

1

 

International

 

2

   

 

Total franchise restaurants opened

 

2

   

1

 

Franchise restaurants closed:

       

Domestic

 

(22)

   

(19)

 

International

 

(4)

   

 

Total franchise restaurants closed

 

(26)

   

(19)

 

Net franchise restaurant reduction

 

(24)

   

(18)

 

Total Applebee's restaurants, end of period

 

1,912

   

1,998

 

Domestic

 

1,760

   

1,843

 

International

 

152

   

155

 

IHOP Restaurant Development Activity

       

Summary - beginning of period:

       

Franchise

 

1,622

   

1,556

 

Area license

 

164

   

167

 

Company

 

   

10

 

Total IHOP restaurants, beginning of period

 

1,786

   

1,733

 

Franchise/area license restaurants opened:

       

Domestic franchise

 

13

   

11

 

International franchise

 

3

   

4

 

Total franchise/area license restaurants opened

 

16

   

15

 

Franchise/area license restaurants closed:

       

Domestic franchise

 

(5)

   

(7)

 

International franchise

 

(6)

   

 

Total franchise/area license restaurants closed

 

(11)

   

(7)

 

Net franchise/area license restaurant development

 

5

   

8

 

Summary - end of period

       

Franchise

 

1,627

   

1,564

 

Area license

 

164

   

167

 

Company

 

   

10

 

Total IHOP restaurants, end of period

 

1,791

   

1,741

 

Domestic

 

1,679

   

1,641

 

International

 

112

   

100

 

Contacts:

Ken Diptee
Executive Director
Investor Relations
Dine Brands Global, Inc.
818-637-3632

Thien Ho
Executive Director
Communications
Dine Brands Global, Inc.
818-549-4238

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/dine-brands-global-inc-reports-first-quarter-2018-results-300640838.html

SOURCE Dine Brands Global, Inc.

###

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