IHOP Corp. Reports Record Fourth Quarter and Year End 2001 Results. (28-FEB-02) PR Newswire

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IHOP Corp. Reports Record Fourth Quarter and Year End 2001 Results.

Publication: PR Newswire

Publication Date: 28-FEB-02

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GLENDALE, Calif. -- IHOP Corp. today announced results for its fourth quarter and fiscal year ended December 31, 2001 and commented on its current outlook for fiscal 2002.

The Company reported net income for the fourth quarter 2001 of $11.6 million, or diluted earnings per share of $0.55 compared with net income of $9.7 million, or diluted earnings per share of $0.48 in the fourth quarter of 2000 -- an increase of 18.8% in net income and 14.6% in diluted earnings per share. For the full year 2001, net income was $40.3 million, or $1.94 per diluted share, compared with net income of $35.3 million, or $1.74 per diluted share in 2000 -- an increase of 14.0% in net income and 11.5% in diluted earnings per share.

In the fourth quarter 2001 total revenues were $90.4 million, an increase of 5.3% over the fourth quarter of 2000. For the year ended December 31, 2001, total revenues were $324.4 million, an increase of 7.0% over the same period in 2000.

System-wide comparable stores sales increased 0.6% for the quarter and 0.8% for the year ended December 31, 2001.

In the fourth quarter 2001, IHOP franchised 40 restaurants, which equaled the 40 restaurants franchised in the fourth quarter of 2000. For the year ended December 31, 2001, IHOP franchised 95 restaurants, which equaled the 95 restaurants franchised in 2000.

Commencing in the third quarter, the Company's effective annual tax rate for 2001 was adjusted to 37.5% to reflect the positive results of the Company's tax planning efforts. The effective tax rate in 2000 was 38.5%.

Richard K. Herzer, IHOP Corp. chairman and chief executive officer, said, "We are extremely pleased with our performance for the quarter and the year. Our success speaks both to our leadership in the family dining segment and the continuing brand differentiation of IHOP. We achieved record growth on the top and bottom lines as system-wide sales reached $1.3 billion for the year and our net income performance produced 18.8 percent and 14.0 percent gains for the quarter and year, respectively. Key drivers for these gains were our ability to successfully develop, open and franchise...

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