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DineEquity Sees Earnings Boost

Gains on debt repurchases and asset sales boosted DineEquity Inc.’s earnings for the first quarter of 2009. The Glendale-based company, which owns the Applebee’s and IHOP restaurant chains, reported Tuesday that earnings more than tripled this quarter compared to the year before. Profit available to common shareholders rose to $30.6 million, or $1.80 per share, from $8.3 million, or 50 cents per share, a year ago. Excluding gains on the extinguishment of debt and asset sales, net income was 72 cents per share. Revenue fell 16 percent to $374.2 million from $442.8 million last year. The company said its securitized debt was reduced by $87.8 million due in part to the retirement of $78.4 million of debt at a discount to face value and proceeds generated from the sale of Applebee’s company-operated restaurants in New Mexico. DineEquity and its franchisees own or operate almost 3,400 restaurants under the Applebee’s Neighborhood Grill & Bar and IHOP brands.

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