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Thursday, Oct 6, 2022
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IHOP Earnings Up

Restaurant chain IHOP Corp. jumped 25 percent in earnings to $12.6 million, or $0.68 per share on sales of $45.3 million for the first quarter of 2006 due to higher same-store sales from franchise operations. The earnings rose from $10.1 million, or $0.50 per share, on sales of $40.9 million in the same period in 2005. Julia A. Stewart, IHOP’s President and Chief Executive Officer said there was a 5.1 percent growth in same-store sales. There has been a 4.5 percent year-over-year increase in the expansion of IHOP restaurants, with 10 additions during the first quarter of 2006, bringing the total to 1,252 restaurants system-wide. The strong quarter was also attributed to reduced general and administrative expenses and a $10.6 million IHOP stock repurchase of 212,600 shares which lowered the diluted weighted average shares. Cash flow from operating activities increased to $21.5 million in the first quarter compared to $14.9 million in the same period of 2005. Headquartered in Glendale, IHOP expects earnings per share to range between $2.25 and $2.35 for the full year of 2006. IHOP plans to add between 64 and 69 new restaurants by year’s end.

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