IHOP’s 2nd-Quarter Profit Doubles Over Year Earlier
IHOP Corp., the Glendale-based parent of the International House of Pancakes restaurant chain, said its second-quarter profit more than doubled from a year earlier, to $1.1 million from $542,000.
The higher earnings in the quarter that ended June 30 came on a 19% increase in IHOP’s revenue, to $27.5 million from $23.2 million. For the first half of this year, IHOP’s net income jumped to $1.53 million from $608,000, and its six-month revenue climbed 12% to $50.1 million from $44.6 million.
The IHOP system includes 497 restaurants in 36 states, Canada and Japan. Of those, 330 are operated by franchisees. IHOP sold its first stock to the public on July 12, with an initial offering of 3.1 million shares priced at $10 each. An additional 3.2 million shares were offered by certain selling stockholders.