4th-Quarter Earnings Jump 57% at IHOP Corp.

IHOP Corp., the Glendale-based franchiser of the International House of Pancakes restaurant chain, said its fourth-quarter earnings jumped 57%, to $1.85 million from $1.18 million a year earlier, while its revenue inched up 4%, to $27.5 million from $26.5 million.

For the year ended Dec. 31, the company’s profit rose 50%, to $4.7 million from $3.1 million. Excluding a one-time charge of $637,000 for the early retirement of some debt, net income for the full year would have jumped 70% to $5.3 million. IHOP’s annual revenue rose 8%, to $105.3 million from $97.3 million in 1990.

The company said the gains partly reflected its remodeling program for existing outlets and the addition of its newly opened restaurants.

IHOP’s systemwide sales--the sales of all 499 International House of Pancakes restaurants, including franchises and those operated by IHOP itself--rose 8.9% in the fourth quarter, to $103 million, and climbed 7.4% for the year to $414 million. Same-store sales--sales of stores open at least a year--increased 5.9% in the fourth quarter and 3.5% for the year.