IHOP’s 2nd-Quarter Earnings Up 59% From ’91

IHOP Corp., the Glendale-based parent of the International House of Pancakes restaurant chain, said its second-quarter earnings jumped 59% from a year earlier despite a 3% dip in revenue.

In the quarter that ended June 30, IHOP’s net income rose to $1.75 million from $1.10 million a year earlier, while its revenue fell to $26.8 million from $27.5 million.

The IHOP system includes 505 restaurants, with 49 operated by the company and the rest by franchisees and area licensees. Systemwide sales for the chain in the second quarter rose 12%, to $114 million, from a year ago and its sales from restaurants open at least a year increased 7%, the company said.

IHOP’s profit for the first half of 1992 soared 78%, to $2.72 million from $1.53 million a year earlier, and its six-month revenue edged up 2%, to $51.1 million from $50.1 million. Systemwide sales for the six months rose 12%, to $226 million, and same-store sales climbed 7% from year-earlier levels.