Growth Leads to Higher Profits for IHOP Corp.
IHOP Corp., the Glendale franchiser and operator of International House of Pancakes restaurants, reported strong gains in profits for its fourth quarter and year ended Dec. 31.
In the fourth quarter, IHOP earned $4.46 million, up 59% from $2.81 million in net income a year before. Its revenue in the quarter rose 15%, to $38.6 million from $33.7 million a year earlier.
For all of 1993, the company had a profit of $10.7 million, a 35% increase from a $7.93 million profit in 1992. Last year its annual revenue grew 25%, to $142.5 million from $114 million the year before.
IHOP said the results reflected its growth strategy. The company opened 64 new restaurants last year.