IHOP Corp. Reports a Record 2nd Quarter

IHOP Corp., the Glendale-based chain of International House of Pancake restaurants, reported record earnings for the second quarter ended June 30.

IHOP’s net income was $3.7 million, up 170% from earnings of $1.37 million reported for the same three-month period a year ago. The second quarter results of 1993 included a non-recurring charge of $2.5 million related to litigation, the company said.

Revenues for the second quarter increased 5% to $37.2 million from $35.5 million for the June quarter of 1993.

For the first six months of 1994, the company reported net income of $5.95 million on revenues of $69.9 million, compared to earnings of $2.81 million on revenues of $65.7 million for the first six months of 1993.

IHOP opened 10 new restaurants during the second quarter, bringing the total to 589 locations in the United States, Canada and Japan. The company said it expects to have opened 53 new restaurants by the end of 1994.