No Bonuses for IHOP Execs After Missing Profit Targets

Top executives with Glendale-based IHOP Corp. missed out on bonuses last year because the restaurant chain missed profit projections.

The company, which operates the International House of Pancakes chain, said in a regulatory filing Friday that President and Chief Executive Julia Stewart and six other current and former executives were denied bonuses.

A spokesman declined to say what the profit targets were.

For 2002, IHOP saw a 1.3% increase in net income to $40.8 million, or $1.92 a share, compared with net income of $40.3 million in 2001.

Stewart got $441,667 in salary, plus $244,309 in forgiven loans, according to the proxy statement filed Friday. Stewart did not receive any stock options in 2002 but was given a grant covering 150,000 shares when she joined IHOP in late 2001.

Richard K. Herzer, who stepped down as CEO in May and gave up the board chairmanship in January, got $738,690 in salary in 2002 and was given options to buy 30,000 shares.

IHOP shares gained 61 cents Thursday to close at $24.81 on the New York Stock Exchange.