IHOP profit falls more than 10%

Glendale-based restaurant operator IHOP Corp. said first-quarter profit dropped more than 10% as results were hampered by financing costs.

IHOP earned $11.3 million, or 63 cents a share, down from $12.6 million, or 68 cents, a year earlier. The company said it completed $200 million in securitized financing during the quarter, which decreased earnings per share by 7.4% because of a penalty for paying off older debt.

First-quarter revenue climbed to $90.1 million from $88.5 million a year earlier.

IHOP shares rose 12 cents to $59.87.