DineEquity Inc. recorded a nearly 4-percent decline in fourth-quarter income, largely reflecting the completion of its transition to a 99-percent franchised operation. Adjusted net income increased 20 percent to $18.6 million, or 98 cents per share, compared with $15.5 million, or 83 cents per share, a year ago, which includes $1.7 million in fees associated with the sale of units between two existing franchisees.
For fiscal 2014, the Glendale, Calif.-based company is projecting Applebee’s same-store sales will range between negative 2 percent and positive 1 percent. IHOP’s same-store sales for the year are expected to increase between 0.5 percent and 2 percent. DineEquity franchises and operates 2,014 Applebee’s and 1,603 IHOP units in 19 countries.
4Q NET INCOME
Result: $18.1 million, or 94 cents per share% Decrease: 3.7% (from $18.8 million, or 97 cents per share)
4Q REVENUE
Result: $157.9 million% Decrease: 0.5% (from $158.6 million)
4Q SAME-STORE SALES
% Decrease at Appebee's domestic units systemwide: 0.7%
% Increase at IHOP domestic units systemwide: 4.5%
Source: Company report
FULL YEAR NET INCOME
Result: $72 million, or $3.70 cents per share% Decrease: 44% (from $127.7 million, or $6.63 per share)
FULL YEAR REVENUE
Result: $640.5 million% Decrease: 25% (from $849.9 million)
FULL YEAR SAME-STORE SALES
% Decrease at Appebee's domestic units systemwide: 0.3%
% Increase at IHOP domestic units systemwide: 2.4%
Source: Company report
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Contact Lisa Jennings at [email protected].
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