DineEquity Inc. (DIN), the parent company of Applebee's Neighborhood Grill & Bar and IHOP Restaurants, Tuesday reported a profit for the second quarter, due to the absence of impairment and closure charges, which affected last year's results. Quarterly results were also benefited by lower interest expense and reduced general & administrative expenses, which helped to offset a drop in revenues.
The Glendale, California-based company posted net income available to common stockholders of $18.8 million or $1.09 per share for the second quarter, compared to a loss of $23.7 million or $1.42 per share in the prior year quarter. Result for the year-ago quarter mainly included impairment and closure charges of $41.2 million or $2.46 per share.
Excluding items, adjusted net income available to common shareholders soared to $12.9 million or $0.74 per share from $0.4 million or $0.02 per share in the year-ago quarter.
On average, 5 analysts polled by Thomson Reuters expected the company to earn $0.36 per share for the second quarter.
Second quarter revenues declined to $349.65 million from $424.13 million in the same quarter last year. Three analysts had a consensus revenue estimate of $354.64 million for the second quarter.
IHOP's system-wide domestic same-store sales dropped 0.6%, while Applebee's system-wide domestic same-store sales decreased 4.3% for the second quarter.
Total costs and expenses for the second quarter eased to $313.3 million from $454.4 million in the prior year quarter.
For the first half of 2009, the company reported net income available to common stockholders of $49.4 million or $2.87 per share, compared to a loss of $15.5 million or $0.93 per share in the year-ago period.
Adjusted net income available to common stockholders grew to $24.8 million or $1.45 per share from $8.7 million or $0.52 per share in the prior year period.
Total revenues for the year-to-date period declined to $725.21 million from $866.92 million in the previous year period.
Looking ahead to fiscal 2009, the company still expects Applebee's company-operated same-store sales performance to range between negative 2% to negative 5%, with domestic system-wide same-store sales to perform at similar levels. The company also continues to expect IHOP's system-wide same-store sales performance to range between positive 1% and negative 1%.
DIN is currently trading at $27.25, down $3.84 or 12.35%.
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