IHOP 2008 Annual Report Download - page 3
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To our DineEquity
family of shareholders:
2008 was an incredibly exciting time
for our Company. IHOP celebrated
its 50th birthday as the number one
leader in family dining and we made
substantive progress in energizing the
Applebee’s brand and repositioning
the business for long-term, value-generating success. In 2008, we executed our
plan as expected with the successful integration of our two great brands, the
formation of a shared services operating structure, new faces at the management
level and, of course, a new Company name — DineEquity — to better represent
the combined power of the Applebee’s and IHOP businesses going forward.
2008 also brought the unexpected, including a rapid deterioration of the global
economy and U.S. credit markets.
These unexpected developments clearly impacted our industry and brought
new challenges for our management team, our franchisees and employees. We
condently faced these challenges by remaining true to the core of what has
made us so successful to date: our proven ability to energize brands, a franchising
capability that is one of the best in the industry, disciplined expense control and
capital expenditure management, and a business model that has been optimized
to promote the generation of signicant free cash ow. And, our core operating
principle is built around focusing on those things within our control. It is because
of these strengths, along with the dedication and support of our franchisees and
employees, that we enter 2009 excited about the opportunities that lie ahead for
both of our brands. Even in this difcult time, our Company is well-positioned to
navigate what we hope are short-term macroeconomic headwinds and continue our
work toward becoming the number one franchising company in the world.
DineEquity.
Great franchisees.
Great brands.
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