IHOP 2008 Annual Report Download - page 48

Item 6. Selected Financial Data.
The following selected consolidated financial data should be read in conjunction with the
consolidated financial statements and notes thereto and ‘‘Management’s Discussion and Analysis of
Financial Condition and Results of Operations’’ appearing elsewhere in this Annual Report on
Form 10-K. The consolidated statement of operations and the consolidated balance sheet data for the
years ended and as of December 31, 2008, 2007, 2006, 2005 and 2004 are derived from our audited
consolidated financial statements. Fiscal Year Ended December 31,
2008 2007(a) 2006 2005 2004
(In thousands, except per share amounts)
Revenues
Franchise revenues ............................. $ 353,331 $ 205,757 $179,331 $167,384 $157,584
Company restaurant sales ......................... 1,103,228 125,905 13,585 13,964 31,564
Rental income ................................ 131,347 132,422 132,101 131,626 131,763
Financing revenues ............................. 25,722 20,475 24,543 35,049 38,091
Total revenues .............................. 1,613,628 484,559 349,560 348,023 359,002
Costs and expenses
Franchise expenses ............................. 96,243 88,054 83,079 78,768 77,402
Company restaurant expenses ...................... 978,197 117,448 15,601 15,095 34,701
Rental expenses ............................... 98,057 98,402 97,904 98,391 95,392
Financing expenses ............................. 7,314 1,215 4,240 12,299 12,556
General and administrative expenses .................. 182,239 81,597 63,543 58,801 59,890
Interest expense ............................... 203,141 28,654 7,902 8,322 8,395
Impairment and closure charges ..................... 240,630 4,381 43 896 14,112
Amortization of intangible assets .................... 12,132 1,132———
(Gain) loss on extinguishment of debt ................. (15,242) 2,223———
Other (income) expense, net ....................... (926) 2,030 4,398 4,585 2,387
Loss on derivative financial instrument ................ — 62,131———
Total costs and expenses ........................ 1,801,785 487,267 276,710 277,157 304,835
(Loss) income before income taxes .................... (188,157) (2,708) 72,850 70,866 54,167
(Benefit) provision for income taxes ................... (33,698) (2,228) 28,297 26,929 20,746
Net (loss) income ............................... $(154,459) $ (480) $ 44,553 $ 43,937 $ 33,421
Net (loss) income ............................... $(154,459) $ (480) $ 44,553 $ 43,937 $ 33,421
Less: Series A Preferred stock dividends ................. (19,000) (1,561) — — —
Less: Accretion of Series B Preferred stock ............... (2,151) (181) — — —
Less: Net loss allocated to unvested participating restricted stock . 6,417 ————
Net (loss) income available to common stockholders ......... $ (169,193) $ (2,222) $ 44,553 $ 43,937 $ 33,421
Net (loss) income available to common stockholders per share:
Basic ...................................... $ (10.09) $ (0.13) $ 2.46 $ 2.26 $ 1.62
Diluted .................................... $ (10.09) $ (0.13) $ 2.43 $ 2.24 $ 1.61
Weighted average shares outstanding:
Basic ...................................... 16,764 17,232 18,085 19,405 20,606
Diluted .................................... 16,764 17,232 18,298 19,603 20,791
Dividends declared per common share(b) ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Dividends paid per common share(b) .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Balance Sheet Data (end of year)
Cash and cash equivalents ........................ $ 114,443 $ 26,838 $ 19,516 $ 23,111 $ 44,031
Restricted cash—short-term ....................... 83,355 128,138———
Restricted cash—long-term ........................ 53,395 57,962———
Short-term investments .......................... 276 300 — — 14,504
Property and equipment, net ....................... 824,482 1,139,616 309,737 317,959 326,848
Total assets .................................. 3,361,217 3,831,162 766,250 770,203 821,084
Long-term debt, net of current maturities .............. 1,853,367 2,263,887 94,468 114,210 133,768
Financing obligations, net of current maturities ........... 318,651 ————
Capital lease obligations, net of current maturities ......... 161,310 168,242 170,412 172,681 173,925
Stockholders’ equity ............................ 42,767 209,373 289,213 293,846 339,764
(a) We acquired Applebee’s International, Inc. on November 29, 2007. The results of operations related to this acquisition have
been included in our fiscal 2007 consolidated operating results since the date of the acquisition.
(b) Effective December 11, 2008, the Company has suspended payments of dividends to common stockholders for the
foreseeable future.
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