IHOP 2010 Annual Report Download - page 50

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, 2010, 2009, 2008, 2007 and 2006 are derived from our audited
consolidated financial statements.
Fiscal Year Ended December 31,
2010 2009 2008 2007(a) 2006
(In millions, except per share amounts)
Segment Revenues
Franchise revenues ......................................... $ 376.7 $ 372.2 $ 353.3 $ 205.8 $179.3
Company restaurant sales ..................................... 815.6 890.0 1,103.2 125.9 13.6
Rental income ............................................ 124.5 133.9 131.4 132.4 132.1
Financing revenues ......................................... 16.3 17.9 25.7 20.5 24.6
Total revenues .......................................... 1,333.1 1,414.0 1,613.6 484.6 349.6
Segment Expenses
Franchise expenses ......................................... 103.8 102.2 96.2 88.1 83.1
Company restaurant expenses .................................. 699.3 766.5 978.2 117.4 15.6
Rental expenses ........................................... 96.1 97.3 98.1 98.4 97.9
Financing expenses ......................................... 2.0 0.4 7.3 1.3 4.3
Total segment expenses ..................................... 901.2 966.4 1,179.8 305.2 200.9
Segment gross profit ........................................ 431.9 447.6 433.8 179.4 148.7
General and administrative expenses .............................. 159.6 158.5 182.3 81.6 63.5
Interest expense ........................................... 171.5 186.5 203.2 28.7 7.9
Impairment and closure charges ................................. 3.5 105.1 240.6 4.4 —
Amortization of intangible assets ................................ 12.3 12.3 12.1 1.1 —
Loss (gain) on extinguishment of debt ............................. 107.0 (45.7) (15.2) 2.2 —
Other (income) expense, net ................................... (9.9) (5.7) (1.0) 2.0 4.4
Loss on derivative financial instrument ............................. — — — 62.1 —
Income (loss) before income taxes ................................. (12.1) 36.6 (188.2) (2.7) 72.9
Benefit (provision) for income taxes ................................ 9.3 (5.2) 33.7 2.2 (28.3)
Net (loss) income ........................................... $ (2.8) $ 31.4 $ (154.5) $ (0.5) 44.6
Net (loss) income ........................................... $ (2.8) $ 31.4 $ (154.5) $ (0.5) $ 44.6
Less: Series A Preferred stock dividends ............................. (25.9) (19.5) (19.0) (1.5) —
Less: Accretion of Series B Preferred stock ........................... (2.4) (2.3) (2.1) (0.2) —
Less: Net loss (income) allocated to unvested participating restricted stock ........ 1.1 (0.4) 6.4 — —
Net (loss) income available to common stockholders ...................... $ (30.0) $ 9.2 $ (169.2) $ (2.2) $ 44.6
Net (loss) income available to common stockholders per share:
Basic ................................................. $ (1.74) $ 0.55 $ (10.09) $ (0.13) $ 2.46
Diluted ................................................ $ (1.74) $ 0.55 $ (10.09) $ (0.13) $ 2.43
Weighted average shares outstanding:
Basic ................................................. 17.2 16.9 16.8 17.2 18.1
Diluted ................................................ 17.2 16.9 16.8 17.2 18.3
Dividends declared per common share(b) ............................ — — $ 1.00 $ 1.00 $ 1.00
Dividends paid per common share(b) ............................... — — $ 1.00 $ 1.00 $ 1.00
Balance Sheet Data (end of year)
Cash and cash equivalents .................................... $ 102.3 $ 82.3 $ 114.4 $ 26.8 $ 19.5
Restricted cash—short-term .................................... 0.9 72.7 83.4 128.1 —
Restricted cash—long-term .................................... 0.8 48.2 53.4 58.0 —
Property and equipment, net ................................... 612.2 771.4 824.5 1,139.6 309.7
Total assets .............................................. 2,856.6 3,100.9 3,361.2 3,831.2 766.3
Long-term debt, net of current maturities ........................... 1,631.5 1,637.2 1,853.4 2,263.9 94.5
Financing obligations, net of current maturities ........................ 237.8 309.4 318.7 — —
Capital lease obligations, net of current maturities ...................... 144.0 152.8 161.3 168.2 170.4
Stockholders’ equity ........................................ 83.6 69.9 42.8 209.4 289.2
(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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