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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
95
18. Selected Quarterly Financial Data (Unaudited)
Revenues(1) Operating
Margin
Net Income
(Loss)
Net Income
(Loss)
Per Share—
Basic(2)
Net Income
(Loss)
Per Share—
Diluted(2)
(In thousands, except per share amounts)
2014
1st Quarter ................................................ $ 167,201 $ 97,072 $ 20,824 $ 1.09 $ 1.08
2nd Quarter ............................................... 160,521 94,473 19,167 1.00 1.00
3rd Quarter................................................ 162,853 91,629 18,887 0.99 0.99
4th Quarter (1) ................................................. 164,413 91,941 (22,425)(1.18) n/a
2013
1st Quarter ................................................ $ 163,169 $ 94,424 $ 18,239 $ 0.95 $ 0.93
2nd Quarter ............................................... 158,114 91,026 16,937 0.88 0.87
3rd Quarter................................................ 161,283 93,043 18,730 0.98 0.97
4th Quarter................................................ 157,901 91,199 18,131 0.95 0.94
______________________________________________________________________________________________________
(1) Net income was impacted by loss on extinguishment of debt related to the Company's refinancing of its long-term debt. See Note 7 of Notes to
Consolidated Financial Statements.
(2) The quarterly amounts may not add to the full year amount as each quarterly calculation is discrete from the full-year calculation.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We maintain “disclosure controls and procedures,” as such terms are defined in Rule 13a-15(e) and 15d-15(e) promulgated
under the Exchange Act of 1934, as amended, that are designed to ensure that information required to be disclosed by us in
reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including
our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
In designing and evaluating our disclosure controls and procedures, management recognized that disclosure controls and
procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the
objectives of the disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, our
management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure
controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions
about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals
under all potential future conditions.
Based on their assessment as of the end of the period covered by this report, our Chief Executive Officer and Chief
Financial Officer have concluded that our disclosure controls and procedures were effective at the reasonable assurance level.
Management's Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f). All internal control systems, no matter how well designed, have
inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with
respect to financial statement preparation and presentation.
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief
Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of
December 28, 2014 based on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of