PR Newswire
GLENDALE, Calif., May 2, 2017
GLENDALE, Calif., May 2, 2017 /PRNewswire/ -- DineEquity, Inc. (NYSE: DIN), the parent company of Applebee's Neighborhood Grill & Bar® and IHOP® restaurants, today announced financial results for the first quarter of fiscal 2017.
"The stabilization work on the Applebee's business is ongoing. We have made strategic changes to our organizational structure to start developing talent through more brand-specific expertise. We are also continuing to leverage and build stronger collaborative working relationships with franchisees. We recently announced the appointment of John Cywinski, a highly-regarded industry veteran, as President of Applebee's. Additionally, we recently selected a new advertising agency of record to develop campaigns that will resonate with Applebee's guests on a national scale. Further, we are developing new culinary initiatives to enhance brand relevance," said Richard J. Dahl, Chairman and interim Chief Executive Officer of DineEquity, Inc.
Mr. Dahl added, "I am very confident in the several strategies underway at IHOP to drive sales and traffic as well as improve the guest experience through restaurant remodels and expansion of our off-premise business. Importantly, we have taken action to further empower Applebee's, IHOP and the International division by redirecting team members and resources formerly provided by DineEquity to these operating units."
First Quarter of Fiscal 2017 Financial Highlights
Same-Restaurant Sales Performance
First Quarter of Fiscal 2017
Financial Performance Guidance for Fiscal 2017
DineEquity reiterates its financial performance guidance for fiscal 2017 contained in the press release issued on March 1, 2017. The projections for fiscal 2017 are based on management's expectations as of March 1, 2017.
Investor Conference Call Today
DineEquity will host a conference call to discuss its results on the same day at 8:00 a.m. Pacific Time. To participate on the call, please dial (888) 771-4371 and reference passcode 44695881. International callers, please dial (847) 585-4405 and reference passcode 44695881. A live webcast of the call will be available on DineEquity's website at www.dineequity.com and may be accessed by visiting Events and Presentations under the site's Investors section. Participants should allow approximately ten minutes prior to the call's start time to visit the site and download any streaming media software needed to listen to the webcast. A telephonic replay of the call may be accessed from 10:30 a.m. Pacific Time on May 2, 2017 through 8:59 p.m. Pacific Time on May 9, 2017 by dialing (888) 843-7419 and referencing passcode 44695881#. International callers, please dial (630) 652-3042 and reference passcode 44695881#. An online archive of the webcast will also be available on Events and Presentations under the Investors section of DineEquity's website.
About DineEquity, Inc.
Based in Glendale, California, DineEquity, Inc. (NYSE: DIN), through its subsidiaries, franchises restaurants under the Applebee's Neighborhood Grill & Bar brand and franchises and operates restaurants under the IHOP brand. With more than 3,700 restaurants combined in 18 countries and 3 U.S. territories and approximately 400 franchisees, DineEquity is one of the largest full-service restaurant companies in the world. For more information on DineEquity, visit the Company's website located at www.dineequity.com.
Forward-Looking Statements
Statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words such as "may," "will," "should," "could," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those expressed or implied in such statements. These factors include, but are not limited to: the effect of general economic conditions; the Company's indebtedness; risk of future impairment charges; trading volatility and the price of the Company's common stock; the Company's results in any given period differing from guidance provided to the public; the highly competitive nature of the restaurant business; the Company's business strategy failing to achieve anticipated results; risks associated with the restaurant industry; risks associated with locations of current and future restaurants; rising costs for food commodities and utilities; shortages or interruptions in the supply or delivery of food; ineffective marketing and guest relationship initiatives and use of social media; changing health or dietary preferences; our engagement in business in foreign markets; harm to our brands' reputation; litigation; fourth-party claims with respect to intellectual property assets; environmental liability; liability relating to employees; failure to comply with applicable laws and regulations; failure to effectively implement restaurant development plans; our dependence upon our franchisees; concentration of Applebee's franchised restaurants in a limited number of franchisees; credit risk from IHOP franchisees operating under our previous business model; termination or non-renewal of franchise agreements; franchisees breaching their franchise agreements; insolvency proceedings involving franchisees; changes in the number and quality of franchisees; inability of franchisees to fund capital expenditures; heavy dependence on information technology; the occurrence of cyber incidents or a deficiency in our cybersecurity; failure to execute on a business continuity plan; inability to attract and retain talented employees; risks associated with retail brand initiatives; failure of our internal controls; and other factors discussed from time to time in the Company's Annual and Quarterly Reports on Forms 10-K and 10-Q and in the Company's other filings with the Securities and Exchange Commission. The forward-looking statements contained in this release are made as of the date hereof and the Company assumes no obligation to update or supplement any forward-looking statements.
Non-GAAP Financial Measures
This news release includes references to the Company's non-GAAP financial measure "adjusted net income available to common stockholders (Adjusted EPS)" and "Adjusted free cash flow." "Adjusted EPS" is computed for a given period by deducting from net income or loss available to common stockholders for such period the effect of any closure and impairment charges, any gain or loss related to debt extinguishment, any intangible asset amortization, any non-cash interest expense, any gain or loss related to the disposition of assets, and other items deemed not reflective of current operations. This is presented on an aggregate basis and a per share (diluted) basis. "Adjusted free cash flow" for a given period is defined as cash provided by operating activities, plus receipts from notes and equipment contracts receivable, less capital expenditures. Management uses adjusted free cash flow in its periodic assessments of, among other things, the amount of cash dividends per share of common stock and repurchases of common stock and we believe it is important for investors to have the same measure used by management for that purpose. Adjusted free cash flow does not represent residual cash flow available for discretionary purposes. Management may use certain of these non-GAAP financial measures along with the corresponding U.S. GAAP measures to evaluate the performance of the business and to make certain business decisions. Additionally, adjusted EPS is one of the metrics used in determining payouts under the Company's annual cash incentive plan. Management believes that these non-GAAP financial measures provide additional meaningful information that should be considered when assessing the business and the Company's performance compared to prior periods and the marketplace. Adjusted EPS and adjusted free cash flow are supplemental non-GAAP financial measures and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP.
DineEquity, Inc. and Subsidiaries | ||||||||
Consolidated Statements of Income | ||||||||
(In thousands, except per share amounts) | ||||||||
(Unaudited) | ||||||||
| ||||||||
| | Three Months Ended | ||||||
| | March 31, | ||||||
| | 2017 | | 2016 | ||||
Revenues: | | | | | ||||
Franchise and restaurant revenues | | $ | 123,578 | | | $ | 129,786 | |
Rental revenues | | 30,465 | | | 31,409 | | ||
Financing revenues | | 2,131 | | | 2,329 | | ||
Total revenues | | 156,174 | | | 163,524 | | ||
Cost of revenues: | | | | | ||||
Franchise and restaurant expenses | | 41,007 | | | 40,869 | | ||
Rental expenses | | 22,666 | | | 23,231 | | ||
Total cost of revenues | | 63,673 | | | 64,100 | | ||
Gross profit | | 92,501 | | | 99,424 | | ||
General and administrative expenses | | 50,305 | | | 39,424 | | ||
Interest expense | | 15,363 | | | 15,366 | | ||
Amortization of intangible assets | | 2,500 | | | 2,480 | | ||
Closure and impairment charges, net | | 217 | | | 435 | | ||
(Gain) loss on disposition of assets | | (109) | | | 614 | | ||
Income before income tax provision | | 24,225 | | | 41,105 | | ||
Income tax provision | | (9,862) | | | (15,562) | | ||
Net income | | $ | 14,363 | | | $ | 25,543 | |
Net income available to common stockholders: | | | | | ||||
Net income | | $ | 14,363 | | | $ | 25,543 | |
Less: Net income allocated to unvested participating restricted stock | | (264) | | | (382) | | ||
Net income available to common stockholders | | $ | 14,099 | | | $ | 25,161 | |
Net income available to common stockholders per share: | | | | | ||||
Basic | | $ | 0.80 Werbung Mehr Nachrichten zur DineEquity Aktie kostenlos abonnieren
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