GLENDALE, Calif., Sept. 17 /PRNewswire/ -- IHOP Corp. (NYSE: IHP), the developer, franchisor and operator of International House of Pancakes Restaurants, announced that its stock will begin trading on the New York Stock Exchange (NYSE) under the ticker symbol "IHP" effective today. IHOP's stock had previously been traded on the NASDAQ Stock Market under the ticker symbol "IHOP." In making the move to the NYSE, Richard K. Herzer, chairman and chief executive officer of IHOP Corp., said, "We are honored to be listed on the world's premier equity exchange. It is a fitting match for one of America's blue chip family restaurants to be listed on the blue chip exchange. In addition to the prestige that is associated with the listing, we believe that the NYSE auction system will provide investors increased accessibility to IHOP's stock, allowing for better execution of trades and a more orderly market for our shares." "IHOP represents the quality of management and business development that exemplifies the best qualities of NYSE listed companies," said Richard A. Grasso, Exchange chairman and chief executive officer. "We are proud to add such a top-notch, well-known American brand to our family." Growth Milestones Herzer said, "In 1998, we were able to pass the billion-dollar mark in system-wide sales for IHOP restaurants, showing the continuing strength of our brand and the successful implementation of our growth strategies. Our listing on NYSE marks another important milestone for IHOP. Going forward, we remain committed to building shareholder value by focusing on the fundamentals of our business. This includes serving good food in pleasant, friendly surroundings, finding and developing the most qualified franchisee operators, developing new restaurants in the best available locations and building IHOP's brand through incremental improvements while preserving what works." About IHOP Corp. For the second quarter ended June 30, 1999, IHOP reported record results in net income and system-wide sales. Net income for the quarter was $7,852,000, a 21.5% increase, and net income per diluted share was $0.39, a 21.9% increase. System-wide sales, the sales of all IHOP restaurants, were $278 million, an 11.2% increase. IHOP develops franchises and operates International House of Pancakes restaurants, one of America's best-known national family restaurant chains. As of June 30, 1999, the IHOP system included 864 IHOP restaurants, of which 640 were operated by franchisees, 148 by area licensees and 76 by the Company. IHOP restaurants are located in 37 states, Canada and Japan. For additional information regarding IHOP Corp., please visit our Web site at www.ihop.com. Forward-Looking Statements These are forward looking statements contained in this report. They use such words as "may," "will," "expect," "believe," "plan," or other similar terminology. These statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different than those expressed or implied in such statements. These factors include, but are not limited to: availability of suitable locations and terms of the sites designated for development; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; conditions beyond the Company's control such as weather or natural disasters; availability and cost of materials and labor; cost and availability of capital, competition; continuing acceptance of the International House of Pancakes brand and performance, economic and political conditions; adoption of new, or changes in accounting policies and practices; the impact, if any, of listing the Company's stock on the NYSE, the manner of execution of trading and price volatility for its shares and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. Forward-looking information is provided by the Company pursuant to the safe harbor established in the context of these factors. The Company disclaims any intent or obligation to update these forward-looking statements. For additional information regarding IHOP Corp., please visit IHOP's Web site at www.ihop.com.
SOURCE IHOP Corp.