DineEquity Softens Losses in Fourth Quarter

Restaurant operator and franchisor DineEquity Inc. narrowed its net loss in the fourth quarter when compared to the previous year. The Glendale-based company, owner of the IHOP and Appelbee’s brands, said a write down of Applebee’s intangible assets contributed to the quarterly results. DineEquity reported a net loss of $48.2 million, or $2.84 per diluted share, on revenues of $355.2 million for the quarter ending Dec. 31. For the same period in 2008, the company had a net loss of $137.1 million, or $8.15 per diluted share, on revenues of $355.5 million. For fiscal 2009, net income was $9.2 million, or $0.55 per diluted share, on revenues of $1.4 billion. For the previous fiscal year, the company reported a net loss of $154.5 million, or $10.09 per diluted share, on revenues of $1.6 billion. Same store sales decreased for the quarter and fiscal year at both IHOP and Applebee’s, a reflection of fewer customers and lower average guest checks. Shares in DineEquity closed up at $1.20.