Profits at IHOP Corp. sunk in the second quarter, decreasing 13.6 percent to $10.3 million and earnings per share dipped 6.7 percent to $0.56. The restaurant operator’s revenues rose to $85.1 million in the quarter ended June 30, compared to $82.9 million in the same period a year ago. IHOP said its second quarter performance was due to increased general and administrative expenses as a result of development efforts in Cincinnati, and reiterated its 2006 earnings guidance of $2.25 to $2.35 per diluted share. “The decreases in net income and diluted net income per share resulted primarily from a 21.4 percent increase in G & A; expenses, offset in part by an 8.0 percent reduction in diluted average weighted shares outstanding due to ongoing share repurchases by the company,” IHOP said in a press release.