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DINEEQUITY INC (DIN) filed Quarterly Report for the period ended 2011-09-30.
Dineequity has a market cap of $852.7 million; its shares were traded at around $45.95 with a P/E ratio of 13.2 and P/S ratio of 0.7. Dineequity had an annual average earning growth of 15.7% over the past 10 years.
This is the annual revenues and earnings per share of DIN over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of DIN.
Highlight of Business Operations:
The $3.6 million increase in Applebee s franchise revenue was primarily attributable to increased royalty revenue resulting from the refranchising of 149 Applebee s company-operated restaurants in the last twelve months partially offset by a 0.4% decrease in domestic same-restaurant sales. The $1.7 million increase in IHOP franchise revenue (other than advertising) was primarily attributable to a 3.9% increase in effective franchise restaurants partially offset by a decrease of 1.5% in IHOP domestic franchise same-restaurant sales.The $14.8 million increase in Applebee s franchise revenue was primarily attributable to increased royalty revenue resulting from the refranchising of 149 Applebee s company-operated restaurants in the past twelve months, a 2.5% increase in domestic same-restaurant sales and franchise fees from the refranchising of 65 Applebee s company-operated restaurants in the first quarter of 2011. The $4.3 million increase in IHOP franchise revenue (other than advertising) was primarily attributable to an increase in both volume and pricing of pancake and waffle dry mix and an increase of 3.9% in effective franchise restaurants, partially offset by a decrease of 2.4% in IHOP domestic franchise same-restaurant sales.
Rental revenue decreased $3.3 million, of which $1.6 million was due to the default of a former franchisee as noted in “Results of Operations - Nine Months ended September 30, 2011 and 2010” above and $1.2 million was due to the impact on sales-based rent of the 2.4% decline in franchise same-restaurant sales. Rental operations profit decreased by $2.7 million for the nine months ended September 30, 2011 compared to the same period of the prior year primarily because of the franchisee default and the 2.4% decline in domestic franchise same-restaurant sales.
Cash provided by operating activities decreased $2.4 million to $95.1 million for the nine months ended September 30, 2011 from $97.5 million for the nine months ended September 30, 2010. The primary reason for the decrease in cash from operations is a decline in segment profit as the result of the refranchising of 149 Applebee s company-operated restaurants during the last twelve months, partially offset by favorable changes in net working capital used. Net changes in working capital used cash of $16.9 million in 2011 while net changes in working capital used cash of $26.2 million in 2010, a favorable change of $9.3 million. The primary reason for the lower use of working capital is a reduction of $14.3 million in net tax receivables for the nine months ended September 30, 2011 as the result of a tax refund received in January 2011 related to tax deductions associated with the October, 2010 refinancing of our indebtedness.
Net cash provided by investing activities of $48.7 million for the nine months ended September 30, 2011 was primarily attributable to $60.2 million in proceeds from sales of property and equipment and $9.9 million in principal receipts from notes, equipment contracts and other long-term receivables, partially offset by $20.8 million in capital expenditures. Capital expenditures are expected to be approximately $26 million in fiscal 2011.
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