Exhibit 99.1
FOR IMMEDIATE RELEASE
| | Stacy Roughan Director, Investor Relations IHOP Corp. 818-637-3632 |
IHOP CORP. INCREASES SHARE REPURCHASE AUTHORIZATION TO A
TOTAL OF 5.2 MILLION SHARES
GLENDALE, Calif., May 5, 2006 — IHOP Corp. (NYSE: IHP) today announced that its Board of Directors has approved a 600,000 share increase in the Company’s share repurchase authorization, bringing the total authorization to 5.2 million shares. Since the inception of its share repurchase program in January 2003, IHOP has repurchased approximately 4.3 million shares out of a total previous authorization of 4.6 million shares as of March 31, 2006.
Julia A. Stewart, IHOP’s President and Chief Executive Officer, said, “This increase in our share repurchase authorization reflects our continuing confidence in the strength of IHOP’s core business and the Company’s ability to generate significant cash flow. Share repurchase remains an important way in which IHOP can maximize shareholder value at this time, and this increased authorization will provide us the flexibility to do just that.”
Any share repurchases under this program may be made in the open market, or otherwise. Depending on market conditions and other factors, these purchases may be commenced or suspended at any time or from time to time without prior notice. Additionally, the Company currently has a 10b5(1) share repurchase program in place.
About IHOP Corp.
The IHOP family restaurant chain has been serving a wide variety of breakfast, lunch and dinner selections for more than 45 years. Offering 14 types of pancakes as well as omelettes, breakfast specialties, burgers, sandwiches, chicken and steaks, IHOP’s diverse menu appeals to people of all ages. IHOP restaurants are franchised and operated by Glendale, California based IHOP Corp. As of March 31, 2006, the end of IHOP’s first quarter, there were 1,252 IHOP restaurants in 48 states and Canada. IHOP Corp. common stock is listed and traded on the NYSE under the symbol “IHP.” For more information, call the Company’s headquarters at (818) 240-6055 or visit the Company’s Web site located at www.ihop.com.
Forward-Looking Statements
There are forward-looking statements contained in this news release. They use such words as “may,” “will,” “expect,” “believe,” “anticipate,” “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: risks associated with the implementation of the Company’s strategic growth plan, the availability of suitable locations and terms of the sites designated for development; the ability of franchise developers to fulfill their commitments to
450 N. Brand Boulevard • 7th Floor • Glendale, CA 91203-2306 • Phone: (818) 637-3632 • Fax: (818) 637-3120
