Dine Brands Global (DIN) 8-K Regulation FD Disclosure

Exhibit 99.1

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL

INFORMATION OF IHOP CORP.

The following unaudited pro forma condensed combined financial information of IHOP Corp. is based on the consolidated financial statements of IHOP Corp. and Applebee’s International, Inc. (“Applebee’s”) and gives effect to the following transactions (collectively, the “Pro Forma Transactions”):

• the completion of IHOP Corp.’s acquisition of 100% of the capital stock of Applebee’s pursuant to an agreement and plan of merger entered into by and among IHOP Corp., CHLH Corp. and Applebee’s, and the payment of $25.50 per share in cash for each share of common stock in Applebee’s to Applebee’s stockholders (the “Applebee’s Acquisition”);

• the issuance of $245.0 million of fixed rate notes (the “IHOP Notes”) and the drawdown of $15.0 million of variable funding notes (the “IHOP VFNs”), in each case, by IHOP Corp. subsidiaries in a securitization transaction;

• the issuance of $1.794 billion of fixed-rate term notes (the “Applebee’s Notes”) and the drawdown of $75.0 million of variable funding notes (the “Applebee’s VFNs”), in each case, by a subsidiary of Applebee’s in a securitization transaction;

• the issuance of $35.0 million of convertible preferred stock of IHOP Corp. and $190.0 million of perpetual preferred stock of IHOP Corp. (collectively, the “IHOP Corp. Preferred Stock”);

• the repayment of $118.0 million of outstanding indebtedness of Applebee’s under its existing revolving credit facility, along with $1.2 million of other outstanding indebtedness of Applebee’s;

• the termination on November 29, 2007 (the “Closing Date”) of an interest rate swap transaction (the “Swap”) entered into on July 16, 2007 by IHOP Corp. that was intended to hedge the interest payments on the IHOP Notes and the Applebee’s Notes;

• the issuance of $175.0 million of fixed rate term notes by a subsidiary of IHOP Corp. (the “Existing IHOP Notes”) on March 16, 2007 and the use of the $171.2 million of net proceeds therefrom, including $114.2 million used to repay existing indebtedness of IHOP Corp.; and

• the payment of all related expenses and fees (including estimated fees and expenses that are expected to be incurred after the Closing Date and deferred fees and expenses that will be paid following the Closing Date in connection with the offer and resale of the IHOP Notes and the Applebee’s Notes).

Together, the issuance of the IHOP Notes, the issuance of the Applebee’s Notes, the issuance of the IHOP Corp. Preferred Stock and the drawdown of the IHOP VFNs and the Applebee’s VFNs are referred to as the “Financing Transactions.”

The unaudited pro forma condensed combined balance sheet as of September 30, 2007 gives effect to the Pro Forma Transactions as if they had occurred on September 30, 2007. The unaudited pro forma combined statements of operations for the nine months ended September 30, 2007 and December 31, 2006

99.1-1

give effect to the Pro Forma Transactions as if they had occurred on January 1, 2006. The historical results of operations of each of IHOP Corp. and Applebee’s for the twelve months ended September 30, 2007 consist of the arithmetic combination of (i) such company’s results of operations for the year ended December 31, 2006, plus (ii) such company’s results of operations for the nine months ended September 30, 2007, minus (iii) such company’s results of operations for the nine months ended September 30, 2006. The unaudited pro forma condensed combined statement of operations for the 12 months ended September 30, 2007 gives effect to the Pro Forma Transactions as if they had occurred on October 1, 2006. The unaudited pro forma condensed combined statements of operations reflect only pro forma adjustments expected to have a continuing impact on results of operations.

The unaudited pro forma condensed combined consolidated financial information was prepared using the purchase method of accounting. Accordingly, the estimated cost of the Applebee’s Acquisition has been allocated to the assets acquired and liabilities assumed based upon the preliminary estimate of IHOP Corp.’s management of their respective fair values as of September 30, 2007. The final allocation will be based on a complete evaluation of the assets acquired and liabilities assumed on the actual date of the closing of the Applebee’s Acquisition. Accordingly, the information presented herein may differ materially from the final purchase price allocation. Those allocations are required to be finalized within one year after the completion of the Applebee’s Acquisition.

The unaudited pro forma condensed combined financial information has been prepared based on assumptions deemed appropriate by IHOP Corp. The pro forma adjustments and certain assumptions are described in the accompanying notes. The unaudited pro forma condensed combined financial information is for informational purposes only. The unaudited pro forma condensed combined financial information is unaudited and does not purport to reflect the results of operations or financial position that would have occurred if the Pro Forma Transactions had been consummated on the dates indicated above, nor does it purport to represent the financial position or results of operations of IHOP Corp. for any future dates or periods.

Future results may vary significantly from the information reflected in the unaudited pro forma condensed combined statements of operations set forth below due to certain factors beyond the control of IHOP Corp., Applebee’s and their respective subsidiaries.

The unaudited pro forma condensed combined financial information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the historical consolidated financial statements and related notes of IHOP Corp. in its Annual Report on Form 10-K for the year ended December 31, 2006, and its Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2007, June 30, 2007 and September 30, 2007.

99.1-2

IHOP Corp.

Unaudited Pro Forma Condensed Combined Balance Sheet

as of September 30, 2007

(In thousands)

	IHOP Corp. (Historical)		Applebee’s (Historical)		Pro Forma Adjustments			Pro Forma Combined
Assets
Current assets
Cash and cash equivalents	$	33,838	$	18,912	$	41,829	(1)	$	94,579
Short-term investments, at market value		—		299		—			299
Receivables, net		42,761		39,754		11,014	(2)		93,529
Reacquired franchises and equipment held for sale, net		137		5,273		—			5,410
Inventories		322		10,912		—			11,234
Prepaid income taxes		—		4,736		367	(3)		5,103
Prepaid expenses		8,686		7,544		—			16,230
Deferred income taxes		6,209		11,648		—			17,857
Current assets related to discontinued operations		—		4,935		—			4,935
Total current assets		91,953		104,013		53,210			249,176
Long-term receivables		291,282		—		—			291,282
Property and equipment, net		296,522		631,243		247,688	(4)		1,175,453
Goodwill		10,767		138,950		(138,950	)(4)		10,767
Unallocated intangibles		—		—		1,377,852	(4)		1,377,852
Restricted assets related to captive insurance subsidiary		—		10,755		—			10,755
Other intangible assets, net		—		6,028		(6,028	)(4)		—
Deferred rent		69,392		—		—			69,392
Deferred income taxes		13,279		—		(13,279	)		—
Other assets		27,938		36,881		93,656	(5)		158,475
Non-current assets related to discontinued operations		—		2,558		—			2,558
Total assets	$	801,133	$	930,428	$	1,614,149		$	3,345,710
Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt	$	—	$	77	$	(77	)(6)	$	—
Accounts payable		14,109		49,720		—			63,829
Derivative financial instrument		70,306		—		(70,306	)(7)		—
Other accrued expenses		23,059		96,348		(5,536	)(8)		113,871
Deferred income taxes		—		—		—			—
Capital lease obligations		5,500		233		—			5,733
Loss reserve related to captive insurance subsidiary		—		4,940		—			4,940
Current liabilities related to discontinued operations		—		1,162		—			1,162
Total current liabilities		112,974		152,480		(75,919	)		189,535
Long-term debt, less current maturities		175,000		119,148		2,009,852	(9)		2,304,000
Deferred income taxes		61,474		25,134		44,353	(2)		130,961
Capital lease obligations		166,253		3,549		—			169,802
Other liabilities		77,554		70,185		—			147,739
Non-current liabilities related to discontinued operations		—		6,367		—			6,367
Commitments and contingencies
Total stockholders' equity		207,878		553,565		(364,137	)(10)		397,306
Total liabilities and stockholders' equity	$	801,133	$	930,428	$	1,614,149		$	3,345,710

The accompanying notes are an integral part of the unaudited pro forma condensed combined balance sheet.

99.1-3

Notes to Unaudited Pro Forma Condensed Combined Balance Sheet

(dollars in thousands)

(1)	Reflects the following:
	Receipt of gross proceeds from the issuance of the IHOP Notes	$	245,000
	Receipt of gross proceeds from the issuance of the Applebee’s Notes		1,794,000
	Receipt of gross proceeds from the drawdown on the Applebee’s VFNs		75,000
	Receipt of gross proceeds from the drawdown on the IHOP VFNs		15,000
	Receipt of gross proceeds from the issuance of the IHOP Corp. Preferred Stock		225,000
	Repayment of Applebee’s International existing debt (together with accrued and unpaid interest)		(119,714	)
	Payment of transaction and financing costs related to the Financing Transactions and the Applebee’s Acquisition		(120,318	)
	Unwinding of IHOP Corp.’s interest rate swap transaction (see notes (7) and (10) below)		(124,046	)
	Purchase of outstanding common stock and stock equivalents of Applebee’s		(1,948,093)
	Total Adjustment	$	41,829
(2)	Reflects the tax effect resulting from the Applebee’s Acquisition pro forma adjustments.
(3)	Reflects the tax effect resulting from the elimination of Applebee’s unamortized deferred financing fees related to existing debt being repaid.
(4)	Reflects the preliminary purchase price allocation related to the Applebee’s Acquisition including the assumption of Applebee’s International existing debt.
(5)	Reflects the deferral of $94,562 of financing costs related to the Financing Transactions and the Applebee’s Acquisition offset by the elimination of $906 of deferred financing costs related to existing debt of Applebee’s that is being repaid. Total deferred financing costs include estimated fees and expenses that are expected to be incurred after the Closing Date and deferred fees and expenses that will be paid following the Closing Date in connection with the offer and resale of the IHOP Notes and the Applebee’s Notes.
(6)	Reflects the repayment of the current portion of existing Applebee’s debt.
(7)	Reflects the unwinding of IHOP Corp.’s interest rate swap transaction. On July 16, 2007, IHOP Corp. entered into an interest rate swap transaction (the “Swap”). The Swap was intended to hedge interest payments on the IHOP Notes and the Applebee’s Notes. As of November 29, 2007, the fair value of the Swap was $(124,046).
(8)	Reflects the payment of accrued transaction costs related to the Financing Transactions and accrued interest related to Applebee’s International existing debt.
(9)	Reflects the issuances of the IHOP Notes and the Applebee’s Notes, the drawdown of $75,000 of Applebee’s VFNs, the drawdown of $15,000 of IHOP VFNs and the repayment of $119,148 of Applebee’s existing indebtedness.
(10)	Reflects the following:
	Receipt of net proceeds from the issuance of the IHOP Corp. Preferred Stock	$	222,800
	Elimination of Applebee’s historical stockholders’ equity		(553,565	)
	Elimination of Applebee’s unamortized deferred financing costs related to Applebee’s indebtedness repaid, net of tax effect		(539	)
	Adjustment to other comprehensive loss, net of tax, related to the effective portion of the Swap (a)		(16,545	)
	Effect to retained earnings of the ineffective portion of the Swap settlement		(16,288	)
		$	(364,137	)

(a) On July 16, 2007, IHOP Corp. entered into the Swap, which was intended to hedge the interest payments on the IHOP Notes and the Applebee’s Notes. As of September 30, 2007, the fair value of the Swap was $(70,306), and IHOP Corp. recognized $21,409 of other comprehensive loss, net of tax, with respect to the fair value of the effective portion of the Swap. As of November 29, 2007, the fair value of the Swap was $(124,046), and this adjustment reflects the recognition of additional other comprehensive loss with respect to the fair value of the effective portion of the Swap, for a total of $38,213 of other comprehensive loss, net of tax. The pre-tax other comprehensive loss will be amortized over the expected lives of the IHOP Notes and the Applebee’s Notes.

99.1-4

IHOP Corp.

Unaudited Pro Forma Condensed Combined Statement of Operations

for the Nine Months Ended September 30, 2007

(In thousands)

	IHOP Corp. (Historical)		Applebee’s (Historical)			Pro Forma Adjustments			Pro Forma Combined
Revenues
Franchise revenues	$	142,766	$	108,860		$	—		$	251,626
Rental income		99,310		—			—			99,310
Company restaurant sales		13,155		883,128			—			896,283
Financing revenues		15,735		—			—			15,735
Total revenues		270,966		991,988			—			1,262,954
Costs and Expenses
Franchise expenses		65,068		1,100			—			66,168
Rental expenses		73,853		—			—			73,853
Company restaurant expenses		14,984		785,252			—			800,236
Financing expenses
Finance operations		942		—			—			942
Interest expense related to the Swap		35,618		—			(24,553	)(1)		11,065
Interest expense		7,067		6,670			134,483	(2)		148,220
General and administrative expenses		48,066		100,928			—			148,994
Other expense, net		3,800		(2,595	)		4,502	(3)		5,707
Impairment and closure charges		—		5,830			—			5,830
Early debt extinguishment costs		2,223		—			—			2,223
Loss on disposition of property & equipment		—		1,279			—			1,279
Total costs and expenses		251,621		898,464			114,432			1,264,517
Income (loss) from continuing operations before income taxes		19,345		93,524			(114,432	)		(1,563	)
Provision (benefit) for income taxes		5,518		30,452			(36,575	)(4)		(605	)
Income (loss) from continuing operations	$	13,827	$	63,072		$	(77,857	)	$	(958	)

The accompanying notes are an integral part of the unaudited pro forma condensed combined statement of operations.

99.1-5

Notes to Unaudited Pro Forma Combined Statement of Operations

For the Nine Months Ended September 30, 2007

(dollars in thousands)

(1) On July 16, 2007, IHOP Corp. entered into an interest rate swap transaction (the “Swap”) with Lehman Brothers Special Financing Inc., guaranteed by Lehman Brothers Holdings, Inc. The Swap was intended to hedge the interest payments on the IHOP Notes and the Applebee’s Notes. As of November 29, 2007, the fair value of the Swap was $(124,046). Using the Hypothetical Derivative Method, IHOP Corp. determined that the fair value of the effective portion of the Swap resulted in pre-tax other comprehensive loss of $61,915 which will be amortized over the estimated lives of the IHOP Notes and the Applebee’s Notes. The adjustment reflects the amortization of such other comprehensive loss. No adjustment with respect to the ineffective portion of the Swap is being recorded because the expense with respect to that portion is deemed to be non-recurring. Also reflects the elimination of historical interest expense related to the Swap.

(2) Reflects $143,064 of interest expense (including amortization) related to the issuance of the IHOP Notes, the issuance of the Applebee’s Notes, the drawdown of $75,000 of Applebee’s VFNs, the drawdown of $15,000 of IHOP VFNs and the issuance of the Existing IHOP Notes by a subsidiary of IHOP Corp. on March 16, 2007 offset by the elimination of $7,029 of interest expense related to Applebee’s outstanding debt being repaid and $1,552 of interest expense related to IHOP Corp. indebtedness that was repaid on March 16, 2007 with a portion of the net proceeds of the Existing IHOP Notes. A total of $107,212 of debt issuance costs for the IHOP Notes, the Applebee’s Notes, the IHOP VFNs and the Applebee’s VFNs was amortized based on the expected repayment dates of the relevant securities.

(3) Reflects the additional depreciation and amortization expense related to the pro forma stepped-up basis of assets acquired in the Applebee’s Acquisition.

(4) Reflects the tax effect resulting from the pro forma adjustments based on an assumed effective annual tax rate of 38.7%.

99.1-6

IHOP Corp.

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Twelve Months Ended September 30, 2007

(In thousands)

	IHOP Corp. (Historical)		Applebee’s (Historical)			Pro Forma Adjustments			Pro Forma Combined
Revenues
Franchise revenues	$	188,391	$	145,587		$	—		$	333,978
Rental income		132,379		—			—			132,379
Company restaurant sales		17,091		1,181,459			—			1,198,550
Financing revenues		21,037		—			—			21,037
Total revenues		358,898		1,327,046			—			1,685,944
Costs and Expenses
Franchise expenses		86,903		2,058			—			88,961
Rental expenses		98,231		—			—			98,231
Company restaurant expenses		19,644		1,049,086			—			1,068,730
Financing expenses
Finance operations		1,107		—			—			1,107
Interest expense related to the Swap		35,618		—			(20,610	)(1)		15,008
Interest expense		8,822		9,582			180,686	(2)		199,090
General and administrative expenses		65,101		138,384			—			203,485
Other expense, net		4,784		(3,496	)		6,003	(3)		7,291
Impairment and closure charges		—		7,908			—			7,908
Early debt extinguishment costs		2,223		—			—			2,223
Loss on disposition of property & equipment		—		2,158			—			2,158
Total costs and expenses		322,433		1,205,680			166,079			1,694,192
Income (loss) from continuing operations before income taxes		36,465		121,366			(166,079	)		(8,248	)
Provision (benefit) for income taxes		12,308		39,337			(54,837	)(4)		(3,192	)
Income (loss) from continuing operations	$	24,157	$	82,029		$	(111,242	)	$	(5,056	)

The accompanying notes are an integral part of the unaudited pro forma condensed combined statement of operations.

99.1-7

Notes to Unaudited Pro Forma Condensed Combined Statement of Operations

For the Twelve Months Ended September 30, 2007

(dollars in thousands)

(1) On July 16, 2007, IHOP Corp. entered into the Swap, which was intended to hedge the interest payments on the IHOP Notes and the Applebee’s Notes. As of November 29, 2007, the fair value of the Swap was $(124,046). Using the Hypothetical Derivative Method, IHOP Corp. determined that the fair value of the effective portion of the Swap resulted in pre-tax other comprehensive loss of $61,915 which will be amortized over the estimated lives of the IHOP Notes and the Applebee’s Notes. The adjustment reflects the amortization of such other comprehensive loss. No adjustment with respect to the ineffective portion of the Swap is being recorded because the expense with respect to that portion is deemed to be non-recurring. Also reflects the elimination of historical interest expense related to the Swap.

(2) Reflects $194,071 of interest expense (including amortization) related to the issuance of the IHOP Notes, the issuance of the Applebee’s Notes, the drawdown of $75,000 of Applebee’s VFNs, the drawdown of $15,000 of IHOP VFNs and the issuance of the Existing IHOP Notes by a subsidiary of IHOP Corp. on March 16, 2007 offset by the elimination of $10,079 of interest expense related to $119,225 of Applebee’s outstanding debt being repaid and $3,306 of interest expense related to IHOP Corp. indebtedness that was repaid on March 16, 2007 with a portion of the net proceeds of the Existing IHOP Notes. A total of $107,212 of debt issuance costs for the IHOP Notes, the Applebee’s Notes, the IHOP VFNs and the Applebee’s VFNs was amortized based on the expected repayment dates of the relevant securities.

(3) Reflects the additional depreciation and amortization expense related to the pro forma stepped-up basis of assets acquired in the Applebee’s Acquisition.

(4) Reflects the tax effect resulting from the pro forma adjustments based on an assumed effective annual tax rate of 38.7%.

99.1-8

IHOP Corp.

Unaudited Pro Forma Condensed Combined Statement of Income

for the Year Ended December 31, 2006

(In thousands)

	IHOP Corp. (Historical)		Applebee’s (Historical)			Pro Forma Adjustments			Pro Forma Combined
Revenues
Franchise revenues	$	179,331	$	141,663		$	—		$	320,994
Rental income		132,101		—			—			132,101
Company restaurant sales		13,585		1,168,703			—			1,182,288
Financing revenues		24,543		—			—			24,543
Total revenues		349,560		1,310,366			—			1,659,926
Costs and Expenses
Franchise expenses		83,079		2,699			—			85,778
Rental expenses		97,904		—			—			97,904
Company restaurant expenses		15,601		1,021,493			—			1,037,094
Financing expenses
Finance operations		4,172		—			—			4,172
Interest expense related to the Swap		—		—			15,008	(1)		15,008
Interest expense		7,709		11,421			175,852	(2)		194,982
General and administrative expenses		63,543		141,545			—			205,088
Other expense, net		4,659		(2,784	)		6,003	(3)		7,878
Impairment and closure charges		43		4,494			—			4,537
Loss on disposition of property & equipment		—		2,556			—			2,556
Total costs and expenses		276,710		1,181,424			196,863			1,654,997
Income (loss) from continuing operations before income taxes		72,850		128,942			(196,863	)		4,929
Provision (benefit) for income taxes		28,297		43,970			(70,359	)(4)		1,908
Income (loss) from continuing operations	$	44,553	$	84,972		$	(126,504	)	$	3,021

The accompanying notes are an integral part of the unaudited pro forma condensed combined statement of income.

99.1-9

Notes to Unaudited Pro Forma Condensed Combined Statement of Income

For the Year Ended December 31, 2006

(dollars in thousands)

(1) On July 16, 2007, IHOP Corp. entered into the Swap, which was intended to hedge the interest payments on the IHOP Notes and the Applebee’s Notes. As of November 29, 2007, the fair value of the Swap was $(124,046). Using the Hypothetical Derivative Method, IHOP Corp. determined that the fair value of the effective portion of the Swap resulted in pre-tax other comprehensive loss of $61,915 which will be amortized over the estimated lives of the IHOP Notes and the Applebee’s Notes. The adjustment reflects the amortization of such other comprehensive loss. No adjustment with respect to the ineffective portion of the Swap is being recorded because the expense with respect to that portion is deemed to be non-recurring.

(2) Reflects $195,376 of interest expense (including amortization) related to the issuance of the IHOP Notes, the issuance of the Applebee’s Notes, the drawdown of $75,000 of Applebee’s VFNs, the drawdown of $15,000 of IHOP VFNs and the issuance of the Existing IHOP Notes by a subsidiary of IHOP Corp. on March 16, 2007 offset by the elimination of $11,816 of interest expense related to Applebee’s outstanding debt being repaid and $7,709 of interest expense related to IHOP Corp. indebtedness that was repaid on March 16, 2007 with a portion of the net proceeds of the Existing IHOP Notes. A total of $107,212 of debt issuance costs for the IHOP Notes, the Applebee’s Notes, the IHOP VFNs and the Applebee’s VFNs was amortized based on the expected repayment dates of the relevant securities.

(3) Reflects the additional depreciation and amortization expense related to the pro forma stepped-up basis of assets acquired in the Applebee’s Acquisition.

(4) Reflects the tax effect resulting from the pro forma adjustments based on an assumed effective annual tax rate of 38.7%.

99.1-10