IHOP Corp. to Develop Company Market in Cincinnati, Ohio
November 06 2003 - 7:00AM
PR Newswire (US)
IHOP Corp. to Develop Company Market in Cincinnati, Ohio GLENDALE,
Calif., Nov. 6 /PRNewswire-FirstCall/ -- IHOP Corp. today announced
its plans to develop and operate approximately 15 to 20 IHOP
restaurants over the next four years in Cincinnati, Ohio. As part
of its renewed focus on operational excellence, IHOP intends to
create a dedicated Company restaurant market in which it can
develop and hone "best in class" operational initiatives and
training programs as well as test new products and marketing
programs for use in its franchised and Company operated restaurants
throughout the country. IHOP plans approximately $20 million to $25
million in development related capital expenditures over the next
four years to support the build out of this Company market. Julia
A. Stewart, IHOP Corp. President and Chief Executive Officer, said,
"The development of a Company operated market is a critically
important element of our on-going efforts to improve the overall
operational and sales performance of our franchised restaurants. A
dedicated Company operated market will allow us to pursue best
practices within our restaurants and help to demonstrate the power
of the IHOP brand to our existing and prospective franchisees."
IHOP recently completed a thorough process to identify an optimal
market for the build out of Company-operated restaurants. The
selection of Cincinnati was based on several factors including
strong market characteristics, the availability of sufficient
locations, the lack of existing IHOP restaurants, projectibility of
testing results and moderate capital expenditure requirements. IHOP
expects a build out schedule that includes the opening of three
restaurants in the latter part of 2004 followed by four restaurants
per year for the next three to four years thereafter. About IHOP
Corp. The IHOP family restaurant chain has been serving a wide
variety of breakfast, lunch and dinner selections for 45 years.
Offering more than 16 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 developed, operated and franchised by Glendale, California
based IHOP Corp. As of September 30, 2003, there were 1,149 IHOP
restaurants in 48 states and Canada. IHOP is publicly 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
Website located at http://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,"
"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 new strategic growth plan, the availability of suitable
locations and terms of the sites designated for development;
legislation and government regulation including the ability to
obtain satisfactory regulatory approvals; conditions beyond IHOP's
control such as weather, natural disasters or acts of war or
terrorism; availability and cost of materials and labor; cost and
availability of capital; competition; continuing acceptance of the
International House of Pancakes brand and concepts by guests and
franchisees; IHOP's overall marketing, operational and financial
performance; economic and political conditions; adoption of new, or
changes in, accounting policies and practices; and other factors
discussed from time to time in IHOP's filings with the Securities
and Exchange Commission. Forward-looking information is provided by
IHOP pursuant to the safe harbor established under the Private
Securities Litigation Reform Act of 1995 and should be evaluated in
the context of these factors. In addition, IHOP disclaims any
intent or obligation to update these forward-looking statements.
DATASOURCE: IHOP Corp. CONTACT: Patrick Lenow, Director, Public
Relations and Communications, +1-818-543-4129, or Stacy Roughan,
Director, Investor Relations, +1-818-543-4138, both of of IHOP
Corp. Web site: http://www.ihop.com/ Company News On-Call:
http://www.prnewswire.com/comp/442375.html
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