UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 22, 2004
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IHOP CORP. |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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0-8360 |
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95-3038279 |
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(State
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(Commision |
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(I.R.S.
Employer |
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450 North Brand, Glendale, California |
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91203 |
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(Address of principal executive offices) |
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(Zip Code) |
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(818) 240-6055 |
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Registrant’s telephone number, including area code |
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Not applicable |
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(Former Name or Former Address, if Changed Since Last Report) |
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Item 5. Other Events and Regulation FD Disclosure.
On July 22, 2004 IHOP Corp. issued a press release announcing its strategic repositioning of Company-operated restaurants. A copy of the press release is attached as Exhibit 99.1, and incorporated herein by reference.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
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Exhibit |
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Description |
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99.1 |
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Press release of Registrant, dated July 22, 2004 (Strategic Repositioning of Company Restaurants). |
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99.2 |
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Press release of Registrant, dated July 22, 2004 (Second Quarter 2004 Financial Results). |
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99.3 |
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Prepared remarks of management of Registrant for conference call held on July 22, 2004. |
Item 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On July 22, 2004 IHOP Corp. issued a press release announcing its second quarter 2004 financial results. A copy of the press release is attached as Exhibit 99.2, and incorporated herein by reference.
Also on July 22, 2004, IHOP Corp. held a conference call to discuss its second quarter 2004 financial results. A copy of the prepared remarks of management is attached as Exhibit 99.3, and incorporated herein by reference.
The prepared remarks of management accompanying management’s discussion during the conference call include references to the non-GAAP financial measure “free cash flow.” The Company defines “free cash flow” for a given period as cash provided by operating activities for such period, less capital expenditures for such period. Management utilizes free cash flow as a measure of operating efficiency to determine the amount of cash remaining for general corporate and strategic purposes after funding operating activities and capital expenditures. Management believes this information is helpful to investors to determine the Company’s cash available for these purposes. Free cash flow for any given period may be affected by a variety of factors, including but not limited to, changes in assets and liabilities and the timing of purchases and payments. Free cash flow is a supplemental non-GAAP measure and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with generally accepted accounting principles.
The following table reconciles the Company’s free cash flow for the six months ended June 30, 2004, to the Company’s cash provided by operating activities for the six months ended June 30, 2004:
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Six Months Ended June 30, 2004 |
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Six Months Ended June 30, 2003 |
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(dollars in thousnads) |
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(dollars in thousnads) |
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Cash flows from operating activities: |
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$ |
32,608 |
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$ |
32,182 |
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Capital expenditures |
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(8,978 |
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(49,634 |
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Free cash flow |
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$ |
23,630 |
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$ |
(17,452 |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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IHOP CORP. |
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Date: July 23, 2004 |
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/s/ Thomas Conforti |
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Thomas Conforti |
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Chief
Financial Officer (Principal |
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EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
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Exhibit |
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Description |
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99.1 |
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Press release of Registrant, dated July 22, 2004 (Strategic Repositioning of Company Restaurants). |
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99.2 |
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Press release of Registrant, dated July 22, 2004 (Second Quarter 2004 Financial Results). |
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99.3 |
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Prepared remarks of management of Registrant for conference call held on July 22, 2004. |
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