IHOP Reports Profit of $2.4 Million in Quarter

IHOP Corp., the Glendale-based operator of International House of Pancakes Restaurants, said it made a profit of $2.4 million in the third quarter on a 5% increase in revenue to $29.2 million from $27.7 million a year earlier.

The company said its profit for the three months ended Sept. 30 was up 86% from $1.29 million a year earlier. But in the third quarter a year ago, the company’s earnings were affected by a one-time charge of $637,000 to pay off debts. Excluding that, the company’s net income in the third quarter this year was up 24% from a year ago.

For the nine months ended Sept. 30, the company earned $5.1 million, up 82% from $2.8 million a year ago, on a 3% increase in sales, to $80.3 million from $77.8 million. IHOP owns 50 restaurants, and it licenses and franchises more than 450 other restaurants nationwide.