DineEquity (NYSE: DIN) reported Q2 EPS of $1.59, in-line with the analyst estimate of $1.59. Revenue for the quarter came in at $160.25 million versus the consensus estimate of $161.51 million.

Domestic system-wide comparable same-restaurant sales increased 0.2% at IHOP and declined 4.2% at Applebee's

Financial Performance Guidance for Fiscal 2016

• DineEquity reiterates its financial performance guidance for fiscal 2016 contained in the press release issued on February 24, 2016 and the Form 8-K filed on February 24, 2016, except for the revisions noted below.
• Revised Applebee's comparable same-restaurant sales performance to range between negative 3.0% and negative 4.5%. This compares to the previous expectations of between negative 2.0% and positive 2.0%.
• Revised IHOP's comparable same-restaurant sales performance to range between positive 0.5% and positive 2.0%. This compares to the previous expectations of between positive 1.0% and positive 4.0%.
• Revised expectations for Applebee's franchisees to develop between 25 and 33 new restaurants, reflecting a reduction from previous expectations of between 35 and 45 new restaurants. IHOP franchisees and its area licensee are expected to develop between 65 and 77 new restaurants. This compares to the previous projections of between 60 and 70 new restaurants.
• Revised expectations for Franchise segment profit to be between $342 million and $352 million. This compares to the previous expectations of between $345 million and $360 million.
• Reiterated expectations for the Rental and Financing segments to generate roughly $40 million in combined profit.
• Reiterated expectations for general and administrative expenses to range between $154 million and $158 million, including non-cash stock-based compensation expense and depreciation of approximately $20 million. This amount includes approximately $4 million of non-recurring costs related to our restaurant support center consolidation.
• Reiterated expectations for interest expense to be approximately $62 million. Approximately $3 million is projected to be non-cash interest expense.
• Revised expectations for weighted average diluted shares outstanding to be approximately 18.2 million shares. This compares to the previous expectations of approximately 18.5 million shares.
• Reiterated expectations for the income tax rate to be approximately 37%.
• Revised expectations for cash flows provided by operating activities to range between $112 million and $120 million. This compares to previous expectations of between $115 million and $125 million.
• Reiterated expectations for capital expenditures to be roughly $8 million.
• Revised expectations for free cash flow (See "Non-GAAP Financial Measures" below) to range between $113 million and $121 million. This compares to the original expectations of between $116 million and $126 million. Our guidance reflects non-recurring tax payments totaling approximately $10 million related to deferred gains from the repurchase of our debt, primarily in 2008 and 2009, approximately $9 million in pre-tax cash payments related to our restaurant support center consolidation and the impact of fiscal 2016 containing 52 weeks compared to 53 weeks in fiscal 2015, taking into account the effect on working capital, including gift card receivables.

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