DineEquity (NYSE: DIN) reported Q3 EPS of $0.91, $0.01 better than the analyst estimate of $0.90. Revenue for the quarter came in at $144.67 million versus the consensus estimate of $146.92 million.

• GAAP net loss available to common stockholders was $443.2 million, or net loss per diluted share of $24.98 for the third quarter of 2017. This compares to net income available to common stockholders of $23.9 million, or earnings per diluted share of $1.33, for the third quarter of fiscal 2016. The net loss was primarily due to non-cash impairment charges totaling $531.6 million related to the write-downs of Applebee\'s goodwill and other intangible assets, partially offset by a deferred tax benefit of $65.1 million attributable to the other intangible assets charge.
• Adjusted net income available to common stockholders was $16.1 million, or adjusted earnings per diluted share of $0.91, for the third quarter of fiscal 2017. This compares to adjusted net income available to common stockholders of $26.4 million, or adjusted earnings per diluted share of $1.46, for the third quarter of fiscal 2016. The decrease in adjusted net income was mainly due to a decline in gross profit. The decrease in gross profit was due to a 7.7% decline in Applebee's domestic system-wide comparable same-restaurant sales, an increase in bad debt expense, restaurant closures and a reduction in revenue recognized due to the collectability of Applebee's franchisee royalties. (See "Non-GAAP Financial Measures" below.)
• General and administrative expenses were approximately $38.0 million for the third quarter of fiscal 2017. This compares to $36.0 million for the third quarter of fiscal 2016. The modest increase was mainly due to higher personnel-related expenses.

Guidance for Fiscal 2017

• Revised expectations for Applebee's domestic system-wide comparable same-restaurant sales performance to range between negative 5.5% and negative 6.5%. This compares to previous expectations of between negative 6.0% and negative 8.0%.
• Reiterates expectations for IHOP's domestic system-wide comparable same-restaurant sales performance to range between negative 1.0% and negative 3.0%.
• Reiterates expectations for Applebee's franchisees to develop between 20 and 30 new restaurants globally, the majority of which are expected to be international openings.
• Reiterates expectations for Applebee's closures to range between approximately 105 and 135 restaurants.
• Reiterates expectations for IHOP franchisees and its area licensee to develop between 80 and 95 restaurants globally, the majority of which are expected to be domestic openings.
• Revised expectations for IHOP closures to range between 25 and 30 restaurants. This compares to previous expectations of between 20 and 25 restaurants.
• Revised expectations for Franchise segment profit to be between $297 million and $303 million. This compares to previous expectations of between $302 million and $314 million. This downward revision is primarily due to additional expected reserves related to the collectability of Applebee\'s royalties.
• Reiterates expectations for the Rental and Financing segments to generate approximately $38 million in combined profit.
• Reiterates expectations for general and administrative expenses to range between $166 million and $172 million, including non-cash stock-based compensation expense and depreciation of approximately $22 million.
• Reiterates expectations for interest expense to be approximately $62 million. Approximately $3 million is projected to be non-cash interest expense.
• Reiterates expectations for weighted average diluted shares outstanding to be approximately 18 million shares.
• Reiterates expectation for the income tax rate to be approximately 40%.
• Revised expectations for cash flows provided by operating activities to range between $64 million and $74 million. This compares to previous expectations of between $80 million and $90 million. The decline is primarily due to the timing of fourth quarter 2017 marketing spend and projections for lower Franchise segment profit as discussed above.
• Reiterates expectations for capital expenditures to be approximately $14 million.
• Revised expectations for adjusted free cash flow (See \"Non-GAAP Financial Measures\" below) to range between $60 million and $70 million. This compares to previous expectations of between $76 million and $86 million.

For earnings history and earnings-related data on DineEquity (DIN) click here.