Exhibit 99.1

FOR IMMEDIATE RELEASE

Contacts
Tom Conforti
Chief Financial Officer
IHOP Corp.
818-240-6055

Stacy Roughan
Director, Investor Relations
IHOP Corp.
818-543-4138

IHOP CORP. REPORTS FOURTH QUARTER AND FISCAL 2003 RESULTS

Earnings Per Share of $1.70 Meets Company’s 2003 Performance Expectations as

IHOP Successfully Transitions to New Business Model

GLENDALE, Calif. – February 26, 2004 — IHOP Corp. (NYSE: IHP) today announced results for its fourth quarter and fiscal year ended December 31, 2003.

Fourth Quarter and Fiscal 2003 Performance

The Company reported a 26.4% decrease in net income to $8.8 million, or a decrease of 26.8% in diluted earnings per share to $0.41 in the fourth quarter 2003, compared with net income of $12.0 million, or diluted earnings per share of $0.56 in the fourth quarter 2002.  This decrease is attributable to the reduction in the number of IHOP developed restaurants franchised in the fourth quarter as the Company transitioned to its new business model.  For the twelve months ended December 31, the Company reported a decrease of 10.0% in net income to $36.8 million, and a decrease of 11.5% in diluted net income per share to $1.70 in 2003, compared with net income of $40.8 million, or diluted net income per share of $1.92 in 2002. IHOP’s net income and diluted net earnings per share performance was impacted during the year by charges of $9.1 million, or $0.26 per diluted share, associated with the Company’s reorganization.  Excluding these charges, net income for 2003 would have increased 3.9% to $42.5 million, or 2.1% in diluted net income per share of $1.96.

Julia A. Stewart, IHOP Corp. President and Chief Executive Officer, said, “In a single year’s time, we have truly demonstrated the power and potential of the IHOP brand by successfully executing the Marketing, Operations, Training and Development strategies we introduced at the beginning of 2003.   In our journey to become number one in family dining, we achieved strong annual system-wide and same-storesales growth by marketing our brand in new and creative ways; we produced record breaking promotional sales by offering unique products that created reasons for guests to visit more often; our improved operational focus and enhanced training efforts provided for a great experience every time a guest came to IHOP; and we have signed agreements and pending commitments for our franchisees to finance and develop nearly 230 new IHOP restaurants over the next several years.  These are terrific accomplishments in the first year of re-energizing our system, and we look to continue the momentum we have created throughout 2004.”

450 N. Brand Boulevard • 7th Floor • Glendale, CA 91203-2306 • Phone: (818) 240-6055 • Fax: (818) 637-3030

IHOP’s net income per diluted share performance of $1.70 for the full year met the Company’s previous guidance range of $1.65 to $1.75 for fiscal 2003, inclusive of reorganization charges.

System-wide sales increased 14.6% in the fourth quarter and fiscal year ended December 31, 2003 over the same periods in 2002.  The sales increase is primarily the result of growth in the number of effective restaurants and an increase in average sales per effective restaurant.  Effective restaurants grew by 7.7% in the fourth quarter and 8.5% for the twelve months ended December 31, 2003 over the same periods in 2002.  Average sales per effective restaurant increased 6.3% in the fourth quarter and 5.6% for 2003 over the same periods in 2002.

System-wide comparable store sales increased 6.0% for the fourth quarter and reflected the positive impact of IHOP’s Stuffed Crepes product promotion during the quarter.  For the twelve months ended December 31, 2003, comparable store sales increased 4.8%.  These comparable store sales results reflect IHOP’s largest sales gains in the last 43 quarters and last 10 years, respectively.  Comparable store sales figures are calculated on an 18-month basis.

Fourth Quarter and Fiscal 2003 Highlights

The following are business highlights for the fourth quarter and fiscal 2003:

•The strength of IHOP’s “Come hungry. Leave happy.” Marketing campaign achieved international recognition winning a bronze Medallion at the 2004 AME Awards for Advertising and Marketing Effectiveness.  The award recognizes the effectiveness, as well as the creativity, of advertising and marketing on a global scale.

•The Company’s mystery shop initiative continued with more than 15,000 restaurant evaluations as of the end of the fourth quarter.  Since the program’s introduction in June 2003, IHOP has experienced statistically significant improvements in its mystery shop scores.  These results point to the success of IHOP’s renewed focus on both operational excellence and enhanced training programs at the restaurant level.

•IHOP’s focus on improving the performance of marginal operators continued with notable improvements in the number of highly-ranked operators at year end, as well as the removal of marginal operators from the IHOP system.

•The reduction in net income performance for the fourth quarter 2003 was primarily due to the Company franchising 30 fewer newly-developed IHOP restaurants in the fourth quarter 2003 versus the fourth quarter 2002.

•While IHOP developed 30 fewer restaurants in the full year 2003, the actual number of restaurants franchised increased by four due to the success of its re-franchising efforts.  IHOP ended the year with 44 Company-operated restaurants compared to 76 at the end of 2002, and plans to continue its re-franchising strategy in 2004.

•The Company significantly improved its free cash flow position (cash flow generated from operating activities less capital expenditures) to negative $9.2 million at year end as compared to negative $63.6 million in 2002.  This compared favorably to IHOP’s previous expectations of generating free cash flow in the range of negative $25 million to negative $15 million during 2003.  IHOP’s improving free cash flow position demonstrates the beneficial effect of its new

2

business model and reduced capital expenditures related to Company-financed restaurant development.

Stewart said, “While we clearly achieved great results during the past year, we have only just begun to realize the power of our brand.  In 2004, we will deliver the promise of a great guest experience by continuing to optimize and enhance the strategies responsible for re-energizing our system to date.  We will continue with appealing promotions, great advertising and superior operational execution, especially focusing on the areas of service.  There remains tremendous upside in the execution of our strategies, and we are dedicated to capturing these opportunities in 2004.”

2004 Guidance

Reiterating its previous guidance, IHOP expects net income per diluted share for 2004 to range between $1.65 to $1.75.

Investor Conference Call

IHOP will host an investor conference call to discuss its fourth quarter and fiscal 2003 results today, Thursday, February 26, 2004 at 11:00 a.m. ET (8:00 a.m. PT).  To participate on the call, please dial 800-901-5213 and reference pass code 29272157.  A live webcast of the call can be accessed on the Investor Relations section of IHOP’s Web site at www.ihop.com.  Participants should allow approximately ten minutes prior to the call’s start time to visit the site and download any streaming media software needed to listen to the webcast.   A telephonic replay of the call can be accessed through Thursday, March 4, 2004 by dialing 888-286-8010 and referencing pass code 85938194.  An online archive of the webcast will be available on the Investor Relations section of IHOP’s Web site.

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 operated and franchised by Glendale, California based IHOP Corp.  As of December 31, 2003, the end of IHOP’s 2003 fiscal year, there were 1,165 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 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

3

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.

[Financial Tables to Follow]

4

IHOP CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

PERIOD ENDED DECEMBER 31, 2003

(In thousands, except per share amounts)

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2003		2002		2003		2002
	(Unaudited)
Revenues
Franchise revenues	$	35,862	$	32,117	$	140,131	$	123,050
Rental income	30,370		26,047		117,258		99,595
Company restaurant sales	14,053		19,023		74,880		74,433
Financing revenues	22,483		30,205		72,536		68,796
Total revenues	102,768		107,392		404,805		365,874
Costs and Expenses
Franchise expenses	16,636		14,117		64,265		55,139
Rental expenses	22,763		19,583		86,620		73,812
Company restaurant expenses	16,851		20,799		81,737		78,422
Financing expenses	15,583		19,241		43,619		38,185
General and administrative expenses	16,002		12,850		54,575		49,526
Other (income) expense, net	388		1,676		6,054		5,433
Reorganization charges	461		—		9,085		—
Total costs and expenses	88,684		88,266		345,955		300,517
Income before income taxes	14,084		19,126		58,850		65,357
Provision for income taxes	5,281		7,172		22,068		24,509
Net income	$	8,803	$	11,954	$	36,782	$	40,848
Net Income Per Share
Basic	$	0.41	$	0.57	$	1.72	$	1.95
Diluted	$	0.41	$	0.56	$	1.70	$	1.92
Weighted Average Shares Outstanding
Basic	21,357		21,152		21,424		20,946
Diluted	21,579		21,334		21,614		21,269
Dividends Declared Per Share	$	0.25	$	—	$	0.75	$	—
Dividends Paid Per Share	$	0.25	$	—	$	0.75	$	—

5

IHOP CORP. AND SUBSIDIARIES

RESULTS OF OPERATIONS

(Dollars in thousands)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2003			2002			2003			2002
	(Unaudited)
Restaurant Data
Effective restaurants(a)
Franchise	966			866			931			843
Company	56			79			72			76
Area license	130			125			128			123
Total	1,152			1,070			1,131			1,042
System-wide
Sales(b)	$	426,127		$	371,852		$	1,695,026		$	1,478,567
Percent change	14.6		%	8.9		%	14.6		%	9.9		%
Average sales per effective restaurant	$	370		$	348		$	1,499		$	1,419
Percent change	6.3		%	0.9		%	5.6		%	2.3		%
Comparable sales percentage change (c)	6.0		%	(0.3		)%	4.8		%	0.9		%
Franchise
Sales	$	376,752		$	322,100		$	1,481,251		$	1,278,103
Percent change	17.0		%	9.0		%	15.9		%	11.5		%
Average sales per effective restaurant	$	390		$	372		$	1,591		$	1,516
Percent change	4.8		%	0.3		%	4.9		%	1.5		%
Comparable sales percentage change(c)	6.0		%	(0.3		)%	4.8		%	0.9		%
Company
Sales	$	14,053		$	19,023		$	74,880		$	74,433
Percent change	(26.1		)%	13.1		%	0.6		%	8.2		%
Average sales per effective restaurant	$	251		$	241		$	1,040		$	979
Percent change	4.1		%	3.0		%	6.2		%	2.4		%
Area License
Sales	$	35,322		$	30,729		$	138,895		$	126,031
Percent change	14.9		%	4.9		%	10.2		%	(3.7		)%
Average sales per effective restaurant	$	272		$	246		$	1,085		$	1,025
Percent change	10.6		%	2.5		%	5.9		%	2.6		%

(a)“Effective restaurants” are the number of restaurants in a given fiscal period adjusted to account for restaurants open for only a portion of the period. It is calculated by dividing total restaurant operating days by 91 days for a quarterly calculation.

(b)“System-wide sales” are retail sales of franchisees, area licensees and Company-operated restaurants, as reported to IHOP.

(c)“Comparable sales percentage change” reflects the percentage change in sales for restaurants that have been operated for the entire fiscal period in which they are being compared and have been open for at least 18 months. Because of new unit openings and store closures, the restaurants opened for an entire fiscal period being compared will be different from period to period. Comparable average sales do not include data on restaurants located in Florida.

6

IHOP CORP. AND SUBSIDIARIES

RESTAURANT DEVELOPMENT AND FRANCHISING ACTIVITY

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2003		2002		2003		2002
	(Unaudited)
RESTAURANT DEVELOPMENT ACTIVITY
IHOP-beginning of period	1,149		1,063		1,103		1,017
New openings
IHOP-developed	11		41		56		86
Franchisee-developed	6		3		13		10
Area license	1		1		5		5
Total new openings	18		45		74		101
Closings
Company and franchise	(2	)	(4	)	(12	)	(13	)
Area License	—		(1	)	—		(2	)
IHOP-end of period	1,165		1,103		1,165		1,103
Summary-end of period
Franchise	991		902		991		902
Company	44		76		44		76
Area license	130		125		130		125
Total IHOP	1,165		1,103		1,165		1,103
RESTAURANT FRANCHISING ACTIVITY
IHOP-developed	21		41		72		80
Franchisee-developed	6		3		13		10
Rehabilitated and refranchised	13		5		19		10
Total restaurants franchised	40		49		104		100
Reacquired by IHOP	(1	)	(4	)	(11	)	(10	)
Closed	—		(4	)	(4	)	(11	)
Net addition	39		41		89		79

7

IHOP CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

	December 31, 2003		December 31, 2002
Current assets, net	$	127,081	$	159,101
Property and equipment, net	314,221		286,226
Long-term receivables:
Notes receivable	49,470		46,929
Equipment contracts receivable	174,737		153,261
Direct financing leases receivable	129,829		132,602
Other assets	47,666		41,681
Total assets	$	843,004	$	819,800
Current liabilities	$	45,373	$	53,564
Long-term debt	139,615		145,768
Other long-term liabilities	275,656		256,079
Stockholders’ equity	382,360		364,389
Total liabilities and stockholders’ equity	$	843,004	$	819,800

IHOP CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(Dollars in thousands)

	Twelve Months Ended December 31,
	2003			2002
Cash provided by operating activities	$	71,310		$	78,112
Cash used in investing activities
Additions to property and equipment	(80,545		)	(141,740		)
	(9,235		)	(63,628		)
Investments in short-term marketable securities	(45,537		)	—
Additions to other assets, net	655			170
Cash provided (used) by financing activities	(16,626		)	155,945
Net change in cash and cash equivalents	(70,743		)	92,487
Cash and cash equivalents at beginning of period	98,739			6,252
Cash and cash equivalents at end of period	$	27,996		$	98,739

8