Exhibit 99.1

Investor Contact

Jack Tierney

Chief Financial Officer

DineEquity, Inc.

818-637-3101

Media Contact

Lucy Neugart

Sard Verbinnen& Co.

415-618-8750

DineEquity, Inc. Announces Strong First Quarter 2011

Financial and Operating Results

Applebee’s Same-Restaurant Sales up 3.9%

Company Reduces Total Debt by 8.8% in Quarter

GLENDALE, Calif., May 3, 2011 - DineEquity, Inc. (NYSE: DIN), the parent company of Applebee’s Neighborhood Grill & Bar and IHOP Restaurants, today announced financial results for the first quarter ended March 31, 2011.  DineEquity’s financial performance for the first quarter 2011 included the following highlights:

·                  Applebee’s domestic system-wide same-restaurant sales increased 3.9% compared to the same period in 2010. Applebee’s performance represented the third consecutive quarter of positive same-restaurant sales.  Results were favorably impacted by the shift of the Easter holiday from Q1 2010 to Q2 2011.  Excluding the positive impact of this shift, same-restaurant sales would have been 3.3% for the quarter.  Based on this strong performance, the Company increased its full-year guidance for Applebee’s system-wide same-restaurant sales.

·                  IHOP’s domestic system-wide same-restaurant sales decreased 2.7% for the first quarter compared to the same period in 2010. Results were negatively impacted by the shift of the Easter holiday.  Excluding this shift, IHOP’s same-restaurant sales would have been negative 2.3% for the quarter.  The Company reiterated current full-year guidance for same-restaurant sales.

·                  Total debt was reduced by 8.8%, or $178.6 million, in the first quarter 2011, as a result of net cash proceeds and financing obligation reductions from the sale of 65 Applebee’s company-operated restaurants, cash on hand, and free cash flow. The Company reduced term loan balances by $110.0 million and retired $32.3 million of the 9.5% senior notes.

·                  Net income available to common stockholders was $28.1 million, or $1.53 per diluted share, for the first quarter 2011, compared to net income of $12.8 million, or $0.75 per diluted share, for the same quarter in 2010.  The increase was due in part to a gain on

the sale of 65 Applebee’s company-operated restaurants during the quarter, the elimination of the dividend on Series A perpetual preferred stock and lower non-cash interest.  These items were partially offset by expenses related to re-pricing of the Company’s credit facility in February of 2011, lower segment profit as a result of refranchising a total of 148 restaurants (of which 83 were completed in the fourth quarter of 2010 and 65 were completed in the first quarter of 2011), and impairment charges related to the termination of the sublease of the space currently occupied by Applebee’s headquarters in Lenexa, Kansas.

·                  Adjusted net income available to common stockholders was $26.0 million, or $1.42 per diluted share, for the first quarter 2011, compared to $18.7 million, or $1.08 per diluted share, for the same quarter in 2010.  The increase was primarily due to elimination of the dividend on Series A perpetual preferred stock and a lower tax rate ($0.18 per share impact compared to the previous year tax rate of 35.5%) due to a favorable IRS ruling on the handling of gift cards, partially offset by lower profit due to refranchising of 148 Applebee’s company-operated restaurants. (See “Non-GAAP Financial Measures” below.)

·                  Consolidated G&A expenses decreased 5.9% to $38.0 million for the first quarter 2011 compared to the same period in 2010.

·                  Operating margins at Applebee’s company-operated restaurants were 15.3% for the first quarter 2011, compared to 14.8% in the first three months of 2010.

·                  Cash flows from operating activities for the first quarter 2011 were $50.5 million.  Consolidated capital expenditures were $3.8 million for the first three months of 2011. Free cash flow was $50.0 million for the first three months of fiscal 2011.  (See “Non-GAAP Financial Measures” below.)

“We are very pleased with the progress made in the first quarter toward several strategic goals, including revitalizing the Applebee’s brand and reducing our debt,” said Julia A. Stewart, DineEquity’s Chairman and Chief Executive Officer.  “In the quarter, we lowered total outstanding debt by nearly nine percent and we are making significant progress in reducing our leverage.  Our turnaround initiatives at Applebee’s are delivering meaningful results and have now produced nine consecutive months of positive same-restaurant sales. We remain focused on value and innovation as we work to better differentiate IHOP and sustain our momentum at Applebee’s to create additional value for our shareholders.”

Same-Restaurant Sales Performance

IHOP’s domestic system-wide same-restaurant sales decreased 2.7% for the first quarter 2011 compared to the same quarter in 2010. Same-restaurant sales reflect a higher average guest check and declines in traffic. An “All You Can Eat Pancakes” limited-time offer promotion produced disappointing results early in the quarter, while a new “Chicken & Waffles” promotion introduced mid-quarter produced promising results.

Applebee’s domestic system-wide same-restaurant sales increased 3.9% for the first quarter 2011, which represented the third consecutive quarter of positive same-restaurant sales.  Domestic franchise same-restaurant sales increased 4.3% and company-operated Applebee’s same-restaurant sales increased 0.7% for the first quarter 2011 compared to the same quarter in 2010. Applebee’s marketing efforts during the quarter included “Great Tasting and Under 550

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Calories,” “2 for $20 Flavors of Bourbon Street,” and “All You Can Eat Soup, Salad and Breadsticks” at lunch, as well as other enhanced marketing and promotional activities.

Applebee’s Restaurant Operating Margin

Applebee’s company-operated restaurant margin was 15.3% in the first quarter 2011 compared to 14.8% for the first quarter 2010. The favorable comparison was primarily due to the refranchising of 148 Applebee’s company-operated restaurants, the closure of seven Applebee’s company-operated restaurants, a 1.9% increase in menu pricing (taken in 2010) and favorable food and beverage costs partially offset by a decline in guest traffic and unfavorable facility costs.

Sale of Applebee’s Company Restaurants

In the first quarter of 2011, DineEquity successfully completed two previously-announced transactions for the sale of 65 company-operated Applebee’s restaurants located in St. Louis, Missouri and parts of Illinois and in Washington D.C.  These transactions resulted in after-tax cash proceeds of $53 million and reduced sale-leaseback related financing obligations by $33 million.  The closing on the sale of one restaurant in the Washington D.C. market is still pending and expected to be completed in the second quarter.

Term Loan Re-Pricing Completion

On February 25, 2011, DineEquity completed a re-pricing of its senior secured term loan facility to take advantage of lower interest rates available in the senior secured debt market.  This re-pricing transaction established a $742.0 million senior secured credit facility.  The Company also increased the amount of its $50 million senior secured revolving credit facility to $75 million.  No amounts were drawn on the revolving credit facility as of March 31, 2011.  DineEquity’s bank loans will bear interest at an annual rate equal to LIBOR plus 300 basis points, subject to a LIBOR floor of 125 basis points.  Today, this represents a 4.25% interest rate, or a 175 basis point reduction compared to the Company’s previous interest rate.  Fees and other costs related to the February 2011 re-pricing transaction totaled $12.3 million, of which $4.1 million related to third-party costs of the transaction were expensed in the first quarter.  The remaining $8.2 million of cost, primarily consisting of the 1% soft call early prepayment fee, will be amortized as interest expense over the remaining life of the term loan.  In connection with the re-pricing, we expect to receive approximately $8 million in cash tax benefits in 2011 due to the write-off of certain deferred costs related to the October 2010 refinancing transaction.

Lenexa Facility Lease Termination

On April 4, 2011, the Company announced an agreement to terminate its sublease on the commercial space currently occupied by the Applebee’s headquarters in Lenexa, Kansas and relocate approximately 350 team members to a smaller, more appropriately sized facility in the Kansas City area.  The lease termination will allow DineEquity to reduce financing obligation debt by approximately $34 million after incurring $26 million in pre-tax charges.  The pre-tax charges consist of a $4.5 million impairment charge recorded in the first quarter 2011 and a cash lease termination fee and other closing costs of approximately $21 million that will be recorded in the second quarter.  As a result of the lease termination, we expect approximately $8 million in cash tax savings in 2011.

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2011 Financial Performance Outlook

·                  Reiterated consolidated cash from operations to range between $125 and $135 million.

·                  Reiterated that approximately $13 million is expected to be generated from the structural run-off of the Company’s long-term receivables.

·                  Reiterated consolidated capital expenditures of approximately $26 million.

·                  Reiterated consolidated free cash flow (see “References to Non-GAAP Information” below) to range between $112 and $122 million.  The Company’s primary use of cash will be funding further debt reduction.

·                  Revised Applebee’s domestic system-wide same-restaurant sales performance to range between 2% and 4%.

·                  Reiterated IHOP’s domestic system-wide same-restaurant sales performance to range between positive 1% and negative 2%.

·                  Reiterated restaurant operating margin at Applebee’s company-operated restaurants to range between 14.8% and 15.2%.

·                  Reiterated consolidated General & Administrative expense to range between $157 and $160 million, including non-cash stock-based compensation expense and depreciation of approximately $18 million.

·                  Revised consolidated interest expense to range between $134 and $139 million, of which approximately $7 million is non-cash interest expense. This reflects a decrease of $6 million from previous expectations of $140 to $145 million.

·                  Reiterated Applebee’s franchisees to develop between 24 and 28 new restaurants, approximately half of which are expected to open internationally.

·                  Reiterated IHOP franchisees to develop between 55 and 65 new restaurants, the majority of which are expected to be opened in the U.S.

·                  Reiterated a federal income tax rate of 36% for the remaining three quarters of the year.

·                  Revised full-year weighted average diluted shares outstanding to be approximately 18.3 million shares.  This reflects an increase from previous expectations for a share count of approximately 18 million shares.

The Company’s 2011 financial performance guidance excludes any impact from the future sales of Applebee’s company-operated restaurants, the timing of which could be highly variable due to factors including the economy, the availability of buyer financing, acceptable valuations, and the operating wherewithal of the acquiring franchisee. Should company-operated Applebee’s restaurants be sold this year, DineEquity plans to update its performance guidance accordingly, in conjunction with its regular quarterly reporting schedule, following any transaction announcement.

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Investor Conference Call Today

The Company will host an investor conference call today (Tuesday, May 3, 2011, at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time) to discuss its first quarter 2011 results.  To participate on the call, please dial (888) 680-0879 and reference pass code 43544778.A live webcast of the call will be available on DineEquity’s Web site at www.dineequity.com, and may be accessed by visiting Calls & Presentations under the site’s Investor Information section.  A telephonic replay of the call may be accessed through May 10, 2011 by dialing 888-286-8010 and referencing pass code 34325172.  An online archive of the webcast also will be available on the Investor Information section of DineEquity’s Web site.

About DineEquity, Inc.

Based in Glendale, California, DineEquity, Inc., through its subsidiaries, franchises and operates restaurants under the Applebee’s Neighborhood Grill & Bar and IHOP brands.  With more than 3,500 restaurants combined, DineEquity is the largest full-service restaurant company in the world.  For more information on DineEquity, visit the Company’s Web site located at www.dineequity.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: the implementation of DineEquity, Inc.’s (the “Company”) strategic growth plan; the availability of suitable locations and terms for sites designated for development; the ability of franchise developers to fulfill their commitments to build new restaurants in the numbers and time frames covered by their development agreements; legislation and government regulation including the ability to obtain satisfactory regulatory approvals; risks associated with the Company’s indebtedness; conditions beyond the Company’s control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company’s customers or food supplies, or acts of war or terrorism; availability and cost of materials and labor; cost and availability of capital; competition; potential litigation and associated costs; continuing acceptance of the International House of Pancakes (“IHOP”) and Applebee’s brands and concepts by guests and franchisees; the Company’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 the Company’s news releases, public statements and/or filings with the Securities and Exchange Commission, especially the “Risk Factors” sections of Annual and Quarterly Reports on Forms 10-K and 10-Q. Forward-looking information is provided by the Company 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, the Company disclaims any intent or obligation to update these forward-looking statements.

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Non-GAAP Financial Measures

This news release includes references to the Company’s non-GAAP financial measures “adjusted net income available to common stockholders (adjusted EPS),” “EBITDA,” and “free cash flow.” Adjusted EPS is computed for a given period by deducting from net income (loss) available to common stockholders for such period the effect of any impairment and closure charges, any gain or loss related to debt extinguishment, any intangible asset amortization, any non-cash interest expense, any debt modification costs and any gain or loss related to the disposition of assets incurred in such period.  This is presented on an aggregate basis and a per share (diluted) basis. The Company defines “EBITDA” for a given period as income before income taxes less interest expense, loss on retirement of debt and Series A preferred stock, depreciation and amortization, impairment and closure charges, stock-based compensation, gain/loss on sale of assets and other charge backs as defined by its credit agreement.  “Free cash flow” for a given period is defined as cash provided by operating activities, plus receipts from notes and equipment contracts receivable (“long-term notes receivable”), less dividends paid and capital expenditures.  Management utilizes EBITDA for debt covenant purposes and free cash flow to determine the amount of cash remaining for general corporate and strategic purposes after the receipts from long-term notes receivable, and the funding of operating activities, capital expenditures and preferred dividends.  Management believes this information is helpful to investors to determine the Company’s adherence to debt covenants and the Company’s cash available for these purposes.  Adjusted EPS, EBITDA and free cash flow are supplemental non-GAAP financial measures and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with generally accepted accounting principles.

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DINEEQUITY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)

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DINEEQUITY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

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DINEEQUITY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

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NON-GAAP FINANCIAL MEASURES

(In thousands, except per share amounts)

(Unaudited)

Reconciliation of (i) net income available to common stockholders to (ii) net income available to common stockholders excluding impairment and closure charges, loss (gain) on extinguishment of debt, amortization of intangible assets, non-cash interest expense, debt modification costs and gain on disposition of assets, and related per share data:

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NON-GAAP FINANCIAL MEASURES

(In thousands)

(Unaudited)

Reconciliation of U.S. GAAP income (loss) before income taxes to EBITDA:

Reconciliation of the Company’s cash provided by operating activities to free cash flow:

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Restaurant Data

The following table sets forth, for the three-month periods ended  March 31, 2011 and 2010, the number of effective restaurants in the Applebee’s and IHOP systems and information regarding the percentage change in sales at those restaurants compared to the same periods in the prior year. “Effective restaurants” are the number of restaurants in a given period, adjusted to account for restaurants open for only a portion of the period. Information is presented for all effective restaurants in the IHOP and Applebee’s systems, which includes restaurants owned by the Company, as well as those owned by franchisees and area licensees. Sales at restaurants that are owned by franchisees and area licensees are not attributable to the Company. However, we believe that presentation of this information is useful in analyzing our revenues because franchisees and area licensees pay us royalties and advertising fees that are generally based on a percentage of their sales, as well as rental payments under leases that are usually based on a percentage of their sales. Management also uses this information to make decisions about future plans for the development of additional restaurants as well as evaluation of current operations.

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(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. Information is presented for all effective restaurants in the IHOP and Applebee’s systems, which includes restaurants owned by the Company as well as those owned by franchisees and area licensees.

(b)         “System-wide” sales are retail sales at IHOP and Applebee’s restaurants operated by franchisees and IHOP restaurants operated by area licensees, as reported to the Company, in addition to retail sales at company-operated restaurants.  Sales at restaurants that are owned by franchisees and area licensees are not attributable to the Company.

(c)          “Sales percentage change” reflects, for each category of restaurants, the percentage change in sales in any given fiscal period compared to the prior fiscal period for all restaurants in that category.

(d)         “Same-restaurant sales percentage change” reflects the percentage change in sales, in any given fiscal period compared to the same weeks in the prior year, for restaurants that have been operated throughout both fiscal periods that are being compared and have been open for at least 18 months. Because of new unit openings and restaurant closures, the restaurants open throughout both fiscal periods being compared may be different from period to period. Same-restaurant sales percentage change does not include data on IHOP restaurants located in Florida.

(e)

(f)            Sales percentage change and same-restaurant sales percentage change for IHOP company-operated restaurants are not meaningful (“n.m.”) due to the relatively small number and test-market nature of the restaurants, along with the periodic inclusion of restaurants reacquired from franchisees that are temporarily operated by the Company.

(g)         The sales percentage change for the three months ended March 31, 2011 for Applebee’s franchise and company-operated restaurants was impacted by the franchising of 65 company-operated restaurants during the first quarter of 2011 and 83 company-operated restaurants in 2010.

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DINEEQUITY, INC. AND SUBSIDIARIES

RESTAURANT DATA

The following table summarizes our restaurant development activity:

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