Applebee's International Reports Fourth Quarter and Fiscal Year 2005 Results.

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Applebee's International Reports Fourth Quarter and Fiscal Year 2005 Results.

OVERLAND PARK, Kan. -- Applebee's International, Inc. (Nasdaq:APPB) today reported net earnings of $20.5 million, or $0.27 per diluted share, for the fourth quarter ended December 25, 2005, including the cumulative effect of a change in accounting principle. This compares to net earnings of $24.4 million, or $0.30 per diluted share, for the fourth quarter of 2004.

The company adopted FASB Interpretation No. 47 ("FIN 47"), "Accounting for Conditional Asset Retirement Obligations," in the fourth quarter of 2005. The cumulative effect of this change in accounting principle was an expense of $350,000 on a pre-tax basis ($225,000 after-tax or less than $0.01 per share).

For the fiscal year ended December 25, 2005, net earnings were $101.8 million, or $1.27 per diluted share, including impairment charges and the cumulative effect of a change in accounting principle. Excluding impairment charges recorded in the third quarter of 2005 totaling $3.9 million ($2.5 million after-tax or approximately $0.03 per share), net earnings were $104.3 million, or $1.30 per diluted share, for fiscal year 2005. A reconciliation of non-GAAP measurements to GAAP results is attached to this release.

As previously reported, system-wide comparable sales for the fourth quarter of 2005 increased 1.0 percent, the 30th consecutive quarter of comparable sales gr...

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