Ihop Corporation. The Group's principal activity is to develop, operate and franchise family restaurant chains. Franchisees and area licensees operate more than 90% of the Group's restaurants. The Group develops most of the new restaurants prior to franchising them. Some franchisees develop their own restaurants under the Group's Investor and Conversion Programs for franchisees. Area licensees located in Canada and Florida operated 12% of the Group's restaurants. As of 31-Dec-2002, the Group operated 1,103 restaurants. Franchisees operated 902 of these restaurants, area licensees operated 125 restaurants, and the Group operated 76 restaurants. The Group's trademarks include 'International House of Pancakes', 'IHOP' and 'Any Time's a Good Time for IHOP'. The Group's restaurants are located in 45 states and Canada. Franchise operations accounted for 65% of 2002 revenues; Company operations, 20% and Franchises and equipment, 15%.