DineEquity Inc. reported a larger loss for the fourth quarter as it reduced debt and saw fewer patrons at its IHOP and Applebee’s restaurants.

The Glendale company on Thursday reported a net loss $58.1 million (-$3.33 a share) compared with a loss of $48.2 million (-$2.84) a year earlier.

Revenue fell 16 percent to less than $300 million. Applebee’s same-restaurant sales rose 2.9 percent on higher menu prices and IHOP’s same-restaurant sales rose 1.1 percent. Guest counts were down at both chains but that was offset by a higher average guest check, the company said.

Adjusting for costs related to eliminating debt, redemption of preferred stock and refinancing costs, DineEquity had net income of $10.6 million (59 cents).

The adjusted results still fell short of Wall Street expectations. Analysts surveyed by Thomson Reuters on average expected the company to report adjusted per-share profit of 64 cents on revenue of $314 million.

During the quarter, DineEquity sold 83 company-operated Applebee’s restaurants in Minnesota, Wisconsin and Virginia as part of its strategy to become a more highly franchised company.

“We successfully refinanced our debt and sold a significant number of Applebee’s company-operated restaurants despite a difficult economic period. Chief Executive Julia Stewart said in a statement. “We will be relentlessly focused on execution as our brands move forward with an integrated marketing, menu and operations approach and an increasing number of remodeled restaurants to deliver unsurpassed guest experiences.”

Shares closed up 54 cents, or about 1 percent, to $55.95 on the New York Stock Exchange.