P.F. Chang's Earns $0.40 Per Share.SCOTTSDALE Scottsdale, city (1990 pop. 130,069), Maricopa co., central Ariz.; settled in 1895 by Winfield Scott, inc. 1951. It is a resort and retirement center in the Phoenix metropolitan area. , Ariz. -- P.F. Chang's China Bistro, Inc. (Nasdaq:PFCB) today reported earnings of $10.8 million for the first quarter ended April 3, 2005 compared to a net loss of $(0.7) million in the first quarter of the prior year after giving effect to certain special charges relating to relating to relate prep → concernantrelating to relate prep → bezüglich +gen, mit Bezug auf +acc partnership accounting changes. Earnings per share for the first quarter increased to $0.40 from a loss per share of $(0.03) in the first quarter of the prior year. The company had an additional week in fiscal 2004 (a 53-week year versus the typical 52-week year) which is included in the fourth quarter 2004 earnings amounts noted below.
(000 except per share data) 1Q05 4Q04 1Q04 (1)
------------------------------------
Revenues $ 194,214 $ 199,270 $ 164,056
Net Income (loss) $ 10,826 $ 10,165 $ (678)
Diluted Earnings Per Share $ 0.40 $ 0.38 $ (0.03)
Shares Used in EPS calculation 26,893 26,786 25,559
(1) The company's first quarter 2004 net loss included non-recurring
charges totaling $7.6 million (after-tax) relating to the
modification of the company's partnership agreements as well as
certain legal settlement costs. First quarter 2004 amounts also
reflect our lease accounting restatement which is more fully
described in our annual report on Form 10-K filed on April 1,
2005.
2005 Expectations The company anticipates opening 18 new Bistro units and 26 new Pei Wei Pei Wei may refer to:
adj. 1. Almost exact or correct: the approximate time of the accident. 2. 2%, the company expects consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues of $822 million, net income of $41 million and earnings per share of $1.52. Lease accounting changes decreased previous earnings per share expectations by $0.04 for 2005. The company will release its second quarter 2005 revenue results on July July: see month. 7, 2005 and its second quarter 2005 earnings results on July 27, 2005. The company is hosting a conference call today at 1:00 pm ET in which management will provide further details on the first quarter. A webcast of the call can be accessed through the company's website at http://www.pfchangs.com. P.F. Chang's China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche niche: see ecology. niche Smallest unit of a habitat that is occupied by an organism. A habitat niche is the physical space occupied by the organism; an ecological niche is the role the organism plays in the community of organisms found in the . P.F. Chang's China Bistro features a blend “Blending” redirects here. For alpha blending, see Alpha compositing. In linguistics, a blend is a word formed from parts of two other words. These parts are sometimes, but not always, morphemes. of high-quality, traditional Chinese cuisine Chinese cuisine (Chinese: 中國菜) originated from different regions of China and has become widespread in many other parts of the world — from East Asia to North America, Australasia and Western Europe. and American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner diner, restaurant resembling the railroad dining car that is its source. In the mid-19th cent., the first dining cars that appeared on trains were nothing more than an empty car with a fastened-down table. George M. offers a modest menu of freshly prepared Asian cuisine Asian cuisine is a term sometimes used in the West as an umbrella term for the various cuisines of East Asia and Southeast Asia and for fusion dishes based on combining them. It does not usually include Polynesian, Central Asia or Middle Eastern cuisine. in a relaxed relaxed, adj freed from tension, being at ease, as applied to muscles and the mind. , warm environment offering attentive at·ten·tive adj. 1. Giving care or attention; watchful: attentive to detail. 2. Marked by or offering devoted and assiduous attention to the pleasure or comfort of others. counter service and take-out Take-out A cash surplus generated by the sale of one block of securities and the purchase of another, e.g., selling a block of bonds at 99 and buying another block at 95. Also, a bid made to a seller of a security that is designed (and generally agreed) to take the seller out of flexibility. The statements contained in this press release that are not purely historical, including the company's estimates of its revenues, earnings and comparable sales, as well as statements concerning the company's development schedule, are forward looking statements. The accuracy of these forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. may be affected by certain risks and uncertainties, including, but not limited to, the company's ability to operate its restaurants profitably; the company's ability to hire, train and retain skilled management and other personnel; changes in consumer tastes and trends, and national, regional and local economic and weather conditions; changes in costs related to food, utilities and labor; changes to existing accounting rules or differing interpretations to our current accounting practices and other risks described in the company's recent SEC filings. In addition, the supplemental sales information is provided to investors to help gauge gauge In manufacturing and engineering, a device used to determine whether a dimension is larger or smaller than a reference standard. A snap gauge, for example, is formed like the letter C, with outer “go” and inner “not go” jaws, and is used to the company's performance and is not indicative indicative: see mood. of future results.
P.F. Chang's China Bistro, Inc.
----------------------------------------------------------------------
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
13 Weeks 14 Weeks 13 Weeks
Ended Ended Ended
-----------------------------
Apr 3 Jan 2 Mar 28
2004
2005 2005 Restated
-------- -----------------
Revenues $194,214 $199,270 $164,056
Cost of sales 53,982 57,157 46,860
Labor 63,404 64,235 54,632
Partner bonus expense, imputed 466 508 378
Operating 28,364 28,430 22,617
Occupancy 10,274 10,816 8,507
-------- -------- --------
Restaurant operating profit 37,724 38,124 31,062
General & administrative 10,126 8,766 8,709
Depreciation & amortization 8,134 8,316 6,523
Preopening expenses 1,334 2,218 2,355
Partner investment expense 273 1,615 13,471
-------- -------- --------
Income from operations 17,857 17,209 4
Interest income, net and other income 458 374 91
Minority interest (2,276) (2,831) (2,280)
-------- -------- --------
Income (losses) before (provision for)
benefit from income taxes 16,039 14,752 (2,185)
(Provision for) benefit from income
taxes (5,213) (4,587) 1,507
-------- -------- --------
Net income (loss) $ 10,826 $ 10,165 $ (678)
======== ======== ========
Basic net income (loss) per share $ 0.41 $ 0.39 $ (0.03)
Diluted net income (loss) per share $ 0.40 $ 0.38 $ (0.03)
Shares used in calculation of basic EPS 26,117 25,977 25,559
Shares used in calculation of diluted
EPS 26,893 26,786 25,559
Percentage of Revenues
-----------------------------
Apr 3 Jan 2 Mar 28
2004
2005 2005 Restated
-------- -----------------
Revenues 100.0% 100.0% 100.0%
Cost of sales 27.8% 28.7% 28.6%
Labor 32.6% 32.2% 33.3%
Partner bonus expense, imputed 0.2% 0.3% 0.2%
Operating 14.6% 14.3% 13.8%
Occupancy 5.3% 5.4% 5.2%
-------- -------- --------
Restaurant operating profit 19.4% 19.1% 18.9%
General & administrative 5.2% 4.4% 5.3%
Depreciation & amortization 4.2% 4.2% 4.0%
Preopening expenses 0.7% 1.1% 1.4%
Partner investment expense 0.1% 0.8% 8.2%
-------- -------- --------
Income from operations 9.2% 8.6% 0.0%
Interest income, net and other income 0.2% 0.2% 0.1%
Minority interest -1.2% -1.4% -1.4%
-------- -------- --------
Income (loss) before (provision for)
benefit from income taxes 8.3% 7.4% -1.3%
(Provision for) benefit from income
taxes -2.7% -2.3% 0.9%
-------- -------- --------
Net income (loss) 5.6% 5.1% -0.4%
======== ======== ========
Certain percentage amounts do not sum to total due to rounding.
P.F. Chang's China Bistro, Inc.
----------------------------------------------------------------------
Supplemental Financial Information
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended April 3, 2005
-----------------------------------
Shared
Total Bistro Pei Wei Services
-------------------------- --------
Revenues $194,214 $163,579 $30,635 $ --
Cost of sales 53,982 45,317 8,665 --
Labor 63,404 53,439 9,965 --
Partner bonus expense, imputed 466 431 35 --
Operating 28,364 23,711 4,653 --
Occupancy 10,274 8,465 1,809 --
-------- -------- ------- -------
Restaurant operating profit 37,724 32,216 5,508 --
General & administrative 10,126 3,705 1,526 4,895
Depreciation & amortization 8,134 6,679 1,306 149
Preopening expenses 1,334 965 369 --
Partner investment expense 273 208 65 --
-------- -------- ------- -------
Income (loss) from operations 17,857 20,659 2,242 (5,044)
Interest income, net and other
income 458 115 -- 343
Minority interest (2,276) (1,935) (341) --
-------- -------- ------- -------
Income (loss) before provision for
income taxes 16,039 18,839 1,901 (4,701)
======== ======= =======
Provision for income taxes (5,213)
--------
Net income $ 10,826
========
Basic net income per share $ 0.41
Diluted net income per share $ 0.40
Shares used in calculation of
basic EPS 26,117
Shares used in calculation of
diluted EPS 26,893
Percentage of Revenues
-----------------------------------
Total (a) Bistro Pei Wei
--------------------------
Revenues 100.0% 100.0% 100.0%
Cost of sales 27.8% 27.7% 28.3%
Labor 32.6% 32.7% 32.5%
Partner bonus expense, imputed 0.2% 0.3% 0.1%
Operating 14.6% 14.5% 15.2%
Occupancy 5.3% 5.2% 5.9%
-------- -------- -------
Restaurant operating profit 19.4% 19.7% 18.0%
General & administrative 5.2% 2.3% 5.0%
Depreciation & amortization 4.2% 4.1% 4.3%
Preopening expenses 0.7% 0.6% 1.2%
Partner investment expense 0.1% 0.1% 0.2%
-------- -------- -------
Income from operations 9.2% 12.6% 7.3%
Interest income, net and other
income 0.2% 0.1% 0.0%
Minority interest -1.2% -1.2% -1.1%
-------- -------- -------
Income before provision for income
taxes 8.3% 11.5% 6.2%
======== =======
Provision for income taxes -2.7%
--------
Net income 5.6%
========
Certain percentage amounts do not sum to total due to rounding.
(a) Includes Shared Services. Beginning in fiscal year 2005, the
Company began classifying certain general and administrative
expenses which benefit both the Bistro and Pei Wei within Shared
Services.
P.F. Chang's China Bistro, Inc.
Development Schedule
P.F. Chang's China Bistro
1Q05 2Q05 3Q05 4Q05
Units opened 2 1
Units under construction 4 5
Units in development 6
Units closed (1)
----------------------------------------
Total new unit development 1 5 5 6
Existing units 115 116 121 126
----------------------------------------
Total units 116 121 126 132
========================================
Pei Wei Asian Diner
1Q05 2Q05 3Q05 4Q05
Units opened 1 1
Units under construction 5 4
Units in development 4 11
----------------------------------------
Total new unit development 1 6 8 11
Existing units 53 54 60 68
----------------------------------------
Total units 54 60 68 79
========================================
P.F. Chang's China Bistro, Inc.
----------------------------------------------------------------------
2005 Forecast
1Q05A 2Q05E
-------------------------- ---------------------------
Shared Shared
-------------------------- ---------------------------
Bistro Pei Svcs Total Bistro Pei Svcs Total
Wei Wei
------------------------------------------------------
Store weeks 1,492 698 2,190 1,531 746 2,277
Average weekly
sales (000) 109.6 43.9 88.7 108.2 41.8 86.5
Revenues
(millions) 163.6 30.6 - 194.2 165.7 31.2 - 196.9
Restaurant
operating
profit 32.2 5.5 - 37.7 33.5 5.3 - 38.7
General &
administrative 3.7 1.5 4.9 10.1 3.7 1.7 5.0 10.4
Depreciation &
amortization 6.7 1.3 0.1 8.1 6.7 1.4 0.1 8.2
Preopening
expenses 1.0 0.4 1.3 2.1 0.9 3.0
Partner
investment
expense 0.2 0.1 0.3 1.2 0.4 1.6
Other income (0.1) - (0.3) (0.5) - - (0.2) (0.2)
Minority
interest 1.9 0.3 2.3 2.0 0.4 2.4
-------------------------- ---------------------------
Income (loss)
before tax
provision 18.8 1.9 (4.7) 16.0 17.8 0.5 (4.9) 13.5
Tax provision 6.1 0.6 (1.5) 5.2 5.8 0.2 (1.6) 4.4
-------------------------- ---------------------------
Net income
(loss) 12.7 1.3 (3.2) 10.8 12.0 0.4 (3.3) 9.1
-------------------------- ---------------------------
FD shares 26.9 26.9 26.9 26.9 27.0 27.0 27.0 27.0
EPS $0.47 $0.05 $(0.12)$0.40 $0.45 $0.01 $(0.12)$0.34
Revenues 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Restaurant
operating
profit 19.7% 18.0% 19.4% 20.2% 16.9% 19.7%
General &
administrative 2.3% 5.0% 5.2% 2.2% 5.4% 5.3%
Depreciation &
amortization 4.1% 4.3% 4.2% 4.1% 4.4% 4.2%
Preopening
expenses 0.6% 1.2% 0.7% 1.3% 2.9% 1.5%
Partner
investment
expense 0.1% 0.2% 0.1% 0.7% 1.2% 0.8%
Other income -0.1% 0.0% -0.2% 0.0% 0.0% -0.1%
Minority
interest 1.2% 1.1% 1.2% 1.2% 1.1% 1.2%
-------------------------- ---------------------------
Income before
tax provision 11.5% 6.2% 8.3% 10.7% 1.7% 6.8%
Tax provision 32.5% 32.5% 32.5% 32.5% 32.5% 32.5%
-------------------------- ---------------------------
Net income 7.8% 4.2% 5.6% 7.2% 1.1% 4.6%
========================== ===========================
3Q05E 4Q05E
-------------------------- --------------------------
Shared Shared
-------------------------- --------------------------
Bistro Pei Svcs Total Bistro Pei Svcs Total
Wei Wei
------------------------------------------------------
Store weeks 1,610 860 2,470 1,680 964 2,644
Average weekly
sales (000) 107.6 40.9 84.4 108.6 40.9 83.9
Revenues
(millions) 173.3 35.1 - 208.5 182.5 39.4 - 221.9
Restaurant
operating
profit 35.6 5.6 - 41.1 37.4 6.2 - 43.6
General &
administrative 3.7 1.8 5.3 10.7 3.8 1.9 5.3 11.0
Depreciation &
amortization 7.0 1.6 0.2 8.8 7.2 1.8 0.2 9.1
Preopening
expenses 2.0 1.0 3.1 1.4 0.9 2.3
Partner
investment
expense 1.2 0.5 1.7 1.4 0.7 2.1
Other income - - (0.2) (0.2) - - (0.2) (0.2)
Minority
interest 2.2 0.4 2.5 2.3 0.4 2.7
-------------------------- --------------------------
Income (loss)
before tax
provision 19.5 0.3 (5.2) 14.6 21.3 0.6 (5.2) 16.7
Tax provision 6.4 0.1 (1.7) 4.8 6.9 0.2 (1.7) 5.4
-------------------------- --------------------------
Net income
(loss) 13.2 0.2 (3.5) 9.9 14.4 0.4 (3.5) 11.3
-------------------------- --------------------------
FD shares 27.2 27.2 27.2 27.2 27.3 27.3 27.3 27.3
EPS $0.49 $0.01 $(0.13)$0.36 $0.53 $0.02 $(0.13)$0.41
Revenues 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Restaurant
operating
profit 20.5% 15.9% 19.7% 20.5% 15.8% 19.7%
General &
administrative 2.1% 5.1% 5.1% 2.1% 4.7% 4.9%
Depreciation &
amortization 4.0% 4.5% 4.2% 4.0% 4.4% 4.1%
Preopening
expenses 1.2% 2.9% 1.5% 0.8% 2.3% 1.0%
Partner
investment
expense 0.7% 1.5% 0.8% 0.8% 1.8% 0.9%
Other income 0.0% 0.0% -0.1% 0.0% 0.0% -0.1%
Minority
interest 1.2% 1.0% 1.2% 1.2% 1.0% 1.2%
-------------------------- --------------------------
Income before
tax provision 11.3% 0.9% 7.0% 11.7% 1.6% 7.5%
Tax provision 32.5% 32.5% 32.5% 32.5% 32.5% 32.5%
-------------------------- --------------------------
Net income 7.6% 0.6% 4.7% 7.9% 1.1% 5.1%
========================== ==========================
2005E
--------------------------------
Shared
--------------------------------
Bistro Pei Svcs Total
Wei
--------------------------------
Store weeks 6,313 3,268 9,581
Average weekly
sales (000) 108.5 41.7 85.7
Revenues
(millions) 685.1 136.4 - 821.5
Restaurant
operating
profit 138.6 22.6 - 161.2
General &
administrative 14.9 6.9 20.4 42.1
Depreciation &
amortization 27.7 6.0 0.6 34.3
Preopening
expenses 6.5 3.2 - 9.6
Partner
investment
expense 3.9 1.7 - 5.6
Other income (0.1) - (0.9) (1.1)
Minority
interest 8.3 1.5 - 9.8
--------------------------------
Income (loss)
before tax
provision 77.5 3.4 (20.0) 60.8
Tax provision 25.2 1.1 (6.5) 19.8
--------------------------------
Net income
(loss) 52.3 2.3 (13.5) 41.0
--------------------------------
FD shares 27.1 27.1 27.1 27.1
EPS $1.93 $0.08 $(0.50) $1.52
Revenues 100.0% 100.0% 100.0%
Restaurant
operating
profit 20.2% 16.6% 19.6%
General &
administrative 2.2% 5.0% 5.1%
Depreciation &
amortization 4.0% 4.4% 4.2%
Preopening
expenses 0.9% 2.3% 1.2%
Partner
investment
expense 0.6% 1.2% 0.7%
Other income 0.0% 0.0% -0.1%
Minority
interest 1.2% 1.1% 1.2%
--------------------------------
Income before
tax provision 11.3% 2.5% 7.4%
Tax provision 32.5% 32.5% 32.5%
--------------------------------
Net income 7.6% 1.7% 5.0%
================================
P.F. Chang's China Bistro, Inc.
----------------------------------------------------------------------
2005 Forecast vs 2004 Actual
1Q04 1Q05A Change 2Q04 2Q05E Change
-------------------- -------------------
Store weeks 1,761 2,190 24.4% 1,896 2,277 20.1%
Average weekly
sales (000) 93.2 88.7 -4.8% 89.5 86.5 -3.3%
Revenues
(millions) 164.1 194.2 18.4% 169.6 196.9 16.1%
Restaurant
operating
profit 31.1 37.7 32.1 38.7
General &
administrative 7.9 10.1 8.3 10.4
Depreciation &
amortization 6.5 8.1 7.0 8.2
Preopening
expenses 2.4 1.3 1.4 3.0
Partner
investment
expense 2.0 0.3 0.9 1.6
Other income (0.1) (0.5) (0.1) (0.2)
Minority
interest 2.3 2.3 2.4 2.4
------------------ -----------------
Income before
tax provision 10.1 16.0 12.2 13.5
Tax provision 3.1 5.2 3.8 4.4
------------------ -----------------
Net income 7.0 10.8 54.7% 8.4 9.1 7.6%
------------------ -----------------
FD shares 26.4 26.9 26.5 27.0
EPS $0.27 $0.40 51.8% $0.32 $0.34 5.8%
Legal
settlement
(net of tax) 0.5 - - -
Prior year
partner
investment
expense (net
of tax) 7.1 - - -
------------- ------------
Net income
(loss) after
special
charges (0.7) - - -
============= ============
EPS (after
special
charges) $(0.03)$0.40 $0.32 $0.34
Revenues 100.0% 100.0% 100.0% 100.0%
Restaurant
operating
profit 19.0% 19.4% 18.9% 19.7%
General &
administrative 4.8% 5.2% 4.9% 5.3%
Depreciation &
amortization 4.0% 4.2% 4.1% 4.2%
Preopening
expenses 1.5% 0.7% 0.8% 1.5%
Partner
investment
expense 1.2% 0.1% 0.5% 0.8%
Other income -0.1% -0.2% -0.1% -0.1%
Minority
interest 1.4% 1.2% 1.4% 1.2%
------------- ------------
Income before
tax provision
and special
charges 6.2% 8.3% 7.2% 6.8%
Tax provision
before special
charges 31.5% 32.5% 31.5% 32.5%
------------- ------------
Net income
before special
charges 4.3% 5.6% 5.0% 4.6%
============= ============
3Q04 3Q05E Change 4Q04 4Q05E Change
------------------- -------------------
Store weeks 1,979 2,470 24.8% 2,295 2,644 15.2%
Average weekly
sales (000) 87.9 84.4 -4.0% 86.8 83.9 -3.4%
Revenues
(millions) 174.0 208.5 19.8% 199.3 221.9 11.3%
Restaurant
operating
profit 34.3 41.1 38.2 43.6
General &
administrative 8.9 10.7 8.7 11.0
Depreciation &
amortization 7.3 8.8 8.4 9.1
Preopening
expenses 2.0 3.1 2.2 2.3
Partner
investment
expense 1.7 1.7 1.6 2.1
Other income (0.1) (0.2) (0.3) (0.2)
Minority
interest 2.6 2.5 2.8 2.7
----------------- -----------------
Income before
tax provision 11.9 14.6 14.8 16.7
Tax provision 3.7 4.8 4.6 5.4
----------------- -----------------
Net income 8.2 9.9 20.8% 10.2 11.3 10.6%
----------------- -----------------
FD shares 26.6 27.2 26.8 27.3
EPS $0.31 $0.36 18.1% $0.38 $0.41 8.6%
Legal
settlement
(net of tax) - - - -
Prior year
partner
investment
expense (net
of tax) - - - -
------------ ------------
Net income
(loss) after
special
charges - - - -
============ ============
EPS (after
special
charges) $0.31 $0.36 $0.38 $0.41
Revenues 100.0% 100.0% 100.0% 100.0%
Restaurant
operating
profit 19.7% 19.7% 19.2% 19.7%
General &
administrative 5.1% 5.1% 4.4% 4.9%
Depreciation &
amortization 4.2% 4.2% 4.2% 4.1%
Preopening
expenses 1.1% 1.5% 1.1% 1.0%
Partner
investment
expense 1.0% 0.8% 0.8% 0.9%
Other income -0.1% -0.1% -0.2% -0.1%
Minority
interest 1.5% 1.2% 1.4% 1.2%
------------ ------------
Income before
tax provision
and special
charges 6.8% 7.0% 7.4% 7.5%
Tax provision
before special
charges 31.5% 32.5% 31.5% 32.5%
------------ ------------
Net income
before special
charges 4.7% 4.7% 5.1% 5.1%
============ ============
2004 2005E Change
-------------------
Store weeks 7,931 9,581 20.8%
Average weekly
sales (000) 89.1 85.7 -3.8%
Revenues
(millions) 707.0 821.5 16.2%
Restaurant
operating
profit 135.7 161.2
General &
administrative 33.8 42.1
Depreciation &
amortization 29.2 34.3
Preopening
expenses 8.0 9.6
Partner
investment
expense 6.2 5.6
Other income (0.6) (1.1)
Minority
interest 10.1 9.8
-----------------
Income before
tax provision 49.0 60.8
Tax provision 15.2 19.8
-----------------
Net income 33.8 41.0 21.4%
-----------------
FD shares 26.6 27.1
EPS $1.27 $1.52 19.2%
Legal
settlement
(net of tax) 0.5 -
Prior year
partner
investment
expense (net
of tax) 7.1 -
------------
Net income
(loss) after
special
charges 26.1 -
============
EPS (after
special
charges) $0.98 $1.52
Revenues 100.0% 100.0%
Restaurant
operating
profit 19.2% 19.6%
General &
administrative 4.8% 5.1%
Depreciation &
amortization 4.1% 4.2%
Preopening
expenses 1.1% 1.2%
Partner
investment
expense 0.9% 0.7%
Other income -0.1% -0.1%
Minority
interest 1.4% 1.2%
------------
Income before
tax provision
and special
charges 6.9% 7.4%
Tax provision
before special
charges 31.5% 32.5%
------------
Net income
before special
charges 4.8% 5.0%
============
P.F. Chang's China Bistro, Inc.
----------------------------------------------------------------------
2004 (Restated for lease accounting changes)
1Q04 2Q04
--------------------- --------------------
--------------------- --------------------
Bistro Pei Total Bistro Pei Total
Wei Wei
------------------------------------------
Store weeks 1,302 459 1,761 1,356 540 1,896
Average weekly
sales (000) 111.2 42.0 93.2 108.6 41.5 89.5
Revenues
(millions) 144.8 19.3 164.1 147.2 22.4 169.6
Restaurant
operating
profit 27.8 3.3 31.1 28.4 3.7 32.1
General &
administrative 6.5 1.4 7.9 6.7 1.6 8.3
Depreciation &
amortization 5.7 0.8 6.5 5.9 1.1 7.0
Preopening
expenses 1.8 0.6 2.4 0.8 0.6 1.4
Partner
investment
expense 1.7 0.3 2.0 0.6 0.3 0.9
Other income (0.1) - (0.1) (0.1) - (0.1)
Minority
interest 2.1 0.2 2.3 2.2 0.2 2.4
--------------------- --------------------
Income (loss)
before tax
provision and
one-time
charges 10.1 - 10.1 12.3 (0.1) 12.2
Tax provision
(before one-
time charges) 3.1 - 3.1 3.9 (0.1) 3.8
--------------------- --------------------
Net income
(before one-
time charges) 7.0 - 7.0 8.4 (0.0) 8.4
--------------------- --------------------
FD shares 26.4 26.4 26.4 26.5 26.5 26.5
EPS 0.3 $- $0.27 $0.32 $(0.00)$0.32
Legal
settlement
costs (net of
tax) 0.5 - 0.5 - - -
Prior year
partner
investment
expense (net
of tax) 6.2 0.9 7.1 - - -
--------------------- --------------------
Net income
(loss) after
special
charges 0.3 (0.9) (0.7) 8.4 (0.0) 8.4
===================== ====================
EPS (after
special
charges) 0.0 $(0.03)$(0.03) $0.32 $(0.00)$0.32
Revenues 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Restaurant
operating
profit 19.2% 17.1% 19.0% 19.3% 16.5% 18.9%
General &
administrative 4.5% 7.3% 4.8% 4.6% 7.1% 4.9%
Depreciation &
amortization 3.9% 4.1% 4.0% 4.0% 4.9% 4.1%
Preopening
expenses 1.2% 3.1% 1.5% 0.5% 2.7% 0.8%
Partner
investment
expense 1.2% 1.6% 1.2% 0.4% 1.3% 0.5%
Other income -0.1% 0.0% -0.1% -0.1% 0.0% -0.1%
Minority
interest 1.5% 1.0% 1.4% 1.5% 0.9% 1.4%
--------------------- --------------------
Income (loss)
before tax
provision and
special
charges 7.0% 0.0% 6.2% 8.4% -0.4% 7.2%
Tax provision
(before
special
charges) 31.5% 31.5% 31.5% 31.5% 31.5% 31.5%
--------------------- --------------------
Net income
(before
special
charges) 4.8% 0.0% 4.3% 5.7% 0.0% 5.0%
===================== ====================
3Q04 4Q04
------------------- -------------------
------------------- -------------------
Bistro Pei Total Bistro Pei Total
Wei Wei
---------------------------------------
Store weeks 1,382 597 1,979 1,573 722 2,295
Average weekly
sales (000) 108.4 40.5 87.9 107.9 41.0 86.8
Revenues
(millions) 149.8 24.2 174.0 169.7 29.6 199.3
Restaurant
operating
profit 30.6 3.7 34.3 33.2 5.0 38.2
General &
administrative 7.4 1.5 8.9 7.1 1.6 8.7
Depreciation &
amortization 6.1 1.2 7.3 7.1 1.3 8.4
Preopening
expenses 1.6 0.4 2.0 1.7 0.5 2.2
Partner
investment
expense 1.4 0.3 1.7 1.4 0.2 1.6
Other income (0.1) - (0.1) (0.3) - (0.3)
Minority
interest 2.4 0.2 2.6 2.5 0.3 2.8
------------------- -------------------
Income (loss)
before tax
provision and
one-time
charges 11.8 0.1 11.9 13.7 1.1 14.8
Tax provision
(before one-
time charges) 3.7 - 3.7 4.3 0.3 4.6
------------------- -------------------
Net income
(before one-
time charges) 8.1 0.1 8.2 9.4 0.8 10.2
------------------- -------------------
FD shares 26.6 26.6 26.6 26.8 26.8 26.8
EPS $0.30 $0.00 $0.31 $0.35 $0.03 $0.38
Legal
settlement
costs (net of
tax) - - - - - -
Prior year
partner
investment
expense (net
of tax) - - - - - -
------------------- -------------------
Net income
(loss) after
special
charges 8.1 0.1 8.2 9.4 0.8 10.2
=================== ===================
EPS (after
special
charges) $0.30 $0.00 $0.31 $0.35 $0.03 $0.38
Revenues 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Restaurant
operating
profit 20.4% 15.3% 19.7% 19.6% 16.9% 19.2%
General &
administrative 4.9% 6.2% 5.1% 4.2% 5.4% 4.4%
Depreciation &
amortization 4.1% 5.0% 4.2% 4.2% 4.4% 4.2%
Preopening
expenses 1.1% 1.7% 1.1% 1.0% 1.7% 1.1%
Partner
investment
expense 0.9% 1.2% 1.0% 0.8% 0.7% 0.8%
Other income -0.1% 0.0% -0.1% -0.2% 0.0% -0.2%
Minority
interest 1.6% 0.8% 1.5% 1.5% 1.0% 1.4%
------------------- -------------------
Income (loss)
before tax
provision and
special
charges 7.9% 0.4% 6.8% 8.1% 3.7% 7.4%
Tax provision
(before
special
charges) 31.5% 31.5% 31.5% 31.5% 31.5% 31.5%
------------------- -------------------
Net income
(before
special
charges) 5.4% 0.4% 4.7% 5.5% 2.7% 5.1%
=================== ===================
2004
---------------------------
---------------------------
Bistro Pei Total
Wei
----------------------------
Store weeks 5,613 2,318 7,931
Average weekly
sales (000) 108.9 41.2 89.1
Revenues
(millions) 611.5 95.5 707.0
Restaurant
operating
profit 120.0 15.7 135.7
General &
administrative 27.7 6.1 33.8
Depreciation &
amortization 24.8 4.4 29.2
Preopening
expenses 5.9 2.1 8.0
Partner
investment
expense 5.1 1.1 6.2
Other income (0.6) - (0.6)
Minority
interest 9.2 0.9 10.1
---------------------------
Income (loss)
before tax
provision and
one-time
charges 47.9 1.1 49.0
Tax provision
(before one-
time charges) 15.0 0.2 15.2
---------------------------
Net income
(before one-
time charges) 32.9 0.9 33.8
---------------------------
FD shares 26.6 26.6 26.6
EPS $1.24 $0.03 $1.27
Legal
settlement
costs (net of
tax) 0.5 - 0.5
Prior year
partner
investment
expense (net
of tax) 6.2 0.9 7.1
---------------------------
Net income
(loss) after
special
charges 26.2 - 26.2
===========================
EPS (after
special
charges) $0.98 $- $0.98
Revenues 100.0% 100.0% 100.0%
Restaurant
operating
profit 19.6% 16.4% 19.2%
General &
administrative 4.5% 6.4% 4.8%
Depreciation &
amortization 4.1% 4.6% 4.1%
Preopening
expenses 1.0% 2.2% 1.1%
Partner
investment
expense 0.8% 1.2% 0.9%
Other income -0.1% 0.0% -0.1%
Minority
interest 1.5% 0.9% 1.4%
---------------------------
Income (loss)
before tax
provision and
special
charges 7.8% 1.2% 6.9%
Tax provision
(before
special
charges) 31.5% 31.5% 31.5%
---------------------------
Net income
(before
special
charges) 5.4% 0.9% 4.8%
===========================
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