Exhibit 99.1
P.F. Chang’s China Bistro, Inc.
P.F. CHANG’S REPORTS FIRST QUARTER 2010 RESULTS
SCOTTSDALE, ARIZONA, April 28, 2010 —P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today reported financial results for the first quarter ended April 4, 2010.
(000 except per share data) | Q1 2010 | Q1 2009 | % Change | |||||||||
Revenues | $ | 310,371 | $ | 309,837 | 0.2 | % | ||||||
Net income | $ | 8,691 | $ | 13,349 | -34.9 | % | ||||||
Diluted net income per share | $ | 0.38 | $ | 0.56 | -32.1 | % | ||||||
Weighted average shares — diluted | 23,104 | 23,795 | -2.9 | % |
Highlights for the first quarter of 2010 compared to the prior year quarter include:
• | Consolidated revenues increased 0.2% to $310.4 million, including $0.1 million in revenues related to the Company’s two international Bistro restaurants operated under licensing agreements | ||
• | Comparable store sales declined 2.7% at the Bistro and increased 2.2% at Pei Wei | ||
• | Net income decreased 34.9% to $8.7 million | ||
• | Net income per diluted share decreased 32.1% to $0.38 |
First quarter comparable store sales
Fiscal 2010 | ||||||||||||||||
January | February | March | Total Q1 | |||||||||||||
Bistro | ||||||||||||||||
Traffic effect | -1.4 | % | 2.1 | % | 2.1 | % | 0.8 | % | ||||||||
Average ticket effect | -3.0 | % | -3.9 | % | -3.5 | % | -3.5 | % | ||||||||
Total comparable store sales | -4.4 | % | -1.8 | % | -1.4 | % | -2.7 | % | ||||||||
Pei Wei | ||||||||||||||||
Traffic effect | 2.1 | % | 1.9 | % | 0.6 | % | 1.5 | % | ||||||||
Average ticket effect | -0.5 | % | 2.0 | % | 0.5 | % | 0.7 | % | ||||||||
Total comparable store sales | 1.6 | % | 3.9 | % | 1.1 | % | 2.2 | % | ||||||||
Bistro
The Bistro achieved positive traffic during the quarter notwithstanding the negative impact of winter weather throughout the country during January and February. Average ticket at the Bistro declined during the entire quarter due to greater sales discounts, including the impact of a new happy hour rollout at the start of fiscal 2010.
Pei Wei
Pei Wei achieved positive traffic throughout the first quarter of 2010. Average ticket at Pei Wei was positive for the first quarter but was negatively impacted during January as a result of sales discounts related to initial trials of a limited-time offer menu item.
Comparable store sales for the first quarter of fiscal 2010 reflect results from the 13 week operating period in the current year compared to the same 13 week operating period in the prior year.
Page 1 of 9
2010 Expectations
The Company continues to anticipate that fiscal 2010 consolidated revenues will be flat compared to fiscal 2009, including expectations of slightly higher average weekly sales at Pei Wei and slightly lower average weekly sales at the Bistro. The Company intends to prospectively bolster its average ticket at the Bistro through fewer sales discounts and a slight increase to menu prices. Consequently, the Company continues to expect fiscal 2010 restaurant operating margins to be consistent with fiscal 2009 and consolidated diluted earnings per share for fiscal 2010 to approximate $2.00.
The Company expects to open four new Bistro restaurants and three new Pei Wei restaurants during fiscal 2010. The Company also plans to fully repay its outstanding credit line borrowings of $40 million and repurchase approximately $40 million in common shares under its current share repurchase authorization during fiscal 2010.
Quarterly dividend
The Company’s Board of Directors has authorized a cash dividend payment of $0.17 per share on the Company’s outstanding common stock. The dividend is payable on May 19, 2010 to shareholders of record at the close of business on May 5, 2010. The amount of the cash dividend was computed based on 45% of the Company’s net income for the quarter ended April 4, 2010.
Definitions
The following definitions apply to these terms as used throughout this release:
• | Net incomerefers to Net income attributable to PFCB common stockholders | ||
• | Comparable store sales changesinclude company-operated restaurants and represent the change in period-over-period sales for the comparable restaurant base. A restaurant becomes comparable in its eighteenth month of operation. |
Conference call information
The Company is hosting a conference call today at 1:00 pm ET in which management will provide further details on the first quarter results. A webcast of the call can be accessed through the company’s website athttp://www.pfcb.com.
About the Company
P.F. Chang’s China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang’s China Bistro features a blend of high-quality, Chinese-inspired cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared pan-Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility.
Note with respect to non-GAAP financial measures contained within Supplemental Financial Information
In addition to using GAAP results in evaluating the Company’s business, management measures restaurant operating income to assess the performance of its existing restaurant concepts. Restaurant operating income includes all ongoing costs related to operating the Company’s restaurants but excludes preopening expenses and partner investment expense. Because preopening and partner investment expenses are associated with expansion of the Company’s business and vary in timing and magnitude, they make an accurate assessment of the health of its ongoing operations more difficult and are therefore excluded. Additionally, general and administrative expenses are only included in the Company’s consolidated financial presentation as these costs relate to support of both restaurant concepts and are generally not specifically identifiable to individual restaurant operations. As the Company’s expansion is funded entirely from its ongoing restaurant operations, restaurant operating income is a consideration of management when determining whether and when to open additional restaurants. The non-GAAP financial information presented herein should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Please see the non-GAAP to GAAP reconciliation at the bottom of pages 5 through 7 of this press release for a reconciliation of restaurant operating income to the most directly comparable GAAP measure, income from operations.
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Note with respect to forward looking statements
The statements contained in this press release that are not purely historical, including the Company’s estimates of its earnings, revenues and anticipated new restaurants are forward-looking statements. The accuracy of these forward-looking statements may be affected by certain risks and uncertainties, including, but not limited to, failure of the Company’s existing or new restaurants to achieve expected results; changes in general economic and political conditions that affect consumer spending; changes in government legislation that may increase labor costs; the dependency on sales concentrated in certain geographic areas or generated by corporate spending; intense competition in the restaurant industry; Global Brand Development initiatives that may impact our brand; damage to our brands or reputation; litigation; adverse public or medical opinions about the health effects of consuming our products; failure to comply with governmental regulations; changes in food costs; the inability to retain key personnel; the Company’s ability to successfully expand its operations; federal and state tax rules could negatively impact results of operations and financial position; fluctuating insurance requirements and costs; marketing programs may not be successful; potential labor shortages that may delay planned openings; the inability to develop and construct restaurants within projected budgets and time periods; seasonality of the Company’s business and other risks described in the Company’s recent SEC filings.
Contacts:
Investor: | Allison Schulder | (480) 888-3000 | allison.schulder@pfcb.com | |||
Media: | Pete Marino | (312) 339-8833 | pmarino@digcommunications.com | |||
Dig Communications |
Page 3 of 9
P.F. Chang’s China Bistro, Inc.
Consolidated Statements of Operations (In thousands, except per share amounts)
(Unaudited)
Consolidated Statements of Operations
(Unaudited)
13 Weeks Ended | ||||||||
April 4, | March 29, | |||||||
2010 | 2009 | |||||||
Revenues | $ | 310,371 | $ | 309,837 | ||||
Costs and expenses: | ||||||||
Cost of sales | 84,013 | 83,072 | ||||||
Labor | 104,475 | 100,707 | ||||||
Operating | 52,753 | 50,691 | ||||||
Occupancy | 17,838 | 17,378 | ||||||
General and administrative | 19,053 | 19,814 | ||||||
Depreciation and amortization | 19,001 | 18,496 | ||||||
Preopening expense | 133 | 488 | ||||||
Partner investment expense | 11 | (464 | ) | |||||
Total costs and expenses | 297,277 | 290,182 | ||||||
Income from operations | 13,094 | 19,655 | ||||||
Interest and other income (expense), net | (415 | ) | (940 | ) | ||||
Income from continuing operations before taxes | 12,679 | 18,715 | ||||||
Provision for income taxes | (3,788 | ) | (4,953 | ) | ||||
Income from continuing operations, net of tax | 8,891 | 13,762 | ||||||
Income (loss) from discontinued operations, net of tax | 6 | (43 | ) | |||||
Net income | 8,897 | 13,719 | ||||||
Less: Net income attributable to noncontrolling interests | 206 | 370 | ||||||
Net income attributable to PFCB | $ | 8,691 | $ | 13,349 | ||||
Basic income per share: | ||||||||
Income from continuing operations attributable to PFCB common stockholders | $ | 0.38 | $ | 0.57 | ||||
Income (loss) from discontinued operations, net of tax, attributable to PFCB common stockholders | 0.00 | (0.00 | ) | |||||
Net income attributable to PFCB common stockholders | $ | 0.38 | $ | 0.57 | ||||
Diluted income per share: | ||||||||
Income from continuing operations attributable to PFCB common stockholders | $ | 0.38 | $ | 0.56 | ||||
Income (loss) from discontinued operations, net of tax, attributable to PFCB common stockholders | 0.00 | (0.00 | ) | |||||
Net income attributable to PFCB common stockholders | $ | 0.38 | $ | 0.56 | ||||
Weighted average shares used in computation: | ||||||||
Basic | 22,631 | 23,442 | ||||||
Diluted | 23,104 | 23,795 | ||||||
Amounts attributable to PFCB: | ||||||||
Income from continuing operations, net of tax | $ | 8,685 | $ | 13,392 | ||||
Income (loss) from discontinued operations, net of tax | 6 | (43 | ) | |||||
Net income attributable to PFCB | $ | 8,691 | $ | 13,349 | ||||
Page 4 of 9
P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information
2008 | 1Q09 | 2Q09 | 3Q09 | 4Q09 | 2009 | 1Q10 | ||||||||||||||||||||||
Units | 348 | 350 | 351 | 356 | 363 | 363 | 364 | |||||||||||||||||||||
Sales weeks | 17,170 | 4,531 | 4,563 | 4,604 | 5,058 | 18,756 | 4,731 | |||||||||||||||||||||
AWS | 69,780 | 68,382 | 66,044 | 63,060 | 64,581 | 65,482 | 65,604 | |||||||||||||||||||||
Revenues (1) | 1,198,124 | 309,837 | 301,360 | 290,329 | 326,653 | 1,228,179 | 310,371 | |||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||
Cost of sales | 325,630 | 83,072 | 79,657 | 76,364 | 87,328 | 326,421 | 84,013 | |||||||||||||||||||||
Labor | 396,911 | 100,707 | 98,111 | 95,713 | 107,052 | 401,583 | 104,475 | |||||||||||||||||||||
Operating | 198,967 | 50,691 | 48,809 | 50,883 | 53,476 | 203,859 | 52,753 | |||||||||||||||||||||
Occupancy | 69,809 | 17,378 | 17,403 | 17,566 | 18,288 | 70,635 | 17,838 | |||||||||||||||||||||
Net income attributable to noncontrolling interests | 1,933 | 370 | 288 | 155 | 595 | 1,408 | 206 | |||||||||||||||||||||
Depreciation & amortization | 68,711 | 18,496 | 18,575 | 19,055 | 18,303 | 74,429 | 19,001 | |||||||||||||||||||||
Restaurant operating income | 136,163 | 39,123 | 38,517 | 30,593 | 41,611 | 149,844 | 32,085 | |||||||||||||||||||||
Development costs | ||||||||||||||||||||||||||||
Preopening expenses | 8,457 | 488 | 461 | 1,550 | 1,420 | 3,919 | 133 | |||||||||||||||||||||
Partner investment expense | (354 | ) | (464 | ) | (91 | ) | 18 | (92 | ) | (629 | ) | 11 | ||||||||||||||||
Other expenses | ||||||||||||||||||||||||||||
General and administrative (2) | 77,488 | 19,814 | 20,523 | 20,408 | 22,004 | 82,749 | 19,053 | |||||||||||||||||||||
Interest and other (income) expense, net | 3,362 | 940 | 437 | (85 | ) | 345 | 1,637 | 415 | ||||||||||||||||||||
Provision for income taxes | 12,193 | 4,953 | 5,108 | 2,477 | 5,954 | 18,492 | 3,788 | |||||||||||||||||||||
Income from continuing operations | 35,017 | 13,392 | 12,079 | 6,225 | 11,980 | 43,676 | 8,685 | |||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | (7,591 | ) | (43 | ) | (474 | ) | (17 | ) | 55 | (479 | ) | 6 | ||||||||||||||||
Net income attributable to PFCB | 27,426 | 13,349 | 11,605 | 6,208 | 12,035 | 43,197 | 8,691 | |||||||||||||||||||||
Income from continuing operations per FDS | $ | 1.45 | $ | 0.56 | $ | 0.51 | $ | 0.27 | $ | 0.52 | $ | 1.87 | $ | 0.38 | ||||||||||||||
Fully diluted shares (FDS) | 24,080 | 23,795 | 23,526 | 23,285 | 23,045 | 23,413 | 23,104 | |||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
Cost of sales | 27.2 | % | 26.8 | % | 26.4 | % | 26.3 | % | 26.7 | % | 26.6 | % | 27.1 | % | ||||||||||||||
Labor | 33.1 | % | 32.5 | % | 32.6 | % | 33.0 | % | 32.8 | % | 32.7 | % | 33.7 | % | ||||||||||||||
Operating | 16.6 | % | 16.4 | % | 16.2 | % | 17.5 | % | 16.4 | % | 16.6 | % | 17.0 | % | ||||||||||||||
Occupancy | 5.8 | % | 5.6 | % | 5.8 | % | 6.1 | % | 5.6 | % | 5.8 | % | 5.7 | % | ||||||||||||||
Net income attributable to noncontrolling interests | 0.2 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.2 | % | 0.1 | % | 0.1 | % | ||||||||||||||
Depreciation & amortization | 5.7 | % | 6.0 | % | 6.2 | % | 6.6 | % | 5.6 | % | 6.1 | % | 6.1 | % | ||||||||||||||
Restaurant operating income | 11.4 | % | 12.6 | % | 12.8 | % | 10.5 | % | 12.7 | % | 12.2 | % | 10.3 | % | ||||||||||||||
Preopening expenses | 0.7 | % | 0.2 | % | 0.2 | % | 0.5 | % | 0.4 | % | 0.3 | % | 0.0 | % | ||||||||||||||
Partner investment expense | (0.0 | %) | (0.1 | %) | (0.0 | %) | 0.0 | % | (0.0 | %) | (0.1 | %) | 0.0 | % | ||||||||||||||
General and administrative (2) | 6.5 | % | 6.4 | % | 6.8 | % | 7.0 | % | 6.7 | % | 6.7 | % | 6.1 | % | ||||||||||||||
Interest and other (income) expense, net | 0.3 | % | 0.3 | % | 0.1 | % | (0.0 | %) | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||||||
Provision for income taxes | 1.0 | % | 1.6 | % | 1.7 | % | 0.9 | % | 1.8 | % | 1.5 | % | 1.2 | % | ||||||||||||||
Income from continuing operations | 2.9 | % | 4.3 | % | 4.0 | % | 2.1 | % | 3.7 | % | 3.6 | % | 2.8 | % | ||||||||||||||
Income (loss) from discontinued operations, net of tax | (0.6 | %) | (0.0 | %) | (0.2 | %) | (0.0 | %) | 0.0 | % | (0.0 | %) | 0.0 | % | ||||||||||||||
Net income attributable to PFCB | 2.3 | % | 4.3 | % | 3.9 | % | 2.1 | % | 3.7 | % | 3.5 | % | 2.8 | % | ||||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | ||||||||||||||||||||||||||||
Restaurant operating income | 136,163 | 39,123 | 38,517 | 30,593 | 41,611 | 149,844 | 32,085 | |||||||||||||||||||||
Add: Net income attributable to noncontrolling interests | 1,933 | 370 | 288 | 155 | 595 | 1,408 | 206 | |||||||||||||||||||||
Less: General and administrative (2) | (77,488 | ) | (19,814 | ) | (20,523 | ) | (20,408 | ) | (22,004 | ) | (82,749 | ) | (19,053 | ) | ||||||||||||||
Less: Preopening expenses | (8,457 | ) | (488 | ) | (461 | ) | (1,550 | ) | (1,420 | ) | (3,919 | ) | (133 | ) | ||||||||||||||
Less: Partner investment expense | 354 | 464 | 91 | (18 | ) | 92 | 629 | (11 | ) | |||||||||||||||||||
Income from operations | 52,505 | 19,655 | 17,912 | 8,772 | 18,874 | 65,213 | 13,094 | |||||||||||||||||||||
Note: Consolidated results include the impact of Shared Services and Other as well as the Bistro and Pei Wei concepts | ||
(1) | Consolidated revenues include revenues related to the Bistro and Pei Wei concepts as well as Global Brand Development initiatives | |
(2) | Consolidated general and administrative expenses includes the costs of supporting the Company, including all concepts |
Page 5 of 9
Concept: P.F. Chang’s China Bistro
Supplemental Financial Information
2008 | 1Q09 | 2Q09 | 3Q09 | 4Q09 | 2009 | 1Q10 | ||||||||||||||||||||||
Units | 189 | 190 | 190 | 192 | 197 | 197 | 197 | |||||||||||||||||||||
Sales weeks | 9,373 | 2,458 | 2,470 | 2,486 | 2,736 | 10,150 | 2,561 | |||||||||||||||||||||
AWS | 98,127 | 95,661 | 91,958 | 87,324 | 89,884 | 91,161 | 90,077 | |||||||||||||||||||||
Revenues | 919,963 | 235,141 | 227,144 | 217,093 | 245,943 | 925,321 | 230,767 | |||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||
Cost of sales | 249,911 | 62,963 | 59,749 | 56,624 | 65,480 | 244,816 | 62,711 | |||||||||||||||||||||
Labor | 301,967 | 76,051 | 73,286 | 71,216 | 80,222 | 300,775 | 78,192 | |||||||||||||||||||||
Operating | 149,083 | 36,973 | 36,373 | 37,487 | 40,050 | 150,883 | 38,546 | |||||||||||||||||||||
Occupancy | 50,670 | 12,441 | 12,412 | 12,390 | 12,943 | 50,186 | 12,640 | |||||||||||||||||||||
Net income attributable to noncontrolling interests | 1,361 | 179 | 145 | 104 | 110 | 538 | 71 | |||||||||||||||||||||
Depreciation & amortization | 51,091 | 13,728 | 13,646 | 13,900 | 13,247 | 54,521 | 13,854 | |||||||||||||||||||||
Restaurant operating income | 115,880 | 32,806 | 31,533 | 25,372 | 33,891 | 123,602 | 24,753 | |||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
Cost of sales | 27.2 | % | 26.8 | % | 26.3 | % | 26.1 | % | 26.6 | % | 26.5 | % | 27.2 | % | ||||||||||||||
Labor | 32.8 | % | 32.3 | % | 32.3 | % | 32.8 | % | 32.6 | % | 32.5 | % | 33.9 | % | ||||||||||||||
Operating | 16.2 | % | 15.7 | % | 16.0 | % | 17.3 | % | 16.3 | % | 16.3 | % | 16.7 | % | ||||||||||||||
Occupancy | 5.5 | % | 5.3 | % | 5.5 | % | 5.7 | % | 5.3 | % | 5.4 | % | 5.5 | % | ||||||||||||||
Net income attributable to noncontrolling interests | 0.1 | % | 0.1 | % | 0.1 | % | 0.0 | % | 0.0 | % | 0.1 | % | 0.0 | % | ||||||||||||||
Depreciation & amortization | 5.6 | % | 5.8 | % | 6.0 | % | 6.4 | % | 5.4 | % | 5.9 | % | 6.0 | % | ||||||||||||||
Restaurant operating income | 12.6 | % | 14.0 | % | 13.9 | % | 11.7 | % | 13.8 | % | 13.4 | % | 10.7 | % | ||||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | ||||||||||||||||||||||||||||
Restaurant operating income | 115,880 | 32,806 | 31,533 | 25,372 | 33,891 | 123,602 | 24,753 | |||||||||||||||||||||
Add: Net income attributable to noncontrolling interests | 1,361 | 179 | 145 | 104 | 110 | 538 | 71 | |||||||||||||||||||||
Less: Preopening expenses | (5,677 | ) | (294 | ) | (280 | ) | (1,004 | ) | (1,257 | ) | (2,835 | ) | (26 | ) | ||||||||||||||
Less: Partner investment expense | 1,066 | 148 | 20 | — | 68 | 236 | — | |||||||||||||||||||||
Income from operations | 112,630 | 32,839 | 31,418 | 24,472 | 32,812 | 121,541 | 24,798 | |||||||||||||||||||||
Note: General and administrative expenses are reflected in the Company’s consolidated results
Page 6 of 9
Concept: Pei Wei Asian Diner(A)
Supplemental Financial Information
2008 | 1Q09 | 2Q09 | 3Q09 | 4Q09 | 2009 | 1Q10 | ||||||||||||||||||||||
Units | 159 | 160 | 161 | 164 | 166 | 166 | 167 | |||||||||||||||||||||
Sales weeks | 7,797 | 2,073 | 2,093 | 2,118 | 2,322 | 8,606 | 2,170 | |||||||||||||||||||||
AWS | 35,675 | 36,011 | 35,459 | 34,578 | 34,701 | 35,171 | 36,597 | |||||||||||||||||||||
Revenues | 278,161 | 74,696 | 74,216 | 73,236 | 80,576 | 302,724 | 79,475 | |||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||
Cost of sales | 75,719 | 20,109 | 19,908 | 19,740 | 21,848 | 81,605 | 21,302 | |||||||||||||||||||||
Labor | 94,944 | 24,656 | 24,825 | 24,497 | 26,830 | 100,808 | 26,283 | |||||||||||||||||||||
Operating | 49,884 | 13,718 | 12,436 | 13,396 | 13,426 | 52,976 | 14,207 | |||||||||||||||||||||
Occupancy | 19,139 | 4,937 | 4,991 | 5,176 | 5,345 | 20,449 | 5,198 | |||||||||||||||||||||
Net income attributable to noncontrolling interests | 572 | 191 | 143 | 51 | 485 | 870 | 135 | |||||||||||||||||||||
Depreciation & amortization | 16,158 | 4,350 | 4,440 | 4,647 | 4,666 | 18,103 | 4,647 | |||||||||||||||||||||
Restaurant operating income | 21,745 | 6,735 | 7,473 | 5,729 | 7,976 | 27,913 | 7,703 | |||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
Cost of sales | 27.2 | % | 26.9 | % | 26.8 | % | 27.0 | % | 27.1 | % | 27.0 | % | 26.8 | % | ||||||||||||||
Labor | 34.1 | % | 33.0 | % | 33.4 | % | 33.4 | % | 33.3 | % | 33.3 | % | 33.1 | % | ||||||||||||||
Operating | 17.9 | % | 18.4 | % | 16.8 | % | 18.3 | % | 16.7 | % | 17.5 | % | 17.9 | % | ||||||||||||||
Occupancy | 6.9 | % | 6.6 | % | 6.7 | % | 7.1 | % | 6.6 | % | 6.8 | % | 6.5 | % | ||||||||||||||
Net income attributable to noncontrolling interests | 0.2 | % | 0.3 | % | 0.2 | % | 0.1 | % | 0.6 | % | 0.3 | % | 0.2 | % | ||||||||||||||
Depreciation & amortization | 5.8 | % | 5.8 | % | 6.0 | % | 6.3 | % | 5.8 | % | 6.0 | % | 5.8 | % | ||||||||||||||
Restaurant operating income | 7.8 | % | 9.0 | % | 10.1 | % | 7.8 | % | 9.9 | % | 9.2 | % | 9.7 | % | ||||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | �� | |||||||||||||||||||||||||||
Restaurant operating income | 21,745 | 6,735 | 7,473 | 5,729 | 7,976 | 27,913 | 7,703 | |||||||||||||||||||||
Add: Net income attributable to noncontrolling interests | 572 | 191 | 143 | 51 | 485 | 870 | 135 | |||||||||||||||||||||
Less: Preopening expenses | (2,780 | ) | (194 | ) | (181 | ) | (546 | ) | (163 | ) | (1,084 | ) | (107 | ) | ||||||||||||||
Less: Partner investment expense | (712 | ) | 316 | 71 | (18 | ) | 24 | 393 | (11 | ) | ||||||||||||||||||
Income from operations | 18,825 | 7,048 | 7,506 | 5,216 | 8,322 | 28,092 | 7,720 | |||||||||||||||||||||
Note: General and administrative expenses are reflected in the Company’s consolidated results | ||
(A) | All current and historical operating results related to closed Pei Wei restaurants are reflected within discontinued operations for all periods presented |
Page 7 of 9
P.F. Chang’s China Bistro
Supplemental Sales Information (Company Owned)
Year of Unit Opening (1) | ||||||||||||||||||||||||||||||||||||||||||||
Pre-2002 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | Total | ||||||||||||||||||||||||||||||||||
Units | 64 | 14 | 18 | 18 | 18 | 20 | 20 | 17 | 8 | — | 197 | |||||||||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||||||||||
1Q10 | 84,443 | 16,452 | 22,541 | 18,179 | 18,840 | 21,713 | 22,542 | 16,961 | 9,017 | — | 230,688 | |||||||||||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||||||||||||||
1Q10 | 101,494 | 90,396 | 96,331 | 77,688 | 80,514 | 83,510 | 86,700 | 76,747 | 86,697 | — | 90,077 | |||||||||||||||||||||||||||||||||
Year-Over-Year Change Comparable Store Sales (2)(3) | ||||||||||||||||||||||||||||||||||||||||||||
Units | 64 | 14 | 18 | 18 | 18 | 20 | 20 | 12 | — | — | 184 | |||||||||||||||||||||||||||||||||
1Q10 | -4.0 | % | -3.0 | % | -1.7 | % | -1.5 | % | -1.8 | % | -0.7 | % | -0.9 | % | -5.1 | % | — | — | -2.7 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | A unit becomes comparable in the eighteenth month of operation. | |
(3) | Comparable store sales for the first quarter of fiscal 2010 reflect results from the 13 week operating period in the current year compared to the same 13 week operating period in the prior year. |
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Pei Wei Asian Diner
Supplemental Sales Information
Year of Unit Opening (1) | ||||||||||||||||||||||||||||||||||||||||||||
Pre-2002 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | Total | ||||||||||||||||||||||||||||||||||
Units | 5 | 11 | 17 | 19 | 23 | 27 | 32 | 25 | 7 | 1 | 167 | |||||||||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||||||||||
1Q10 | 2,748 | 5,557 | 8,770 | 10,017 | 11,151 | 13,175 | 13,954 | 10,399 | 3,075 | 570 | 79,416 | |||||||||||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||||||||||||||
1Q10 | 42,270 | 38,861 | 39,683 | 40,556 | 37,295 | 37,535 | 33,543 | 31,997 | 33,796 | 47,443 | 36,597 | |||||||||||||||||||||||||||||||||
Year-Over-Year Change Comparable Store Sales (2)(3) | ||||||||||||||||||||||||||||||||||||||||||||
Units | 5 | 11 | 17 | 19 | 23 | 27 | 32 | 23 | — | — | 157 | |||||||||||||||||||||||||||||||||
1Q10 | 1.8 | % | 0.6 | % | 0.7 | % | -0.2 | % | 2.5 | % | 3.5 | % | 4.1 | % | 2.4 | % | — | — | 2.2 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | A unit becomes comparable in the eighteenth month of operation. | |
(3) | Comparable store sales for the first quarter of fiscal 2010 reflect results from the 13 week operating period in the current year compared to the same 13 week operating period in the prior year. |
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