Exhibit 99.1
P.F. Chang’s China Bistro, Inc.
P.F. CHANG’S REPORTS FIRST QUARTER 2011 RESULTS
SCOTTSDALE, ARIZONA, April 27, 2011— P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today reported financial results for the first quarter ended April 3, 2011.
(000 except per share data) | Q1 2011 | Q1 2010 | % Change | |||||||||
Total revenues | $ | 317,369 | $ | 310,371 | 2.3 | % | ||||||
Net income | $ | 10,596 | $ | 8,691 | 21.9 | % | ||||||
Diluted net income per share | $ | 0.46 | $ | 0.38 | 21.1 | % | ||||||
Weighted average shares — diluted | 22,901 | 23,104 | -0.9 | % |
Highlights for the first quarter of 2011 compared to the prior year quarter include:
• | Consolidated revenues increased 2.3% to $317.4 million. | ||
• | Comparable store sales increased 0.5% at the Bistro and declined 0.2% at Pei Wei. | ||
• | Net income increased 21.9% to $10.6 million. | ||
• | Net income per diluted share increased 21.1% to $0.46. | ||
• | Pei Wei temporary store closures impacted first quarter 2011 net income per diluted share by approximately $0.04. |
First quarter 2011 comparable store sales
January | February | March | Total Q1 | |||||||||||||
Bistro | 0.6 | % | 1.5 | % | -0.6 | % | 0.5 | % | ||||||||
Pei Wei | 0.4 | % | 1.7 | % | -2.7 | % | -0.2 | % |
At both concepts, same stores sales in the first quarter of 2011 included the benefit of a two to three percent menu price increase partially offset by unfavorable shifts in product mix/traffic.
Global Brand Development revenues
Global Brand Development revenues totaled $1.1 million for the first quarter of 2011. Restaurant licensing revenues totaled $0.7 million related to fees from ten international Bistro restaurants, which operate under licensing agreements, as well as two Bistro restaurants operated in Hawaii under a joint venture arrangement. Retail licensing revenues totaled $0.4 million related to a line of premium frozen food entrées, which operates under a licensing agreement.
Pei Wei temporary restaurant closures
During March 2011, eight Pei Wei restaurants in Arizona were temporarily closed subsequent to an employment-related identity theft investigation conducted by local authorities. These store closures resulted in approximately 29 lost sales weeks during March 2011, which equated to approximately $1.1 million in lost sales. Excluding Arizona March sales, Pei Wei same store sales were +0.5% for March 2011 and +0.8% for the first quarter of 2011.
As a result of this investigation and the store closures, Pei Wei lost a number of employees and therefore experienced higher labor and other costs during the first quarter of 2011 related to hiring and training new employees. The overall estimated impact of the restaurant closures on first quarter 2011 diluted earnings per share was approximately $0.04.
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Quarterly dividend
The Company’s Board of Directors authorized a cash dividend payment of $0.21 per share on the Company’s outstanding common stock. The dividend is payable on May 23, 2011 to shareholders of record at the close of business on May 9, 2011. The amount of the cash dividend was computed based on 45% of the Company’s net income for the quarter ended April 3, 2011.
2011 expectations
The Company continues to anticipate that fiscal 2011 consolidated revenues will increase approximately three to four percent compared to fiscal 2010. Despite the impact of the temporary store closures in Arizona, the Company continues to expect consolidated diluted earnings per share to range from $2.15 to $2.20 for fiscal 2011.
The Company slightly reduced its 2011 development schedule and now expects to open two new Bistro restaurants and five new Pei Wei restaurants. In addition, the Company continues to expect its international partners to collectively open seven to ten Bistro restaurants in international markets during fiscal 2011.
Additionally, through a licensing agreement with HMS Host, the Company expects to open its first two Pei Wei TakeAway locations in John Wayne Orange County Airport and Minneapolis — St. Paul Airport late this year.
The Company plans to repurchase approximately $60 million in common shares under its current authorization during fiscal 2011.
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 during which management will provide further details on the first quarter results. A webcast of the call can be accessed through the company’s website at 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. In addition, the Company has extended the P.F. Chang’s brand to international markets and retail products both of which are operated under licensing agreements.
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 ongoing operations more difficult and are therefore excluded. Additionally, general and administrative expenses are generally
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not specifically identifiable to individual business units and are only included in the Company’s consolidated financial presentation as these costs relate to support of both restaurant concepts and the extension of the Company’s brands into international markets and retail products. 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.
Note with respect to forward looking statements
The statements contained in this press release that are not purely historical, including the Company’s 2011 expectations 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; damage to our brands or reputation; development is critical to the Company’s long-term success; changes in general economic conditions and dependence on sales concentrated in certain geographic areas; intense competition in the restaurant industry; changes in government legislation that may increase labor costs; 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; federal and state tax rules could negatively impact results of operations and financial position; fluctuating insurance requirements and costs; seasonality of the Company’s business; adverse impact if information technology and computer systems do not perform properly. More detailed information about the Company and the risk factors that may affect the realization of any forward-looking statements is set forth in the Company’s filings with the SEC, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.
Contacts:
Investor: | Allison Schulder | (480) 888-3000 | allison.schulder@pfcb.com | |||||
Media: | Rachel Gillman Dig Communications | (312) 577-1759 | rgillman@digcommunications.com |
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P.F. Chang’s China Bistro, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended | ||||||||
April 3, | April 4, | |||||||
2011 | 2010 | |||||||
Revenues: | ||||||||
Restaurant sales | $ | 316,304 | $ | 310,242 | ||||
Restaurant licensing | 684 | 129 | ||||||
Retail licensing | 381 | — | ||||||
Total revenues | 317,369 | 310,371 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 83,322 | 84,013 | ||||||
Labor | 106,464 | 104,475 | ||||||
Operating | 53,807 | 52,753 | ||||||
Occupancy | 18,425 | 17,838 | ||||||
General and administrative | 20,280 | 19,053 | ||||||
Depreciation and amortization | 19,698 | 19,001 | ||||||
Preopening expense | 398 | 133 | ||||||
Partner investment expense | (126 | ) | 11 | |||||
Total costs and expenses | 302,268 | 297,277 | ||||||
Income from operations | 15,101 | 13,094 | ||||||
Interest and other income (expense), net | 204 | (415 | ) | |||||
Income from continuing operations before taxes | 15,305 | 12,679 | ||||||
Provision for income taxes | (4,555 | ) | (3,788 | ) | ||||
Income from continuing operations, net of tax | 10,750 | 8,891 | ||||||
Income from discontinued operations, net of tax | 3 | 6 | ||||||
Net income | 10,753 | 8,897 | ||||||
Less net income attributable to noncontrolling interests | 157 | 206 | ||||||
Net income attributable to PFCB | $ | 10,596 | $ | 8,691 | ||||
Basic income per share: | ||||||||
Income from continuing operations attributable to PFCB common stockholders | $ | 0.47 | $ | 0.38 | ||||
Income from discontinued operations, net of tax, attributable to PFCB common stockholders | 0.00 | 0.00 | ||||||
Net income attributable to PFCB common stockholders | $ | 0.47 | $ | 0.38 | ||||
Diluted income per share: | ||||||||
Income from continuing operations attributable to PFCB common stockholders | $ | 0.46 | $ | 0.38 | ||||
Income from discontinued operations, net of tax, attributable to PFCB common stockholders | 0.00 | 0.00 | ||||||
Net income attributable to PFCB common stockholders | $ | 0.46 | $ | 0.38 | ||||
Weighted average shares used in computation: | ||||||||
Basic | 22,523 | 22,631 | ||||||
Diluted | 22,901 | 23,104 | ||||||
Cash dividends declared per share | $ | 0.21 | $ | 0.17 | ||||
Amounts attributable to PFCB: | ||||||||
Income from continuing operations, net of tax | $ | 10,593 | $ | 8,685 | ||||
Income from discontinued operations, net of tax | 3 | 6 | ||||||
Net income attributable to PFCB | $ | 10,596 | $ | 8,691 | ||||
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P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information
Supplemental Financial Information
2009(3) | 1Q10 | 2Q10 | 3Q10 | 4Q10 | 2010 | 1Q11 | ||||||||||||||||||||||
Units | 363 | 364 | 366 | 368 | 369 | 369 | 372 | |||||||||||||||||||||
Sales weeks | 18,756 | 4,731 | 4,736 | 4,770 | 4,791 | 19,028 | 4,819 | |||||||||||||||||||||
AWS | 65,482 | 65,604 | 66,055 | 64,656 | 64,951 | 65,314 | 65,858 | |||||||||||||||||||||
Revenues (1) | ||||||||||||||||||||||||||||
Restaurant sales | 1,228,045 | 310,242 | 311,502 | 307,499 | 310,260 | 1,239,503 | 316,304 | |||||||||||||||||||||
Restaurant licensing | 134 | 129 | 1,108 | 394 | 474 | 2,105 | 684 | |||||||||||||||||||||
Retail licensing | — | — | 228 | 517 | 446 | 1,191 | 381 | |||||||||||||||||||||
Total revenues | 1,228,179 | 310,371 | 312,838 | 308,410 | 311,180 | 1,242,799 | 317,369 | |||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||
Cost of sales | 326,421 | 84,013 | 81,717 | 78,380 | 80,621 | 324,731 | 83,322 | |||||||||||||||||||||
Labor | 401,583 | 104,475 | 102,295 | 101,620 | 101,610 | 410,000 | 106,464 | |||||||||||||||||||||
Operating | 203,859 | 52,753 | 51,597 | 52,058 | 51,886 | 208,294 | 53,807 | |||||||||||||||||||||
Occupancy | 70,635 | 17,838 | 18,609 | 18,504 | 18,756 | 73,707 | 18,425 | |||||||||||||||||||||
Net income attributable to noncontrolling interests | 1,408 | 206 | 241 | 172 | 165 | 784 | 157 | |||||||||||||||||||||
Depreciation & amortization | 74,429 | 19,001 | 19,335 | 19,318 | 19,832 | 77,486 | 19,698 | |||||||||||||||||||||
Restaurant operating income | 149,844 | 32,085 | 39,044 | 38,358 | 38,310 | 147,797 | 35,496 | |||||||||||||||||||||
Development costs | ||||||||||||||||||||||||||||
Preopening expenses | 3,919 | 133 | 832 | 572 | 439 | 1,976 | 398 | |||||||||||||||||||||
Partner investment expense | (629 | ) | 11 | (135 | ) | (147 | ) | (47 | ) | (318 | ) | (126 | ) | |||||||||||||||
Other expenses | ||||||||||||||||||||||||||||
General and administrative (2) | 82,749 | 19,053 | 19,765 | 23,226 | 19,839 | 81,883 | 20,280 | |||||||||||||||||||||
Interest and other (income) expense, net | 1,637 | 415 | 665 | (175 | ) | (333 | ) | 572 | (204 | ) | ||||||||||||||||||
Provision for income taxes | 18,492 | 3,788 | 5,144 | 4,417 | 3,773 | 17,122 | 4,555 | |||||||||||||||||||||
Income from continuing operations | 43,676 | 8,685 | 12,773 | 10,465 | 14,639 | 46,562 | 10,593 | |||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | (479 | ) | 6 | — | — | 40 | 46 | 3 | ||||||||||||||||||||
Net income attributable to PFCB | 43,197 | 8,691 | 12,773 | 10,465 | 14,679 | 46,608 | 10,596 | |||||||||||||||||||||
Income from continuing operations per FDS | $ | 1.87 | $ | 0.38 | $ | 0.55 | $ | 0.45 | $ | 0.64 | $ | 2.01 | $ | 0.46 | ||||||||||||||
Fully diluted shares (FDS) | 23,413 | 23,104 | 23,277 | 23,070 | 23,011 | 23,115 | 22,901 | |||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
Cost of sales | 26.6 | % | 27.1 | % | 26.1 | % | 25.4 | % | 25.9 | % | 26.1 | % | 26.3 | % | ||||||||||||||
Labor | 32.7 | % | 33.7 | % | 32.7 | % | 32.9 | % | 32.7 | % | 33.0 | % | 33.5 | % | ||||||||||||||
Operating | 16.6 | % | 17.0 | % | 16.5 | % | 16.9 | % | 16.7 | % | 16.8 | % | 17.0 | % | ||||||||||||||
Occupancy | 5.8 | % | 5.7 | % | 5.9 | % | 6.0 | % | 6.0 | % | 5.9 | % | 5.8 | % | ||||||||||||||
Net income attributable to noncontrolling interests | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.0 | % | ||||||||||||||
Depreciation & amortization | 6.1 | % | 6.1 | % | 6.2 | % | 6.3 | % | 6.4 | % | 6.2 | % | 6.2 | % | ||||||||||||||
Restaurant operating income | 12.2 | % | 10.3 | % | 12.5 | % | 12.4 | % | 12.3 | % | 11.9 | % | 11.2 | % | ||||||||||||||
Preopening expenses | 0.3 | % | 0.0 | % | 0.3 | % | 0.2 | % | 0.1 | % | 0.2 | % | 0.1 | % | ||||||||||||||
Partner investment expense | (0.1 | %) | 0.0 | % | (0.0 | %) | (0.0 | %) | (0.0 | %) | (0.0 | %) | 0.0 | % | ||||||||||||||
General and administrative (2) | 6.7 | % | 6.1 | % | 6.3 | % | 7.5 | % | 6.4 | % | 6.6 | % | 6.4 | % | ||||||||||||||
Interest and other (income) expense, net | 0.1 | % | 0.1 | % | 0.2 | % | (0.1 | %) | (0.1 | %) | 0.0 | % | (0.1 | %) | ||||||||||||||
Provision for income taxes | 1.5 | % | 1.2 | % | 1.6 | % | 1.4 | % | 1.2 | % | 1.4 | % | 1.4 | % | ||||||||||||||
Income from continuing operations | 3.6 | % | 2.8 | % | 4.1 | % | 3.4 | % | 4.7 | % | 3.7 | % | 3.3 | % | ||||||||||||||
Income (loss) from discontinued operations, net of tax | (0.0 | %) | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||
Net income attributable to PFCB | 3.5 | % | 2.8 | % | 4.1 | % | 3.4 | % | 4.7 | % | 3.8 | % | 3.3 | % | ||||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | ||||||||||||||||||||||||||||
Restaurant operating income | 149,844 | 32,085 | 39,044 | 38,358 | 38,310 | 147,797 | 35,496 | |||||||||||||||||||||
Add: Net income attributable to noncontrolling interests | 1,408 | 206 | 241 | 172 | 165 | 784 | 157 | |||||||||||||||||||||
Less: General and administrative (2) | (82,749 | ) | (19,053 | ) | (19,765 | ) | (23,226 | ) | (19,839 | ) | (81,883 | ) | (20,280 | ) | ||||||||||||||
Less: Preopening expenses | (3,919 | ) | (133 | ) | (832 | ) | (572 | ) | (439 | ) | (1,976 | ) | (398 | ) | ||||||||||||||
Less: Partner investment expense | 629 | (11 | ) | 135 | 147 | 47 | 318 | 126 | ||||||||||||||||||||
Income from operations | 65,213 | 13,094 | 18,823 | 14,879 | 18,244 | 65,040 | 15,101 | |||||||||||||||||||||
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 as well as Global Brand Development initiatives | |
(3) | 2009 results were comprised of a 53 week operating year |
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Concept: P.F. Chang’s China Bistro
Supplemental Financial Information
Supplemental Financial Information
2009 | 1Q10 | 2Q10 | 3Q10 | 4Q10 | 2010 | 1Q11 | ||||||||||||||||||||||
Units | 197 | 197 | 199 | 200 | 201 | 201 | 201 | |||||||||||||||||||||
Sales weeks | 10,150 | 2,561 | 2,565 | 2,593 | 2,607 | 10,326 | 2,613 | |||||||||||||||||||||
AWS | 91,161 | 90,077 | 90,964 | 89,202 | 89,726 | 89,989 | 90,181 | |||||||||||||||||||||
Total revenues | 925,321 | 230,767 | 233,365 | 231,309 | 233,931 | 929,372 | 235,782 | |||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||
Cost of sales | 244,816 | 62,711 | 60,914 | 58,135 | 60,008 | 241,768 | 61,333 | |||||||||||||||||||||
Labor | 300,775 | 78,192 | 76,769 | 76,533 | 76,667 | 308,161 | 79,792 | |||||||||||||||||||||
Operating | 150,883 | 38,546 | 38,183 | 38,554 | 37,804 | 153,087 | 38,783 | |||||||||||||||||||||
Occupancy | 50,186 | 12,640 | 13,254 | 13,242 | 13,368 | 52,504 | 13,074 | |||||||||||||||||||||
Net income attributable to noncontrolling interests | 538 | 71 | 93 | 62 | 70 | 296 | 79 | |||||||||||||||||||||
Depreciation & amortization | 54,521 | 13,854 | 14,043 | 14,018 | 14,519 | 56,434 | 14,384 | |||||||||||||||||||||
Restaurant operating income | 123,602 | 24,753 | 30,109 | 30,765 | 31,495 | 117,122 | 28,337 | |||||||||||||||||||||
Total revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
Cost of sales | 26.5 | % | 27.2 | % | 26.1 | % | 25.1 | % | 25.7 | % | 26.0 | % | 26.0 | % | ||||||||||||||
Labor | 32.5 | % | 33.9 | % | 32.9 | % | 33.1 | % | 32.8 | % | 33.2 | % | 33.8 | % | ||||||||||||||
Operating | 16.3 | % | 16.7 | % | 16.4 | % | 16.7 | % | 16.2 | % | 16.5 | % | 16.4 | % | ||||||||||||||
Occupancy | 5.4 | % | 5.5 | % | 5.7 | % | 5.7 | % | 5.7 | % | 5.6 | % | 5.5 | % | ||||||||||||||
Net income attributable to noncontrolling interests | 0.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||
Depreciation & amortization | 5.9 | % | 6.0 | % | 6.0 | % | 6.1 | % | 6.2 | % | 6.1 | % | 6.1 | % | ||||||||||||||
Restaurant operating income | 13.4 | % | 10.7 | % | 12.9 | % | 13.3 | % | 13.5 | % | 12.6 | % | 12.0 | % | ||||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | ||||||||||||||||||||||||||||
Restaurant operating income | 123,602 | 24,753 | 30,109 | 30,765 | 31,495 | 117,122 | 28,337 | |||||||||||||||||||||
Add: Net income attributable to noncontrolling interests | 538 | 71 | 93 | 62 | 70 | 296 | 79 | |||||||||||||||||||||
Less: Preopening expenses | (2,835 | ) | (26 | ) | (765 | ) | (411 | ) | (265 | ) | (1,467 | ) | 2 | |||||||||||||||
Less: Partner investment expense | 236 | — | — | — | — | — | — | |||||||||||||||||||||
Income from operations | 121,541 | 24,798 | 29,437 | 30,416 | 31,300 | 115,951 | 28,418 | |||||||||||||||||||||
Note: General and administrative expenses are reflected in the Company’s consolidated results
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Concept: Pei Wei Asian Diner(A)
Supplemental Financial Information
Supplemental Financial Information
2009 | 1Q10 | 2Q10 | 3Q10 | 4Q10 | 2010 | 1Q11 | ||||||||||||||||||||||
Units | 166 | 167 | 167 | 168 | 168 | 168 | 171 | |||||||||||||||||||||
Sales weeks | 8,606 | 2,170 | 2,171 | 2,177 | 2,184 | 8,702 | 2,206 | |||||||||||||||||||||
AWS | 35,171 | 36,597 | 35,991 | 34,998 | 34,950 | 35,632 | 36,501 | |||||||||||||||||||||
Total revenues | 302,724 | 79,475 | 78,137 | 76,190 | 76,329 | 310,131 | 80,522 | |||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||
Cost of sales | 81,605 | 21,302 | 20,803 | 20,245 | 20,613 | 82,963 | 21,989 | |||||||||||||||||||||
Labor | 100,808 | 26,283 | 25,526 | 25,087 | 24,943 | 101,839 | 26,672 | |||||||||||||||||||||
Operating | 52,976 | 14,207 | 13,414 | 13,504 | 14,082 | 55,207 | 15,024 | |||||||||||||||||||||
Occupancy | 20,449 | 5,198 | 5,355 | 5,262 | 5,388 | 21,203 | 5,351 | |||||||||||||||||||||
Net income attributable to noncontrolling interests | 870 | 135 | 148 | 110 | 95 | 488 | 78 | |||||||||||||||||||||
Depreciation & amortization | 18,103 | 4,647 | 4,762 | 4,772 | 4,761 | 18,942 | 4,767 | |||||||||||||||||||||
Restaurant operating income | 27,913 | 7,703 | 8,129 | 7,210 | 6,447 | 29,489 | 6,641 | |||||||||||||||||||||
Total revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
Cost of sales | 27.0 | % | 26.8 | % | 26.6 | % | 26.6 | % | 27.0 | % | 26.8 | % | 27.3 | % | ||||||||||||||
Labor | 33.3 | % | 33.1 | % | 32.7 | % | 32.9 | % | 32.7 | % | 32.8 | % | 33.1 | % | ||||||||||||||
Operating | 17.5 | % | 17.9 | % | 17.2 | % | 17.7 | % | 18.4 | % | 17.8 | % | 18.7 | % | ||||||||||||||
Occupancy | 6.8 | % | 6.5 | % | 6.9 | % | 6.9 | % | 7.1 | % | 6.8 | % | 6.6 | % | ||||||||||||||
Net income attributable to noncontrolling interests | 0.3 | % | 0.2 | % | 0.2 | % | 0.1 | % | 0.1 | % | 0.2 | % | 0.1 | % | ||||||||||||||
Depreciation & amortization | 6.0 | % | 5.8 | % | 6.1 | % | 6.3 | % | 6.2 | % | 6.1 | % | 5.9 | % | ||||||||||||||
Restaurant operating income | 9.2 | % | 9.7 | % | 10.4 | % | 9.5 | % | 8.4 | % | 9.5 | % | 8.2 | % | ||||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | ||||||||||||||||||||||||||||
Restaurant operating income | 27,913 | 7,703 | 8,129 | 7,210 | 6,447 | 29,489 | 6,641 | |||||||||||||||||||||
Add: Net income attributable to noncontrolling interests | 870 | 135 | 148 | 110 | 95 | 488 | 78 | |||||||||||||||||||||
Less: Preopening expenses | (1,084 | ) | (107 | ) | (67 | ) | (161 | ) | (174 | ) | (509 | ) | (400 | ) | ||||||||||||||
Less: Partner investment expense | 393 | (11 | ) | 135 | 147 | 47 | 318 | 126 | ||||||||||||||||||||
Income from operations | 28,092 | 7,720 | 8,345 | 7,306 | 6,415 | 29,786 | 6,445 | |||||||||||||||||||||
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 |
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P.F. Chang’s China Bistro
Supplemental Sales Information (Company Owned)
Supplemental Sales Information (Company Owned)
Year of Unit Opening (1) | ||||||||||||||||||||||||||||||||||||||||||||
Pre-2003 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | Total | ||||||||||||||||||||||||||||||||||
Units | 78 | 18 | 18 | 18 | 20 | 20 | 17 | 8 | 4 | — | 201 | |||||||||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||||||||||
1Q11 | 101,661 | 22,626 | 18,627 | 18,865 | 21,852 | 22,395 | 17,146 | 8,169 | 4,302 | — | 235,643 | |||||||||||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||||||||||||||
1Q11 | 100,257 | 96,694 | 79,602 | 80,618 | 84,045 | 86,133 | 77,586 | 78,551 | 82,724 | — | 90,181 | |||||||||||||||||||||||||||||||||
Year-Over-Year Change Comparable Store Sales (2) | ||||||||||||||||||||||||||||||||||||||||||||
Units | 78 | 18 | 18 | 18 | 20 | 20 | 17 | 7 | — | — | 196 | |||||||||||||||||||||||||||||||||
1Q11 | 0.8 | % | 0.4 | % | 2.5 | % | 0.1 | % | 0.6 | % | -0.7 | % | 1.1 | % | -7.3 | % | — | — | 0.5 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | A unit becomes comparable in the eighteenth month of operation. |
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Pei Wei Asian Diner
Supplemental Sales Information
Supplemental Sales Information
Year of Unit Opening (1) | ||||||||||||||||||||||||||||||||||||||||||||
Pre-2003 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | Total | ||||||||||||||||||||||||||||||||||
Units | 16 | 17 | 19 | 23 | 27 | 32 | 25 | 7 | 2 | 3 | 171 | |||||||||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||||||||||
1Q11 | 7,956 | 8,638 | 10,048 | 11,243 | 13,240 | 14,022 | 10,515 | 3,035 | 892 | 933 | 80,522 | |||||||||||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||||||||||||||
1Q11 | 38,247 | 39,085 | 40,678 | 37,603 | 37,721 | 33,707 | 32,353 | 33,350 | 34,323 | 42,421 | 36,501 | |||||||||||||||||||||||||||||||||
Year-Over-Year Change Comparable Store Sales (2) | ||||||||||||||||||||||||||||||||||||||||||||
Units | 16 | 17 | 19 | 23 | 27 | 32 | 25 | 7 | — | — | 166 | |||||||||||||||||||||||||||||||||
1Q11 | -4.2 | % | -1.5 | % | 0.3 | % | 0.8 | % | 0.5 | % | 0.5 | % | 1.1 | % | -0.7 | % | — | — | -0.2 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | A unit becomes comparable in the eighteenth month of operation. |
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