Exhibit 99.1
P.F. CHANG’S EARNS $0.40 PER SHARE
SCOTTSDALE, Arizona, February 16, 2005– P.F. Chang’s China Bistro, Inc. (NASDAQ:PFCB) today reported earnings of $10.7 million for the fourth quarter ended January 2, 2005 compared to $6.9 million in the fourth quarter of the prior year. Earnings per share for the fourth quarter increased to $0.40 from $0.26 in the fourth 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 earnings amounts noted above.
(000 except per share data) | 4Q04 | 3Q04 | 4Q03 | |||||||||
Revenues | $ | 199,270 | $ | 174,013 | $ | 146,133 | ||||||
Net Income | $ | 10,684 | $ | 8,327 | $ | 6,867 | ||||||
Diluted Earnings Per Share | $ | 0.40 | $ | 0.31 | $ | 0.26 | ||||||
Shares Used in EPS calculation | 26,786 | 26,589 | 26,402 |
2005 Expectations
The company anticipates opening 18 new Bistro units and 26 new Pei Wei units in 2005. Based on this development schedule, and modest revenue growth from existing stores of 1 to 2%, the company expects consolidated revenues of $822 million, net income of $42 million and earnings per share of $1.55. The 2005 expectations exclude the impact of expensing stock options beginning in the third quarter of 2005, as the company is still in the process of evaluating what the impact will be. Additionally, like many other retail and restaurant establishments as of late, the company is in the process of evaluating the potential impact of certain changes to its lease accounting practices. Currently, the company believes that any changes that may result from a change in lease accounting will not have a material impact on the company’s current or previously reported net income or net cash flows. Any such changes that may be required as a result of these lease related items have not been reflected in our reported 2004 numbers included within this release or our 2005 forecast. The company will release its first quarter 2005 revenue results on April 6, 2005 and its first quarter 2005 earnings results on April 27, 2005.
Page 1 of 10
The company is hosting a conference call today at 12:00 pm ET in which management will provide further details on the fourth quarter results as well as an outlook for fiscal 2005. A webcast of the call can be accessed through the company’s website athttp://www.pfchangs.com.
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, traditional Chinese cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out 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 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 the company’s performance and is not indicative of future results.
Contact: | P.F. Chang’s China Bistro, Inc. | (602) 957-8986 | ||||
Media: | Laura Cherry | laurac@pfchangs.com | ||||
Investor: | Bert Vivian | bertv@pfchangs.com |
Page 2 of 10
P.F. Chang’s China Bistro, Inc.
(In thousands, except per share amounts)
(Preliminary and Unaudited)
14 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | ||||||||||
Jan 2 | Sep 26 | Dec 28 | ||||||||||
2005 | 2004 | 2003 | ||||||||||
Revenues | $ | 199,270 | $ | 174,013 | $ | 146,133 | ||||||
Cost of sales | 57,157 | 48,854 | 41,872 | |||||||||
Labor | 64,235 | 56,224 | 46,819 | |||||||||
Partner bonus | 508 | 456 | 377 | |||||||||
Operating | 28,430 | 24,769 | 20,109 | |||||||||
Occupancy | 11,188 | 9,944 | 7,812 | |||||||||
Restaurant operating profit | 37,752 | 33,766 | 29,144 | |||||||||
General & administrative | 8,785 | 8,910 | 7,744 | |||||||||
Depreciation & amortization | 7,117 | 6,526 | 5,386 | |||||||||
Preopening expenses | 2,181 | 2,016 | 2,867 | |||||||||
Partner investment expense | 1,615 | 1,675 | 906 | |||||||||
Income from operations | 18,054 | 14,639 | 12,241 | |||||||||
Interest (expense) income and other income | 374 | 91 | 76 | |||||||||
Minority interests | (2,831 | ) | (2,574 | ) | (1,965 | ) | ||||||
Income before provision for income taxes | 15,597 | 12,156 | 10,352 | |||||||||
Provision for income taxes | (4,913 | ) | (3,829 | ) | (3,485 | ) | ||||||
Net income | $ | 10,684 | $ | 8,327 | $ | 6,867 | ||||||
Basic net income per share | $ | 0.41 | $ | 0.32 | $ | 0.27 | ||||||
Diluted net income per share | $ | 0.40 | $ | 0.31 | $ | 0.26 | ||||||
Shares used in calculation of basic EPS | 25,977 | 25,768 | 25,491 | |||||||||
Shares used in calculation of diluted EPS | 26,786 | 26,589 | 26,402 |
Percentage of Revenues | ||||||||||||
Jan 02 | Sep 26 | Dec 28 | ||||||||||
2005 | 2004 | 2003 | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 28.7 | % | 28.1 | % | 28.7 | % | ||||||
Labor | 32.2 | % | 32.3 | % | 32.0 | % | ||||||
Partner bonus | 0.3 | % | 0.3 | % | 0.3 | % | ||||||
Operating | 14.3 | % | 14.2 | % | 13.8 | % | ||||||
Occupancy | 5.6 | % | 5.7 | % | 5.3 | % | ||||||
Restaurant operating profit | 18.9 | % | 19.4 | % | 19.9 | % | ||||||
General & administrative | 4.4 | % | 5.1 | % | 5.3 | % | ||||||
Depreciation & amortization | 3.6 | % | 3.8 | % | 3.7 | % | ||||||
Preopening expenses | 1.1 | % | 1.2 | % | 2.0 | % | ||||||
Partner investment expense | 0.8 | % | 1.0 | % | 0.6 | % | ||||||
Income from operations | 9.1 | % | 8.4 | % | 8.4 | % | ||||||
Interest (expense) income and other income | 0.2 | % | 0.1 | % | 0.1 | % | ||||||
Minority interests | -1.4 | % | -1.5 | % | -1.3 | % | ||||||
Income before provision for income taxes | 7.8 | % | 7.0 | % | 7.1 | % | ||||||
Provision for income taxes | -2.5 | % | -2.2 | % | -2.4 | % | ||||||
Net income | 5.4 | % | 4.8 | % | 4.7 | % | ||||||
Certain percentage amounts do not sum to total due to rounding.
Page 3 of 10
P.F. Chang’s China Bistro, Inc.
(In thousands, except per share amounts)
(Preliminary and Unaudited)
53 Weeks Ended | 52 Weeks Ended | |||||||
Jan 2 | Dec 28 | |||||||
2005 | 2003 | |||||||
Revenues | $ | 706,941 | $ | 539,917 | ||||
Cost of sales | 200,736 | 152,788 | ||||||
Labor | 231,575 | 174,989 | ||||||
Partner bonus | 1,750 | 1,439 | ||||||
Operating | 99,528 | 73,660 | ||||||
Occupancy | 39,801 | 30,559 | ||||||
Restaurant operating profit | 133,551 | 106,482 | ||||||
General & administrative | 34,738 | 28,768 | ||||||
Depreciation & amortization | 25,658 | 19,255 | ||||||
Preopening expenses | 7,847 | 8,654 | ||||||
Partner investment expense | 17,671 | 4,196 | ||||||
Income from operations | 47,637 | 45,609 | ||||||
Interest (expense) income and other income | 612 | 466 | ||||||
Minority interests | (10,078 | ) | (7,887 | ) | ||||
Income before provision for income taxes | 38,171 | 38,188 | ||||||
Provision for income taxes | (11,218 | ) | (12,800 | ) | ||||
Net income | $ | 26,953 | $ | 25,388 | ||||
Basic net income per share | $ | 1.05 | $ | 1.00 | ||||
Diluted net income per share | $ | 1.01 | $ | 0.97 | ||||
Shares used in calculation of basic EPS | 25,727 | 25,345 | ||||||
Shares used in calculation of diluted EPS | 26,575 | 26,250 | ||||||
Jan 2 | Dec 28 | |||||||
2005 | 2003 | |||||||
Revenues | 100.0 | % | 100.0 | % | ||||
Cost of sales | 28.4 | % | 28.3 | % | ||||
Labor | 32.8 | % | 32.4 | % | ||||
Partner bonus | 0.2 | % | 0.3 | % | ||||
Operating | 14.1 | % | 13.6 | % | ||||
Occupancy | 5.6 | % | 5.7 | % | ||||
Restaurant operating profit | 18.9 | % | 19.7 | % | ||||
General & administrative | 4.9 | % | 5.3 | % | ||||
Depreciation & amortization | 3.6 | % | 3.6 | % | ||||
Preopening expenses | 1.1 | % | 1.6 | % | ||||
Partner investment expense | 2.5 | % | 0.8 | % | ||||
Income from operations | 6.7 | % | 8.4 | % | ||||
Interest income and other income | 0.1 | % | 0.1 | % | ||||
Minority interests | -1.4 | % | -1.5 | % | ||||
Income before provision for income taxes | 5.4 | % | 7.1 | % | ||||
Provision for income taxes | -1.6 | % | -2.4 | % | ||||
Net income | 3.8 | % | 4.7 | % | ||||
Certain percentage amounts do not sum to total due to rounding.
Page 4 of 10
P.F. Chang’s China Bistro, Inc.
(In thousands, except per share amounts)
(Preliminary and Unaudited)
14 Weeks Ended January 2, 2005 | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | $ | 199,270 | $ | 169,695 | $ | 29,575 | ||||||
Cost of sales | 57,157 | 48,660 | 8,497 | |||||||||
Labor | 64,235 | 54,285 | 9,950 | |||||||||
Partner bonus | 508 | 472 | 36 | |||||||||
Operating | 28,430 | 23,984 | 4,446 | |||||||||
Occupancy | 11,188 | 9,359 | 1,829 | |||||||||
Restaurant operating profit | 37,752 | 32,935 | 4,817 | |||||||||
General & administrative | 8,785 | 7,192 | 1,593 | |||||||||
Depreciation & amortization | 7,117 | 5,979 | 1,138 | |||||||||
Preopening expenses | 2,181 | 1,715 | 466 | |||||||||
Partner investment expense | 1,615 | 1,375 | 240 | |||||||||
Income from operations | 18,054 | 16,674 | 1,380 | |||||||||
Interest (expense) income and other income | 374 | 374 | — | |||||||||
Minority interests | (2,831 | ) | (2,535 | ) | (296 | ) | ||||||
Income before provision for income taxes | 15,597 | 14,513 | 1,084 | |||||||||
Provision for income taxes | (4,913 | ) | ||||||||||
Net income | $ | 10,684 | ||||||||||
Basic net income per share | $ | 0.41 | ||||||||||
Diluted net income per share | $ | 0.40 | ||||||||||
Shares used in calculation of basic EPS | 25,977 | |||||||||||
Shares used in calculation of diluted EPS | 26,786 |
Percentage of Revenues | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 28.7 | % | 28.7 | % | 28.7 | % | ||||||
Labor | 32.2 | % | 32.0 | % | 33.6 | % | ||||||
Partner bonus | 0.3 | % | 0.3 | % | 0.1 | % | ||||||
Operating | 14.3 | % | 14.1 | % | 15.0 | % | ||||||
Occupancy | 5.6 | % | 5.5 | % | 6.2 | % | ||||||
Restaurant operating profit | 18.9 | % | 19.4 | % | 16.3 | % | ||||||
General & administrative | 4.4 | % | 4.2 | % | 5.4 | % | ||||||
Depreciation & amortization | 3.6 | % | 3.5 | % | 3.8 | % | ||||||
Preopening expenses | 1.1 | % | 1.0 | % | 1.6 | % | ||||||
Partner investment expense | 0.8 | % | 0.8 | % | 0.8 | % | ||||||
Income from operations | 9.1 | % | 9.8 | % | 4.7 | % | ||||||
Interest (expense) income and other income | 0.2 | % | 0.2 | % | 0.0 | % | ||||||
Minority interests | -1.4 | % | -1.5 | % | -1.0 | % | ||||||
Income before provision for income taxes | 7.8 | % | 8.6 | % | 3.7 | % | ||||||
Provision for income taxes | -2.5 | % | ||||||||||
Net income | 5.4 | % | ||||||||||
Certain percentage amounts do not sum to total due to rounding.
Page 5 of 10
P.F. Chang’s China Bistro, Inc.
(In thousands, except per share amounts)
(Preliminary and Unaudited)
53 Weeks Ended January 2, 2005 | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | $ | 706,941 | $ | 611,468 | $ | 95,473 | ||||||
Cost of sales | 200,736 | 173,128 | 27,608 | |||||||||
Labor | 231,575 | 199,722 | 31,853 | |||||||||
Partner bonus | 1,750 | 1,630 | 120 | |||||||||
Operating | 99,528 | 85,073 | 14,455 | |||||||||
Occupancy | 39,801 | 33,592 | 6,209 | |||||||||
Restaurant operating profit | 133,551 | 118,323 | 15,228 | |||||||||
General & administrative | 34,738 | 28,595 | 6,143 | |||||||||
Depreciation & amortization | 25,658 | 21,804 | 3,854 | |||||||||
Preopening expenses | 7,847 | 5,774 | 2,073 | |||||||||
Partner investment expense | 17,671 | 15,075 | 2,596 | |||||||||
Income from operations | 47,637 | 47,075 | 562 | |||||||||
Interest income and other income | 612 | 612 | — | |||||||||
Minority interests | (10,078 | ) | (9,177 | ) | (901 | ) | ||||||
Income before provision for income taxes | 38,171 | 38,510 | (339 | ) | ||||||||
Provision for income taxes | (11,218 | ) | ||||||||||
Net income | $ | 26,953 | ||||||||||
Basic net income per share | $ | 1.05 | ||||||||||
Diluted net income per share | $ | 1.01 | ||||||||||
Shares used in calculation of basic EPS | 25,727 | |||||||||||
Shares used in calculation of diluted EPS | 26,575 |
Percentage of Revenues | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 28.4 | % | 28.3 | % | 28.9 | % | ||||||
Labor | 32.8 | % | 32.7 | % | 33.4 | % | ||||||
Partner bonus | 0.2 | % | 0.3 | % | 0.1 | % | ||||||
Operating | 14.1 | % | 13.9 | % | 15.1 | % | ||||||
Occupancy | 5.6 | % | 5.5 | % | 6.5 | % | ||||||
Restaurant operating profit | 18.9 | % | 19.4 | % | 16.0 | % | ||||||
General & administrative | 4.9 | % | 4.7 | % | 6.4 | % | ||||||
Depreciation & amortization | 3.6 | % | 3.6 | % | 4.0 | % | ||||||
Preopening expenses | 1.1 | % | 0.9 | % | 2.2 | % | ||||||
Partner investment expense | 2.5 | % | 2.5 | % | 2.7 | % | ||||||
Income from operations | 6.7 | % | 7.7 | % | 0.6 | % | ||||||
Interest income and other income | 0.1 | % | 0.1 | % | 0.0 | % | ||||||
Minority interests | -1.4 | % | -1.5 | % | -0.9 | % | ||||||
Income before provision for income taxes | 5.4 | % | 6.3 | % | -0.4 | % | ||||||
Provision for income taxes | -1.6 | % | ||||||||||
Net income | 3.8 | % | ||||||||||
Certain percentage amounts do not sum to total due to rounding.
Page 6 of 10
P.F. Chang’s China Bistro
Supplemental Sales Information
Year of Unit Opening (1)
Pre-1998 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | Total | ||||||||||||||||||||||||||||
Units | 13 | 10 | 13 | 16 | 13 | 14 | 18 | 18 | 115 |
Sales (000)
1Q04 | 21,212 | 15,241 | 18,758 | 23,801 | 19,194 | 17,970 | 24,724 | 3,901 | 144,799 | |||||||||||||||||||||||||||
2Q04 | 20,898 | 14,962 | 18,803 | 23,680 | 18,573 | 17,340 | 24,114 | 8,842 | 147,211 | |||||||||||||||||||||||||||
3Q04 | 20,591 | 15,185 | 19,036 | 23,974 | 18,258 | 17,293 | 24,285 | 11,142 | 149,764 | |||||||||||||||||||||||||||
4Q04 | 22,459 | 16,296 | 20,536 | 25,749 | 19,912 | 18,908 | 25,640 | 20,196 | 169,695 | |||||||||||||||||||||||||||
2004 | 85,159 | 61,683 | 77,133 | 97,203 | 75,936 | 71,511 | 98,762 | 44,082 | 611,468 |
Average Weekly Sales (AWS)
1Q04 | 125,514 | 117,235 | 110,996 | 114,427 | 113,573 | 98,734 | 105,656 | 95,145 | 111,213 | |||||||||||||||||||||||||||
2Q04 | 123,655 | 115,091 | 111,261 | 113,844 | 109,898 | 95,276 | 103,049 | 93,074 | 108,562 | |||||||||||||||||||||||||||
3Q04 | 121,838 | 116,805 | 112,637 | 115,260 | 108,037 | 95,018 | 103,781 | 92,086 | 108,367 | |||||||||||||||||||||||||||
4Q04 | 123,402 | 116,398 | 112,832 | 114,949 | 109,404 | 96,469 | 101,747 | 93,937 | 107,880 | |||||||||||||||||||||||||||
2004 | 123,598 | 116,382 | 111,949 | 114,626 | 110,212 | 96,376 | 103,524 | 93,394 | 108,938 |
Year-Over-Year Change in AWS (3)
1Q04 | 2.7 | % | 0.4 | % | 3.7 | % | 6.1 | % | 5.7 | % | 3.9 | % | -21.7 | % | — | 1.4 | % | |||||||||||||||||||
2Q04 | 1.3 | % | -0.1 | % | 2.6 | % | 3.3 | % | 3.6 | % | 4.5 | % | -14.0 | % | — | -0.5 | % | |||||||||||||||||||
3Q04 | 1.2 | % | 2.2 | % | 5.2 | % | 4.2 | % | 4.4 | % | 6.5 | % | -5.9 | % | — | 0.9 | % | |||||||||||||||||||
4Q04 | 2.1 | % | 0.1 | % | 4.3 | % | 2.3 | % | 0.9 | % | 3.2 | % | -5.9 | % | — | -1.4 | % | |||||||||||||||||||
2004 | 1.8 | % | 0.7 | % | 3.9 | % | 4.0 | % | 3.7 | % | 4.5 | % | -7.9 | % | — | -2.0 | % |
Year-Over-Year Change Comp Store Sales (2) (3)
Units | 13 | 10 | 13 | 16 | 13 | 14 | 7 | — | 86 | |||||||||||||||||||||||||||
1Q04 | 2.7 | % | 0.4 | % | 3.7 | % | 6.1 | % | 5.7 | % | 6.7 | % | — | — | 4.2 | % | ||||||||||||||||||||
2Q04 | 1.3 | % | -0.1 | % | 2.6 | % | 3.3 | % | 3.6 | % | 5.0 | % | -13.0 | % | — | 2.5 | % | |||||||||||||||||||
3Q04 | 1.2 | % | 2.2 | % | 5.2 | % | 4.2 | % | 4.4 | % | 6.5 | % | -1.7 | % | — | 3.6 | % | |||||||||||||||||||
4Q04 | 2.1 | % | 0.1 | % | 4.3 | % | 2.3 | % | 0.9 | % | 3.2 | % | -1.1 | % | — | 2.0 | % | |||||||||||||||||||
2004 | 1.8 | % | 0.7 | % | 3.9 | % | 4.0 | % | 3.7 | % | 5.2 | % | -2.1 | % | — | 3.0 | % |
(1) | Includes all restaurants opened in the period indicated. | |||
(2) | A unit becomes comparable in the eighteenth month of operation. | |||
(3) | The 53rd week of fiscal 2004 has been excluded for comparative purposes. |
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Pei Wei Asian Diner
Supplemental Sales Information
Year of Unit Opening (1)
2000 | 2001 | 2002 | 2003 | 2004 | Total | |||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 20 | 53 |
Sales (000)
1Q04 | 873 | 2,297 | 5,918 | 8,935 | 1,234 | 19,257 | ||||||||||||||||||
2Q04 | 864 | 2,203 | 5,750 | 8,758 | 4,816 | 22,391 | ||||||||||||||||||
3Q04 | 834 | 2,094 | 5,583 | 8,853 | 6,886 | 24,249 | ||||||||||||||||||
4Q04 | 945 | 2,332 | 6,151 | 9,486 | 10,661 | 29,575 | ||||||||||||||||||
2004 | 3,517 | 8,926 | 23,402 | 36,031 | 23,597 | 95,473 |
Average Weekly Sales (AWS)
1Q04 | 67,145 | 44,170 | 41,385 | 40,427 | 41,147 | 41,954 | ||||||||||||||||||
2Q04 | 66,490 | 42,368 | 40,210 | 39,628 | 43,388 | 41,466 | ||||||||||||||||||
3Q04 | 64,145 | 40,263 | 39,042 | 40,059 | 40,985 | 40,618 | ||||||||||||||||||
4Q04 | 67,526 | 41,649 | 39,943 | 39,857 | 41,002 | 40,963 | ||||||||||||||||||
2004 | 66,349 | 42,104 | 40,141 | 39,990 | 41,470 | 41,188 |
Year-Over-Year Change in AWS (3)
1Q04 | 1.7 | % | -2.3 | % | 4.1 | % | -21.4 | % | — | -4.7 | % | |||||||||||||
2Q04 | 4.1 | % | -0.3 | % | 1.8 | % | -23.2 | % | — | -6.5 | % | |||||||||||||
3Q04 | 3.9 | % | -0.2 | % | 1.2 | % | -14.5 | % | — | -4.9 | % | |||||||||||||
4Q04 | 7.3 | % | 2.6 | % | 3.4 | % | -0.9 | % | — | 1.3 | % | |||||||||||||
2004 | 4.2 | % | -0.1 | % | 2.6 | % | -10.9 | % | — | -3.3 | % |
Year-Over-Year Change Comp Store Sales (2) (3)
Units | 1 | 4 | 11 | 8 | — | 24 | ||||||||||||||||||
1Q04 | 1.7 | % | -2.3 | % | 3.4 | % | — | — | 1.6 | % | ||||||||||||||
2Q04 | 4.1 | % | -0.3 | % | 1.8 | % | -2.7 | % | — | 1.3 | % | |||||||||||||
3Q04 | 3.9 | % | -0.2 | % | 1.2 | % | 0.5 | % | — | 1.0 | % | |||||||||||||
4Q04 | 7.3 | % | 2.6 | % | 3.4 | % | 3.7 | % | — | 3.6 | % | |||||||||||||
2004 | 4.2 | % | -0.1 | % | 2.4 | % | 2.1 | % | — | 2.0 | % |
(1) | Includes all restaurants opened in the period indicated. | |||
(2) | A unit becomes comparable in the eighteenth month of operation. | |||
(3) | The 53rd week of fiscal 2004 has been excluded for comparative purposes. |
Page 8 of 10
Reconciliation of fiscal 2003 52-week year to fiscal 2004 53-week year
Bistro
Year-Over-Year Change in AWS
Pre-1998 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | Total | ||||||||||||||||||||||||||||
Units | 13 | 10 | 13 | 16 | 13 | 14 | 18 | 18 | 115 | |||||||||||||||||||||||||||
4Q04 | 3.9 | % | 1.8 | % | 6.4 | % | 4.4 | % | 3.3 | % | 5.8 | % | -3.7 | % | — | 0.7 | % | |||||||||||||||||||
2004 | 2.3 | % | 1.1 | % | 4.5 | % | 4.5 | % | 4.2 | % | 5.1 | % | -7.2 | % | — | 0.6 | % |
Year-Over-Year Change Comp Store Sales
Units | 13 | 10 | 13 | 16 | 13 | 14 | 7 | — | 86 | |||||||||||||||||||||||||||
4Q04 | 11.9 | % | 9.6 | % | 14.6 | % | 12.4 | % | 11.3 | % | 13.9 | % | 10.2 | % | — | 12.2 | % | |||||||||||||||||||
2004 | 4.2 | % | 3.0 | % | 6.5 | % | 6.5 | % | 6.3 | % | 8.2 | % | 3.7 | % | — | 5.7 | % |
Pei Wei
Year-Over-Year Change in AWS
2000 | 2001 | 2002 | 2003 | 2004 | Total | |||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 20 | 53 | ||||||||||||||||||
4Q04 | 8.4 | % | 3.8 | % | 4.1 | % | 0.0 | % | — | 2.2 | % | |||||||||||||
2004 | 4.5 | % | 0.2 | % | 2.8 | % | -10.7 | % | — | -3.0 | % |
Year-Over-Year Change Comp Store Sales
Units | 1 | 4 | 11 | 8 | — | 24 | ||||||||||||||||||
4Q04 | 16.8 | % | 11.8 | % | 12.2 | % | 13.1 | % | — | 12.7 | % | |||||||||||||
2004 | 6.5 | % | 2.1 | % | 4.7 | % | 7.6 | % | — | 4.8 | % |
The Company’s 2003 fiscal year was 52 weeks long, and its 2004 fiscal year was 53 weeks long. Management believes that the presentation on the previous pages of the year-over-year changes in average weekly sales and comp store sales for the 4th Quarter of 2004 and the entire year 2004 excluding the 53rd week in the 4th Quarter of 2004 is a more meaningful and useful gauge of the Company’s performance because it makes consistent the length of the periods on which the comparison is based. The information set forth above is a reconciliation of the year-over-year changes in average weekly sales and comp store sales for the periods indicated including the 53rdweek to the amounts provided on the previous pages.
Page 9 of 10
P.F. Chang’s China Bistro, Inc.
Development Schedule
P. F. Chang’s China Bistro | ||||||||||||||||
1Q05 | 2Q05 | 3Q05 | 4Q05 | |||||||||||||
Units opened | 1 | |||||||||||||||
Units under construction | 1 | 5 | 3 | |||||||||||||
Units in development | 3 | 5 | ||||||||||||||
Units closed | (1 | ) | ||||||||||||||
Total new unit development | 1 | 5 | 6 | 5 | ||||||||||||
Existing units | 115 | 116 | 121 | 127 | ||||||||||||
Total units | 116 | 121 | 127 | 132 | ||||||||||||
Pei Wei Asian Diner | ||||||||||||||||
1Q05 | 2Q05 | 3Q05 | 4Q05 | |||||||||||||
Units opened | 1 | |||||||||||||||
Units under construction | 4 | |||||||||||||||
Units in development | 5 | 8 | 8 | |||||||||||||
Total new unit development | 1 | 9 | 8 | 8 | ||||||||||||
Existing units | 53 | 54 | 63 | 71 | ||||||||||||
Total units | 54 | 63 | 71 | 79 | ||||||||||||
Page 10 of 10