Exhibit 99.1
P.F. CHANG’S EARNS $0.26 PER SHARE
SCOTTSDALE, Arizona, April 23, 2003– P.F. Chang’s China Bistro, Inc. (NASDAQ:PFCB) today reported earnings of $6.8 million for the first quarter ended March 30, 2003 compared to $5.1 million in the first quarter of the prior year. Earnings per share for the first quarter increased to $0.26 from $0.20 in the first quarter of the prior year after taking into consideration the two-for-one stock split paid in the form of a stock dividend on May 1, 2002.
(000 except per share data) | 1Q03 | 4Q02 | 1Q02 | |||||||||
Revenues | $ | 131,595 | $ | 115,889 | $ | 97,500 | ||||||
Net Income | $ | 6,797 | $ | 6,484 | $ | 5,120 | ||||||
Diluted Earnings Per Share | $ | 0.26 | $ | 0.25 | $ | 0.20 | ||||||
Shares Used in EPS calculation | 26,038 | 25,954 | 25,894 |
2003 Expectations
The company anticipates opening 18 new Bistro units (five of which are already open) and 15 new Pei Wei units (four of which are already open) in 2003. Based on this development schedule, and assuming comparable store sales growth at the Bistro units of 2% to 3%, the company expects consolidated revenues of $550 million in 2003, a 30% increase over fiscal 2002. Net income is anticipated to be $28 million, which equates to earnings per share of $1.06. Included in these assumptions are Pei Wei pre-tax losses of approximately $600,000. The company will report its second quarter 2003 revenue results on July 2nd, 2003 and its second quarter earnings results on July 23rd, 2003.
The company is hosting a conference call today at 1:00 pm ET. A webcast of the call can be accessed through the company’s website at http://www.pfchangs.com.
Page 1 of 9
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 locate acceptable restaurant sites, open new restaurants and operate its restaurants profitably; the company’s ability to hire, train and retain skilled management and other personnel; the company’s ability to access sufficient financing on acceptable terms; changes in consumer tastes and trends, and national, regional and local economic and weather conditions; changes in costs related to food, utilities and labor; 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: | Kristina Cashman | kristinac@pfchangs.com |
Page 2 of 9
P.F. Chang’s China Bistro, Inc.
Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | ||||||||||
Mar 30 | Dec 29 | Mar 31 | ||||||||||
2003 | 2002 | 2002 | ||||||||||
Revenues | 131,595 | $ | 115,889 | $ | 97,500 | |||||||
Cost of sales | 35,249 | 30,787 | 26,449 | |||||||||
Labor | 41,668 | 36,545 | 30,683 | |||||||||
Operating | 21,608 | 19,525 | 16,026 | |||||||||
Occupancy | 7,419 | 6,688 | 6,120 | |||||||||
Restaurant operating profit | 25,651 | 22,344 | 18,222 | |||||||||
General & administrative | 6,782 | 4,870 | 4,936 | |||||||||
Depreciation & amortization | 4,288 | 3,876 | 3,336 | |||||||||
Preopening expenses | 1,984 | 1,896 | 620 | |||||||||
Income from operations | 12,597 | 11,702 | 9,330 | |||||||||
Interest (expense) income and other income | 41 | 36 | (10 | ) | ||||||||
Minority interests | (2,340 | ) | (1,832 | ) | (1,443 | ) | ||||||
Income before provision for income taxes | 10,298 | 9,906 | 7,877 | |||||||||
Provision for income taxes | (3,501 | ) | (3,422 | ) | (2,757 | ) | ||||||
Net income | $ | 6,797 | $ | 6,484 | $ | 5,120 | ||||||
Basic net income (loss) per share | $ | 0.27 | $ | 0.26 | $ | 0.21 | ||||||
Diluted net income (loss) per share | $ | 0.26 | $ | 0.25 | $ | 0.20 | ||||||
Shares used in calculation of basic EPS | 25,137 | 24,994 | 24,088 | |||||||||
Shares used in calculation of diluted EPS | 26,038 | 25,954 | 25,894 |
Percentage of Revenues | ||||||||||||
Mar 30 | Dec 29 | Mar 31 | ||||||||||
2003 | 2002 | 2002 | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 26.8 | % | 26.6 | % | 27.1 | % | ||||||
Labor | 31.7 | % | 31.5 | % | 31.5 | % | ||||||
Operating | 16.4 | % | 16.8 | % | 16.4 | % | ||||||
Occupancy | 5.6 | % | 5.8 | % | 6.3 | % | ||||||
Restaurant operating profit | 19.5 | % | 19.3 | % | 18.7 | % | ||||||
General & administrative | 5.2 | % | 4.2 | % | 5.1 | % | ||||||
Depreciation & amortization | 3.3 | % | 3.3 | % | 3.4 | % | ||||||
Preopening expenses | 1.5 | % | 1.6 | % | 0.6 | % | ||||||
Income from operations | 9.6 | % | 10.1 | % | 9.6 | % | ||||||
Interest (expense) income and other income | 0.0 | % | 0.0 | % | 0.0 | % | ||||||
Minority interests | -1.8 | % | -1.6 | % | -1.5 | % | ||||||
Income before provision for income taxes | 7.8 | % | 8.5 | % | 8.1 | % | ||||||
Provision for income taxes | -2.7 | % | -3.0 | % | -2.8 | % | ||||||
Net income | 5.2 | % | 5.6 | % | 5.3 | % | ||||||
Certain percentage amounts do not sum to total due to rounding.
Page 3 of 9
P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended March 30, 2003 | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | 131,595 | 120,740 | 10,855 | |||||||||
Cost of sales | 35,249 | 32,124 | 3,125 | |||||||||
Labor | 41,668 | 38,062 | 3,606 | |||||||||
Operating | 21,608 | 19,951 | 1,657 | |||||||||
Occupancy | 7,419 | 6,699 | 720 | |||||||||
Restaurant operating profit | 25,651 | 23,904 | 1,747 | |||||||||
General & administrative | 6,782 | 5,935 | 847 | |||||||||
Depreciation & amortization | 4,288 | 3,889 | 399 | |||||||||
Preopening expenses | 1,984 | 1,671 | 313 | |||||||||
Income (loss) from operations | 12,597 | 12,409 | 188 | |||||||||
Interest (expense) income and other income | 41 | 41 | 0 | |||||||||
Minority interests | (2,340 | ) | (2,203 | ) | (137 | ) | ||||||
Income (loss) before provision for income taxes | 10,298 | 10,247 | 51 | |||||||||
Provision for income taxes | (3,501 | ) | ||||||||||
Net income | $ | 6,797 | ||||||||||
Basic net income per share | $ | 0.27 | ||||||||||
Diluted net income per share | $ | 0.26 | ||||||||||
Shares used in calculation of basic EPS | 25,137 | |||||||||||
Shares used in calculation of diluted EPS | 26,038 |
Percentage of Revenues | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 26.8 | % | 26.6 | % | 28.8 | % | ||||||
Labor | 31.7 | % | 31.5 | % | 33.2 | % | ||||||
Operating | 16.4 | % | 16.5 | % | 15.3 | % | ||||||
Occupancy | 5.6 | % | 5.5 | % | 6.6 | % | ||||||
Restaurant operating profit | 19.5 | % | 19.8 | % | 16.1 | % | ||||||
General & administrative | 5.2 | % | 4.9 | % | 7.8 | % | ||||||
Depreciation & amortization | 3.3 | % | 3.2 | % | 3.7 | % | ||||||
Preopening expenses | 1.5 | % | 1.4 | % | 2.9 | % | ||||||
Income (loss) from operations | 9.6 | % | 10.3 | % | 1.7 | % | ||||||
Interest (expense) income and other income | 0.0 | % | 0.0 | % | 0.0 | % | ||||||
Minority interests | -1.8 | % | -1.8 | % | -1.3 | % | ||||||
Income (loss) before provision for income taxes | 7.8 | % | 8.5 | % | 0.5 | % | ||||||
Provision for income taxes | -2.7 | % | ||||||||||
Net income | 5.2 | % | ||||||||||
Certain percentage amounts do not sum to total due to rounding.
Page 4 of 9
P.F. Chang’s China Bistro, Inc.
Development Schedule
P. F. Chang's China Bistro | ||||||||||||||||
1Q03 | 2Q03 | 3Q03 | 4Q03 | |||||||||||||
Units opened | 5 | |||||||||||||||
Units under construction | 1 | 6 | ||||||||||||||
Units in development | 6 | |||||||||||||||
Total new unit development | 5 | 1 | 6 | 6 | ||||||||||||
Existing units | 79 | 84 | 85 | 91 | ||||||||||||
Total units | 84 | 85 | 91 | 97 | ||||||||||||
Pei Wei Asian Diner | ||||||||||||||||
1Q03 | 2Q03 | 3Q03 | 4Q03 | |||||||||||||
Units opened | 4 | |||||||||||||||
Units under construction | 3 | 1 | ||||||||||||||
Units in development | 3 | 4 | ||||||||||||||
Total new unit development | 4 | 3 | 4 | 4 | ||||||||||||
Existing units | 16 | 20 | 23 | 27 | ||||||||||||
Total units | 20 | 23 | 27 | 31 | ||||||||||||
Page 5 of 9
P.F.Chang’s China Bistro
Supplemental Sales Information
Year of Unit Opening (1)
Pre-1996 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | Total | |||||||||||||||||||||||||||||||
Units | 4 | 3 | 6 | 10 | 13 | 16 | 13 | 14 | 5 | 84 | ||||||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||||||
1Q03 | 6,434 | 5,908 | 9,060 | 15,753 | 18,800 | 23,236 | 18,815 | 17,983 | 4,751 | 120,740 | ||||||||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||||||||||
1Q03 | 123,738 | 151,474 | 116,157 | 121,175 | 111,239 | 111,713 | 111,331 | 98,808 | 143,980 | 113,906 | ||||||||||||||||||||||||||||||
Year-Over-Year Change in AWS | ||||||||||||||||||||||||||||||||||||||||
1Q03 | 0.2 | % | 3.7 | % | 6.0 | % | 5.1 | % | 5.0 | % | 11.0 | % | 5.4 | % | -1.7 | % | — | 4.4 | % | |||||||||||||||||||||
Year-Over-Year Change Comp Store Sales (2) | ||||||||||||||||||||||||||||||||||||||||
Units | 4 | 3 | 6 | 10 | 13 | 16 | 10 | — | — | 62 | ||||||||||||||||||||||||||||||
1Q03 | 0.2 | % | 3.7 | % | 6.0 | % | 5.1 | % | 5.0 | % | 11.0 | % | 6.6 | % | — | — | 6.4 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | A unit becomes comparable in the eighteenth month of operation |
Page 6 of 9
Pei Wei Asian Diner
Supplemental Sales Information
Year of Unit Opening (1)
2000 | 2001 | 2002 | 2003 | Total | ||||||||||||||||
Units | 1 | 4 | 11 | 4 | 20 | |||||||||||||||
Sales (000) | ||||||||||||||||||||
1Q03 | 868 | 2,390 | 5,762 | 1,835 | 10,855 | |||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||
1Q03 | 66,787 | 45,956 | 40,295 | 52,437 | 44,673 | |||||||||||||||
Year-Over-Year Change in AWS | ||||||||||||||||||||
1Q03 | 3.0 | % | 6.4 | % | -15.1 | % | — | -6.0 | % | |||||||||||
Year-Over-Year Change Comp Store Sales (2) | ||||||||||||||||||||
Units | 1 | 1 | — | — | 2 | |||||||||||||||
1Q03 | 3.0 | % | -1.2 | % | — | — | 1.1 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | A unit becomes comparable in the eighteenth month of operation |
Page 7 of 9
P.F. Chang’s China Bistro, Inc.
2003 Forecast
1Q03 | 2Q03E | 3Q03E | 4Q03E | 2003E | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bistro | Pei Wei | Total | Bistro | Pei Wei | Total | Bistro | Pei Wei | Total | Bistro | Pei Wei | Total | Bistro | Pei Wei | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Store weeks | 1,060 | 243 | 1,303 | 1,094 | 282 | 1,376 | 1,134 | 328 | 1,462 | 1,223 | 370 | 1,593 | 4,511 | 1,223 | 5,734 | |||||||||||||||||||||||||||||||||||||||||||||
Average weekly sales (000) | 113.9 | 44.7 | 101.0 | 110.6 | 41.5 | 96.5 | 110.1 | 39.9 | 94.4 | 107.9 | 42.4 | 92.7 | 110.5 | 42.0 | 95.9 | |||||||||||||||||||||||||||||||||||||||||||||
Revenues (millions) | 120.7 | 10.9 | 131.6 | 121.0 | 11.7 | 132.7 | 124.9 | 13.1 | 138.0 | 132.0 | 15.7 | 147.7 | 498.7 | 51.4 | 550.0 | |||||||||||||||||||||||||||||||||||||||||||||
Restaurant operating profit | 23.9 | 1.7 | 25.7 | 23.4 | 1.8 | 25.1 | 24.0 | 1.8 | 25.8 | 25.8 | 2.4 | 28.2 | 97.0 | 7.7 | 104.8 | |||||||||||||||||||||||||||||||||||||||||||||
General & administrative | 5.9 | 0.8 | 6.8 | 5.7 | 1.0 | 6.7 | 5.8 | 1.1 | 6.9 | 5.9 | 1.2 | 7.0 | 23.3 | 4.1 | 27.4 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation & amortization | 3.9 | 0.4 | 4.3 | 4.0 | 0.5 | 4.5 | 4.2 | 0.5 | 4.7 | 4.4 | 0.6 | 5.1 | 16.5 | 2.1 | 18.6 | |||||||||||||||||||||||||||||||||||||||||||||
Preopening expenses | 1.7 | 0.3 | 2.0 | 1.0 | 0.4 | 1.4 | 1.8 | 0.5 | 2.3 | 1.6 | 0.5 | 2.1 | 6.1 | 1.7 | 7.8 | |||||||||||||||||||||||||||||||||||||||||||||
Other income | (0.0 | ) | — | (0.0 | ) | (0.1 | ) | — | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | (0.0 | ) | — | (0.0 | ) | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||||||||||||||||||||
Minority interest | 2.2 | 0.1 | 2.3 | 2.0 | 0.1 | 2.1 | 2.1 | 0.1 | 2.2 | 2.2 | 0.2 | 2.4 | 8.5 | 0.5 | 9.0 | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before tax provision | 10.2 | 0.1 | 10.3 | 10.7 | (0.2 | ) | 10.5 | 10.2 | (0.4 | ) | 9.8 | 11.7 | (0.1 | ) | 11.7 | 42.9 | (0.6 | ) | 42.2 | |||||||||||||||||||||||||||||||||||||||||
Tax provision | 3.5 | 0.0 | 3.5 | 3.6 | (0.1 | ) | 3.6 | 3.5 | (0.1 | ) | 3.3 | 4.0 | (0.0 | ) | 4.0 | 14.6 | (0.2 | ) | 14.4 | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 6.8 | 0.0 | 6.8 | 7.0 | (0.1 | ) | 6.9 | 6.8 | (0.3 | ) | 6.5 | 7.7 | (0.0 | ) | 7.7 | 28.3 | (0.4 | ) | 27.9 | |||||||||||||||||||||||||||||||||||||||||
FD shares | 26.0 | 26.0 | 26.0 | 26.3 | 26.3 | 26.3 | 26.4 | 26.4 | 26.4 | 26.5 | 26.5 | 26.5 | 26.3 | 26.3 | 26.3 | |||||||||||||||||||||||||||||||||||||||||||||
EPS | $ | 0.26 | $ | 0.00 | $ | 0.26 | $ | 0.27 | $ | (0.01 | ) | $ | 0.26 | $ | 0.26 | $ | (0.01 | ) | $ | 0.25 | $ | 0.29 | $ | (0.00 | ) | $ | 0.29 | $ | 1.08 | $ | (0.02 | ) | $ | 1.06 | ||||||||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||
Restaurant operating profit | 19.8 | % | 16.1 | % | 19.5 | % | 19.3 | % | 15.2 | % | 18.9 | % | 19.2 | % | 14.0 | % | 18.7 | % | 19.5 | % | 15.2 | % | 19.1 | % | 19.5 | % | 15.1 | % | 19.0 | % | ||||||||||||||||||||||||||||||
General & administrative | 4.9 | % | 7.8 | % | 5.2 | % | 4.7 | % | 8.5 | % | 5.1 | % | 4.6 | % | 8.4 | % | 5.0 | % | 4.4 | % | 7.4 | % | 4.7 | % | 4.7 | % | 8.0 | % | 5.0 | % | ||||||||||||||||||||||||||||||
Depreciation & amortization | 3.2 | % | 3.7 | % | 3.3 | % | 3.3 | % | 4.2 | % | 3.4 | % | 3.3 | % | 4.1 | % | 3.4 | % | 3.4 | % | 4.0 | % | 3.4 | % | 3.3 | % | 4.0 | % | 3.4 | % | ||||||||||||||||||||||||||||||
Preopening expenses | 1.4 | % | 2.9 | % | 1.5 | % | 0.8 | % | 3.2 | % | 1.0 | % | 1.4 | % | 3.8 | % | 1.7 | % | 1.2 | % | 3.2 | % | 1.4 | % | 1.2 | % | 3.3 | % | 1.4 | % | ||||||||||||||||||||||||||||||
Other income | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||||||||
Minority interest | 1.8 | % | 1.3 | % | 1.8 | % | 1.6 | % | 1.0 | % | 1.6 | % | 1.6 | % | 0.9 | % | 1.6 | % | 1.7 | % | 1.0 | % | 1.6 | % | 1.7 | % | 1.0 | % | 1.6 | % | ||||||||||||||||||||||||||||||
Income (loss) before tax provision | 8.5 | % | 0.5 | % | 7.8 | % | 8.8 | % | -1.8 | % | 7.9 | % | 8.2 | % | -3.2 | % | 7.1 | % | 8.9 | % | -0.4 | % | 7.9 | % | 8.6 | % | -1.3 | % | 7.7 | % | ||||||||||||||||||||||||||||||
Tax provision | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | ||||||||||||||||||||||||||||||
Net income (loss) | 5.6 | % | 0.3 | % | 5.2 | % | 5.8 | % | -1.2 | % | 5.2 | % | 5.4 | % | -2.1 | % | 4.7 | % | 5.9 | % | -0.3 | % | 5.2 | % | 5.7 | % | -0.8 | % | 5.1 | % | ||||||||||||||||||||||||||||||
Page 8 of 9
P.F. Chang’s China Bistro, Inc.
2003 Forecast vs 2002 Actual
1Q02 | 1Q03 | Change | 2Q02 | 2Q03E | Change | 3Q02 | 3Q03E | Change | 4Q02 | 4Q03E | Change | 2002 | 2003E | Change | ||||||||||||||||||||||||||||||||||||||||||||||
Store weeks | 937 | 1,303 | 39.1 | % | 981 | 1,376 | 40.3 | % | 1,078 | 1,462 | 35.6 | % | 1,201 | 1,593 | 32.6 | % | 4,197 | 5,734 | 36.6 | % | ||||||||||||||||||||||||||||||||||||||||
Average weekly sales (000) | 104.1 | 101.0 | -2.9 | % | 103.7 | 96.5 | -7.0 | % | 99.4 | 94.4 | -5.0 | % | 96.5 | 92.7 | -3.9 | % | 100.6 | 95.9 | -4.6 | % | ||||||||||||||||||||||||||||||||||||||||
Revenues (millions) | 97.5 | 131.6 | 35.0 | % | 101.7 | 132.7 | 30.5 | % | 107.1 | 138.0 | 28.9 | % | 115.9 | 147.7 | 27.5 | % | 422.1 | 550.0 | 30.3 | % | ||||||||||||||||||||||||||||||||||||||||
Restaurant operating profit | 18.2 | 25.7 | 19.6 | 25.1 | 19.6 | 25.8 | 22.3 | 28.2 | 79.7 | 104.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
General & administrative | 5.0 | 6.8 | 5.5 | 6.7 | 5.3 | 6.9 | 4.9 | 7.0 | 20.6 | 27.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation & amortization | 3.3 | 4.3 | 3.5 | 4.5 | 3.7 | 4.7 | 3.9 | 5.1 | 14.4 | 18.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preopening expenses | 0.6 | 2.0 | 1.5 | 1.4 | 2.3 | 2.3 | 1.9 | 2.1 | 6.3 | 7.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | — | (0.0 | ) | — | (0.1 | ) | — | (0.1 | ) | 0.0 | (0.0 | ) | 0.0 | (0.2 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Elimination of minority interest | 1.4 | 2.3 | 1.6 | 2.1 | 1.5 | 2.2 | 1.8 | 2.4 | 6.4 | 9.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before tax provision | 7.9 | 10.3 | 7.5 | 10.5 | 6.8 | 9.8 | 9.9 | 11.7 | 32.1 | 42.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tax provision | 2.8 | 3.5 | 2.6 | 3.6 | 2.4 | 3.3 | 3.4 | 4.0 | 11.2 | 14.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 5.1 | 6.8 | 34.3 | % | 4.9 | 6.9 | 40.8 | % | 4.4 | 6.5 | 47.2 | % | 6.5 | 7.7 | 19.2 | % | 20.9 | 27.9 | 33.6 | % | ||||||||||||||||||||||||||||||||||||||||
FD shares | 25.9 | 26.0 | 26.0 | 26.3 | 25.8 | 26.4 | 26.0 | 26.5 | 25.9 | 26.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
EPS | $ | 0.20 | $ | 0.26 | 33.6 | % | $ | 0.19 | $ | 0.26 | 39.2 | % | $ | 0.17 | $ | 0.25 | 43.8 | % | $ | 0.25 | $ | 0.29 | 16.8 | % | $ | 0.81 | $ | 1.06 | 30.8 | % | ||||||||||||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||
Restaurant operating profit | 18.7 | % | 19.5 | % | 19.3 | % | 18.9 | % | 18.3 | % | 18.7 | % | 19.3 | % | 19.1 | % | 18.9 | % | 19.0 | % | ||||||||||||||||||||||||||||||||||||||||
General & administrative | 5.1 | % | 5.2 | % | 5.4 | % | 5.1 | % | 4.9 | % | 5.0 | % | 4.2 | % | 4.7 | % | 4.9 | % | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||
Depreciation & amortization | 3.4 | % | 3.3 | % | 3.4 | % | 3.4 | % | 3.5 | % | 3.4 | % | 3.3 | % | 3.4 | % | 3.4 | % | 3.4 | % | ||||||||||||||||||||||||||||||||||||||||
Preopening expenses | 0.6 | % | 1.5 | % | 1.5 | % | 1.0 | % | 2.1 | % | 1.7 | % | 1.6 | % | 1.4 | % | 1.5 | % | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||
Other income | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||
Elimination of minority interest | 1.5 | % | 1.8 | % | 1.6 | % | 1.6 | % | 1.4 | % | 1.6 | % | 1.6 | % | 1.6 | % | 1.5 | % | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||
Income (loss) before tax provision | 8.1 | % | 7.8 | % | 7.4 | % | 7.9 | % | 6.3 | % | 7.1 | % | 8.5 | % | 7.9 | % | 7.6 | % | 7.7 | % | ||||||||||||||||||||||||||||||||||||||||
Tax provision | 35.0 | % | 34.0 | % | 35.0 | % | 34.0 | % | 35.0 | % | 34.0 | % | 34.5 | % | 34.0 | % | 34.9 | % | 34.0 | % | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 5.2 | % | 5.2 | % | 4.8 | % | 5.2 | % | 4.1 | % | 4.7 | % | 5.6 | % | 5.2 | % | 4.9 | % | 5.1 | % | ||||||||||||||||||||||||||||||||||||||||
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