Exhibit 99.1
P.F. CHANG’S EARNS $0.25 PER SHARE
SCOTTSDALE, Arizona, October 22, 2003– P.F. Chang’s China Bistro, Inc. (NASDAQ:PFCB) today reported earnings of $6.5 million for the third quarter ended September 28, 2003 compared to $4.4 million in the third quarter of the prior year. Earnings per share for the third quarter increased to $0.25 from $0.17 in the third quarter of the prior year.
(000 except per share data) | 3Q03 | 2Q03 | 3Q02 | |||||||||
Revenues | $ | 139,729 | $ | 136,605 | $ | 107,052 | ||||||
Net Income | $ | 6,477 | $ | 7,077 | $ | 4,417 | ||||||
Diluted Earnings Per Share | $ | 0.25 | $ | 0.27 | $ | 0.17 | ||||||
Shares Used in EPS calculation | 26,331 | 26,228 | 25,841 |
2003 Expectations
The company anticipates opening 18 new Bistro units (twelve of which are already open) and 17 new Pei Wei units (fourteen 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% for the fourth quarter of this year, the company expects consolidated revenues of $558 million in fiscal 2003, a 32% increase over fiscal 2002. The company has increased its estimate of preopening costs at the Bistro in the fourth quarter of 2003 by approximately $400,000 to reflect higher preopening costs for the new units opening in the fourth quarter given current cost trends as well as additional costs associated with earlier than anticipated opening dates for certain 2004 units. Accordingly, net income is anticipated to be $27.7 million, which equates to earnings per share of $1.06. Included in these estimates is the expectation that Pei Wei Asian Diner will be slightly profitable for the year. The company will release its fourth quarter 2003 revenue results on December 31, 2003 and its fourth quarter 2003 earnings results on February 11, 2004.
Page 1 of 11
2004 Expectations
The company anticipates opening 16 to 18 new Bistro units and 19 to 21 new Pei Wei units in 2004. Based on this development schedule, and given the slight increase in new store weeks at the Bistro for the first quarter openings noted above, the company expects consolidated revenues of $697 million, net income of $36 million and earnings per share of $1.32. Included in these estimates is the assumption that Pei Wei Asian Diner will be slightly profitable in 2004. The company will have one additional week in fiscal 2004 (a 53 week year versus the typical 52 week year) which is not reflected in the full-year estimates noted above.
The company is hosting a conference call today at 1:00 pm ET in which management will provide further details on the third quarter results as well as an outlook for future periods. A webcast of the call can be accessed through the company’s website at http://www.pfchangs.com.
P.F. Chang’s China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. 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; 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 11
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 | ||||||||||
Sep 28 | Jun 29 | Sep 29 | ||||||||||
2003 | 2003 | 2002 | ||||||||||
Revenues | $ | 139,729 | $ | 136,605 | $ | 107,052 | ||||||
Cost of sales | 38,460 | 37,207 | 28,631 | |||||||||
Labor | 43,726 | 42,776 | 34,187 | |||||||||
Operating | 23,316 | 22,772 | 18,191 | |||||||||
Occupancy | 7,711 | 7,617 | 6,426 | |||||||||
Restaurant operating profit | 26,516 | 26,233 | 19,617 | |||||||||
General & administrative | 6,897 | 7,345 | 5,304 | |||||||||
Depreciation & amortization | 4,827 | 4,646 | 3,673 | |||||||||
Preopening expenses | 2,627 | 1,176 | 2,340 | |||||||||
Income from operations | 12,165 | 13,066 | 8,300 | |||||||||
Interest (expense) income and other income | (69 | ) | (3 | ) | 33 | |||||||
Minority interests | (2,305 | ) | (2,340 | ) | (1,547 | ) | ||||||
Income before provision for income taxes | 9,791 | 10,723 | 6,786 | |||||||||
Provision for income taxes | (3,314 | ) | (3,646 | ) | (2,369 | ) | ||||||
Net income | $ | 6,477 | $ | 7,077 | $ | 4,417 | ||||||
Basic net income per share | $ | 0.25 | $ | 0.28 | $ | 0.18 | ||||||
Diluted net income per share | $ | 0.25 | $ | 0.27 | $ | 0.17 | ||||||
Shares used in calculation of basic EPS | 25,414 | 25,338 | 24,944 | |||||||||
Shares used in calculation of diluted EPS | 26,331 | 26,228 | 25,841 |
Percentage of Revenues | ||||||||||||
Sep 28 | Jun 29 | Sep 29 | ||||||||||
2003 | 2003 | 2002 | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 27.5 | % | 27.2 | % | 26.7 | % | ||||||
Labor | 31.3 | % | 31.3 | % | 31.9 | % | ||||||
Operating | 16.7 | % | 16.7 | % | 17.0 | % | ||||||
Occupancy | 5.5 | % | 5.6 | % | 6.0 | % | ||||||
Restaurant operating profit | 19.0 | % | 19.2 | % | 18.3 | % | ||||||
General & administrative | 4.9 | % | 5.4 | % | 5.0 | % | ||||||
Depreciation & amortization | 3.5 | % | 3.4 | % | 3.4 | % | ||||||
Preopening expenses | 1.9 | % | 0.9 | % | 2.2 | % | ||||||
Income from operations | 8.7 | % | 9.6 | % | 7.8 | % | ||||||
Interest (expense) income and other income | 0.0 | % | 0.0 | % | 0.0 | % | ||||||
Minority interests | -1.6 | % | -1.7 | % | -1.4 | % | ||||||
Income before provision for income taxes | 7.0 | % | 7.8 | % | 6.3 | % | ||||||
Provision for income taxes | -2.4 | % | -2.7 | % | -2.2 | % | ||||||
Net income | 4.6 | % | 5.2 | % | 4.1 | % | ||||||
Certain percentage amounts do not sum to total due to rounding.
Page 3 of 11
P.F. Chang’s China Bistro, Inc.
Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)
39 Weeks Ended | 39 Weeks Ended | |||||||
Sep 28 | Sep 29 | |||||||
2003 | 2002 | |||||||
Revenues | $ | 407,929 | $ | 306,202 | ||||
Cost of sales | 110,916 | 81,784 | ||||||
Labor | 128,170 | 96,992 | ||||||
Operating | 67,696 | 51,249 | ||||||
Occupancy | 22,747 | 18,769 | ||||||
Restaurant operating profit | 78,400 | 57,408 | ||||||
General & administrative | 21,024 | 15,720 | ||||||
Depreciation & amortization | 13,761 | 10,495 | ||||||
Preopening expenses | 5,787 | 4,438 | ||||||
Income from operations | 37,828 | 26,755 | ||||||
Interest (expense) income and other income | (31 | ) | 6 | |||||
Minority interests | (6,985 | ) | (4,602 | ) | ||||
Income before provision for income taxes | 30,812 | 22,159 | ||||||
Provision for income taxes | (10,461 | ) | (7,749 | ) | ||||
Net income | $ | 20,351 | $ | 14,410 | ||||
Basic net income per share | $ | 0.80 | $ | 0.59 | ||||
Diluted net income per share | $ | 0.78 | $ | 0.56 | ||||
Shares used in calculation of basic EPS | 25,296 | 24,583 | ||||||
Shares used in calculation of diluted EPS | 26,199 | 25,914 |
Sep 28 | Sep 29 | |||||||
2003 | 2002 | |||||||
Revenues | 100.0 | % | 100.0 | % | ||||
Cost of sales | 27.2 | % | 26.7 | % | ||||
Labor | 31.4 | % | 31.7 | % | ||||
Operating | 16.6 | % | 16.7 | % | ||||
Occupancy | 5.6 | % | 6.1 | % | ||||
Restaurant operating profit | 19.2 | % | 18.7 | % | ||||
General & administrative | 5.2 | % | 5.1 | % | ||||
Depreciation & amortization | 3.4 | % | 3.4 | % | ||||
Preopening expenses | 1.4 | % | 1.4 | % | ||||
Income from operations | 9.3 | % | 8.7 | % | ||||
Interest income and other income | 0.0 | % | 0.0 | % | ||||
Minority interests | -1.7 | % | -1.5 | % | ||||
Income before provision for income taxes | 7.6 | % | 7.2 | % | ||||
Provision for income taxes | -2.6 | % | -2.5 | % | ||||
Net income | 5.0 | % | 4.7 | % | ||||
Certain percentage amounts do not sum to total due to rounding.
Page 4 of 11
P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended Sep 28, 2003 | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | $ | 139,729 | $ | 125,745 | $ | 13,984 | ||||||
Cost of sales | 38,460 | 34,347 | 4,113 | |||||||||
Labor | 43,726 | 39,143 | 4,583 | |||||||||
Operating | 23,316 | 21,118 | 2,198 | |||||||||
Occupancy | 7,711 | 6,785 | 926 | |||||||||
Restaurant operating profit | 26,516 | 24,352 | 2,164 | |||||||||
General & administrative | 6,897 | 5,868 | 1,029 | |||||||||
Depreciation & amortization | 4,827 | 4,284 | 543 | |||||||||
Preopening expenses | 2,627 | 2,033 | 594 | |||||||||
Income from operations | 12,165 | 12,167 | (2 | ) | ||||||||
Interest (expense) income and other income | (69 | ) | (69 | ) | (0 | ) | ||||||
Minority interests | (2,305 | ) | (2,145 | ) | (160 | ) | ||||||
Income before provision for income taxes | 9,791 | 9,953 | (162 | ) | ||||||||
Provision for income taxes | (3,314 | ) | ||||||||||
Net income | $ | 6,477 | ||||||||||
Basic net income per share | $ | 0.25 | ||||||||||
Diluted net income per share | $ | 0.25 | ||||||||||
Shares used in calculation of basic EPS | 25,414 | |||||||||||
Shares used in calculation of diluted EPS | 26,331 |
Percentage of Revenues | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 27.5 | % | 27.3 | % | 29.4 | % | ||||||
Labor | 31.3 | % | 31.1 | % | 32.8 | % | ||||||
Operating | 16.7 | % | 16.8 | % | 15.7 | % | ||||||
Occupancy | 5.5 | % | 5.4 | % | 6.6 | % | ||||||
Restaurant operating profit | 19.0 | % | 19.4 | % | 15.5 | % | ||||||
General & administrative | 4.9 | % | 4.7 | % | 7.4 | % | ||||||
Depreciation & amortization | 3.5 | % | 3.4 | % | 3.9 | % | ||||||
Preopening expenses | 1.9 | % | 1.6 | % | 4.2 | % | ||||||
Income from operations | 8.7 | % | 9.7 | % | 0.0 | % | ||||||
Interest (expense) income and other income | 0.0 | % | -0.1 | % | 0.0 | % | ||||||
Minority interests | -1.6 | % | -1.7 | % | -1.1 | % | ||||||
Income before provision for income taxes | 7.0 | % | 7.9 | % | -1.2 | % | ||||||
Provision for income taxes | -2.4 | % | ||||||||||
Net income | 4.6 | % | ||||||||||
Certain percentage amounts do not sum to total due to rounding.
Page 5 of 11
P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information
(In thousands, except per share amounts)
(Unaudited)
39 Weeks Ended September 28, 2003 | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | $ | 407,929 | $ | 370,404 | $ | 37,525 | ||||||
Cost of sales | 110,916 | 99,948 | 10,968 | |||||||||
Labor | 128,170 | 115,871 | 12,299 | |||||||||
Operating | 67,696 | 61,892 | 5,804 | |||||||||
Occupancy | 22,747 | 20,281 | 2,466 | |||||||||
Restaurant operating profit | 78,400 | 72,412 | 5,988 | |||||||||
General & administrative | 21,024 | 18,229 | 2,795 | |||||||||
Depreciation & amortization | 13,761 | 12,347 | 1,414 | |||||||||
Preopening expenses | 5,787 | 4,568 | 1,219 | |||||||||
Income from operations | 37,828 | 37,268 | 560 | |||||||||
Interest income and other income | (31 | ) | (36 | ) | 5 | |||||||
Minority interests | (6,985 | ) | (6,521 | ) | (464 | ) | ||||||
Income before provision for income taxes | 30,812 | 30,711 | 101 | |||||||||
Provision for income taxes | (10,461 | ) | ||||||||||
Net income | $ | 20,351 | ||||||||||
Basic net income per share | $ | 0.80 | ||||||||||
Diluted net income per share | $ | 0.78 | ||||||||||
Shares used in calculation of basic EPS | 25,296 | |||||||||||
Shares used in calculation of diluted EPS | 26,199 |
Percentage of Revenues | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 27.2 | % | 27.0 | % | 29.2 | % | ||||||
Labor | 31.4 | % | 31.3 | % | 32.8 | % | ||||||
Operating | 16.6 | % | 16.7 | % | 15.5 | % | ||||||
Occupancy | 5.6 | % | 5.5 | % | 6.6 | % | ||||||
Restaurant operating profit | 19.2 | % | 19.5 | % | 16.0 | % | ||||||
General & administrative | 5.2 | % | 4.9 | % | 7.4 | % | ||||||
Depreciation & amortization | 3.4 | % | 3.3 | % | 3.8 | % | ||||||
Preopening expenses | 1.4 | % | 1.2 | % | 3.2 | % | ||||||
Income from operations | 9.3 | % | 10.1 | % | 1.5 | % | ||||||
Interest income and other income | 0.0 | % | 0.0 | % | 0.0 | % | ||||||
Minority interests | -1.7 | % | -1.8 | % | -1.2 | % | ||||||
Income before provision for income taxes | 7.6 | % | 8.3 | % | 0.3 | % | ||||||
Provision for income taxes | -2.6 | % | ||||||||||
Net income | 5.0 | % | ||||||||||
Certain percentage amounts do not sum to total due to rounding.
Page 6 of 11
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 | 11 | 90 | ||||||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||||||
1Q03 | 6,434 | 5,908 | 9,060 | 15,753 | 18,800 | 23,236 | 18,815 | 17,983 | 4,751 | 120,740 | ||||||||||||||||||||||||||||||
2Q03 | 6,238 | 5,955 | 9,180 | 15,545 | 19,037 | 23,754 | 18,576 | 17,214 | 8,420 | 123,919 | ||||||||||||||||||||||||||||||
3Q03 | 6,190 | 5,970 | 8,914 | 15,428 | 18,804 | 23,842 | 18,108 | 16,850 | 11,639 | 125,745 | ||||||||||||||||||||||||||||||
2003 | 18,862 | 17,833 | 27,154 | 46,726 | 56,641 | 70,832 | 55,499 | 52,047 | 24,810 | 370,404 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
2Q03 | 119,958 | 152,695 | 117,695 | 119,575 | 112,647 | 114,202 | 109,915 | 94,582 | 125,666 | 113,271 | ||||||||||||||||||||||||||||||
3Q03 | 119,044 | 153,083 | 114,272 | 118,677 | 111,269 | 114,625 | 107,148 | 92,579 | 115,241 | 111,476 | ||||||||||||||||||||||||||||||
2003 | 120,913 | 152,417 | 116,042 | 119,809 | 111,719 | 113,513 | 109,465 | 95,323 | 123,434 | 112,859 | ||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||
2Q03 | -0.4 | % | 1.9 | % | 7.3 | % | 1.4 | % | 5.3 | % | 10.4 | % | 5.1 | % | -6.1 | % | — | 3.1 | % | |||||||||||||||||||||
3Q03 | 0.4 | % | 1.1 | % | 6.7 | % | -0.6 | % | 4.4 | % | 10.4 | % | 4.9 | % | -3.7 | % | — | 2.7 | % | |||||||||||||||||||||
2003 | 0.1 | % | 2.2 | % | 6.7 | % | 1.9 | % | 4.9 | % | 10.6 | % | 5.1 | % | -2.7 | % | — | 3.4 | % | |||||||||||||||||||||
Year-Over-Year Change Comp Store Sales (2) | ||||||||||||||||||||||||||||||||||||||||
Units | 4 | 3 | 6 | 10 | 13 | 16 | 13 | 3 | — | 68 | ||||||||||||||||||||||||||||||
1Q03 | 0.2 | % | 3.7 | % | 6.0 | % | 5.1 | % | 5.0 | % | 11.0 | % | 6.6 | % | — | — | 6.4 | % | ||||||||||||||||||||||
2Q03 | -0.4 | % | 1.9 | % | 7.3 | % | 1.4 | % | 5.3 | % | 10.4 | % | 5.2 | % | 5.4 | % | — | 5.4 | % | |||||||||||||||||||||
3Q03 | 0.4 | % | 1.1 | % | 6.7 | % | -0.6 | % | 4.4 | % | 10.4 | % | 4.9 | % | 7.4 | % | — | 4.8 | % | |||||||||||||||||||||
2003 | 0.1 | % | 2.2 | % | 6.7 | % | 1.9 | % | 4.9 | % | 10.6 | % | 5.4 | % | 7.1 | % | — | 5.5 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | A unit becomes comparable in the eighteenth month of operation |
Page 7 of 11
Pei Wei Asian Diner
Supplemental Sales Information
Year of Unit Opening (1)
2000 | 2001 | 2002 | 2003 | Total | ||||||||||||||||
Units | 1 | 4 | 11 | 11 | 27 | |||||||||||||||
Sales (000) | ||||||||||||||||||||
1Q03 | 868 | 2,390 | 5,762 | 1,835 | 10,855 | |||||||||||||||
2Q03 | 841 | 2,241 | 5,722 | 3,882 | 12,686 | |||||||||||||||
3Q03 | 814 | 2,141 | 5,603 | 5,426 | 13,984 | |||||||||||||||
2003 | 2,523 | 6,772 | 17,087 | 11,143 | 37,525 | |||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||
1Q03 | 66,787 | 45,956 | 40,295 | 52,437 | 44,673 | |||||||||||||||
2Q03 | 64,652 | 43,092 | 40,017 | 53,176 | 45,144 | |||||||||||||||
3Q03 | 62,593 | 41,176 | 39,180 | 47,599 | 43,428 | |||||||||||||||
2003 | 64,677 | 43,408 | 39,831 | 50,195 | 44,356 | |||||||||||||||
Year-Over-Year Change in AWS | ||||||||||||||||||||
1Q03 | 3.0 | % | 6.4 | % | -15.1 | % | — | -6.0 | % | |||||||||||
2Q03 | 4.2 | % | -0.3 | % | 11.3 | % | — | 3.4 | % | |||||||||||
3Q03 | 6.2 | % | -0.4 | % | 7.8 | % | — | 8.2 | % | |||||||||||
2003 | 4.4 | % | 1.9 | % | 6.6 | % | — | 3.2 | % | |||||||||||
Year-Over-Year Change Comp Store Sales (2) | ||||||||||||||||||||
Units | 1 | 4 | 2 | — | 7 | |||||||||||||||
1Q03 | 3.0 | % | -1.2 | % | — | — | 1.1 | % | ||||||||||||
2Q03 | 4.2 | % | -2.5 | % | 2.1 | % | — | -0.1 | % | |||||||||||
3Q03 | 6.2 | % | -0.4 | % | 0.8 | % | — | 1.2 | % | |||||||||||
2003 | 4.4 | % | -1.3 | % | 1.1 | % | — | 0.7 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | A unit becomes comparable in the eighteenth month of operation |
Page 8 of 11
P.F. Chang’s China Bistro, Inc.
Development Schedule
P. F. Chang's China Bistro | ||||||||||||||||
3Q03 | 4Q03 | 1Q04 | 2Q04 | |||||||||||||
Units opened | 5 | 1 | ||||||||||||||
Units under construction | 6 | 6 | ||||||||||||||
Units in development | 3 | |||||||||||||||
Total new unit development | 5 | 7 | 6 | 3 | ||||||||||||
Existing units | 85 | 90 | 97 | 103 | ||||||||||||
Total units | 90 | 97 | 103 | 106 | ||||||||||||
Pei Wei Asian Diner | ||||||||||||||||
3Q03 | 4Q03 | 1Q04 | 2Q04 | |||||||||||||
Units opened | 4 | 3 | ||||||||||||||
Units under construction | 3 | 1 | ||||||||||||||
Units in development | 3 | 5 | ||||||||||||||
Total new unit development | 4 | 6 | 4 | 5 | ||||||||||||
Existing units | 23 | 27 | 33 | 37 | ||||||||||||
Total units | 27 | 33 | 37 | 42 | ||||||||||||
Page 9 of 11
P.F. Chang’s China Bistro, Inc.
2003 Forecast
1Q03 | 2Q03 | 3Q03 | ||||||||||||||||||||||||||||||||||
Bistro | Pei Wei | Total | Bistro | Pei Wei | Total | Bistro | Pei Wei | Total | ||||||||||||||||||||||||||||
Store weeks | 1,060 | 243 | 1,303 | 1,094 | 281 | 1,375 | 1,128 | 322 | 1,450 | |||||||||||||||||||||||||||
Average weekly sales (000) | 113.9 | 44.7 | 101.0 | 113.3 | 45.1 | 99.3 | 111.5 | 43.4 | 96.4 | |||||||||||||||||||||||||||
Revenues (millions) | 120.7 | 10.9 | 131.6 | 123.9 | 12.7 | 136.6 | 125.7 | 14.0 | 139.7 | |||||||||||||||||||||||||||
Restaurant operating profit | 23.9 | 1.7 | 25.7 | 24.2 | 2.1 | 26.2 | 24.3 | 2.2 | 26.5 | |||||||||||||||||||||||||||
General & administrative | 5.9 | 0.8 | 6.8 | 6.4 | 0.9 | 7.3 | 5.9 | 1.0 | 6.9 | |||||||||||||||||||||||||||
Depreciation & amortization | 3.9 | 0.4 | 4.3 | 4.2 | 0.5 | 4.6 | 4.3 | 0.5 | 4.8 | |||||||||||||||||||||||||||
Preopening expenses | 1.7 | 0.3 | 2.0 | 0.9 | 0.3 | 1.2 | 2.0 | 0.6 | 2.6 | |||||||||||||||||||||||||||
Other income | (0.0 | ) | — | (0.0 | ) | — | — | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||
Minority interest | 2.2 | 0.1 | 2.3 | 2.2 | 0.2 | 2.3 | 2.1 | 0.2 | 2.3 | |||||||||||||||||||||||||||
Income (loss) before tax provision | 10.2 | 0.1 | 10.3 | 10.5 | 0.2 | 10.7 | 10.0 | (0.2 | ) | 9.8 | ||||||||||||||||||||||||||
Tax provision | 3.5 | 0.0 | 3.5 | 3.6 | 0.1 | 3.6 | 3.4 | (0.1 | ) | 3.3 | ||||||||||||||||||||||||||
Net income (loss) | 6.8 | 0.0 | 6.8 | 6.9 | 0.1 | 7.1 | 6.6 | (0.1 | ) | 6.5 | ||||||||||||||||||||||||||
FD shares | 26.0 | 26.0 | 26.0 | 26.2 | 26.2 | 26.2 | 26.3 | 26.3 | 26.3 | |||||||||||||||||||||||||||
EPS | $ | 0.26 | $ | 0.00 | $ | 0.26 | $ | 0.26 | $ | 0.01 | $ | 0.27 | $ | 0.25 | $ | (0.00 | ) | $ | 0.25 | |||||||||||||||||
Revenues | 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 | % | 19.5 | % | 16.4 | % | 19.2 | % | 19.4 | % | 15.5 | % | 19.0 | % | ||||||||||||||||||
General & administrative | 4.9 | % | 7.8 | % | 5.2 | % | 5.2 | % | 7.2 | % | 5.4 | % | 4.7 | % | 7.4 | % | 5.0 | % | ||||||||||||||||||
Depreciation & amortization | 3.2 | % | 3.7 | % | 3.3 | % | 3.4 | % | 3.7 | % | 3.4 | % | 3.4 | % | 3.9 | % | 3.4 | % | ||||||||||||||||||
Preopening expenses | 1.4 | % | 2.9 | % | 1.5 | % | 0.7 | % | 2.5 | % | 0.9 | % | 1.6 | % | 4.2 | % | 1.9 | % | ||||||||||||||||||
Other income | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.1 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||
Minority interest | 1.8 | % | 1.3 | % | 1.8 | % | 1.8 | % | 1.3 | % | 1.7 | % | 1.7 | % | 1.1 | % | 1.6 | % | ||||||||||||||||||
Income (loss) before tax provision | 8.5 | % | 0.5 | % | 7.8 | % | 8.5 | % | 1.6 | % | 7.9 | % | 7.9 | % | -1.1 | % | 7.0 | % | ||||||||||||||||||
Tax provision | 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 | % | 5.6 | % | 1.1 | % | 5.2 | % | 5.2 | % | -0.7 | % | 4.6 | % | ||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
4Q03E | 2003E | |||||||||||||||||||||||
Bistro | Pei Wei | Total | Bistro | Pei Wei | Total | |||||||||||||||||||
Store weeks | 1,215 | 404 | 1,619 | 4,497 | 1,250 | 5,747 | ||||||||||||||||||
Average weekly sales (000) | 109.5 | 42.8 | 92.9 | 112.0 | 43.9 | 97.1 | ||||||||||||||||||
Revenues (millions) | 133.0 | 17.3 | 150.3 | 503.5 | 54.8 | 558.3 | ||||||||||||||||||
Restaurant operating profit | 26.0 | 2.6 | 28.6 | 98.4 | 8.6 | 106.9 | ||||||||||||||||||
General & administrative | 6.2 | 1.2 | 7.4 | 24.5 | 3.9 | 28.4 | ||||||||||||||||||
Depreciation & amortization | 4.4 | 0.6 | 5.0 | 16.7 | 2.0 | 18.7 | ||||||||||||||||||
Preopening expenses | 2.1 | 0.5 | 2.6 | 6.7 | 1.7 | 8.4 | ||||||||||||||||||
Other income | — | — | — | 0.0 | — | 0.0 | ||||||||||||||||||
Minority interest | 2.2 | 0.2 | 2.4 | 8.7 | 0.6 | 9.4 | ||||||||||||||||||
Income (loss) before tax provision | 11.1 | 0.1 | 11.2 | 41.8 | 0.2 | 42.0 | ||||||||||||||||||
Tax provision | 3.8 | 0.0 | 3.8 | 14.2 | 0.1 | 14.3 | ||||||||||||||||||
Net income (loss) | 7.3 | 0.1 | 7.4 | 27.6 | 0.2 | 27.7 | ||||||||||||||||||
FD shares | 26.3 | 26.3 | 26.3 | 26.2 | 26.2 | 26.2 | ||||||||||||||||||
EPS | $ | 0.28 | $ | 0.00 | $ | 0.28 | $ | 1.05 | $ | 0.01 | $ | 1.06 | ||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||
Restaurant operating profit | 19.5 | % | 14.8 | % | 19.0 | % | 19.5 | % | 15.6 | % | 19.2 | % | ||||||||||||
General & administrative | 4.7 | % | 6.6 | % | 4.9 | % | 4.9 | % | 7.2 | % | 5.1 | % | ||||||||||||
Depreciation & amortization | 3.3 | % | 3.5 | % | 3.3 | % | 3.3 | % | 3.7 | % | 3.4 | % | ||||||||||||
Preopening expenses | 1.6 | % | 2.9 | % | 1.7 | % | 1.3 | % | 3.1 | % | 1.5 | % | ||||||||||||
Other income | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Minority interest | 1.7 | % | 1.0 | % | 1.6 | % | 1.7 | % | 1.2 | % | 1.7 | % | ||||||||||||
Income (loss) before tax provision | 8.3 | % | 0.8 | % | 7.5 | % | 8.3 | % | 0.4 | % | 7.5 | % | ||||||||||||
Tax provision | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | 34.0 | % | ||||||||||||
Net income (loss) | 5.5 | % | 0.5 | % | 4.9 | % | 5.5 | % | 0.3 | % | 5.0 | % | ||||||||||||
Page 10 of 11
P.F. Chang’s China Bistro, Inc.
2003 Forecast vs 2002 Actual
1Q02 | 1Q03 | Change | 2Q02 | 2Q03 | Change | 3Q02 | 3Q03 | Change | ||||||||||||||||||||||||||||
Store weeks | 937 | 1,303 | 39.1 | % | 981 | 1,375 | 40.2 | % | 1,078 | 1,450 | 34.5 | % | ||||||||||||||||||||||||
Average weekly sales (000) | 104.1 | 101.0 | -2.9 | % | 103.7 | 99.3 | -4.2 | % | 99.4 | 96.4 | -3.0 | % | ||||||||||||||||||||||||
Revenues (millions) | 97.5 | 131.6 | 35.0 | % | 101.7 | 136.6 | 34.3 | % | 107.1 | 139.7 | 30.5 | % | ||||||||||||||||||||||||
Restaurant operating profit | 18.2 | 25.7 | 19.6 | 26.2 | 19.6 | 26.5 | ||||||||||||||||||||||||||||||
General & administrative | 5.0 | 6.8 | 5.5 | 7.3 | 5.3 | 6.9 | ||||||||||||||||||||||||||||||
Depreciation & amortization | 3.3 | 4.3 | 3.5 | 4.6 | 3.7 | 4.8 | ||||||||||||||||||||||||||||||
Preopening expenses | 0.6 | 2.0 | 1.5 | 1.2 | 2.3 | 2.6 | ||||||||||||||||||||||||||||||
Other income | — | (0.0 | ) | — | — | — | 0.1 | |||||||||||||||||||||||||||||
Elimination of minority interest | 1.4 | 2.3 | 1.6 | 2.3 | 1.5 | 2.3 | ||||||||||||||||||||||||||||||
Income (loss) before tax provision | 7.9 | 10.3 | 7.5 | 10.7 | 6.8 | 9.8 | ||||||||||||||||||||||||||||||
Tax provision | 2.8 | 3.5 | 2.6 | 3.6 | 2.4 | 3.3 | ||||||||||||||||||||||||||||||
Net income (loss) | 5.1 | 6.8 | 34.3 | % | 4.9 | 7.1 | 44.5 | % | 4.4 | 6.5 | 47.6 | % | ||||||||||||||||||||||||
FD shares | 25.9 | 26.0 | 26.0 | 26.2 | 25.8 | 26.3 | ||||||||||||||||||||||||||||||
EPS | $ | 0.20 | $ | 0.26 | 33.6 | % | $ | 0.19 | $ | 0.27 | 43.2 | % | $ | 0.17 | $ | 0.25 | 44.7 | % | ||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||
Restaurant operating profit | 18.7 | % | 19.5 | % | 19.3 | % | 19.2 | % | 18.3 | % | 19.0 | % | ||||||||||||||||||||||||
General & administrative | 5.1 | % | 5.2 | % | 5.4 | % | 5.4 | % | 4.9 | % | 5.0 | % | ||||||||||||||||||||||||
Depreciation & amortization | 3.4 | % | 3.3 | % | 3.4 | % | 3.4 | % | 3.5 | % | 3.4 | % | ||||||||||||||||||||||||
Preopening expenses | 0.6 | % | 1.5 | % | 1.5 | % | 0.9 | % | 2.1 | % | 1.9 | % | ||||||||||||||||||||||||
Other income | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||
Elimination of minority interest | 1.5 | % | 1.8 | % | 1.6 | % | 1.7 | % | 1.4 | % | 1.6 | % | ||||||||||||||||||||||||
Income (loss) before tax provision | 8.1 | % | 7.8 | % | 7.4 | % | 7.9 | % | 6.3 | % | 7.0 | % | ||||||||||||||||||||||||
Tax provision | 35.0 | % | 34.0 | % | 35.0 | % | 34.0 | % | 35.0 | % | 34.0 | % | ||||||||||||||||||||||||
Net income (loss) | 5.2 | % | 5.2 | % | 4.8 | % | 5.2 | % | 4.1 | % | 4.6 | % | ||||||||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
4Q02 | 4Q03E | Change | 2002 | 2003E | Change | |||||||||||||||||||
Store weeks | 1,201 | 1,619 | 34.8 | % | 4,197 | 5,747 | 36.9 | % | ||||||||||||||||
Average weekly sales (000) | 96.5 | 92.9 | -3.7 | % | 100.6 | 97.1 | -3.4 | % | ||||||||||||||||
Revenues (millions) | 115.9 | 150.3 | 29.8 | % | 422.1 | 558.3 | 32.2 | % | ||||||||||||||||
Restaurant operating profit | 22.3 | 28.6 | 79.7 | 106.9 | ||||||||||||||||||||
General & administrative | 4.9 | 7.4 | 20.6 | 28.4 | ||||||||||||||||||||
Depreciation & amortization | 3.9 | 5.0 | 14.4 | 18.7 | ||||||||||||||||||||
Preopening expenses | 1.9 | 2.6 | 6.3 | 8.4 | ||||||||||||||||||||
Other income | 0.0 | — | 0.0 | 0.0 | ||||||||||||||||||||
Elimination of minority interest | 1.8 | 2.4 | 6.4 | 9.4 | ||||||||||||||||||||
Income (loss) before tax provision | 9.9 | 11.2 | 32.1 | 42.0 | ||||||||||||||||||||
Tax provision | 3.4 | 3.8 | 11.2 | 14.3 | ||||||||||||||||||||
Net income (loss) | 6.5 | 7.4 | 14.7 | % | 20.9 | 27.7 | 32.9 | % | ||||||||||||||||
FD shares | 26.0 | 26.3 | 25.9 | 26.2 | ||||||||||||||||||||
EPS | $ | 0.25 | $ | 0.28 | 13.0 | % | $ | 0.81 | $ | 1.06 | 30.5 | % | ||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||
Restaurant operating profit | 19.3 | % | 19.0 | % | 18.9 | % | 19.2 | % | ||||||||||||||||
General & administrative | 4.2 | % | 4.9 | % | 4.9 | % | 5.1 | % | ||||||||||||||||
Depreciation & amortization | 3.3 | % | 3.3 | % | 3.4 | % | 3.4 | % | ||||||||||||||||
Preopening expenses | 1.6 | % | 1.7 | % | 1.5 | % | 1.5 | % | ||||||||||||||||
Other income | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||
Elimination of minority interest | 1.6 | % | 1.6 | % | 1.5 | % | 1.7 | % | ||||||||||||||||
Income (loss) before tax provision | 8.5 | % | 7.5 | % | 7.6 | % | 7.5 | % | ||||||||||||||||
Tax provision | 34.5 | % | 34.0 | % | 34.9 | % | 34.0 | % | ||||||||||||||||
Net income (loss) | 5.6 | % | 4.9 | % | 4.9 | % | 5.0 | % | ||||||||||||||||
Page 11 of 11