Exhibit 99.1
P.F. CHANG’S EARNS $0.28 PER SHARE
SETS 2004 EARNINGS TARGET AT $1.36
SCOTTSDALE, Arizona, February 11, 2004– P.F. Chang’s China Bistro, Inc. (NASDAQ:PFCB) today reported earnings of $7.3 million for the fourth quarter ended December 28, 2003 compared to $6.5 million in the fourth quarter of the prior year. Earnings per share for the fourth quarter increased to $0.28 from $0.25 in the fourth quarter of the prior year.
(000 except per share data) | 4Q03 | 3Q03 | 4Q02 | |||||||||
Revenues | $ | 151,316 | $ | 139,729 | $ | 115,889 | ||||||
Net Income | $ | 7,349 | $ | 6,477 | $ | 6,484 | ||||||
Diluted Earnings Per Share | $ | 0.28 | $ | 0.25 | $ | 0.25 | ||||||
Shares Used in EPS calculation | 26,402 | 26,331 | 25,954 |
2004 Expectations
The company anticipates opening 18 new Bistro units and 20 new Pei Wei units in 2004. Based on this development schedule, and assuming comparable store sales at the Bistro of approximately 3 percent, the company expects consolidated revenues of $723 million, net income of $37 million and earnings per share of $1.36. The company will have one additional week in fiscal 2004 (a 53-week year versus the typical 52-week year) which is reflected in the full-year estimates noted above. The company will release its first quarter 2004 revenue results on March 31, 2004 and its first quarter 2004 earnings results on April 21, 2004.
Partnership Accounting
On October 23, 2003, the company announced that it would contact the Securities and Exchange Commission to request voluntary review of the company’s accounting treatment of its partnership program. This request was made in response to an announcement from Outback Steakhouse, Inc. (NYSE:OSI) that, based on comments received from the SEC, Outback Steakhouse would restate its financial statements to reflect a compensation accounting model for its partnership program as compared to the partnership accounting
Page 1 of 11
model it previously used. The company is in continuing discussions with the SEC on this topic. Although the company continues to believe that its current accounting practices pertaining to the partnership structure are appropriate, the resolution of this issue could result in an adjustment to the accounting for the partnership program. Given the stage of discussions with the SEC, the exact nature and scope of such adjustments, if any, remain unclear and until there is clarity, the company intends to continue its reporting in a manner consistent with past practices. In the event adjustments are made, certain information contained in this unaudited release may need to be revised and/or restated. Rick Federico, CEO of the company, reiterated his previous statement, “The fundamentals of our business remain strong. Regardless of the outcome of our discussions with the SEC on the accounting treatment of our partnership structure, we do not foresee making any changes to our operational philosophy as we continue to develop our concepts, as it has been key to the success of our company thus far.”
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 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 and its discussions with the SEC concerning its partnership accounting practices, 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; the resolution of the company’s discussions with the SEC 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 |
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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 | ||||||||||
Dec 28 | Sep 28 | Dec 29 | ||||||||||
2003 | 2003 | 2002 | ||||||||||
Revenues | $ | 151,316 | $ | 139,729 | $ | 115,889 | ||||||
Cost of sales | 41,872 | 38,460 | 30,787 | |||||||||
Labor | 46,819 | 43,726 | 36,545 | |||||||||
Operating | 25,292 | 23,316 | 19,525 | |||||||||
Occupancy | 7,812 | 7,711 | 6,688 | |||||||||
Restaurant operating profit | 29,521 | 26,516 | 22,344 | |||||||||
General & administrative | 7,744 | 6,897 | 4,870 | |||||||||
Depreciation & amortization | 5,510 | 4,827 | 3,876 | |||||||||
Preopening expenses | 2,867 | 2,627 | 1,896 | |||||||||
Income from operations | 13,400 | 12,165 | 11,702 | |||||||||
Interest (expense) income and other income | 76 | (69 | ) | 36 | ||||||||
Minority interests | (2,341 | ) | (2,305 | ) | (1,832 | ) | ||||||
Income before provision for income taxes | 11,135 | 9,791 | 9,906 | |||||||||
Provision for income taxes | (3,786 | ) | (3,314 | ) | (3,422 | ) | ||||||
Net income | $ | 7,349 | $ | 6,477 | $ | 6,484 | ||||||
Basic net income per share | $ | 0.29 | $ | 0.25 | $ | 0.26 | ||||||
Diluted net income per share | $ | 0.28 | $ | 0.25 | $ | 0.25 | ||||||
Shares used in calculation of basic EPS | 25,491 | 25,414 | 24,994 | |||||||||
Shares used in calculation of diluted EPS | 26,402 | 26,331 | 25,954 |
Percentage of Revenues | ||||||||||||
Dec 28 | Sep 28 | Dec 29 | ||||||||||
2003 | 2003 | 2002 | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 27.7 | % | 27.5 | % | 26.6 | % | ||||||
Labor | 30.9 | % | 31.3 | % | 31.5 | % | ||||||
Operating | 16.7 | % | 16.7 | % | 16.8 | % | ||||||
Occupancy | 5.2 | % | 5.5 | % | 5.8 | % | ||||||
Restaurant operating profit | 19.5 | % | 19.0 | % | 19.3 | % | ||||||
General & administrative | 5.1 | % | 4.9 | % | 4.2 | % | ||||||
Depreciation & amortization | 3.6 | % | 3.5 | % | 3.3 | % | ||||||
Preopening expenses | 1.9 | % | 1.9 | % | 1.6 | % | ||||||
Income from operations | 8.9 | % | 8.7 | % | 10.1 | % | ||||||
Interest (expense) income and other income | 0.1 | % | 0.0 | % | 0.0 | % | ||||||
Minority interests | -1.5 | % | -1.6 | % | -1.6 | % | ||||||
Income before provision for income taxes | 7.4 | % | 7.0 | % | 8.5 | % | ||||||
Provision for income taxes | -2.5 | % | -2.4 | % | -3.0 | % | ||||||
Net income | 4.9 | % | 4.6 | % | 5.6 | % | ||||||
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)
52 Weeks Ended | 52 Weeks Ended | |||||||
Dec 28 | Dec 29 | |||||||
2003 | 2002 | |||||||
Revenues | $ | 559,245 | $ | 422,091 | ||||
Cost of sales | 152,788 | 112,571 | ||||||
Labor | 174,989 | 133,536 | ||||||
Operating | 92,988 | 70,775 | ||||||
Occupancy | 30,559 | 25,457 | ||||||
Restaurant operating profit | 107,921 | 79,752 | ||||||
General & administrative | 28,768 | 20,590 | ||||||
Depreciation & amortization | 19,271 | 14,371 | ||||||
Preopening expenses | 8,654 | 6,334 | ||||||
Income from operations | 51,228 | 38,457 | ||||||
Interest (expense) income and other income | 45 | 41 | ||||||
Minority interests | (9,326 | ) | (6,435 | ) | ||||
Income before provision for income taxes | 41,947 | 32,063 | ||||||
Provision for income taxes | (14,247 | ) | (11,171 | ) | ||||
Net income | $ | 27,700 | $ | 20,892 | ||||
Basic net income per share | $ | 1.09 | $ | 0.85 | ||||
Diluted net income per share | $ | 1.06 | $ | 0.81 | ||||
Shares used in calculation of basic EPS | 25,345 | 24,688 | ||||||
Shares used in calculation of diluted EPS | 26,250 | 25,924 |
Dec 28 | Dec 29 | |||||||
2003 | 2002 | |||||||
Revenues | 100.0 | % | 100.0 | % | ||||
Cost of sales | 27.3 | % | 26.7 | % | ||||
Labor | 31.3 | % | 31.6 | % | ||||
Operating | 16.6 | % | 16.8 | % | ||||
Occupancy | 5.5 | % | 6.0 | % | ||||
Restaurant operating profit | 19.3 | % | 18.9 | % | ||||
General & administrative | 5.1 | % | 4.9 | % | ||||
Depreciation & amortization | 3.4 | % | 3.4 | % | ||||
Preopening expenses | 1.5 | % | 1.5 | % | ||||
Income from operations | 9.2 | % | 9.1 | % | ||||
Interest income and other income | 0.0 | % | 0.0 | % | ||||
Minority interests | -1.7 | % | -1.5 | % | ||||
Income before provision for income taxes | 7.5 | % | 7.6 | % | ||||
Provision for income taxes | -2.5 | % | -2.6 | % | ||||
Net income | 5.0 | % | 4.9 | % | ||||
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 Dec 28, 2003 | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | $ | 151,316 | $ | 134,658 | $ | 16,658 | ||||||
Cost of sales | 41,872 | 37,035 | 4,837 | |||||||||
Labor | 46,819 | 41,274 | 5,545 | |||||||||
Operating | 25,292 | 22,605 | 2,687 | |||||||||
Occupancy | 7,812 | 6,664 | 1,148 | |||||||||
Restaurant operating profit | 29,521 | 27,080 | 2,441 | |||||||||
General & administrative | 7,744 | 6,578 | 1,166 | |||||||||
Depreciation & amortization | 5,510 | 4,835 | 675 | |||||||||
Preopening expenses | 2,867 | 2,393 | 474 | |||||||||
Income from operations | 13,400 | 13,274 | 133 | |||||||||
Interest (expense) income and other income | 76 | 76 | — | |||||||||
Minority interests | (2,341 | ) | (2,193 | ) | (148 | ) | ||||||
Income before provision for income taxes | 11,135 | 11,157 | (22 | ) | ||||||||
Provision for income taxes | (3,786 | ) | ||||||||||
Net income | $ | 7,349 | ||||||||||
Basic net income per share | $ | 0.29 | ||||||||||
Diluted net income per share | $ | 0.28 | ||||||||||
Shares used in calculation of basic EPS | 25,491 | |||||||||||
Shares used in calculation of diluted EPS | 26,402 |
Percentage of Revenues | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 27.7 | % | 27.5 | % | 29.0 | % | ||||||
Labor | 30.9 | % | 30.7 | % | 33.3 | % | ||||||
Operating | 16.7 | % | 16.8 | % | 16.1 | % | ||||||
Occupancy | 5.2 | % | 5.0 | % | 6.9 | % | ||||||
Restaurant operating profit | 19.5 | % | 20.0 | % | 14.7 | % | ||||||
General & administrative | 5.1 | % | 4.9 | % | 7.0 | % | ||||||
Depreciation & amortization | 3.6 | % | 3.6 | % | 4.1 | % | ||||||
Preopening expenses | 1.9 | % | 1.8 | % | 2.8 | % | ||||||
Income from operations | 8.9 | % | 9.9 | % | 0.8 | % | ||||||
Interest (expense) income and other income | 0.0 | % | 0.0 | % | 0.0 | % | ||||||
Minority interests | -1.5 | % | -1.6 | % | -0.9 | % | ||||||
Income before provision for income taxes | 7.4 | % | 8.3 | % | -0.1 | % | ||||||
Provision for income taxes | -2.5 | % | ||||||||||
Net income | 4.9 | % | ||||||||||
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)
52 Weeks Ended December 28, 2003 | ||||||||||||||||
Total | Bistro | Pei Wei | ||||||||||||||
Revenues | $ | 559,245 | $ | 505,062 | $ | 54,183 | ||||||||||
Cost of sales | 152,788 | 136,983 | 15,805 | |||||||||||||
Labor | 174,989 | 157,145 | 17,844 | |||||||||||||
Operating | 92,988 | 84,497 | 8,491 | |||||||||||||
Occupancy | 30,559 | 26,945 | 3,614 | |||||||||||||
Restaurant operating profit | 107,921 | 99,492 | 8,429 | |||||||||||||
General & administrative | 28,768 | 24,807 | 3,961 | |||||||||||||
Depreciation & amortization | 19,271 | 17,182 | 2,089 | |||||||||||||
Preopening expenses | 8,654 | 6,961 | 1,693 | |||||||||||||
Income from operations | 51,228 | 50,542 | 686 | |||||||||||||
Interest income and other income | 45 | 40 | 5 | |||||||||||||
Minority interests | (9,326 | ) | (8,714 | ) | (612 | ) | ||||||||||
Income before provision for income taxes | 41,947 | 41,868 | 79 | |||||||||||||
Provision for income taxes | (14,247 | ) | ||||||||||||||
Net income | $ | 27,700 | ||||||||||||||
Basic net income per share | $ | 1.09 | ||||||||||||||
Diluted net income per share | $ | 1.06 | ||||||||||||||
Shares used in calculation of basic EPS | 25,345 | |||||||||||||||
Shares used in calculation of diluted EPS | 26,250 |
Percentage of Revenues | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 27.3 | % | 27.1 | % | 29.2 | % | ||||||
Labor | 31.3 | % | 31.1 | % | 32.9 | % | ||||||
Operating | 16.6 | % | 16.7 | % | 15.7 | % | ||||||
Occupancy | 5.5 | % | 5.3 | % | 6.7 | % | ||||||
Restaurant operating profit | 19.3 | % | 19.7 | % | 15.6 | % | ||||||
General & administrative | 5.1 | % | 4.9 | % | 7.3 | % | ||||||
Depreciation & amortization | 3.4 | % | 3.4 | % | 3.9 | % | ||||||
Preopening expenses | 1.5 | % | 1.4 | % | 3.1 | % | ||||||
Income from operations | 9.2 | % | 10.0 | % | 1.3 | % | ||||||
Interest income and other income | 0.0 | % | 0.0 | % | 0.0 | % | ||||||
Minority interests | -1.7 | % | -1.7 | % | -1.1 | % | ||||||
Income before provision for income taxes | 7.5 | % | 8.3 | % | 0.1 | % | ||||||
Provision for income taxes | -2.5 | % | ||||||||||
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 | 18 | 97 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
4Q03 | 6,062 | 5,559 | 9,159 | 15,418 | 18,608 | 23,715 | 18,529 | 17,217 | 20,391 | 134,658 | ||||||||||||||||||||||||||||||
2003 | 24,924 | 23,392 | 36,313 | 62,144 | 75,249 | 94,547 | 74,028 | 69,264 | 45,201 | 505,062 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
4Q03 | 116,570 | 142,538 | 117,424 | 118,600 | 110,104 | 114,012 | 109,642 | 94,602 | 110,220 | 111,104 | ||||||||||||||||||||||||||||||
2003 | 119,828 | 149,947 | 116,387 | 119,507 | 111,315 | 113,638 | 109,509 | 95,143 | 117,101 | 112,386 | ||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||
4Q03 | 0.5 | % | -3.1 | % | 5.0 | % | -0.1 | % | 2.9 | % | 7.1 | % | 6.1 | % | 3.2 | % | — | 3.0 | % | |||||||||||||||||||||
2003 | 0.2 | % | 0.9 | % | 6.2 | % | 1.4 | % | 4.4 | % | 9.7 | % | 5.4 | % | 0.4 | % | — | 3.3 | % | |||||||||||||||||||||
Year-Over-Year Change Comp Store Sales (2) | ||||||||||||||||||||||||||||||||||||||||
Units | 4 | 3 | 6 | 10 | 13 | 16 | 13 | 6 | — | 71 | ||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||
4Q03 | 0.5 | % | -3.1 | % | 5.0 | % | -0.1 | % | 2.9 | % | 7.1 | % | 6.1 | % | 6.3 | % | — | 3.8 | % | |||||||||||||||||||||
2003 | 0.2 | % | 0.9 | % | 6.2 | % | 1.4 | % | 4.4 | % | 9.7 | % | 5.6 | % | 6.6 | % | — | 5.1 | % |
(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 | 17 | 33 | |||||||||||||||||||
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 | |||||||||||||||||||
4Q03 | 822 | 2,134 | 5,591 | 8,111 | 16,658 | |||||||||||||||||||
2003 | 3,345 | 8,906 | 22,678 | 19,254 | 54,183 | |||||||||||||||||||
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 | |||||||||||||||||||
4Q03 | 63,295 | 41,039 | 39,098 | 40,553 | 40,830 | |||||||||||||||||||
2003 | 64,332 | 42,816 | 39,647 | 45,626 | 43,208 | |||||||||||||||||||
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 | % | |||||||||||||||
4Q03 | 3.0 | % | -6.0 | % | 6.5 | % | — | 2.1 | % | |||||||||||||||
2003 | 4.1 | % | -0.1 | % | 7.1 | % | — | 3.4 | % | |||||||||||||||
Year-Over-Year Change Comp Store Sales (2) | ||||||||||||||||||||||||
Units | 1 | 4 | 6 | — | 11 | |||||||||||||||||||
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 | % | |||||||||||||||
4Q03 | 3.0 | % | -6.0 | % | 6.5 | % | — | -0.2 | % | |||||||||||||||
2003 | 4.1 | % | -2.9 | % | 4.6 | % | — | 0.4 | % |
(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 | ||||||||||||||||
1Q04 | 2Q04 | 3Q04 | 4Q04 | |||||||||||||
Units opened | 4 | |||||||||||||||
Units under construction | 2 | 2 | ||||||||||||||
Units in development | 5 | 5 | ||||||||||||||
Total new unit development | 6 | 2 | 5 | 5 | ||||||||||||
Existing units | 97 | 103 | 105 | 110 | ||||||||||||
Total units | 103 | 105 | 110 | 115 | ||||||||||||
Pei Wei Asian Diner | ||||||||||||||||
1Q04 | 2Q04 | 3Q04 | 4Q04 | |||||||||||||
Units opened | 2 | |||||||||||||||
Units under construction | 3 | 5 | ||||||||||||||
Units in development | 5 | 5 | ||||||||||||||
Total new unit development | 5 | 5 | 5 | 5 | ||||||||||||
Existing units | 33 | 38 | 43 | 48 | ||||||||||||
Total units | 38 | 43 | 48 | 53 | ||||||||||||
Page 9 of 11