Exhibit 99.1
P.F.CHANG’S EARNS $0.27 PER SHARE BEFORE SPECIAL CHARGES
SCOTTSDALE, Arizona, April 21, 2004– P.F. Chang’s China Bistro, Inc. (NASDAQ:PFCB) today reported earnings of $7.0 million before certain special charges for the first quarter ended March 28, 2004 compared to $6.4 million in the first quarter of the prior year. Earnings per share for the first quarter increased to $0.27 before the special charges from $0.25 in the first quarter of the prior year. Special charges for the quarter relate to the company’s recent modification of its accounting for its partnership structure as well as the settlement of various California litigation. After giving effect to these special charges, the company incurred a net loss, on a reported basis, for the first quarter of 2004 of $(562,000), which equated to a loss per share of $(0.02). A more thorough discussion of these special charges can be found in our most recent Form 10-K, filed on March 15, 2004.
(000 except per share data) | 1Q04 | 4Q03 | 1Q03 | |||||||||
Revenues | $ | 169,793 | $ | 151,316 | $ | 131,595 | ||||||
Net Income (before special charges) | $ | 7,026 | $ | 6,867 | $ | 6,398 | ||||||
Diluted Earnings Per Share (before special charges) | $ | 0.27 | $ | 0.26 | $ | 0.25 | ||||||
Legal settlement costs (net of tax) | $ | 514 | $ | — | $ | — | ||||||
Prior year partner investment expense (net of tax) * | $ | 7,074 | $ | — | $ | — | ||||||
Net income (loss) | $ | (562 | ) | $ | 6,867 | $ | 6,398 | |||||
Net income (loss) Per Share | $ | (0.02 | ) | $ | 0.26 | $ | 0.25 | |||||
Share calculation | 25,559 | 26,402 | 26,038 |
* Prior year partner investment expense represents the write-off of all unamortized portions of the difference between the imputed fair value and the actual cash contributions paid by our partners for their partnership interests in all restaurants opened prior to December 28, 2003, associated with the modification of the underlying partnership agreements. A more thorough discussion of this and other partner accounting related charges can be found in our SEC filings.
During the first quarter of 2004, the company opened six new Bistro restaurants (Sugar Land, TX; San Jose, CA; Henderson, NV; Maple Grove, MN; West Chester, OH; and Seattle, WA). Additionally, the company opened five new Pei Wei Asian Diner restaurants (Torrance, CA, Dallas; TX; Albuquerque, NM; Tucson, AZ; and Salt Lake City, UT)
Page 1 of 10
2004 Expectations
The company anticipates opening 18 new Bistro units (seven of which are already open) and 20 new Pei Wei units (six of which are already open) in 2004. Based on this development schedule, and assuming revenue growth at existing Bistros of 3% (which includes an approximately 1% menu price increase implemented in April 2004), the company expects consolidated revenues of $725 million in 2004, a 30% increase over fiscal 2003. Net income (before special charges) is anticipated to be $34 million, which equates to earnings per share of $1.27. After giving effect to the special charges, the company expects net income of $26 million and earnings per share of $0.98. 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 report its second quarter 2004 revenue results on June 30, 2004 and its second quarter earning results on July 21, 2004.
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.
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.
Note Regarding Use of Non-GAAP Financial Measures
The company believes the presentation of certain results excluding the special non-recurring charges relating to the recent modification of its accounting for its partnership structure will help investors assess its past and future financial and operating performance without the distortion created by significant special charges associated with this one-time event. The special charges relate to the write-off of all unamortized portions of the difference between imputed fair value and the actual cash contributions paid by our partners for their partnership interests in all of our restaurants opened prior to December 28, 2003, associated with the modification of the underlying partnership agreements.
In addition, although the company is engaged in litigation from time to time, management believes the special charges associated with the settlement of relatively significant litigation matters may impair an investor’s ability to evaluate the profitability and performance of our ongoing operations. Accordingly, the presentation of certain results excluding special charges related to the settlement of various litigation has been provided to assist investors in evaluating our financial and operating performance.
Reconciliations between the company’s results and pro forma results for the periods reported are presented in the attached tables.
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Note Regarding Forward-Looking Statements
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; changes in costs related to food, utilities and labor; 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; 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 3 of 10
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 28 | Dec 28 | Mar 30 | ||||||||||
2004 | 2003 | 2003 | ||||||||||
Revenues | 169,793 | $ | 151,316 | 131,595 | ||||||||
Cost of sales | 46,860 | 41,872 | 35,249 | |||||||||
Labor | 54,631 | 46,819 | 41,668 | |||||||||
Partner bonus expense | 377 | 378 | 365 | |||||||||
Operating | 28,354 | 25,292 | 21,608 | |||||||||
Occupancy | 9,066 | 7,812 | 7,419 | |||||||||
Restaurant operating profit | 30,505 | 29,143 | 25,286 | |||||||||
General & administrative | 8,728 | 7,744 | 6,782 | |||||||||
Depreciation & amortization | 5,802 | 5,387 | 4,262 | |||||||||
Preopening expenses | 2,312 | 2,867 | 1,984 | |||||||||
Partner investment expense | 13,471 | 906 | 753 | |||||||||
Income from operations | 192 | 12,239 | 11,505 | |||||||||
Interest (expense) income and other income | 91 | 76 | 119 | |||||||||
Minority interests | (2,280 | ) | (1,963 | ) | (1,975 | ) | ||||||
Income before provision for income taxes | (1,997 | ) | 10,352 | 9,649 | ||||||||
Provision for income taxes | 1,435 | (3,485 | ) | (3,251 | ) | |||||||
Net income | $ | (562 | ) | $ | 6,867 | $ | 6,398 | |||||
Basic net income (loss) per share | $ | (0.02 | ) | $ | 0.27 | $ | 0.25 | |||||
Diluted net income (loss) per share | $ | (0.02 | ) | $ | 0.26 | $ | 0.25 | |||||
Shares used in calculation of basic EPS | 25,559 | 25,491 | 25,137 | |||||||||
Shares used in calculation of diluted EPS | 25,559 | 26,402 | 26,038 |
Percentage of Revenues | ||||||||||||
Mar 28 | Dec 28 | Mar 30 | ||||||||||
2004 | 2003 | 2003 | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 27.6 | % | 27.7 | % | 26.8 | % | ||||||
Labor | 32.2 | % | 30.9 | % | 31.7 | % | ||||||
Partner bonus expense | 0.2 | % | 0.2 | % | 0.3 | % | ||||||
Operating | 16.7 | % | 16.7 | % | 16.4 | % | ||||||
Occupancy | 5.3 | % | 5.2 | % | 5.6 | % | ||||||
Restaurant operating profit | 18.0 | % | 19.3 | % | 19.2 | % | ||||||
General & administrative | 5.1 | % | 5.1 | % | 5.2 | % | ||||||
Depreciation & amortization | 3.4 | % | 3.6 | % | 3.2 | % | ||||||
Preopening expenses | 1.4 | % | 1.9 | % | 1.5 | % | ||||||
Partner investment expense | 7.9 | % | 0.6 | % | 0.6 | % | ||||||
Income from operations | 0.2 | % | 8.1 | % | 8.7 | % | ||||||
Interest (expense) income and other income | 0.1 | % | 0.1 | % | 0.1 | % | ||||||
Minority interests | -1.3 | % | -1.3 | % | -1.5 | % | ||||||
Income before provision for income taxes | -1.1 | % | 6.8 | % | 7.3 | % | ||||||
Provision for income taxes | 0.8 | % | -2.3 | % | -2.5 | % | ||||||
Net income | -0.3 | % | 4.5 | % | 4.9 | % | ||||||
Certain percentage amounts do not sum to total due to rounding.
Page 4 of 10
P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended March 28, 2004 | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | 169,793 | 150,123 | 19,670 | |||||||||
Cost of sales | 46,860 | 41,232 | 5,628 | |||||||||
Labor | 54,631 | 48,252 | 6,380 | |||||||||
Partner bonus expense | 377 | 350 | 28 | |||||||||
Operating | 28,354 | 25,161 | 3,193 | |||||||||
Occupancy | 9,066 | 7,793 | 1,273 | |||||||||
Restaurant operating profit | 30,505 | 27,336 | 3,168 | |||||||||
General & administrative | 8,728 | 7,298 | 1,430 | |||||||||
Depreciation & amortization | 5,802 | 5,039 | 763 | |||||||||
Preopening expenses | 2,312 | 1,736 | 576 | |||||||||
Partner investment expense | 13,471 | 11,775 | 1,696 | |||||||||
Income (loss) from operations | 192 | 1,488 | (1,297 | ) | ||||||||
Interest (expense) income and other income | 91 | 91 | 0 | |||||||||
Minority interests | (2,280 | ) | (2,089 | ) | (191 | ) | ||||||
Income (loss) before provision for income taxes | (1,997 | ) | (510 | ) | (1,488 | ) | ||||||
Provision for income taxes | 1,435 | |||||||||||
Net income | (562 | ) | ||||||||||
Basic net income per share | (0.02 | ) | ||||||||||
Diluted net income per share | (0.02 | ) | ||||||||||
Shares used in calculation of basic EPS | 25,559 | |||||||||||
Shares used in calculation of diluted EPS | 25,559 |
Percentage of Revenues | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 27.6 | % | 27.5 | % | 28.6 | % | ||||||
Labor | 32.2 | % | 32.1 | % | 32.4 | % | ||||||
Partner bonus expense | 0.2 | % | 0.2 | % | 0.1 | % | ||||||
Operating | 16.7 | % | 16.8 | % | 16.2 | % | ||||||
Occupancy | 5.3 | % | 5.2 | % | 6.5 | % | ||||||
Restaurant operating profit | 18.0 | % | 18.2 | % | 16.1 | % | ||||||
General & administrative | 5.1 | % | 4.9 | % | 7.3 | % | ||||||
Depreciation & amortization | 3.4 | % | 3.4 | % | 3.9 | % | ||||||
Preopening expenses | 1.4 | % | 1.2 | % | 2.9 | % | ||||||
Partner investment expense | 7.9 | % | 7.8 | % | 8.6 | % | ||||||
Income (loss) from operations | 0.2 | % | 1.0 | % | -6.6 | % | ||||||
Interest (expense) income and other income | 0.1 | % | 0.1 | % | 0.0 | % | ||||||
Minority interests | -1.3 | % | -1.4 | % | -1.0 | % | ||||||
Income (loss) before provision for income taxes | -1.1 | % | -0.3 | % | -7.6 | % | ||||||
Provision for income taxes | 0.8 | % | ||||||||||
Net income | -0.3 | % | ||||||||||
Certain percentage amounts do not sum to total due to rounding.
Page 5 of 10
P.F. Chang’s China Bistro, Inc.
Development Schedule
P. F. Chang’s China Bistro
1Q04 | 2Q04 | 3Q04 | 4Q04 | |||||||||||||
Units opened | 6 | 1 | ||||||||||||||
Units under construction | 1 | 4 | ||||||||||||||
Units in development | 6 | |||||||||||||||
Total new unit development | 6 | 2 | 4 | 6 | ||||||||||||
Existing units | 97 | 103 | 105 | 109 | ||||||||||||
Total units | 103 | 105 | 109 | 115 | ||||||||||||
Pei Wei Asian Diner
1Q04 | 2Q04 | 3Q04 | 4Q04 | |||||||||||||
Units opened | 5 | 1 | ||||||||||||||
Units under construction | 5 | 2 | ||||||||||||||
Units in development | 2 | 5 | ||||||||||||||
Total new unit development | 5 | 6 | 4 | 5 | ||||||||||||
Existing units | 33 | 38 | 44 | 48 | ||||||||||||
Total units | 38 | 44 | 48 | 53 | ||||||||||||
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 | 6 | 103 | |||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||
1Q04 | 21,930 | 15,815 | 19,467 | 24,629 | 19,831 | 18,613 | 25,687 | 4,151 | 150,123 | |||||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||||||
1Q04 | 129,761 | 121,654 | 115,188 | 118,409 | 117,347 | 102,268 | 109,773 | 101,238 | 115,302 | |||||||||||||||||||||||||||
Year-Over-Year Change in AWS | ||||||||||||||||||||||||||||||||||||
1Q04 | 2.5 | % | 0.4 | % | 3.6 | % | 6.0 | % | 5.4 | % | 3.5 | % | -23.8 | % | — | 1.2 | % | |||||||||||||||||||
Year-Over-Year Change Comp Store Sales (2) | ||||||||||||||||||||||||||||||||||||
Units | 13 | 10 | 13 | 16 | 13 | 11 | — | — | 76 | |||||||||||||||||||||||||||
1Q04 | 2.5 | % | 0.4 | % | 3.6 | % | 6.0 | % | 5.4 | % | 6.8 | % | — | — | 4.0 | % |
(1) | Includes all restaurants opened in the period indicated. |
(2) | A unit becomes comparable in the eighteenth month of operation. |
Page 7 of 10
Pei Wei Asian Diner
Supplemental Sales Information
Year of Unit Opening (1)
2000 | 2001 | 2002 | 2003 | 2004 | Total | |||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 5 | 38 | ||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||
1Q04 | 888 | 2,356 | 6,040 | 9,130 | 1,256 | 19,670 | ||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||
1Q04 | 68,328 | 45,318 | 42,236 | 41,311 | 41,862 | 42,855 | ||||||||||||||||||
Year-Over-Year Change in AWS | ||||||||||||||||||||||||
1Q04 | 2.3 | % | -1.4 | % | 4.8 | % | -21.2 | % | — | -4.1 | % | |||||||||||||
Year-Over-Year Change Comp Store Sales (2) | ||||||||||||||||||||||||
Units | 1 | 4 | 11 | — | — | 16 | ||||||||||||||||||
1Q04 | 2.3 | % | -1.4 | % | 4.2 | % | — | — | 2.3 | % |
(1) | Includes all restaurants opened in the period indicated. |
(2) | A unit becomes comparable in the eighteenth month of operation. |
Page 8 of 10
P.F. Chang’s China Bistro, Inc.
2004 Forecast
1Q04A | 2Q04E | 3Q04E | ||||||||||||||||||||||||||||||||||
Bistro | Pei Wei | Total | Bistro | Pei Wei | Total | Bistro | Pei Wei | Total | ||||||||||||||||||||||||||||
Store weeks | 1,302 | 459 | 1,761 | 1,349 | 500 | 1,849 | 1,385 | 600 | 1,985 | |||||||||||||||||||||||||||
Average weekly sales (000) | 115.3 | 42.9 | 96.4 | 113.3 | 41.7 | 93.9 | 111.7 | 40.2 | 90.1 | |||||||||||||||||||||||||||
Revenues (millions) | 150.1 | 19.7 | 169.8 | 152.8 | 20.8 | 173.6 | 154.7 | 24.1 | 178.8 | |||||||||||||||||||||||||||
Restaurant operating profit | 27.3 | 3.2 | 30.5 | 28.6 | 3.2 | 31.8 | 29.1 | 3.6 | 32.7 | |||||||||||||||||||||||||||
General & administrative | 6.5 | 1.4 | 8.0 | 7.0 | 1.5 | 8.6 | 7.1 | 1.6 | 8.7 | |||||||||||||||||||||||||||
Depreciation & amortization | 5.0 | 0.8 | 5.8 | 5.2 | 0.9 | 6.1 | 5.4 | 1.1 | 6.4 | |||||||||||||||||||||||||||
Preopening expenses | 1.7 | 0.6 | 2.3 | 1.1 | 0.7 | 1.8 | 2.0 | 0.7 | 2.7 | |||||||||||||||||||||||||||
Partner investment expense | 1.7 | 0.3 | 2.0 | 0.6 | 0.3 | 0.9 | 1.4 | 0.3 | 1.7 | |||||||||||||||||||||||||||
Other income | (0.1 | ) | — | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | |||||||||||||||||||||
Minority interest | 2.1 | 0.2 | 2.3 | 2.1 | 0.2 | 2.3 | 2.1 | 0.2 | 2.3 | |||||||||||||||||||||||||||
Income (loss) before tax provision and special charges | 10.3 | (0.1 | ) | 10.3 | 12.8 | (0.5 | ) | 12.3 | 11.3 | (0.3 | ) | 11.0 | ||||||||||||||||||||||||
Tax provision (before special charges) | 3.3 | (0.0 | ) | 3.2 | 4.0 | (0.2 | ) | 3.9 | 3.6 | (0.1 | ) | 3.5 | ||||||||||||||||||||||||
Net income (before special charges) | 7.1 | (0.1 | ) | 7.0 | 8.8 | (0.4 | ) | 8.4 | 7.7 | (0.2 | ) | 7.6 | ||||||||||||||||||||||||
FD shares | 26.4 | 26.4 | 26.4 | 26.6 | 26.6 | 26.6 | 26.8 | 26.8 | 26.8 | |||||||||||||||||||||||||||
EPS (before special charges) | $ | 0.27 | $ | (0.00 | ) | $ | 0.27 | $ | 0.33 | $ | (0.01 | ) | $ | 0.32 | $ | 0.29 | $ | (0.01 | ) | $ | 0.28 | |||||||||||||||
Legal settlement (net of tax) | 0.5 | — | 0.5 | — | — | — | — | �� | — | |||||||||||||||||||||||||||
Prior year partner investment expense (net of tax) | 6.2 | 0.9 | 7.1 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net income (loss) after special charges | 0.4 | (0.9 | ) | (0.6 | ) | 8.8 | (0.4 | ) | 8.4 | 7.7 | (0.2 | ) | 7.6 | |||||||||||||||||||||||
EPS (after special charges) | $ | 0.01 | $ | (0.03 | ) | $ | (0.02 | ) | $ | 0.33 | $ | (0.01 | ) | $ | 0.32 | $ | 0.29 | $ | (0.01 | ) | $ | 0.28 | ||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||
Restaurant operating profit | 18.2 | % | 16.1 | % | 18.0 | % | 18.7 | % | 15.5 | % | 18.3 | % | 18.8 | % | 14.9 | % | 18.3 | % | ||||||||||||||||||
General & administrative | 4.4 | % | 7.3 | % | 4.7 | % | 4.6 | % | 7.4 | % | 4.9 | % | 4.6 | % | 6.5 | % | 4.9 | % | ||||||||||||||||||
Depreciation & amortization | 3.4 | % | 3.9 | % | 3.4 | % | 3.4 | % | 4.5 | % | 3.5 | % | 3.5 | % | 4.5 | % | 3.6 | % | ||||||||||||||||||
Preopening expenses | 1.2 | % | 2.9 | % | 1.4 | % | 0.7 | % | 3.6 | % | 1.0 | % | 1.3 | % | 2.9 | % | 1.5 | % | ||||||||||||||||||
Partner investment expense | 1.1 | % | 1.5 | % | 1.2 | % | 0.4 | % | 1.4 | % | 0.5 | % | 0.9 | % | 1.2 | % | 0.9 | % | ||||||||||||||||||
Other income | -0.1 | % | 0.0 | % | -0.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||
Minority interest | 1.4 | % | 1.0 | % | 1.3 | % | 1.3 | % | 1.1 | % | 1.3 | % | 1.3 | % | 0.9 | % | 1.3 | % | ||||||||||||||||||
Income (loss) before tax provision and special charges | 6.9 | % | -0.4 | % | 6.0 | % | 8.4 | % | -2.5 | % | 7.1 | % | 7.3 | % | -1.1 | % | 6.2 | % | ||||||||||||||||||
Tax provision (before special charges) | 31.5 | % | 31.5 | % | 31.5 | % | 31.5 | % | 31.5 | % | 31.5 | % | 31.5 | % | 31.5 | % | 31.5 | % | ||||||||||||||||||
Net income (before special charges) | 4.7 | % | -0.3 | % | 4.1 | % | 5.7 | % | -1.7 | % | 4.8 | % | 5.0 | % | -0.8 | % | 4.2 | % | ||||||||||||||||||
Legal settlement (net of tax) | 0.3 | % | 0.0 | % | 0.3 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||
Prior year partner investment expense (net of tax) | 4.1 | % | 4.4 | % | 4.2 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||
Net income (loss) after special charges | 0.2 | % | -4.7 | % | -0.3 | % | 5.7 | % | -1.7 | % | 4.8 | % | 5.0 | % | -0.8 | % | 4.2 | % | ||||||||||||||||||
[Continued from above table, first column(s) repeated]
4Q04E | 2004E | |||||||||||||||||||||||
Bistro | Pei Wei | Total | Bistro | Pei Wei | Total | |||||||||||||||||||
Store weeks | 1,565 | 695 | 2,260 | 5,601 | 2,254 | 7,855 | ||||||||||||||||||
Average weekly sales (000) | 111.3 | 41.5 | 89.9 | 112.8 | 41.5 | 92.3 | ||||||||||||||||||
Revenues (millions) | 174.2 | 28.8 | 203.1 | 631.9 | 93.5 | 725.3 | ||||||||||||||||||
Restaurant operating profit | 33.9 | 4.5 | 38.4 | 118.9 | 14.5 | 133.4 | ||||||||||||||||||
General & administrative | 7.5 | 1.8 | 9.3 | 28.2 | 6.3 | 34.6 | ||||||||||||||||||
Depreciation & amortization | 5.6 | 1.2 | 6.8 | 21.2 | 4.0 | 25.1 | ||||||||||||||||||
Preopening expenses | 1.8 | 0.5 | 2.3 | 6.6 | 2.5 | 9.0 | ||||||||||||||||||
Partner investment expense | 1.4 | 0.3 | 1.7 | 4.9 | 1.2 | 6.1 | ||||||||||||||||||
Other income | (0.1 | ) | — | (0.1 | ) | (0.3 | ) | — | (0.3 | ) | ||||||||||||||
Minority interest | 2.4 | 0.3 | 2.7 | 8.6 | 0.9 | 9.5 | ||||||||||||||||||
Income (loss) before tax provision and special charges | 15.3 | 0.5 | 15.8 | 49.7 | (0.4 | ) | 49.4 | |||||||||||||||||
Tax provision (before special charges) | 4.8 | 0.2 | 5.0 | 15.7 | (0.1 | ) | 15.5 | |||||||||||||||||
Net income (before special charges) | 10.5 | 0.3 | 10.8 | 34.1 | (0.3 | ) | 33.8 | |||||||||||||||||
FD shares | 26.9 | 26.9 | 26.9 | 26.7 | 26.7 | 26.7 | ||||||||||||||||||
EPS (before special charges) | $ | 0.39 | $ | 0.01 | $ | 0.40 | $ | 1.28 | $ | (0.01 | ) | $ | 1.27 | |||||||||||
Legal settlement (net of tax) | — | — | — | 0.5 | — | 0.5 | ||||||||||||||||||
Prior year partner investment expense (net of tax) | — | — | — | 6.2 | 0.9 | 7.1 | ||||||||||||||||||
Net income (loss) after special charges | 10.5 | 0.3 | 10.8 | 27.4 | (1.1 | ) | 26.2 | |||||||||||||||||
EPS (after special charges) | $ | 0.39 | $ | 0.01 | $ | 0.40 | $ | 1.02 | $ | (0.04 | ) | $ | 0.98 | |||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||
Restaurant operating profit | 19.5 | % | 15.6 | % | 18.9 | % | 18.8 | % | 15.5 | % | 18.4 | % | ||||||||||||
General & administrative | 4.3 | % | 6.2 | % | 4.6 | % | 4.5 | % | 6.8 | % | 4.8 | % | ||||||||||||
Depreciation & amortization | 3.2 | % | 4.1 | % | 3.3 | % | 3.3 | % | 4.2 | % | 3.5 | % | ||||||||||||
Preopening expenses | 1.0 | % | 1.6 | % | 1.1 | % | 1.0 | % | 2.7 | % | 1.2 | % | ||||||||||||
Partner investment expense | 0.8 | % | 1.0 | % | 0.8 | % | 0.8 | % | 1.3 | % | 0.8 | % | ||||||||||||
Other income | 0.0 | % | 0.0 | % | 0.0 | % | -0.1 | % | 0.0 | % | 0.0 | % | ||||||||||||
Minority interest | 1.4 | % | 1.0 | % | 1.3 | % | 1.4 | % | 1.0 | % | 1.3 | % | ||||||||||||
Income (loss) before tax provision and special charges | 8.8 | % | 1.8 | % | 7.8 | % | 7.9 | % | -0.4 | % | 6.8 | % | ||||||||||||
Tax provision (before special charges) | 31.5 | % | 31.5 | % | 31.5 | % | 31.5 | % | 31.5 | % | 31.5 | % | ||||||||||||
Net income (before special charges) | 6.0 | % | 1.2 | % | 5.3 | % | 5.4 | % | -0.3 | % | 4.7 | % | ||||||||||||
Legal settlement (net of tax) | 0.0 | % | 0.0 | % | 0.0 | % | 0.1 | % | 0.0 | % | 0.1 | % | ||||||||||||
Prior year partner investment expense (net of tax) | 0.0 | % | 0.0 | % | 0.0 | % | 1.0 | % | 0.9 | % | 1.0 | % | ||||||||||||
Net income (loss) after special charges | 6.0 | % | 1.2 | % | 5.3 | % | 4.3 | % | -1.2 | % | 3.6 | % | ||||||||||||
Page 9 of 10
P.F. Chang’s China Bistro, Inc.
2004 Forecast vs 2003 Actual
1Q03 | 1Q04E | Change | 2Q03 | 2Q04E | Change | 3Q03 | 3Q04E | Change | ||||||||||||||||||||||||||||
Store weeks | 1,303 | 1,761 | 35.1 | % | 1,375 | 1,849 | 34.5 | % | 1,450 | 1,985 | 36.9 | % | ||||||||||||||||||||||||
Average weekly sales (000) | 101.0 | 96.4 | -4.5 | % | 99.3 | 93.9 | -5.5 | % | 96.4 | 90.1 | -6.5 | % | ||||||||||||||||||||||||
Revenues (millions) | 131.6 | 169.8 | 29.0 | % | 136.6 | 173.6 | 27.1 | % | 139.7 | 178.8 | 28.0 | % | ||||||||||||||||||||||||
Restaurant operating profit | 25.3 | 30.5 | 25.9 | 31.8 | 26.2 | 32.7 | ||||||||||||||||||||||||||||||
General & administrative | 6.8 | 8.0 | 7.3 | 8.6 | 6.9 | 8.7 | ||||||||||||||||||||||||||||||
Depreciation & amortization | 4.2 | 5.8 | 4.5 | 6.1 | 4.7 | 6.4 | ||||||||||||||||||||||||||||||
Preopening expenses | 2.0 | 2.3 | 1.2 | 1.8 | 2.6 | 2.7 | ||||||||||||||||||||||||||||||
Partner investment expense | 0.8 | 2.0 | 0.9 | 0.9 | 1.6 | 1.7 | ||||||||||||||||||||||||||||||
Other income | (0.0 | ) | (0.1 | ) | 0.0 | (0.1 | ) | 0.1 | (0.1 | ) | ||||||||||||||||||||||||||
Minority interest | 2.0 | 2.3 | 2.0 | 2.3 | 2.0 | 2.3 | ||||||||||||||||||||||||||||||
Income (loss) before tax provision and special charges | 9.6 | 10.3 | 9.9 | 12.3 | 8.3 | 11.0 | ||||||||||||||||||||||||||||||
Tax provision (before special charges) | 3.3 | 3.2 | 3.3 | 3.9 | 2.7 | 3.5 | ||||||||||||||||||||||||||||||
Net income (before special charges) | 6.4 | 7.0 | 9.8 | % | 6.6 | 8.4 | 27.6 | % | 5.5 | 7.6 | 36.6 | % | ||||||||||||||||||||||||
FD shares | 26.0 | 26.4 | 26.2 | 26.6 | 26.3 | 26.8 | ||||||||||||||||||||||||||||||
EPS (before special charges) | $ | 0.25 | $ | 0.27 | 8.1 | % | $ | 0.25 | $ | 0.32 | 25.7 | % | $ | 0.21 | $ | 0.28 | 34.1 | % | ||||||||||||||||||
Legal settlement (net of tax) | — | 0.5 | — | — | — | — | ||||||||||||||||||||||||||||||
Prior year partner investment expense (net of tax) | — | 7.1 | — | — | — | — | ||||||||||||||||||||||||||||||
Net income (loss) after special charges | — | (0.6 | ) | — | 8.4 | — | 7.6 | |||||||||||||||||||||||||||||
EPS (after special charges) | $ | 0.25 | $ | (0.02 | ) | -108.5 | % | $ | 0.25 | $ | 0.32 | 25.7 | % | $ | 0.21 | $ | 0.28 | 34.1 | % | |||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||
Restaurant operating profit | 19.2 | % | 18.0 | % | 18.9 | % | 18.3 | % | 18.7 | % | 18.3 | % | ||||||||||||||||||||||||
General & administrative | 5.2 | % | 4.7 | % | 5.4 | % | 4.9 | % | 4.9 | % | 4.9 | % | ||||||||||||||||||||||||
Depreciation & amortization | 3.2 | % | 3.4 | % | 3.3 | % | 3.5 | % | 3.4 | % | 3.6 | % | ||||||||||||||||||||||||
Preopening expenses | 1.5 | % | 1.4 | % | 0.9 | % | 1.0 | % | 1.9 | % | 1.5 | % | ||||||||||||||||||||||||
Partner investment expense | 0.6 | % | 1.2 | % | 0.7 | % | 0.5 | % | 1.2 | % | 0.9 | % | ||||||||||||||||||||||||
Other income | 0.0 | % | -0.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||
Minority interest | 1.5 | % | 1.3 | % | 1.5 | % | 1.3 | % | 1.4 | % | 1.3 | % | ||||||||||||||||||||||||
Income (loss) before tax provision and special charges | 7.3 | % | 6.0 | % | 7.3 | % | 7.1 | % | 5.9 | % | 6.2 | % | ||||||||||||||||||||||||
Tax provision (before special charges) | 33.5 | % | 31.5 | % | 33.5 | % | 31.5 | % | 33.5 | % | 31.5 | % | ||||||||||||||||||||||||
Net income (before special charges) | 4.9 | % | 4.1 | % | 4.8 | % | 4.8 | % | 4.0 | % | 4.2 | % | ||||||||||||||||||||||||
Legal settlement (net of tax) | 0.0 | % | 0.3 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||
Prior year partner investment expense (net of tax) | 0.0 | % | 4.2 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||
Net income (loss) after special charges | 4.9 | % | -0.3 | % | 4.8 | % | 4.8 | % | 4.0 | % | 4.2 | % | ||||||||||||||||||||||||
[Continued from above table, first column(s) repeated]
4Q03 | 4Q04E | Change | 2003 | 2004E | Change | |||||||||||||||||||
Store weeks | 1,620 | 2,260 | 39.5 | % | 5,748 | 7,855 | 36.7 | % | ||||||||||||||||
Average weekly sales (000) | 93.4 | 89.9 | -3.8 | % | 97.3 | 92.3 | -5.1 | % | ||||||||||||||||
Revenues (millions) | 151.3 | 203.1 | 34.2 | % | 559.2 | 725.3 | 29.7 | % | ||||||||||||||||
Restaurant operating profit | 29.1 | 38.4 | 106.5 | 133.4 | ||||||||||||||||||||
General & administrative | 7.7 | 9.3 | 28.8 | 34.6 | ||||||||||||||||||||
Depreciation & amortization | 5.4 | 6.8 | 18.8 | 25.1 | ||||||||||||||||||||
Preopening expenses | 2.9 | 2.3 | 8.7 | 9.0 | ||||||||||||||||||||
Partner investment expense | 0.9 | 1.7 | 4.2 | 6.1 | ||||||||||||||||||||
Other income | (0.1 | ) | (0.1 | ) | (0.0 | ) | (0.3 | ) | ||||||||||||||||
Minority interest | 2.0 | 2.7 | 7.9 | 9.5 | ||||||||||||||||||||
Income (loss) before tax provision and special charges | 10.4 | 15.8 | 38.2 | 49.4 | ||||||||||||||||||||
Tax provision (before special charges) | 3.5 | 5.0 | 12.8 | 15.5 | ||||||||||||||||||||
Net income (before special charges) | 6.9 | 10.8 | 57.7 | % | 25.4 | 33.8 | 33.2 | % | ||||||||||||||||
FD shares | 26.4 | 26.9 | 26.3 | 26.7 | ||||||||||||||||||||
EPS (before special charges) | $ | 0.26 | $ | 0.40 | 54.6 | % | $ | 0.97 | $ | 1.27 | 30.9 | % | ||||||||||||
Legal settlement (net of tax) | — | — | — | 0.5 | ||||||||||||||||||||
Prior year partner investment expense (net of tax) | — | — | — | 7.1 | ||||||||||||||||||||
Net income (loss) after special charges | — | 10.8 | — | 26.2 | ||||||||||||||||||||
EPS (after special charges) | $ | 0.26 | $ | 0.40 | 54.6 | % | $ | 0.97 | $ | 0.98 | 1.5 | % | ||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||
Restaurant operating profit | 19.3 | % | 18.9 | % | 19.0 | % | 18.4 | % | ||||||||||||||||
General & administrative | 5.1 | % | 4.6 | % | 5.1 | % | 4.8 | % | ||||||||||||||||
Depreciation & amortization | 3.6 | % | 3.3 | % | 3.4 | % | 3.5 | % | ||||||||||||||||
Preopening expenses | 1.9 | % | 1.1 | % | 1.5 | % | 1.2 | % | ||||||||||||||||
Partner investment expense | 0.6 | % | 0.8 | % | 0.8 | % | 0.8 | % | ||||||||||||||||
Other income | -0.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||
Minority interest | 1.3 | % | 1.3 | % | 1.4 | % | 1.3 | % | ||||||||||||||||
Income (loss) before tax provision and special charges | 6.8 | % | 7.8 | % | 6.8 | % | 6.8 | % | ||||||||||||||||
Tax provision (before special charges) | 33.5 | % | 31.5 | % | 33.5 | % | 31.5 | % | ||||||||||||||||
Net income (before special charges) | 4.5 | % | 5.3 | % | 4.5 | % | 4.7 | % | ||||||||||||||||
Legal settlement (net of tax) | 0.0 | % | 0.0 | % | 0.0 | % | 0.1 | % | ||||||||||||||||
Prior year partner investment expense (net of tax) | 0.0 | % | 0.0 | % | 0.0 | % | 1.0 | % | ||||||||||||||||
Net income (loss) after special charges | 4.5 | % | 5.3 | % | 4.5 | % | 3.6 | % | ||||||||||||||||
Page 10 of 10