Exhibit 99.1
P.F.CHANG’S EARNS $0.32 PER SHARE
SCOTTSDALE, Arizona, July 21, 2004– P.F. Chang’s China Bistro, Inc. (NASDAQ:PFCB) today reported earnings of $8.5 million for the second quarter ended June 27, 2004 compared to $6.6 million in the second quarter of the prior year. Earnings per share for the second quarter increased to $0.32 from $0.25 in the second quarter of the prior year, after giving effect to a prior year restatement (see our SEC filings for a complete discussion).
(000 except per share data) | 2Q04 | 1Q04 | 2Q03 | |||||||||
Revenues | $ | 175,336 | $ | 169,793 | $ | 136,605 | ||||||
Net Income (before one-time charges) | $ | 8,505 | $ | 7,026 | $ | 6,587 | ||||||
Diluted Earnings Per Share (before one-time charges) | $ | 0.32 | $ | 0.27 | $ | 0.25 | ||||||
Legal settlement costs (net of tax) | $ | — | $ | 514 | $ | — | ||||||
One-time partner investment expense (net of tax) | $ | — | $ | 7,074 | $ | — | ||||||
Net Income (Loss) | $ | 8,505 | $ | (562 | ) | $ | 6,587 | |||||
Net Income (Loss) Per Share | $ | 0.32 | $ | (0.02 | ) | $ | 0.25 | |||||
Shares Used in EPS calculation | 26,475 | 25,559 | 26,228 |
2004 Expectations
The company anticipates opening 18 new Bistro units (eight of which are already open) and 20 new Pei Wei units (twelve of which are already open) in 2004. Based on this development schedule, and assuming growth at existing Bistros of roughly 2-3% (which includes an approximately 1% menu price increase implemented in April 2004), the company expects consolidated revenues of approximately $727.5 million in 2004, a 30% increase over fiscal 2003. Net income is anticipated to be approximately $33.8 million, which equates to earnings per share of $1.27, before giving effect to one-time charges of $7.6 million (net of tax) incurred in the first quarter, with which, net income and earnings per share would be approximately $26.3 million and $0.99, respectively. The company believes that net income and earnings per share excluding the one-time charges is more reflective of the company’s operating performance, as well as being more indicative of future performance.
Page 1 of 11
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 third quarter 2004 revenue results on September 29, 2004 and its third quarter earnings results on October 20, 2004.
2005 Expectations
The company anticipates opening 16 to 18 new Bistro units and 26 to 28 new Pei Wei units in 2005. Based on this development schedule, and modest revenue growth from existing stores of 1% to 2%, the company expects revenue and earnings growth of approximately 20% over fiscal 2004 (fiscal 2004 includes the aforementioned additional week).
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 with attentive service and a high-energy, 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 store 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; 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 |
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P.F. Chang’s China Bistro, Inc.
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | ||||||||||
Jun 27 | Mar 28 | Jun 29 | ||||||||||
2004 | 2004 | 2003 | ||||||||||
(Restated) | ||||||||||||
Revenues | $ | 175,336 | $ | 169,793 | $ | 136,605 | ||||||
Cost of sales | 47,866 | 46,860 | 37,207 | |||||||||
Labor | 56,484 | 54,631 | 42,776 | |||||||||
Partner bonus expense | 409 | 377 | 347 | |||||||||
Operating | 29,446 | 28,354 | 22,772 | |||||||||
Occupancy | 9,603 | 9,066 | 7,617 | |||||||||
Restaurant operating profit | 31,528 | 30,505 | 25,886 | |||||||||
General & administrative | 8,313 | 8,728 | 7,345 | |||||||||
Depreciation & amortization | 6,213 | 5,802 | 4,663 | |||||||||
Preopening expenses | 1,339 | 2,312 | 1,176 | |||||||||
Partner investment expense | 910 | 13,471 | 903 | |||||||||
Income from operations | 14,753 | 192 | 11,799 | |||||||||
Interest income and other income | 56 | 91 | 120 | |||||||||
Minority interest | (2,393 | ) | (2,280 | ) | (1,993 | ) | ||||||
Income (loss) before (provision) benefit for income taxes | 12,416 | (1,997 | ) | 9,926 | ||||||||
(Provision) benefit for income taxes | (3,911 | ) | 1,435 | (3,339 | ) | |||||||
Net income (loss) | $ | 8,505 | $ | (562 | ) | $ | 6,587 | |||||
Basic net income (loss) per share | $ | 0.33 | $ | (0.02 | ) | $ | 0.26 | |||||
Diluted net income (loss) per share | $ | 0.32 | $ | (0.02 | ) | $ | 0.25 | |||||
Shares used in calculation of basic EPS | 25,605 | 25,559 | 25,338 | |||||||||
Shares used in calculation of diluted EPS | 26,475 | 25,559 | 26,228 |
Percentage of Revenues | ||||||||||||
Jun 27 | Mar 28 | Jun 29 | ||||||||||
2004 | 2004 | 2003 | ||||||||||
(Restated) | ||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 27.3 | % | 27.6 | % | 27.2 | % | ||||||
Labor | 32.2 | % | 32.2 | % | 31.3 | % | ||||||
Partner bonus expense | 0.2 | % | 0.2 | % | 0.3 | % | ||||||
Operating | 16.8 | % | 16.7 | % | 16.7 | % | ||||||
Occupancy | 5.5 | % | 5.3 | % | 5.6 | % | ||||||
Restaurant operating profit | 18.0 | % | 18.0 | % | 18.9 | % | ||||||
General & administrative | 4.7 | % | 5.1 | % | 5.4 | % | ||||||
Depreciation & amortization | 3.5 | % | 3.4 | % | 3.4 | % | ||||||
Preopening expenses | 0.8 | % | 1.4 | % | 0.9 | % | ||||||
Partner investment expense | 0.5 | % | 7.9 | % | 0.7 | % | ||||||
Income from operations | 8.4 | % | 0.2 | % | 8.6 | % | ||||||
Interest income and other income | 0.0 | % | 0.1 | % | 0.1 | % | ||||||
Minority interest | -1.4 | % | -1.3 | % | -1.5 | % | ||||||
Income (loss) before (provision) benefit for income taxes | 7.1 | % | -1.1 | % | 7.3 | % | ||||||
(Provision) benefit for income taxes | -2.2 | % | 0.8 | % | -2.4 | % | ||||||
Net income (loss) | 4.9 | % | -0.3 | % | 4.8 | % | ||||||
Certain percentage amounts do not sum to total due to rounding.
Page 3 of 11
P.F. Chang’s China Bistro, Inc.
(In thousands, except per share amounts)
(Unaudited)
26 Weeks Ended | 26 Weeks Ended | |||||||
Jun 27 | Jun 29 | |||||||
2004 | 2003 | |||||||
(Restated) | ||||||||
Revenues | $ | 345,129 | $ | 268,200 | ||||
Cost of sales | 94,725 | 72,456 | ||||||
Labor | 111,116 | 84,444 | ||||||
Partner bonus expense | 786 | 712 | ||||||
Operating | 57,800 | 44,380 | ||||||
Occupancy | 18,669 | 15,036 | ||||||
Restaurant operating profit | 62,033 | 51,172 | ||||||
General & administrative | 17,042 | 14,127 | ||||||
Depreciation & amortization | 12,015 | 8,925 | ||||||
Preopening expenses | 3,651 | 3,160 | ||||||
Partner investment expense | 14,381 | 1,656 | ||||||
Income from operations | 14,944 | 23,304 | ||||||
Interest income and other income | 147 | 239 | ||||||
Minority interest | (4,673 | ) | (3,968 | ) | ||||
Income before provision for income taxes | 10,418 | 19,575 | ||||||
Provision for income taxes | (2,476 | ) | (6,590 | ) | ||||
Net income | $ | 7,942 | $ | 12,985 | ||||
Basic net income per share | $ | 0.31 | $ | 0.51 | ||||
Diluted net income per share | $ | 0.30 | $ | 0.50 | ||||
Shares used in calculation of basic EPS | 25,582 | 25,237 | ||||||
Shares used in calculation of diluted EPS | 26,462 | 26,133 |
Jun 27 | Jun 29 | |||||||
2004 | 2003 | |||||||
(Restated) | ||||||||
Revenues | 100.0 | % | 100.0 | % | ||||
Cost of sales | 27.4 | % | 27.0 | % | ||||
Labor | 32.2 | % | 31.5 | % | ||||
Partner bonus expense | 0.2 | % | 0.3 | % | ||||
Operating | 16.7 | % | 16.5 | % | ||||
Occupancy | 5.4 | % | 5.6 | % | ||||
Restaurant operating profit | 18.0 | % | 19.1 | % | ||||
General & administrative | 4.9 | % | 5.3 | % | ||||
Depreciation & amortization | 3.5 | % | 3.3 | % | ||||
Preopening expenses | 1.1 | % | 1.2 | % | ||||
Partner investment expense | 4.2 | % | 0.6 | % | ||||
Income from operations | 4.3 | % | 8.7 | % | ||||
Interest income and other income | 0.0 | % | 0.1 | % | ||||
Minority interest | -1.4 | % | -1.5 | % | ||||
Income before provision for income taxes | 3.0 | % | 7.3 | % | ||||
Provision for income taxes | -0.7 | % | -2.5 | % | ||||
Net income | 2.3 | % | 4.8 | % | ||||
Page 4 of 11
P.F. Chang’s China Bistro, Inc.
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended June 27, 2004 | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | $ | 175,336 | $ | 152,518 | $ | 22,818 | ||||||
Cost of sales | 47,866 | 41,398 | 6,468 | |||||||||
Labor | 56,484 | 49,061 | 7,423 | |||||||||
Partner bonus expense | 409 | 382 | 27 | |||||||||
Operating | 29,446 | 25,630 | 3,816 | |||||||||
Occupancy | 9,603 | 8,119 | 1,484 | |||||||||
Restaurant operating profit | 31,528 | 27,928 | 3,600 | |||||||||
General & administrative | 8,313 | 6,710 | 1,603 | |||||||||
Depreciation & amortization | 6,213 | 5,283 | 930 | |||||||||
Preopening expenses | 1,339 | 782 | 557 | |||||||||
Partner investment expense | 910 | 550 | 360 | |||||||||
Income from operations | 14,753 | 14,603 | 150 | |||||||||
Interest income and other income | 56 | 56 | 0 | |||||||||
Minority interest | (2,393 | ) | (2,182 | ) | (211 | ) | ||||||
Income (loss) before provision for income taxes | 12,416 | 12,477 | (61 | ) | ||||||||
Provision for income taxes | (3,911 | ) | ||||||||||
Net income | 8,505 | |||||||||||
Basic net income per share | $ | 0.33 | ||||||||||
Diluted net income per share | $ | 0.32 | ||||||||||
Shares used in calculation of basic EPS | 25,605 | |||||||||||
Shares used in calculation of diluted EPS | 26,475 |
Percentage of Revenues | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 27.3 | % | 27.1 | % | 28.3 | % | ||||||
Labor | 32.2 | % | 32.2 | % | 32.5 | % | ||||||
Partner bonus expense | 0.2 | % | 0.3 | % | 0.1 | % | ||||||
Operating | 16.8 | % | 16.8 | % | 16.7 | % | ||||||
Occupancy | 5.5 | % | 5.3 | % | 6.5 | % | ||||||
Restaurant operating profit | 18.0 | % | 18.3 | % | 15.8 | % | ||||||
General & administrative | 4.7 | % | 4.4 | % | 7.0 | % | ||||||
Depreciation & amortization | 3.5 | % | 3.5 | % | 4.1 | % | ||||||
Preopening expenses | 0.8 | % | 0.5 | % | 2.4 | % | ||||||
Partner investment expense | 0.5 | % | 0.4 | % | 1.6 | % | ||||||
Income from operations | 8.4 | % | 9.6 | % | 0.7 | % | ||||||
Interest income and other income | 0.0 | % | 0.0 | % | 0.0 | % | ||||||
Minority interest | -1.4 | % | -1.4 | % | -0.9 | % | ||||||
Income (loss) before provision for income taxes | 7.1 | % | 8.2 | % | -0.3 | % | ||||||
Provision for income taxes | -2.2 | % | ||||||||||
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.
(In thousands, except per share amounts)
(Unaudited)
26 Weeks Ended June 27, 2004 | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | $ | 345,129 | $ | 302,641 | $ | 42,488 | ||||||
Cost of sales | 94,725 | 82,629 | 12,096 | |||||||||
Labor | 111,116 | 97,313 | 13,803 | |||||||||
Partner bonus expense | 786 | 731 | 55 | |||||||||
Operating | 57,800 | 50,791 | 7,009 | |||||||||
Occupancy | 18,669 | 15,912 | 2,757 | |||||||||
Restaurant operating profit | 62,033 | 55,265 | 6,768 | |||||||||
General & administrative | 17,042 | 14,009 | 3,033 | |||||||||
Depreciation & amortization | 12,015 | 10,323 | 1,692 | |||||||||
Preopening expenses | 3,651 | 2,518 | 1,133 | |||||||||
Partner investment expense | 14,381 | 12,325 | 2,056 | |||||||||
Income (loss) from operations | 14,944 | 16,090 | (1,146 | ) | ||||||||
Interest income and other income | 147 | 147 | 0 | |||||||||
Minority interest | (4,758 | ) | (4,272 | ) | (401 | ) | ||||||
Income (loss) before provision for income taxes | 10,418 | 11,965 | (1,547 | ) | ||||||||
Provision for income taxes | (2,476 | ) | ||||||||||
Net income | $ | 7,942 | ||||||||||
Basic net income per share | $ | 0.31 | ||||||||||
Diluted net income per share | $ | 0.30 | ||||||||||
Shares used in calculation of basic EPS | 25,582 | |||||||||||
Shares used in calculation of diluted EPS | 26,462 |
Percentage of Revenues | ||||||||||||
Total | Bistro | Pei Wei | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 27.4 | % | 27.3 | % | 28.5 | % | ||||||
Labor | 32.2 | % | 32.2 | % | 32.5 | % | ||||||
Partner bonus expense | 0.2 | % | 0.2 | % | 0.1 | % | ||||||
Operating | 16.7 | % | 16.8 | % | 16.5 | % | ||||||
Occupancy | 5.4 | % | 5.3 | % | 6.5 | % | ||||||
Restaurant operating profit | 18.0 | % | 18.3 | % | 15.9 | % | ||||||
General & administrative | 4.9 | % | 4.6 | % | 7.1 | % | ||||||
Depreciation & amortization | 3.5 | % | 3.4 | % | 4.0 | % | ||||||
Preopening expenses | 1.1 | % | 0.8 | % | 2.7 | % | ||||||
Partner investment expense | 4.2 | % | 4.1 | % | 4.8 | % | ||||||
Income (loss) from operations | 4.3 | % | 5.3 | % | -2.7 | % | ||||||
Interest income and other income | 0.0 | % | 0.0 | % | 0.0 | % | ||||||
Minority interest | -1.4 | % | -1.4 | % | -0.9 | % | ||||||
Income (loss) before provision for income taxes | 3.0 | % | 4.0 | % | -3.6 | % | ||||||
Provision for income taxes | -0.7 | % | ||||||||||
Net income | 2.3 | % | ||||||||||
Page 6 of 11
P.F. Chang’s China Bistro, Inc.
Development Schedule
P. F. Chang's China Bistro | ||||||||||||||||
1Q04 | 2Q04 | 3Q04 | 4Q04 | |||||||||||||
Units opened | 6 | 2 | ||||||||||||||
Units under construction | 3 | 7 | ||||||||||||||
Units in development | ||||||||||||||||
Total new unit development | 6 | 2 | 3 | 7 | ||||||||||||
Existing units | 97 | 103 | 105 | 108 | ||||||||||||
Total units | 103 | 105 | 108 | 115 | ||||||||||||
Pei Wei Asian Diner | ||||||||||||||||
1Q04 | 2Q04 | 3Q04 | 4Q04 | |||||||||||||
Units opened | 5 | 6 | 1 | |||||||||||||
Units under construction | 4 | 2 | ||||||||||||||
Units in development | 2 | |||||||||||||||
Total new unit development | 5 | 6 | 5 | 4 | ||||||||||||
Existing units | 33 | 38 | 44 | 49 | ||||||||||||
Total units | 38 | 44 | 49 | 53 | ||||||||||||
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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 | 8 | 105 | |||||||||||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||||||||||||||
1Q04 | 21,930 | 15,815 | 19,467 | 24,629 | 19,831 | 18,613 | 25,687 | 4,151 | 150,123 | |||||||||||||||||||||||||||
2Q04 | 21,590 | 15,521 | 19,510 | 24,498 | 19,170 | 17,940 | 24,999 | 9,290 | 152,518 | |||||||||||||||||||||||||||
2004 | 43,520 | 31,336 | 38,977 | 49,127 | 39,001 | 36,553 | 50,686 | 13,441 | 302,641 | |||||||||||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||||||||||||||
1Q04 | 129,761 | 121,654 | 115,188 | 118,409 | 117,347 | 102,268 | 109,773 | 101,238 | 115,302 | |||||||||||||||||||||||||||
2Q04 | 127,753 | 119,392 | 115,446 | 117,777 | 113,429 | 98,574 | 106,835 | 97,784 | 112,477 | |||||||||||||||||||||||||||
2004 | 128,757 | 120,523 | 115,317 | 118,093 | 115,388 | 100,421 | 108,304 | 98,825 | 113,860 | |||||||||||||||||||||||||||
Year-Over-Year Change in AWS | ||||||||||||||||||||||||||||||||||||
1Q04 | 2.5 | % | 0.4 | % | 3.6 | % | 6.0 | % | 5.4 | % | 3.5 | % | -23.8 | % | — | 1.2 | % | |||||||||||||||||||
2Q04 | 1.0 | % | -0.2 | % | 2.5 | % | 3.1 | % | 3.2 | % | 4.2 | % | -15.0 | % | — | -0.7 | % | |||||||||||||||||||
2004 | 1.7 | % | 0.1 | % | 3.0 | % | 4.5 | % | 4.3 | % | 3.9 | % | -17.8 | % | — | 0.2 | % | |||||||||||||||||||
Year-Over-Year Change Comp Store Sales (2) | ||||||||||||||||||||||||||||||||||||
Units | 13 | 10 | 13 | 16 | 13 | 14 | 2 | — | 81 | |||||||||||||||||||||||||||
1Q04 | 2.5 | % | 0.4 | % | 3.6 | % | 6.0 | % | 5.4 | % | 6.8 | % | — | — | 4.0 | % | ||||||||||||||||||||
2Q04 | 1.0 | % | -0.2 | % | 2.5 | % | 3.1 | % | 3.2 | % | 4.8 | % | -13.7 | % | — | 2.3 | % | |||||||||||||||||||
2004 | 1.7 | % | 0.1 | % | 3.0 | % | 4.5 | % | 4.3 | % | 5.5 | % | -13.7 | % | — | 3.1 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | A unit becomes comparable in the eighteenth month of operation. |
Page 8 of 11
Pei Wei Asian Diner
Supplemental Sales Information
Year of Unit Opening (1)
2000 | 2001 | 2002 | 2003 | 2004 | Total | |||||||||||||||||||
Units | 1 | 4 | 11 | 17 | 11 | 44 | ||||||||||||||||||
Sales (000) | ||||||||||||||||||||||||
1Q04 | 888 | 2,356 | 6,040 | 9,130 | 1,256 | 19,670 | ||||||||||||||||||
2Q04 | 877 | 2,254 | 5,861 | 8,924 | 4,902 | 22,818 | ||||||||||||||||||
2004 | 1,765 | 4,610 | 11,901 | 18,054 | 6,158 | 42,488 | ||||||||||||||||||
Average Weekly Sales (AWS) | ||||||||||||||||||||||||
1Q04 | 68,328 | 45,318 | 42,236 | 41,311 | 41,862 | 42,855 | ||||||||||||||||||
2Q04 | 67,464 | 43,350 | 40,983 | 40,381 | 44,161 | 42,255 | ||||||||||||||||||
2004 | 67,896 | 44,334 | 41,610 | 40,846 | 43,672 | 42,531 | ||||||||||||||||||
Year-Over-Year Change in AWS | ||||||||||||||||||||||||
1Q04 | 2.3 | % | -1.4 | % | 4.8 | % | -21.2 | % | — | -4.1 | % | |||||||||||||
2Q04 | 4.3 | % | 0.6 | % | 2.4 | % | -23.0 | % | — | -6.1 | % | |||||||||||||
2004 | 3.3 | % | -0.4 | % | 3.6 | % | -22.1 | % | — | -5.2 | % | |||||||||||||
Year-Over-Year Change Comp Store Sales (2) | ||||||||||||||||||||||||
Units | 1 | 4 | 11 | 3 | — | 19 | ||||||||||||||||||
1Q04 | 2.3 | % | -1.4 | % | 4.2 | % | — | — | 2.3 | % | ||||||||||||||
2Q04 | 4.3 | % | 0.6 | % | 2.4 | % | -2.8 | % | — | 1.8 | % | |||||||||||||
2004 | 3.3 | % | -0.4 | % | 3.2 | % | -2.8 | % | — | 2.1 | % |
(1) | Includes all restaurants opened in the period indicated. | |
(2) | A unit becomes comparable in the eighteenth month of operation. |
Page 9 of 11
P.F. Chang’s China Bistro, Inc.
2004 Forecast
1Q04A | 2Q04A | 3Q04E | 4Q04E | 2004E | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bistro | Pei Wei | Total | Bistro | Pei Wei | Total | Bistro | Pei Wei | Total | Bistro | Pei Wei | Total | Bistro | Pei Wei | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Store weeks | 1,302 | 459 | 1,761 | 1,356 | 541 | 1,897 | 1,381 | 598 | 1,979 | 1,575 | 705 | 2,280 | 5,614 | 2,303 | 7,917 | |||||||||||||||||||||||||||||||||||||||||||||
Average weekly sales (000) | 115.3 | 42.9 | 96.4 | 112.5 | 42.2 | 92.4 | 111.5 | 40.7 | 90.1 | 111.1 | 41.2 | 89.5 | 112.5 | 41.6 | 91.9 | |||||||||||||||||||||||||||||||||||||||||||||
Revenues (millions) | 150.1 | 19.7 | 169.8 | 152.5 | 22.8 | 175.3 | 154.0 | 24.3 | 178.3 | 175.0 | 29.0 | 204.0 | 631.6 | 95.9 | 727.5 | |||||||||||||||||||||||||||||||||||||||||||||
Restaurant operating profit | 27.3 | 3.2 | 30.5 | 27.9 | 3.6 | 31.5 | 28.5 | 3.8 | 32.3 | 33.6 | 4.6 | 38.2 | 117.4 | 15.1 | 132.5 | |||||||||||||||||||||||||||||||||||||||||||||
General & administrative | 6.5 | 1.4 | 8.0 | 6.7 | 1.6 | 8.3 | 6.9 | 1.6 | 8.4 | 7.3 | 1.8 | 9.0 | 27.4 | 6.4 | 33.8 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation & amortization | 5.0 | 0.8 | 5.8 | 5.3 | 0.9 | 6.2 | 5.4 | 1.1 | 6.4 | 5.6 | 1.2 | 6.8 | 21.3 | 4.0 | 25.2 | |||||||||||||||||||||||||||||||||||||||||||||
Preopening expenses | 1.7 | 0.6 | 2.3 | 0.8 | 0.6 | 1.3 | 1.9 | 0.5 | 2.4 | 1.7 | 0.6 | 2.3 | 6.1 | 2.2 | 8.3 | |||||||||||||||||||||||||||||||||||||||||||||
Partner investment expense | 1.7 | 0.3 | 2.0 | 0.6 | 0.4 | 0.9 | 1.4 | 0.3 | 1.7 | 1.4 | 0.2 | 1.6 | 4.9 | 1.2 | 6.1 | |||||||||||||||||||||||||||||||||||||||||||||
Other income | (0.1 | ) | — | (0.1 | ) | 0.1 | — | 0.1 | (0.1 | ) | — | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||||||||||||||||||||||
Minority interest | 2.1 | 0.2 | 2.3 | 2.2 | 0.2 | 2.4 | 2.3 | 0.2 | 2.5 | 2.5 | 0.3 | 2.8 | 9.1 | 0.9 | 10.0 | |||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before tax provision and special charges | 10.3 | (0.1 | ) | 10.3 | 12.5 | (0.1 | ) | 12.4 | 10.9 | 0.1 | 11.0 | 15.3 | 0.5 | 15.8 | 49.0 | 0.5 | 49.5 | |||||||||||||||||||||||||||||||||||||||||||
Tax provision (before special charges) | 3.3 | (0.0 | ) | 3.2 | 3.9 | (0.0 | ) | 3.9 | 3.4 | 0.0 | 3.5 | 4.8 | 0.2 | 5.0 | 15.4 | 0.2 | 15.6 | |||||||||||||||||||||||||||||||||||||||||||
Net income (before special charges) | 7.1 | (0.1 | ) | 7.0 | 8.6 | (0.1 | ) | 8.5 | 7.4 | 0.1 | 7.5 | 10.5 | 0.4 | 10.8 | 33.6 | 0.3 | 33.8 | |||||||||||||||||||||||||||||||||||||||||||
FD shares | 26.4 | 26.4 | 26.4 | 26.5 | 26.5 | 26.5 | 26.7 | 26.7 | 26.7 | 26.8 | 26.8 | 26.8 | 26.6 | 26.6 | 26.6 | |||||||||||||||||||||||||||||||||||||||||||||
EPS (before special charges) | $ | 0.27 | $ | (0.00 | ) | $ | 0.27 | 0.32 | 0.00 | 0.32 | 0.28 | 0.00 | 0.28 | 0.39 | 0.01 | 0.40 | 1.26 | 0.01 | 1.27 | |||||||||||||||||||||||||||||||||||||||||
Legal settlement (net of tax) | 0.5 | — | 0.5 | — | — | — | — | — | — | — | — | — | 0.5 | — | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||
Prior year partner investment expense (net of tax) | 6.2 | 0.9 | 7.1 | — | — | — | — | — | — | — | — | — | 6.2 | 0.9 | 7.1 | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) after special charges | 0.4 | (0.9 | ) | (0.6 | ) | 8.6 | (0.1 | ) | 8.5 | 7.4 | 0.1 | 7.5 | 10.5 | 0.4 | 10.8 | 26.8 | (0.6 | ) | 26.3 | |||||||||||||||||||||||||||||||||||||||||
EPS (after special charges) | $ | 0.01 | $ | (0.03 | ) | $ | (0.02 | ) | $ | 0.32 | $ | (0.00 | ) | $ | 0.32 | $ | 0.28 | $ | 0.00 | $ | 0.28 | $ | 0.39 | $ | 0.01 | $ | 0.40 | $ | 1.01 | $ | (0.02 | ) | $ | 0.99 | ||||||||||||||||||||||||||
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 | 18.2 | % | 16.1 | % | 18.0 | % | 18.3 | % | 15.8 | % | 18.0 | % | 18.5 | % | 15.5 | % | 18.1 | % | 19.2 | % | 15.8 | % | 18.7 | % | 18.6 | % | 15.8 | % | 18.2 | % | ||||||||||||||||||||||||||||||
General & administrative | 4.4 | % | 7.3 | % | 4.7 | % | 4.4 | % | 7.0 | % | 4.7 | % | 4.5 | % | 6.4 | % | 4.7 | % | 4.1 | % | 6.2 | % | 4.4 | % | 4.3 | % | 6.7 | % | 4.6 | % | ||||||||||||||||||||||||||||||
Depreciation & amortization | 3.4 | % | 3.9 | % | 3.4 | % | 3.5 | % | 4.1 | % | 3.5 | % | 3.5 | % | 4.4 | % | 3.6 | % | 3.2 | % | 4.1 | % | 3.3 | % | 3.4 | % | 4.1 | % | 3.5 | % | ||||||||||||||||||||||||||||||
Preopening expenses | 1.2 | % | 2.9 | % | 1.4 | % | 0.5 | % | 2.4 | % | 0.8 | % | 1.2 | % | 2.1 | % | 1.3 | % | 1.0 | % | 1.9 | % | 1.1 | % | 1.0 | % | 2.3 | % | 1.1 | % | ||||||||||||||||||||||||||||||
Partner investment expense | 1.1 | % | 1.5 | % | 1.2 | % | 0.4 | % | 1.6 | % | 0.5 | % | 0.9 | % | 1.2 | % | 0.9 | % | 0.8 | % | 0.8 | % | 0.8 | % | 0.8 | % | 1.2 | % | 0.8 | % | ||||||||||||||||||||||||||||||
Other income | -0.1 | % | 0.0 | % | -0.1 | % | 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 | 1.4 | % | 1.0 | % | 1.3 | % | 1.4 | % | 0.9 | % | 1.4 | % | 1.5 | % | 0.9 | % | 1.4 | % | 1.4 | % | 1.0 | % | 1.4 | % | 1.4 | % | 0.9 | % | 1.4 | % | ||||||||||||||||||||||||||||||
Income (loss) before tax provision and special charges | 6.9 | % | -0.4 | % | 6.0 | % | 8.2 | % | -0.3 | % | 7.1 | % | 7.1 | % | 0.4 | % | 6.1 | % | 8.7 | % | 1.9 | % | 7.8 | % | 7.8 | % | 0.5 | % | 6.8 | % | ||||||||||||||||||||||||||||||
Tax provision (before special charges) | 31.5 | % | 31.5 | % | 31.5 | % | 31.5 | % | 31.5 | % | 31.5 | % | 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 | % | 5.6 | % | -0.4 | % | 4.8 | % | 4.8 | % | 0.3 | % | 4.2 | % | 6.0 | % | 1.3 | % | 5.3 | % | 5.3 | % | 0.3 | % | 4.7 | % | ||||||||||||||||||||||||||||||
Legal settlement (net of tax) | 0.3 | % | 0.0 | % | 0.3 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.1 | % | 0.0 | % | 0.1 | % | ||||||||||||||||||||||||||||||
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 | % | 0.0 | % | 0.0 | % | 0.0 | % | 1.0 | % | 0.9 | % | 1.0 | % | ||||||||||||||||||||||||||||||
Net income (loss) after special charges | 0.2 | % | -4.7 | % | -0.3 | % | 5.6 | % | -0.4 | % | 4.8 | % | 4.8 | % | 0.3 | % | 4.2 | % | 6.0 | % | 1.3 | % | 5.3 | % | 4.3 | % | -0.6 | % | 3.6 | % | ||||||||||||||||||||||||||||||
Page 10 of 11
P.F. Chang’s China Bistro, Inc.
2004 Forecast vs 2003 Actual
1Q03 | 1Q04A | Change | 2Q03 | 2Q04A | Change | 3Q03 | 3Q04E | Change | 4Q03 | 4Q04E | Change | 2003 | 2004E | Change | ||||||||||||||||||||||||||||||||||||||||||||||
Store weeks | 1,303 | 1,761 | 35.1 | % | 1,375 | 1,897 | 38.0 | % | 1,450 | 1,979 | 36.5 | % | 1,620 | 2,280 | 40.7 | % | 5,748 | 7,917 | 37.7 | % | ||||||||||||||||||||||||||||||||||||||||
Average weekly sales (000) | 101.0 | 96.4 | -4.5 | % | 99.3 | 92.4 | -7.0 | % | 96.4 | 90.1 | -6.5 | % | 93.4 | 89.5 | -4.2 | % | 97.3 | 91.9 | -5.6 | % | ||||||||||||||||||||||||||||||||||||||||
Revenues (millions) | 131.6 | 169.8 | 29.0 | % | 136.6 | 175.3 | 28.4 | % | 139.7 | 178.3 | 27.6 | % | 151.3 | 204.0 | 34.8 | % | 559.2 | 727.5 | 30.1 | % | ||||||||||||||||||||||||||||||||||||||||
Restaurant operating profit | 25.3 | 30.5 | 25.9 | 31.5 | 26.2 | 32.3 | 29.1 | 38.2 | 106.5 | 132.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
General & administrative | 6.8 | 8.0 | 7.3 | 8.3 | 6.9 | 8.4 | 7.7 | 9.0 | 28.8 | 33.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation & amortization | 4.2 | 5.8 | 4.5 | 6.2 | 4.7 | 6.4 | 5.4 | 6.8 | 18.8 | 25.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preopening expenses | 2.0 | 2.3 | 1.2 | 1.3 | 2.6 | 2.4 | 2.9 | 2.3 | 8.7 | 8.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Partner investment expense | 0.8 | 2.0 | 0.9 | 0.9 | 1.6 | 1.7 | 0.9 | 1.6 | 4.2 | 6.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | (0.0 | ) | (0.1 | ) | 0.0 | 0.1 | 0.1 | (0.1 | ) | (0.1 | ) | (0.1 | ) | (0.0 | ) | (0.2 | ) | |||||||||||||||||||||||||||||||||||||||||||
Minority interest | 2.0 | 2.3 | 2.0 | 2.4 | 2.0 | 2.5 | 2.0 | 2.8 | 7.9 | 10.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before tax provision and special charges | 9.6 | 10.3 | 9.9 | 12.4 | 8.3 | 11.0 | 10.4 | 15.8 | 38.2 | 49.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tax provision (before special charges) | 3.3 | 3.2 | 3.3 | 3.9 | 2.7 | 3.5 | 3.5 | 5.0 | 12.8 | 15.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (before special charges) | 6.4 | 7.0 | 9.8 | % | 6.6 | 8.5 | 29.0 | % | 5.5 | 7.5 | 35.7 | % | 6.9 | 10.8 | 58.0 | % | 25.4 | 33.8 | 33.3 | % | ||||||||||||||||||||||||||||||||||||||||
FD shares | 26.0 | 26.4 | 26.2 | 26.5 | 26.3 | 26.7 | 26.4 | 26.8 | 26.3 | 26.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
EPS (before special charges) | $ | 0.25 | $ | 0.27 | 8.1 | % | $ | 0.25 | $ | 0.32 | 27.8 | % | $ | 0.21 | $ | 0.28 | 33.8 | % | $ | 0.26 | $ | 0.40 | 55.6 | % | $ | 0.97 | $ | 1.27 | 31.5 | % | ||||||||||||||||||||||||||||||
Legal settlement (net of tax) | — | 0.5 | — | — | — | — | — | — | — | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior year partner investment expense (net of tax) | — | 7.1 | — | — | — | — | — | — | — | 7.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) after special charges | — | (0.6 | ) | — | 8.5 | — | 7.5 | — | 10.8 | — | 26.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
EPS (after special charges) | $ | 0.25 | $ | (0.02 | ) | -108.5 | % | $ | 0.25 | $ | 0.32 | 27.8 | % | $ | 0.21 | $ | 0.28 | 33.8 | % | $ | 0.26 | $ | 0.40 | 55.6 | % | $ | 0.97 | $ | 0.99 | 2.1 | % | |||||||||||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||
Restaurant operating profit | 19.2 | % | 18.0 | % | 18.9 | % | 18.0 | % | 18.7 | % | 18.1 | % | 19.3 | % | 18.7 | % | 19.0 | % | 18.2 | % | ||||||||||||||||||||||||||||||||||||||||
General & administrative | 5.2 | % | 4.7 | % | 5.4 | % | 4.7 | % | 4.9 | % | 4.7 | % | 5.1 | % | 4.4 | % | 5.1 | % | 4.6 | % | ||||||||||||||||||||||||||||||||||||||||
Depreciation & amortization | 3.2 | % | 3.4 | % | 3.3 | % | 3.5 | % | 3.4 | % | 3.6 | % | 3.6 | % | 3.3 | % | 3.4 | % | 3.5 | % | ||||||||||||||||||||||||||||||||||||||||
Preopening expenses | 1.5 | % | 1.4 | % | 0.9 | % | 0.8 | % | 1.9 | % | 1.3 | % | 1.9 | % | 1.1 | % | 1.5 | % | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||
Partner investment expense | 0.6 | % | 1.2 | % | 0.7 | % | 0.5 | % | 1.2 | % | 0.9 | % | 0.6 | % | 0.8 | % | 0.8 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||
Other income | 0.0 | % | -0.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | -0.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||
Minority interest | 1.5 | % | 1.3 | % | 1.5 | % | 1.4 | % | 1.4 | % | 1.4 | % | 1.3 | % | 1.4 | % | 1.4 | % | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||
Income (loss) before tax provision and special charges | 7.3 | % | 6.0 | % | 7.3 | % | 7.1 | % | 5.9 | % | 6.1 | % | 6.8 | % | 7.8 | % | 6.8 | % | 6.8 | % | ||||||||||||||||||||||||||||||||||||||||
Tax provision (before special charges) | 33.5 | % | 31.5 | % | 33.5 | % | 31.5 | % | 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 | % | 4.5 | % | 5.3 | % | 4.5 | % | 4.7 | % | ||||||||||||||||||||||||||||||||||||||||
Legal settlement (net of tax) | 0.0 | % | 0.3 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||
Prior year partner investment expense (net of tax) | 0.0 | % | 4.2 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) after special charges | 4.9 | % | -0.3 | % | 4.8 | % | 4.8 | % | 4.0 | % | 4.2 | % | 4.5 | % | 5.3 | % | 4.5 | % | 3.6 | % | ||||||||||||||||||||||||||||||||||||||||
Page 11 of 11