Exhibit 99.1
P.F. CHANG’S EARNS $0.34 PER SHARE
SCOTTSDALE, Arizona, July 27, 2005– P.F. Chang’s China Bistro, Inc. (NASDAQ:PFCB) today reported earnings of $9.3 million for the second quarter ended July 3, 2005 compared to $8.4 million for the second quarter of the prior year. Earnings per share for the second quarter increased to $0.34 from $0.32 in the second quarter of the prior year.
(000 except per share data) | 2Q05 | 1Q05 | 2Q04 | |||||||||
Revenues | $ | 198,056 | $ | 194,214 | $ | 169,602 | ||||||
Net Income | $ | 9,252 | $ | 10,826 | $ | 8,396 | ||||||
Diluted Earnings Per Share | $ | 0.34 | $ | 0.40 | $ | 0.32 | ||||||
Shares Used in diluted EPS calculation | 26,977 | 26,893 | 26,475 |
2005 Expectations
Currently, comparable store sales trends at the Bistro are running down approximately 3% versus an expectation of up 1.5%. Additionally, the Bistro has lowered its projection for new restaurant sales weeks by 24 weeks due to development delays. Lower comparable store sales trends combined with fewer new store sales weeks have resulted in a reduction of full year revenue estimates for the Bistro of approximately $6 million. Consequently, the company has lowered its earnings expectations for the year from $41 million ($1.52 per share) to approximately $39 million ($1.45 per share).
2006 Expectations
The company expects to increase revenues from fiscal 2005 by approximately 20% in fiscal 2006. This estimate is based on an increase in new restaurants (18 to 20 company-owned Bistros, 1 joint-ventured Bistro, 30 to 32 new Pei Wei Asian Diners and 1 new R&D restaurant) as well as comparable store sales growth assumptions of 1 to 2%. Earnings in fiscal 2006 (before any impact from stock option expensing) should grow commensurate with revenues.
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The company is hosting a conference call today at 1:00 pm ET in which management will provide further details on the second quarter results as well as its expectations for the balance of the year. A webcast of the call can be accessed through the company’s website athttp://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; changes to existing accounting rules or differing interpretations to our current accounting practices 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: | Bert Vivian | bertv@pfchangs.com |
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P.F. Chang’s China Bistro, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended | 13 Weeks Ended | 13 Weeks Ended | ||||||||||
Jul 3 | Apr 3 | Jun 27 | ||||||||||
2005 | 2005 | 2004 | ||||||||||
(Restated) | ||||||||||||
Revenues | $ | 198,056 | $ | 194,214 | $ | 169,602 | ||||||
Cost of sales | 54,493 | 53,982 | 47,866 | |||||||||
Labor | 64,636 | 63,404 | 56,485 | |||||||||
Partner bonus expense, imputed | 470 | 466 | 409 | |||||||||
Operating | 29,634 | 28,364 | 23,711 | |||||||||
Occupancy | 10,767 | 10,274 | 8,998 | |||||||||
Restaurant operating profit | 38,056 | 37,724 | 32,133 | |||||||||
General & administrative | 10,025 | 10,126 | 8,294 | |||||||||
Depreciation & amortization | 8,519 | 8,134 | 6,986 | |||||||||
Preopening expenses | 2,496 | 1,334 | 1,366 | |||||||||
Partner investment expense | 1,581 | 273 | 910 | |||||||||
Income from operations | 15,435 | 17,857 | 14,577 | |||||||||
Interest income, net and other income | 447 | 458 | 56 | |||||||||
Minority interest | (2,176 | ) | (2,276 | ) | (2,393 | ) | ||||||
Income before provision for income taxes | 13,706 | 16,039 | 12,240 | |||||||||
Provision for income taxes | (4,454 | ) | (5,213 | ) | (3,844 | ) | ||||||
Net income | $ | 9,252 | $ | 10,826 | $ | 8,396 | ||||||
Basic net income per share | $ | 0.35 | $ | 0.41 | $ | 0.33 | ||||||
Diluted net income per share | $ | 0.34 | $ | 0.40 | $ | 0.32 | ||||||
Shares used in calculation of basic EPS | 26,221 | 26,117 | 25,605 | |||||||||
Shares used in calculation of diluted EPS | 26,977 | 26,893 | 26,475 |
Percentage of Revenues | ||||||||||||
Jul 3 | Apr 3 | Jun 27 | ||||||||||
2005 | 2005 | 2004 | ||||||||||
(Restated) | ||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 27.5 | % | 27.8 | % | 28.2 | % | ||||||
Labor | 32.6 | % | 32.6 | % | 33.3 | % | ||||||
Partner bonus expense, imputed | 0.2 | % | 0.2 | % | 0.2 | % | ||||||
Operating | 15.0 | % | 14.6 | % | 14.0 | % | ||||||
Occupancy | 5.4 | % | 5.3 | % | 5.3 | % | ||||||
Restaurant operating profit | 19.2 | % | 19.4 | % | 18.9 | % | ||||||
General & administrative | 5.1 | % | 5.2 | % | 4.9 | % | ||||||
Depreciation & amortization | 4.3 | % | 4.2 | % | 4.1 | % | ||||||
Preopening expenses | 1.3 | % | 0.7 | % | 0.8 | % | ||||||
Partner investment expense | 0.8 | % | 0.1 | % | 0.5 | % | ||||||
Income from operations | 7.8 | % | 9.2 | % | 8.6 | % | ||||||
Interest income, net and other income | 0.2 | % | 0.2 | % | 0.0 | % | ||||||
Minority interest | -1.1 | % | -1.2 | % | -1.4 | % | ||||||
Income before provision for income taxes | 6.9 | % | 8.3 | % | 7.2 | % | ||||||
Provision for income taxes | -2.2 | % | -2.7 | % | -2.3 | % | ||||||
Net income | 4.7 | % | 5.6 | % | 5.0 | % | ||||||
Certain percentage amounts do not sum to total due to rounding.
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P.F. Chang’s China Bistro, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
(In thousands, except per share amounts)
(Unaudited)
26 Weeks Ended | 26 Weeks Ended | |||||||
Jul 3 | Jun 27 | |||||||
2005 | 2004 | |||||||
(Restated) | ||||||||
Revenues | $ | 392,270 | $ | 333,658 | ||||
Cost of sales | 108,475 | 94,726 | ||||||
Labor | 128,040 | 111,117 | ||||||
Partner bonus expense, imputed | 936 | 787 | ||||||
Operating | 57,998 | 46,328 | ||||||
Occupancy | 21,041 | 17,505 | ||||||
Restaurant operating profit | 75,780 | 63,195 | ||||||
General & administrative | 20,151 | 17,003 | ||||||
Depreciation & amortization | 16,653 | 13,509 | ||||||
Preopening expenses | 3,830 | 3,721 | ||||||
Partner investment expense | 1,854 | 14,381 | ||||||
Income from operations | 33,292 | 14,581 | ||||||
Interest income and other income | 905 | 147 | ||||||
Minority interest | (4,452 | ) | (4,673 | ) | ||||
Income before provision for income taxes | 29,745 | 10,055 | ||||||
Provision for income taxes | (9,667 | ) | (2,337 | ) | ||||
Net income | $ | 20,078 | $ | 7,718 | ||||
Basic net income per share | $ | 0.77 | $ | 0.30 | ||||
Diluted net income per share | $ | 0.75 | $ | 0.29 | ||||
Shares used in calculation of basic EPS | 26,169 | 25,582 | ||||||
Shares used in calculation of diluted EPS | 26,935 | 26,462 |
Percentage of Revenues | ||||||||
Jul 3 | Jun 27 | |||||||
2005 | 2004 | |||||||
Revenues | 100.0 | % | 100.0 | % | ||||
Cost of sales | 27.7 | % | 28.4 | % | ||||
Labor | 32.6 | % | 33.3 | % | ||||
Partner bonus expense, imputed | 0.2 | % | 0.2 | % | ||||
Operating | 14.8 | % | 13.9 | % | ||||
Occupancy | 5.4 | % | 5.2 | % | ||||
Restaurant operating profit | 19.3 | % | 18.9 | % | ||||
General & administrative | 5.1 | % | 5.1 | % | ||||
Depreciation & amortization | 4.2 | % | 4.0 | % | ||||
Preopening expenses | 1.0 | % | 1.1 | % | ||||
Partner investment expense | 0.5 | % | 4.3 | % | ||||
Income from operations | 8.5 | % | 4.4 | % | ||||
Interest income and other income | 0.2 | % | 0.0 | % | ||||
Minority interest | -1.1 | % | -1.4 | % | ||||
Income before provision for income taxes | 7.6 | % | 3.0 | % | ||||
Provision for income taxes | -2.5 | % | -0.7 | % | ||||
Net income | 5.1 | % | 2.3 | % | ||||
Certain percentage amounts do not sum to total due to rounding.
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P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information
(In thousands, except per share amounts)
(Unaudited)
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended Jul 3, 2005 | ||||||||||||||||
Shared | ||||||||||||||||
Total | Bistro | Pei Wei | Services | |||||||||||||
Revenues | $ | 198,056 | $ | 166,418 | $ | 31,638 | $ | — | ||||||||
Cost of sales | 54,493 | 45,726 | 8,767 | — | ||||||||||||
Labor | 64,636 | 54,066 | 10,570 | — | ||||||||||||
Partner bonus expense, imputed | 470 | 441 | 29 | — | ||||||||||||
Operating | 29,634 | 24,420 | 5,214 | — | ||||||||||||
Occupancy | 10,767 | 8,883 | 1,884 | — | ||||||||||||
Restaurant operating profit | 38,056 | 32,882 | 5,174 | — | ||||||||||||
General & administrative | 10,025 | 3,437 | 1,682 | 4,906 | ||||||||||||
Depreciation & amortization | 8,519 | 7,033 | 1,344 | 142 | ||||||||||||
Preopening expenses | 2,496 | 1,544 | 952 | — | ||||||||||||
Partner investment expense | 1,581 | 1,126 | 455 | — | ||||||||||||
Income from operations | 15,435 | 19,742 | 741 | (5,048 | ) | |||||||||||
Interest income, net and other income | 447 | 20 | 7 | 420 | ||||||||||||
Minority interest | (2,176 | ) | (1,881 | ) | (295 | ) | — | |||||||||
Income before provision for income taxes | 13,706 | 17,881 | 453 | (4,628 | ) | |||||||||||
Provision for income taxes | (4,454 | ) | ||||||||||||||
Net income | $ | 9,252 | ||||||||||||||
Basic net income per share | $ | 0.35 | ||||||||||||||
Diluted net income per share | $ | 0.34 | ||||||||||||||
Shares used in calculation of basic EPS | 26,221 | |||||||||||||||
Shares used in calculation of diluted EPS | 26,977 |
Percentage of Revenues | ||||||||||||
Total * | Bistro | Pei Wei | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 27.5 | % | 27.5 | % | 27.7 | % | ||||||
Labor | 32.6 | % | 32.5 | % | 33.4 | % | ||||||
Partner bonus expense, imputed | 0.2 | % | 0.3 | % | 0.1 | % | ||||||
Operating | 15.0 | % | 14.7 | % | 16.5 | % | ||||||
Occupancy | 5.4 | % | 5.3 | % | 6.0 | % | ||||||
Restaurant operating profit | 19.2 | % | 19.8 | % | 16.4 | % | ||||||
General & administrative | 5.1 | % | 2.1 | % | 5.3 | % | ||||||
Depreciation & amortization | 4.3 | % | 4.2 | % | 4.2 | % | ||||||
Preopening expenses | 1.3 | % | 0.9 | % | 3.0 | % | ||||||
Partner investment expense | 0.8 | % | 0.7 | % | 1.4 | % | ||||||
Income from operations | 7.8 | % | 11.9 | % | 2.3 | % | ||||||
Interest income, net and other income | 0.2 | % | 0.0 | % | 0.0 | % | ||||||
Minority interest | -1.1 | % | -1.1 | % | -0.9 | % | ||||||
Income before provision for income taxes | 6.9 | % | 10.7 | % | 1.4 | % | ||||||
Provision for income taxes | -2.2 | % | ||||||||||
Net income | 4.7 | % | ||||||||||
Certain percentage amounts do not sum to total due to rounding.
* Includes Shared Services. Beginning in fiscal year 2005, the Company began classifying certain general and administrative expenses which benefit both the Bistro and Pei Wei within Shared Services.
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P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information
(In thousands, except per share amounts)
(Unaudited)
(In thousands, except per share amounts)
(Unaudited)
26 Weeks Ended Jul 3, 2005 | ||||||||||||||||
Shared | ||||||||||||||||
Total | Bistro | Pei Wei | Services | |||||||||||||
Revenues | $ | 392,270 | $ | 329,997 | $ | 62,273 | $ | — | ||||||||
Cost of sales | 108,475 | 91,043 | 17,432 | — | ||||||||||||
Labor | 128,040 | 107,505 | 20,535 | — | ||||||||||||
Partner bonus expense, imputed | 936 | 872 | 64 | — | ||||||||||||
Operating | 57,998 | 48,131 | 9,867 | — | ||||||||||||
Occupancy | 21,041 | 17,348 | 3,693 | — | ||||||||||||
Restaurant operating profit | 75,780 | 65,098 | 10,682 | — | ||||||||||||
General & administrative | 20,151 | 7,142 | 3,208 | 9,801 | ||||||||||||
Depreciation & amortization | 16,653 | 13,712 | 2,650 | 291 | ||||||||||||
Preopening expenses | 3,830 | 2,509 | 1,321 | — | ||||||||||||
Partner investment expense | 1,854 | 1,334 | 520 | — | ||||||||||||
Income from operations | 33,292 | 40,401 | 2,983 | (10,092 | ) | |||||||||||
Interest income, net and other income | 905 | 135 | 7 | 763 | ||||||||||||
Minority interest | (4,452 | ) | (3,816 | ) | (636 | ) | — | |||||||||
Income before provision for income taxes | 29,745 | 36,720 | 2,354 | (9,329 | ) | |||||||||||
Provision for income taxes | (9,667 | ) | ||||||||||||||
Net income | $ | 20,078 | ||||||||||||||
Basic net income per share | $ | 0.77 | ||||||||||||||
Diluted net income per share | $ | 0.75 | ||||||||||||||
Shares used in calculation of basic EPS | 26,169 | |||||||||||||||
Shares used in calculation of diluted EPS | 26,935 |
Percentage of Revenues | ||||||||||||
Total * | Bistro | Pei Wei | ||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 27.7 | % | 27.6 | % | 28.0 | % | ||||||
Labor | 32.6 | % | 32.6 | % | 33.0 | % | ||||||
Partner bonus expense, imputed | 0.2 | % | 0.3 | % | 0.1 | % | ||||||
Operating | 14.8 | % | 14.6 | % | 15.8 | % | ||||||
Occupancy | 5.4 | % | 5.3 | % | 5.9 | % | ||||||
Restaurant operating profit | 19.3 | % | 19.7 | % | 17.2 | % | ||||||
General & administrative | 5.1 | % | 2.2 | % | 5.2 | % | ||||||
Depreciation & amortization | 4.2 | % | 4.2 | % | 4.3 | % | ||||||
Preopening expenses | 1.0 | % | 0.8 | % | 2.1 | % | ||||||
Partner investment expense | 0.5 | % | 0.4 | % | 0.8 | % | ||||||
Income from operations | 8.5 | % | 12.2 | % | 4.8 | % | ||||||
Interest income, net and other income | 0.2 | % | 0.0 | % | 0.0 | % | ||||||
Minority interest | -1.1 | % | -1.2 | % | -1.0 | % | ||||||
Income before provision for income taxes | 7.6 | % | 11.1 | % | 3.8 | % | ||||||
Provision for income taxes | -2.5 | % | ||||||||||
Net income | 5.1 | % | ||||||||||
Certain percentage amounts do not sum to total due to rounding.
* Includes Shared Services. Beginning in fiscal year 2005, the Company began classifying certain general and administrative expenses which benefit both the Bistro and Pei Wei within Shared Services.
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P.F. Chang’s China Bistro, Inc.
Development Schedule
P. F. Chang’s China Bistro | ||||||||||||||||
1Q05 | 2Q05 | 3Q05 | 4Q05 | |||||||||||||
Units opened | 2 | 5 | ||||||||||||||
Units under construction | 5 | 6 | ||||||||||||||
Units in development | ||||||||||||||||
Units closed | (1 | ) | ||||||||||||||
Total new unit development | 1 | 5 | 5 | 6 | ||||||||||||
Existing units | 115 | 116 | 121 | 126 | ||||||||||||
Total units | 116 | 121 | 126 | 132 | ||||||||||||
Pei Wei Asian Diner | ||||||||||||||||
1Q05 | 2Q05 | 3Q05 | 4Q05 | |||||||||||||
Units opened | 1 | 7 | 3 | |||||||||||||
Units under construction | 5 | 5 | ||||||||||||||
Units in development | 3 | |||||||||||||||
Total new unit development | 1 | 7 | 8 | 8 | ||||||||||||
Existing units | 53 | 54 | 61 | 69 | ||||||||||||
Total units | 54 | 61 | 69 | 77 | ||||||||||||
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P.F. Chang’s China Bistro, Inc.
2005 Forecast
1Q05A | 2Q05A | 3Q05E | 4Q05E | 2005E | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shared | Shared | Shared | Shared | Shared | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bistro | Pei Wei | Svcs | Total | Bistro | Pei Wei | Svcs | Total | Bistro | Pei Wei | Svcs | Total | Bistro | Pei Wei | Svcs | Total | Bistro | Pei Wei | Svcs | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Store weeks | 1,492 | 698 | 2,190 | 1,531 | 746 | 2,277 | 1,598 | 848 | 2,446 | 1,668 | 961 | 2,629 | 6,289 | 3,253 | 9,542 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average weekly sales (000) | 109.6 | 43.9 | 88.7 | 108.7 | 42.4 | 87.0 | 106.4 | 40.9 | 83.7 | 107.6 | 40.9 | 83.2 | 108.0 | 41.9 | 85.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues (millions) | 163.6 | 30.6 | — | 194.2 | 166.4 | 31.6 | — | 198.1 | 170.0 | 34.7 | — | 204.7 | 179.5 | 39.3 | — | 218.8 | 679.5 | 136.2 | — | 815.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restaurant operating profit | 32.2 | 5.5 | — | 37.7 | 32.9 | 5.2 | — | 38.1 | 33.2 | 5.4 | — | 38.6 | 35.4 | 6.2 | — | 41.5 | 133.6 | 22.3 | — | 155.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General & administrative | 3.7 | 1.5 | 4.9 | 10.1 | 3.4 | 1.7 | 4.9 | 10.0 | 3.4 | 2.0 | 5.0 | 10.4 | 3.5 | 2.1 | 5.1 | 10.7 | 14.0 | 7.2 | 19.9 | 41.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation & amortization | 6.7 | 1.3 | 0.1 | 8.1 | 7.0 | 1.3 | 0.1 | 8.5 | 7.2 | 1.6 | 0.2 | 8.9 | 7.4 | 1.8 | 0.2 | 9.3 | 28.3 | 6.0 | 0.6 | 34.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preopening expenses | 1.0 | 0.4 | 1.3 | 1.5 | 1.0 | 2.5 | 1.9 | 0.8 | 2.7 | 1.7 | 0.7 | 2.4 | 6.1 | 2.8 | — | 8.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partner investment expense | 0.2 | 0.1 | 0.3 | 1.1 | 0.5 | 1.6 | 1.2 | 0.5 | 1.7 | 1.4 | 0.5 | 1.9 | 3.9 | 1.6 | — | 5.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | (0.1 | ) | — | (0.3 | ) | (0.5 | ) | 0.0 | 0.0 | (0.4 | ) | (0.4 | ) | — | — | (0.4 | ) | (0.4 | ) | — | — | (0.5 | ) | (0.5 | ) | (0.1 | ) | 0.0 | (1.7 | ) | (1.8 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Minority interest | 1.9 | 0.3 | 2.3 | 1.9 | 0.3 | 2.2 | 1.9 | 0.3 | 2.2 | 2.0 | 0.4 | 2.4 | 7.7 | 1.4 | — | 9.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before tax provision | 18.8 | 1.9 | (4.7 | ) | 16.0 | 17.8 | 0.4 | (4.6 | ) | 13.7 | 17.6 | 0.2 | (4.8 | ) | 13.0 | 19.3 | 0.7 | (4.7 | ) | 15.4 | 73.6 | 3.3 | (18.8 | ) | 58.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax provision | 6.1 | 0.6 | (1.5 | ) | 5.2 | 5.8 | 0.1 | (1.5 | ) | 4.4 | 5.7 | 0.1 | (1.5 | ) | 4.2 | 6.3 | 0.2 | (1.5 | ) | 5.0 | 23.9 | 1.1 | (6.1 | ) | 18.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 12.7 | 1.3 | (3.2 | ) | 10.8 | 12.0 | 0.3 | (3.1 | ) | 9.2 | 11.9 | 0.1 | (3.2 | ) | 8.8 | 13.1 | 0.5 | (3.2 | ) | 10.4 | 49.7 | 2.2 | (12.7 | ) | 39.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
FD shares | 26.9 | 26.9 | 26.9 | 26.9 | 27.0 | 27.0 | 27.0 | 27.0 | 27.1 | 27.1 | 27.1 | 27.1 | 27.2 | 27.2 | 27.2 | 27.2 | 27.0 | 27.0 | 27.0 | 27.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EPS | $ | 0.47 | $ | 0.05 | $ | (0.12 | ) | $ | 0.40 | $ | 0.45 | $ | 0.01 | $ | (0.12 | ) | $ | 0.34 | $ | 0.44 | $ | 0.01 | $ | (0.12 | ) | $ | 0.32 | $ | 0.48 | $ | 0.02 | $ | (0.12 | ) | $ | 0.38 | $ | 1.84 | $ | 0.08 | $ | (0.47 | ) | $ | 1.45 | |||||||||||||||||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Restaurant operating profit | 19.7 | % | 18.0 | % | 19.4 | % | 19.8 | % | 16.4 | % | 19.2 | % | 19.5 | % | 15.6 | % | 18.8 | % | 19.7 | % | 15.7 | % | 19.0 | % | 19.7 | % | 16.3 | % | 19.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
General & administrative | 2.3 | % | 5.0 | % | 5.2 | % | 2.1 | % | 5.3 | % | 5.1 | % | 2.0 | % | 5.6 | % | 5.1 | % | 1.9 | % | 5.3 | % | 4.9 | % | 2.1 | % | 5.3 | % | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation & amortization | 4.1 | % | 4.3 | % | 4.2 | % | 4.2 | % | 4.2 | % | 4.3 | % | 4.2 | % | 4.6 | % | 4.4 | % | 4.1 | % | 4.5 | % | 4.3 | % | 4.2 | % | 4.4 | % | 4.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preopening expenses | 0.6 | % | 1.2 | % | 0.7 | % | 0.9 | % | 3.0 | % | 1.3 | % | 1.1 | % | 2.3 | % | 1.3 | % | 0.9 | % | 1.8 | % | 1.1 | % | 0.9 | % | 2.1 | % | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Partner investment expense | 0.1 | % | 0.2 | % | 0.1 | % | 0.7 | % | 1.4 | % | 0.8 | % | 0.7 | % | 1.5 | % | 0.8 | % | 0.8 | % | 1.3 | % | 0.9 | % | 0.6 | % | 1.1 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | -0.1 | % | 0.0 | % | -0.2 | % | 0.0 | % | 0.0 | % | -0.2 | % | 0.0 | % | 0.0 | % | -0.2 | % | 0.0 | % | 0.0 | % | -0.2 | % | 0.0 | % | 0.0 | % | -0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Minority interest | 1.2 | % | 1.1 | % | 1.2 | % | 1.1 | % | 0.9 | % | 1.1 | % | 1.1 | % | 1.0 | % | 1.1 | % | 1.1 | % | 1.0 | % | 1.1 | % | 1.1 | % | 1.0 | % | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income before tax provision | 11.5 | % | 6.2 | % | 8.3 | % | 10.7 | % | 1.4 | % | 6.9 | % | 10.4 | % | 0.6 | % | 6.4 | % | 10.8 | % | 1.9 | % | 7.0 | % | 10.8 | % | 2.4 | % | 7.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tax provision | 32.5 | % | 32.5 | % | 32.5 | % | 32.5 | % | 32.5 | % | 32.5 | % | 32.5 | % | 32.5 | % | 32.5 | % | 32.5 | % | 32.5 | % | 32.5 | % | 32.5 | % | 32.5 | % | 32.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 7.8 | % | 4.2 | % | 5.6 | % | 7.2 | % | 0.9 | % | 4.7 | % | 7.0 | % | 0.4 | % | 4.3 | % | 7.3 | % | 1.3 | % | 4.7 | % | 7.3 | % | 1.6 | % | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Page 8 of 9
P.F. Chang’s China Bistro, Inc.
2005 Forecast vs 2004 Actual
1Q04 | 1Q05A | Change | 2Q04 | 2Q05A | Change | 3Q04 | 3Q05E | Change | 4Q04 | 4Q05E | Change | 2004 | 2005E | Change | ||||||||||||||||||||||||||||||||||||||||||||||
Store weeks | 1,761 | 2,190 | 24.4 | % | 1,896 | 2,277 | 20.1 | % | 1,979 | 2,446 | 23.6 | % | 2,295 | 2,629 | 14.6 | % | 7,931 | 9,542 | 20.3 | % | ||||||||||||||||||||||||||||||||||||||||
Average weekly sales (000) | 93.2 | 88.7 | -4.8 | % | 89.5 | 87.0 | -2.8 | % | 87.9 | 83.7 | -4.8 | % | 86.8 | 83.2 | -4.2 | % | 89.1 | 85.5 | -4.1 | % | ||||||||||||||||||||||||||||||||||||||||
Revenues (millions) | 164.1 | 194.2 | 18.4 | % | 169.6 | 198.1 | 16.8 | % | 174.0 | 204.7 | 17.6 | % | 199.3 | 218.8 | 9.8 | % | 707.0 | 815.7 | 15.4 | % | ||||||||||||||||||||||||||||||||||||||||
Restaurant operating profit | 31.1 | 37.7 | 32.1 | 38.1 | 34.3 | 38.6 | 38.2 | 41.5 | 135.7 | 155.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
General & administrative | 7.9 | 10.1 | 8.3 | 10.0 | 8.9 | 10.4 | 8.7 | 10.7 | 33.8 | 41.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation & amortization | 6.5 | 8.1 | 7.0 | 8.5 | 7.3 | 8.9 | 8.4 | 9.3 | 29.2 | 34.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preopening expenses | 2.4 | 1.3 | 1.4 | 2.5 | 2.0 | 2.7 | 2.2 | 2.4 | 8.0 | 8.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Partner investment expense | 2.0 | 0.3 | 0.9 | 1.6 | 1.7 | 1.7 | 1.6 | 1.9 | 6.2 | 5.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other income | (0.1 | ) | (0.5 | ) | (0.1 | ) | (0.4 | ) | (0.1 | ) | (0.4 | ) | (0.3 | ) | (0.5 | ) | (0.6 | ) | (1.8 | ) | ||||||||||||||||||||||||||||||||||||||||
Minority interest | 2.3 | 2.3 | 2.4 | 2.2 | 2.6 | 2.2 | 2.8 | 2.4 | 10.1 | 9.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income before tax provision | 10.1 | 16.0 | 12.2 | 13.7 | 11.9 | 13.0 | 14.8 | 15.4 | 49.0 | 58.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tax provision | 3.1 | 5.2 | 3.8 | 4.4 | 3.7 | 4.2 | 4.6 | 5.0 | 15.2 | 18.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 7.0 | 10.8 | 54.7 | % | 8.4 | 9.2 | 9.2 | % | 8.2 | 8.8 | 7.7 | % | 10.2 | 10.4 | 1.9 | % | 33.8 | 39.2 | 16.0 | % | ||||||||||||||||||||||||||||||||||||||||
FD shares | 26.4 | 26.9 | 26.5 | 27.0 | 26.6 | 27.1 | 26.8 | 27.2 | 26.6 | 27.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
EPS | $ | 0.27 | $ | 0.40 | 51.8 | % | $ | 0.32 | $ | 0.34 | 7.3 | % | $ | 0.31 | $ | 0.32 | 5.7 | % | $ | 0.38 | $ | 0.38 | 0.3 | % | $ | 1.27 | $ | 1.45 | 14.0 | % | ||||||||||||||||||||||||||||||
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 | (0.7 | ) | — | — | — | — | — | — | — | 26.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
EPS (after special charges) | $ | (0.03 | ) | $ | 0.40 | $ | 0.32 | $ | 0.34 | $ | 0.31 | $ | 0.32 | $ | 0.38 | $ | 0.38 | $ | 0.98 | $ | 1.45 | |||||||||||||||||||||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||
Restaurant operating profit | 19.0 | % | 19.4 | % | 18.9 | % | 19.2 | % | 19.7 | % | 18.8 | % | 19.2 | % | 19.0 | % | 19.2 | % | 19.1 | % | ||||||||||||||||||||||||||||||||||||||||
General & administrative | 4.8 | % | 5.2 | % | 4.9 | % | 5.1 | % | 5.1 | % | 5.1 | % | 4.4 | % | 4.9 | % | 4.8 | % | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||
Depreciation & amortization | 4.0 | % | 4.2 | % | 4.1 | % | 4.3 | % | 4.2 | % | 4.4 | % | 4.2 | % | 4.3 | % | 4.1 | % | 4.3 | % | ||||||||||||||||||||||||||||||||||||||||
Preopening expenses | 1.5 | % | 0.7 | % | 0.8 | % | 1.3 | % | 1.1 | % | 1.3 | % | 1.1 | % | 1.1 | % | 1.1 | % | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||
Partner investment expense | 1.2 | % | 0.1 | % | 0.5 | % | 0.8 | % | 1.0 | % | 0.8 | % | 0.8 | % | 0.9 | % | 0.9 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||
Other income | -0.1 | % | -0.2 | % | -0.1 | % | -0.2 | % | -0.1 | % | -0.2 | % | -0.2 | % | -0.2 | % | -0.1 | % | -0.2 | % | ||||||||||||||||||||||||||||||||||||||||
Minority interest | 1.4 | % | 1.2 | % | 1.4 | % | 1.1 | % | 1.5 | % | 1.1 | % | 1.4 | % | 1.1 | % | 1.4 | % | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||
Income before tax provision and special charges | 6.2 | % | 8.3 | % | 7.2 | % | 6.9 | % | 6.8 | % | 6.4 | % | 7.4 | % | 7.0 | % | 6.9 | % | 7.1 | % | ||||||||||||||||||||||||||||||||||||||||
Tax provision before special charges | 31.5 | % | 32.5 | % | 31.5 | % | 32.5 | % | 31.5 | % | 32.5 | % | 31.5 | % | 32.5 | % | 31.5 | % | 32.5 | % | ||||||||||||||||||||||||||||||||||||||||
Net income before special charges | 4.3 | % | 5.6 | % | 5.0 | % | 4.7 | % | 4.7 | % | 4.3 | % | 5.1 | % | 4.7 | % | 4.8 | % | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||
Page 9 of 9