Exhibit 99.1
P.F. CHANG’S CHINA BISTRO, INC.
P.F. CHANG’S REPORTS FINAL FOURTH QUARTER EARNINGS
SCOTTSDALE, ARIZONA, (February 13, 2008)— P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today reported final consolidated income from continuing operations of $9.3 million for the fourth quarter ended December 30, 2007 compared to $9.0 million for the fourth quarter of the prior year. Net income for the fourth quarter of fiscal 2007 totaled $7.0 million compared to $8.8 million for the fourth quarter of the prior year. Net income for both years includes a loss from discontinued operations related to the Company’s previously announced decision to exit operation of its Taneko business, including a $3.1 million pretax asset impairment charge recognized during the fourth quarter of fiscal 2007.
Income from continuing operations per diluted share for the fourth quarter of fiscal 2007 was $0.37 compared to $0.35 for the fourth quarter of the prior year. Net income per diluted share was $0.28 compared to $0.34 in the prior year. The primary driver of the decline in net income per diluted share was the $0.08 asset impairment charge impact noted above.
(000 except per share data) | ||||||||
4Q07 | 4Q06 | |||||||
Revenues | $ | 291,933 | $ | 251,246 | ||||
Income from continuing operations | $ | 9,252 | $ | 9,036 | ||||
Net income | $ | 7,046 | $ | 8,765 | ||||
Income from continuing operations per diluted share | $ | 0.37 | $ | 0.35 | ||||
Net income per diluted share | $ | 0.28 | $ | 0.34 | ||||
Weighted average shares — diluted | 25,257 | 25,893 |
Final fourth quarter consolidated results were higher than the Company’s updated earnings guidance provided on January 11, 2008 primarily due to a lower than anticipated effective tax rate. Additionally, revenues reflected above for the fourth quarter of both fiscal 2007 and 2006 have been updated compared to amounts previously reported to reflect Taneko as a discontinued operation.
2008 Expectations
The Company expects to open 17 new Bistro restaurants and 25 new Pei Wei restaurants during fiscal 2008. Consolidated revenues are expected to increase 13 to 14 percent and income from continuing operations per share is expected to range from $1.32 to $1.38 for fiscal 2008.
Additionally, beginning in 2008, the Company will no longer pre-release quarterly revenue results; however, revenue detail will be included in quarterly earnings releases. The Company will continue to provide detailed historical results in each earnings release, as well as any updates to earnings guidance, but will no longer provide a detailed forecast.
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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. A webcast of the call can be accessed through the company’s website at http://www.pfcb.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 with respect to non-GAAP financial measures contained within Supplemental Financial Information
In addition to using GAAP results in evaluating the Company’s business, management measures restaurant operating income to assess the performance of its existing restaurant concepts. Restaurant operating income includes all ongoing costs related to operating the Company’s restaurants but excludes preopening expenses and partner investment expense. Because these costs are solely related to expansion of the Company’s business, they make an accurate assessment of the health of its ongoing operations more difficult and are therefore excluded. Additionally, general and administrative expenses are excluded in the concept level presentation as these costs do not directly relate to restaurant operations. As the Company’s expansion is funded entirely from its ongoing restaurant operations, restaurant operating income is a primary consideration when determining whether and when to open additional restaurants. The non-GAAP financial information presented herein should be considered in addition to, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Please see the non-GAAP to GAAP reconciliation at the bottom of pages 5 through 7 of this press release for a reconciliation of restaurant operating income to the most directly comparable GAAP measure, income from operations.
Note with respect to forward looking statements
The statements contained in this press release that are not purely historical, including the Company’s estimates of its earnings, 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; customer acceptance of new concepts; 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.
Contact: P.F. Chang’s China Bistro, Inc. | (480) 888-3000 | |||||
Media: | Laura Cherry | laura.cherry@pfcb.com | ||||
Investor: | Mark Mumford | mark.mumford@pfcb.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 | ||||||||
December 30, | December 31, | |||||||
2007 | 2006 | |||||||
Revenues | $ | 291,933 | $ | 251,246 | ||||
Costs and expenses: | ||||||||
Cost of sales | 80,450 | 68,580 | ||||||
Labor | 97,100 | 81,248 | ||||||
Operating | 46,913 | 38,814 | ||||||
Occupancy | 16,727 | 13,819 | ||||||
General & administrative | 17,604 | 14,796 | ||||||
Depreciation & amortization | 16,005 | 12,289 | ||||||
Preopening expense | 4,209 | 4,357 | ||||||
Partner investment expense | (72 | ) | 1,759 | |||||
Total costs and expenses | 278,936 | 235,662 | ||||||
Income from operations | 12,997 | 15,584 | ||||||
Interest and other income (expense), net | (612 | ) | (89 | ) | ||||
Minority interest | (593 | ) | (2,113 | ) | ||||
Income before provision for income taxes | 11,792 | 13,382 | ||||||
Provision for income taxes | (2,540 | ) | (4,346 | ) | ||||
Income from continuing operations | 9,252 | 9,036 | ||||||
Loss from discontinued operations, net of tax | (2,206 | ) | (271 | ) | ||||
Net income | $ | 7,046 | $ | 8,765 | ||||
Basic net income per share: | ||||||||
Income from continuing operations | $ | 0.37 | $ | 0.36 | ||||
Loss from discontinued operations, net of tax | (0.09 | ) | (0.01 | ) | ||||
Net income | $ | 0.28 | $ | 0.35 | ||||
Diluted net income per share: | ||||||||
Income from continuing operations | $ | 0.37 | $ | 0.35 | ||||
Loss from discontinued operations, net of tax | (0.09 | ) | (0.01 | ) | ||||
Net income | $ | 0.28 | $ | 0.34 | ||||
Weighted average shares used in computation - basic | 24,923 | 25,269 | ||||||
Weighted average shares used in computation - diluted | 25,257 | 25,893 |
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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)
52 Weeks Ended | ||||||||
December 30, | December 31, | |||||||
2007 | 2006 | |||||||
Revenues | $ | 1,092,722 | $ | 936,864 | ||||
Costs and expenses: | ||||||||
Cost of sales | 299,713 | 256,259 | ||||||
Labor | 368,059 | 309,774 | ||||||
Operating | 173,993 | 146,247 | ||||||
Occupancy | 63,111 | 52,408 | ||||||
General & administrative | 66,968 | 56,030 | ||||||
Depreciation & amortization | 56,832 | 44,793 | ||||||
Preopening expense | 14,983 | 12,286 | ||||||
Partner investment expense | (2,012 | ) | 4,371 | |||||
Total costs and expenses | 1,041,647 | 882,168 | ||||||
Income from operations | 51,075 | 54,696 | ||||||
Interest and other income (expense), net | (100 | ) | 1,315 | |||||
Minority interest | (4,169 | ) | (8,116 | ) | ||||
Income before provision for income taxes | 46,806 | 47,895 | ||||||
Provision for income taxes | (11,563 | ) | (13,712 | ) | ||||
Income from continuing operations | 35,243 | 34,183 | ||||||
Loss from discontinued operations, net of tax | (3,180 | ) | (930 | ) | ||||
Net income | $ | 32,063 | $ | 33,253 | ||||
Basic net income per share: | ||||||||
Income from continuing operations | $ | 1.38 | $ | 1.31 | ||||
Loss from discontinued operations, net of tax | (0.12 | ) | (0.04 | ) | ||||
Net income | $ | 1.26 | $ | 1.28 | ||||
Diluted net income per share: | ||||||||
Income from continuing operations | $ | 1.36 | $ | 1.28 | ||||
Loss from discontinued operations, net of tax | (0.12 | ) | (0.03 | ) | ||||
Net income | $ | 1.24 | $ | 1.24 | ||||
Weighted average shares used in computation - basic | 25,473 | 26,075 | ||||||
Weighted average shares used in computation - diluted | 25,899 | 26,737 |
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P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information
2005 | 1Q06 | 2Q06 | 3Q06 | 4Q06 | 2006 | 1Q07 | 2Q07 | 3Q07 | 4Q07 | 2007 | ||||||||||||||||||||||||||||||||||
Units | 208 | 214 | 225 | 239 | 259 | 259 | 269 | 283 | 299 | 316 | 316 | |||||||||||||||||||||||||||||||||
Sales weeks | 9,497 | 2,751 | 2,840 | 3,003 | 3,254 | 11,848 | 3,425 | 3,588 | 3,776 | 4,060 | 14,849 | |||||||||||||||||||||||||||||||||
AWS | 85,201 | 83,102 | 79,571 | 76,931 | 77,211 | 79,074 | 76,988 | 74,365 | 71,579 | 71,905 | 73,589 | |||||||||||||||||||||||||||||||||
Revenues | 809,153 | 228,613 | 225,981 | 231,024 | 251,246 | 936,864 | 263,684 | 266,823 | 270,282 | 291,933 | 1,092,722 | |||||||||||||||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | 224,634 | 63,440 | 61,285 | 62,954 | 68,580 | 256,259 | 72,632 | 72,766 | 73,865 | 80,450 | 299,713 | |||||||||||||||||||||||||||||||||
Labor | 266,243 | 76,937 | 75,380 | 76,209 | 81,248 | 309,774 | 88,863 | 90,307 | 91,789 | 97,100 | 368,059 | |||||||||||||||||||||||||||||||||
Operating | 122,247 | 34,841 | 36,210 | 36,382 | 38,814 | 146,247 | 41,066 | 42,198 | 43,816 | 46,913 | 173,993 | |||||||||||||||||||||||||||||||||
Occupancy | 42,793 | 12,493 | 12,725 | 13,371 | 13,819 | 52,408 | 14,853 | 15,561 | 15,970 | 16,727 | 63,111 | |||||||||||||||||||||||||||||||||
Minority interest | 8,227 | 2,022 | 2,033 | 1,948 | 2,113 | 8,116 | 1,647 | 1,121 | 808 | 593 | 4,169 | |||||||||||||||||||||||||||||||||
Depreciation & amortization | 36,950 | 10,355 | 10,565 | 11,584 | 12,289 | 44,793 | 12,578 | 13,500 | 14,749 | 16,005 | 56,832 | |||||||||||||||||||||||||||||||||
Restaurant operating income | 108,059 | 28,525 | 27,783 | 28,576 | 34,383 | 119,267 | 32,045 | 31,370 | 29,285 | 34,145 | 126,845 | |||||||||||||||||||||||||||||||||
Development costs | ||||||||||||||||||||||||||||||||||||||||||||
Preopening expenses | 9,245 | 1,669 | 2,701 | 3,559 | 4,357 | 12,286 | 2,539 | 3,296 | 4,939 | 4,209 | 14,983 | |||||||||||||||||||||||||||||||||
Partner investment expense | 4,800 | 200 | 925 | 1,487 | 1,759 | 4,371 | (1,401 | ) | (468 | ) | (71 | ) | (72 | ) | (2,012 | ) | ||||||||||||||||||||||||||||
Other expenses | ||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 41,117 | 13,035 | 13,820 | 14,379 | 14,796 | 56,030 | 16,494 | 15,684 | 17,186 | 17,604 | 66,968 | |||||||||||||||||||||||||||||||||
Interest and other (income) expense, net | (1,841 | ) | (492 | ) | (568 | ) | (344 | ) | 89 | (1,315 | ) | (343 | ) | (179 | ) | 10 | 612 | 100 | ||||||||||||||||||||||||||
Provision for income taxes | 16,942 | 4,151 | 2,611 | 2,604 | 4,346 | 13,712 | 3,998 | 3,407 | 1,618 | 2,540 | 11,563 | |||||||||||||||||||||||||||||||||
Income from continuing operations | 37,796 | 9,962 | 8,294 | 6,891 | 9,036 | 34,183 | 10,758 | 9,630 | 5,603 | 9,252 | 35,243 | |||||||||||||||||||||||||||||||||
Loss from discontinued operations, net of tax | — | (149 | ) | (205 | ) | (305 | ) | (271 | ) | (930 | ) | (293 | ) | (353 | ) | (328 | ) | (2,206 | ) | (3,180 | ) | |||||||||||||||||||||||
Net income | 37,796 | 9,813 | 8,089 | 6,586 | 8,765 | 33,253 | 10,465 | 9,277 | 5,275 | 7,046 | 32,063 | |||||||||||||||||||||||||||||||||
Income from continuing operations per FDS | $ | 1.40 | $ | 0.37 | $ | 0.30 | $ | 0.26 | $ | 0.35 | $ | 1.28 | $ | 0.41 | $ | 0.37 | $ | 0.21 | $ | 0.37 | $ | 1.36 | ||||||||||||||||||||||
Fully diluted shares (FDS) | 27,000 | 27,239 | 27,258 | 26,558 | 25,893 | 26,737 | 26,046 | 26,129 | 26,105 | 25,257 | 25,899 | |||||||||||||||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||
Cost of sales | 27.8 | % | 27.7 | % | 27.1 | % | 27.2 | % | 27.3 | % | 27.4 | % | 27.5 | % | 27.3 | % | 27.3 | % | 27.6 | % | 27.4 | % | ||||||||||||||||||||||
Labor | 32.9 | % | 33.7 | % | 33.4 | % | 33.0 | % | 32.3 | % | 33.1 | % | 33.7 | % | 33.8 | % | 34.0 | % | 33.3 | % | 33.7 | % | ||||||||||||||||||||||
Operating | 15.1 | % | 15.2 | % | 16.0 | % | 15.7 | % | 15.4 | % | 15.6 | % | 15.6 | % | 15.8 | % | 16.2 | % | 16.1 | % | 15.9 | % | ||||||||||||||||||||||
Occupancy | 5.3 | % | 5.5 | % | 5.6 | % | 5.8 | % | 5.5 | % | 5.6 | % | 5.6 | % | 5.8 | % | 5.9 | % | 5.7 | % | 5.8 | % | ||||||||||||||||||||||
Minority interest | 1.0 | % | 0.9 | % | 0.9 | % | 0.8 | % | 0.8 | % | 0.9 | % | 0.6 | % | 0.4 | % | 0.3 | % | 0.2 | % | 0.4 | % | ||||||||||||||||||||||
Depreciation & amortization | 4.6 | % | 4.5 | % | 4.7 | % | 5.0 | % | 4.9 | % | 4.8 | % | 4.8 | % | 5.1 | % | 5.5 | % | 5.5 | % | 5.2 | % | ||||||||||||||||||||||
Restaurant operating income | 13.4 | % | 12.5 | % | 12.3 | % | 12.4 | % | 13.7 | % | 12.7 | % | 12.2 | % | 11.8 | % | 10.8 | % | 11.7 | % | 11.6 | % | ||||||||||||||||||||||
Preopening expenses | 1.1 | % | 0.7 | % | 1.2 | % | 1.5 | % | 1.7 | % | 1.3 | % | 1.0 | % | 1.2 | % | 1.8 | % | 1.4 | % | 1.4 | % | ||||||||||||||||||||||
Partner investment expense | 0.6 | % | 0.1 | % | 0.4 | % | 0.6 | % | 0.7 | % | 0.5 | % | (0.5 | %) | (0.2 | %) | (0.0 | %) | (0.0 | %) | (0.2 | %) | ||||||||||||||||||||||
General and administrative | 5.1 | % | 5.7 | % | 6.1 | % | 6.2 | % | 5.9 | % | 6.0 | % | 6.3 | % | 5.9 | % | 6.4 | % | 6.0 | % | 6.1 | % | ||||||||||||||||||||||
Interest and other (income) expense, net | -0.2 | % | -0.2 | % | -0.3 | % | -0.1 | % | 0.0 | % | (0.1 | %) | (0.1 | %) | (0.1 | %) | 0.0 | % | 0.2 | % | 0.0 | % | ||||||||||||||||||||||
Provision for income taxes | 2.1 | % | 1.8 | % | 1.2 | % | 1.1 | % | 1.7 | % | 1.5 | % | 1.5 | % | 1.3 | % | 0.6 | % | 0.9 | % | 1.1 | % | ||||||||||||||||||||||
Income from continuing operations | 4.7 | % | 4.4 | % | 3.7 | % | 3.0 | % | 3.6 | % | 3.6 | % | 4.1 | % | 3.6 | % | 2.1 | % | 3.2 | % | 3.2 | % | ||||||||||||||||||||||
Loss from discontinued operations, net of tax | 0.0 | % | (0.1 | %) | (0.1 | %) | (0.1 | %) | (0.1 | %) | (0.1 | %) | (0.1 | %) | (0.1 | %) | (0.1 | %) | (0.8 | %) | (0.3 | %) | ||||||||||||||||||||||
Net income | 4.7 | % | 4.3 | % | 3.6 | % | 2.9 | % | 3.5 | % | 3.5 | % | 4.0 | % | 3.5 | % | 2.0 | % | 2.4 | % | 2.9 | % | ||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | ||||||||||||||||||||||||||||||||||||||||||||
Restaurant operating income | 108,059 | 28,525 | 27,783 | 28,576 | 34,383 | 119,267 | 32,045 | 31,370 | 29,285 | 34,145 | 126,845 | |||||||||||||||||||||||||||||||||
Add: Minority interest | 8,227 | 2,022 | 2,033 | 1,948 | 2,113 | 8,116 | 1,647 | 1,121 | 808 | 593 | 4,169 | |||||||||||||||||||||||||||||||||
Less: General and administrative | (41,117 | ) | (13,035 | ) | (13,820 | ) | (14,379 | ) | (14,796 | ) | (56,030 | ) | (16,494 | ) | (15,684 | ) | (17,186 | ) | (17,604 | ) | (66,968 | ) | ||||||||||||||||||||||
Less: Preopening expenses | (9,245 | ) | (1,669 | ) | (2,701 | ) | (3,559 | ) | (4,357 | ) | (12,286 | ) | (2,539 | ) | (3,296 | ) | (4,939 | ) | (4,209 | ) | (14,983 | ) | ||||||||||||||||||||||
Less: Partner investment expense | (4,800 | ) | (200 | ) | (925 | ) | (1,487 | ) | (1,759 | ) | (4,371 | ) | 1,401 | 468 | 71 | 72 | 2,012 | |||||||||||||||||||||||||||
Income from operations | 61,124 | 15,643 | 12,370 | 11,099 | 15,584 | 54,696 | 16,060 | 13,979 | 8,039 | 12,997 | 51,075 | |||||||||||||||||||||||||||||||||
Note: Consolidated results include the impact of Shared Services and Other as well as the Bistro and Pei Wei concepts
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Concept: P.F. Chang’s China Bistro
Supplemental Financial Information
2005 | 1Q06 | 2Q06 | 3Q06 | 4Q06 | 2006 | 1Q07 | 2Q07 | 3Q07 | 4Q07 | 2007 | ||||||||||||||||||||||||||||||||||
Units | 131 | 133 | 137 | 142 | 152 | 152 | 153 | 157 | 162 | 172 | 172 | |||||||||||||||||||||||||||||||||
Sales weeks | 6,266 | 1,720 | 1,751 | 1,796 | 1,920 | 7,187 | 1,979 | 2,028 | 2,078 | 2,204 | 8,289 | |||||||||||||||||||||||||||||||||
AWS | 107,757 | 108,677 | 104,914 | 102,930 | 104,713 | 105,265 | 104,592 | 102,615 | 100,325 | 102,514 | 102,486 | |||||||||||||||||||||||||||||||||
Revenues | 675,204 | 186,924 | 183,705 | 184,914 | 201,091 | 756,634 | 207,028 | 208,174 | 208,544 | 225,997 | 849,743 | |||||||||||||||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | 187,073 | 51,771 | 49,810 | 50,131 | 54,855 | 206,567 | 56,781 | 56,696 | 56,943 | 62,158 | 232,578 | |||||||||||||||||||||||||||||||||
Labor | 221,126 | 62,652 | 60,753 | 59,959 | 63,733 | 247,097 | 69,312 | 69,827 | 69,946 | 73,834 | 282,919 | |||||||||||||||||||||||||||||||||
Operating | 100,199 | 27,897 | 28,653 | 28,306 | 30,609 | 115,465 | 31,684 | 32,194 | 32,981 | 35,004 | 131,863 | |||||||||||||||||||||||||||||||||
Occupancy | 34,700 | 9,859 | 9,928 | 10,307 | 10,589 | 40,683 | 11,217 | 11,598 | 11,739 | 12,505 | 47,059 | |||||||||||||||||||||||||||||||||
Minority interest | 7,118 | 1,733 | 1,753 | 1,717 | 1,790 | 6,993 | 1,333 | 837 | 599 | 582 | 3,351 | |||||||||||||||||||||||||||||||||
Depreciation & amortization | 30,093 | 8,096 | 8,220 | 8,831 | 9,304 | 34,451 | 9,483 | 10,054 | 10,861 | 11,896 | 42,294 | |||||||||||||||||||||||||||||||||
Restaurant operating income | 94,895 | 24,916 | 24,588 | 25,663 | 30,211 | 105,378 | 27,218 | 26,968 | 25,475 | 30,018 | 109,679 | |||||||||||||||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||
Cost of sales | 27.7 | % | 27.7 | % | 27.1 | % | 27.1 | % | 27.3 | % | 27.3 | % | 27.4 | % | 27.2 | % | 27.3 | % | 27.5 | % | 27.4 | % | ||||||||||||||||||||||
Labor | 32.7 | % | 33.5 | % | 33.1 | % | 32.4 | % | 31.7 | % | 32.7 | % | 33.5 | % | 33.5 | % | 33.5 | % | 32.7 | % | 33.3 | % | ||||||||||||||||||||||
Operating | 14.8 | % | 14.9 | % | 15.6 | % | 15.3 | % | 15.2 | % | 15.3 | % | 15.3 | % | 15.5 | % | 15.8 | % | 15.5 | % | 15.5 | % | ||||||||||||||||||||||
Occupancy | 5.1 | % | 5.3 | % | 5.4 | % | 5.6 | % | 5.3 | % | 5.4 | % | 5.4 | % | 5.6 | % | 5.6 | % | 5.5 | % | 5.5 | % | ||||||||||||||||||||||
Minority interest | 1.1 | % | 0.9 | % | 1.0 | % | 0.9 | % | 0.9 | % | 0.9 | % | 0.6 | % | 0.4 | % | 0.3 | % | 0.3 | % | 0.4 | % | ||||||||||||||||||||||
Depreciation & amortization | 4.5 | % | 4.3 | % | 4.5 | % | 4.8 | % | 4.6 | % | 4.6 | % | 4.6 | % | 4.8 | % | 5.2 | % | 5.3 | % | 5.0 | % | ||||||||||||||||||||||
Restaurant operating income | 14.1 | % | 13.3 | % | 13.4 | % | 13.9 | % | 15.0 | % | 13.9 | % | 13.1 | % | 13.0 | % | 12.2 | % | 13.3 | % | 12.9 | % | ||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | ||||||||||||||||||||||||||||||||||||||||||||
Restaurant operating income | 94,895 | 24,916 | 24,588 | 25,663 | 30,211 | 105,378 | 27,218 | 26,968 | 25,475 | 30,018 | 109,679 | |||||||||||||||||||||||||||||||||
Add: Minority interest | 7,118 | 1,733 | 1,753 | 1,717 | 1,790 | 6,993 | 1,333 | 837 | 599 | 582 | 3,351 | |||||||||||||||||||||||||||||||||
Less: General and administrative | (15,512 | ) | (5,117 | ) | (5,319 | ) | (4,773 | ) | (5,294 | ) | (20,503 | ) | (5,927 | ) | (5,907 | ) | (5,990 | ) | (5,944 | ) | (23,768 | ) | ||||||||||||||||||||||
Less: Preopening expenses | (6,028 | ) | (1,066 | ) | (1,575 | ) | (2,355 | ) | (3,008 | ) | (8,004 | ) | (1,256 | ) | (1,790 | ) | (2,974 | ) | (2,992 | ) | (9,012 | ) | ||||||||||||||||||||||
Less: Partner investment expense | (3,526 | ) | (426 | ) | (570 | ) | (956 | ) | (1,523 | ) | (3,475 | ) | 1,926 | 753 | 433 | 246 | 3,358 | |||||||||||||||||||||||||||
Income from operations | 76,947 | 20,040 | 18,877 | 19,296 | 22,176 | 80,389 | 23,294 | 20,861 | 17,543 | 21,910 | 83,608 | |||||||||||||||||||||||||||||||||
Page 6 of 7
Concept: Pei Wei Asian Diner
Supplemental Financial Information
2005 | 1Q06 | 2Q06 | 3Q06 | 4Q06 | 2006 | 1Q07 | 2Q07 | 3Q07 | 4Q07 | 2007 | ||||||||||||||||||||||||||||||||||
Units | 77 | 81 | 88 | 97 | 107 | 107 | 116 | 126 | 137 | 144 | 144 | |||||||||||||||||||||||||||||||||
Sales weeks | 3,231 | 1,031 | 1,089 | 1,207 | 1,334 | 4,661 | 1,446 | 1,560 | 1,698 | 1,856 | 6,560 | |||||||||||||||||||||||||||||||||
AWS | 41,457 | 40,435 | 38,822 | 38,201 | 37,598 | 38,668 | 39,177 | 37,592 | 36,359 | 35,523 | 37,037 | |||||||||||||||||||||||||||||||||
Revenues | 133,949 | 41,689 | 42,276 | 46,110 | 50,155 | 180,230 | 56,656 | 58,649 | 61,738 | 65,936 | 242,979 | |||||||||||||||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||||||||||||||||||
Cost of sales | 37,561 | 11,669 | 11,475 | 12,823 | 13,725 | 49,692 | 15,851 | 16,070 | 16,922 | 18,292 | 67,135 | |||||||||||||||||||||||||||||||||
Labor | 45,117 | 14,285 | 14,627 | 16,250 | 17,515 | 62,677 | 19,551 | 20,480 | 21,843 | 23,266 | 85,140 | |||||||||||||||||||||||||||||||||
Operating | 22,048 | 6,944 | 7,557 | 8,076 | 8,205 | 30,782 | 9,382 | 10,004 | 10,835 | 11,909 | 42,130 | |||||||||||||||||||||||||||||||||
Occupancy | 8,093 | 2,634 | 2,797 | 3,064 | 3,230 | 11,725 | 3,636 | 3,963 | 4,231 | 4,222 | 16,052 | |||||||||||||||||||||||||||||||||
Minority interest | 1,109 | 289 | 280 | 231 | 323 | 1,123 | 314 | 284 | 209 | 11 | 818 | |||||||||||||||||||||||||||||||||
Depreciation & amortization | 5,977 | 1,979 | 2,064 | 2,454 | 2,708 | 9,205 | 2,823 | 3,164 | 3,417 | 3,718 | 13,122 | |||||||||||||||||||||||||||||||||
Restaurant operating income | 14,044 | 3,889 | 3,476 | 3,212 | 4,449 | 15,026 | 5,099 | 4,684 | 4,281 | 4,518 | 18,582 | |||||||||||||||||||||||||||||||||
Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||
Cost of sales | 28.0 | % | 28.0 | % | 27.1 | % | 27.8 | % | 27.4 | % | 27.6 | % | 28.0 | % | 27.4 | % | 27.4 | % | 27.7 | % | 27.6 | % | ||||||||||||||||||||||
Labor | 33.7 | % | 34.3 | % | 34.6 | % | 35.2 | % | 34.9 | % | 34.8 | % | 34.5 | % | 34.9 | % | 35.4 | % | 35.3 | % | 35.0 | % | ||||||||||||||||||||||
Operating | 16.5 | % | 16.7 | % | 17.9 | % | 17.5 | % | 16.4 | % | 17.1 | % | 16.6 | % | 17.1 | % | 17.5 | % | 18.1 | % | 17.3 | % | ||||||||||||||||||||||
Occupancy | 6.0 | % | 6.3 | % | 6.6 | % | 6.6 | % | 6.4 | % | 6.5 | % | 6.4 | % | 6.8 | % | 6.9 | % | 6.4 | % | 6.6 | % | ||||||||||||||||||||||
Minority interest | 0.8 | % | 0.7 | % | 0.7 | % | 0.5 | % | 0.6 | % | 0.6 | % | 0.6 | % | 0.5 | % | 0.3 | % | 0.0 | % | 0.3 | % | ||||||||||||||||||||||
Depreciation & amortization | 4.5 | % | 4.7 | % | 4.9 | % | 5.3 | % | 5.4 | % | 5.1 | % | 5.0 | % | 5.4 | % | 5.5 | % | 5.6 | % | 5.4 | % | ||||||||||||||||||||||
Restaurant operating income | 10.5 | % | 9.3 | % | 8.2 | % | 7.0 | % | 8.9 | % | 8.3 | % | 9.0 | % | 8.0 | % | 6.9 | % | 6.9 | % | 7.6 | % | ||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | ||||||||||||||||||||||||||||||||||||||||||||
Restaurant operating income | 14,044 | 3,889 | 3,476 | 3,212 | 4,449 | 15,026 | 5,099 | 4,684 | 4,281 | 4,518 | 18,582 | |||||||||||||||||||||||||||||||||
Add: Minority interest | 1,109 | 289 | 280 | 231 | 323 | 1,123 | 314 | 284 | 209 | 11 | 818 | |||||||||||||||||||||||||||||||||
Less: General and administrative | (6,907 | ) | (2,299 | ) | (2,485 | ) | (2,276 | ) | (2,327 | ) | (9,387 | ) | (3,030 | ) | (2,878 | ) | (3,342 | ) | (3,049 | ) | (12,299 | ) | ||||||||||||||||||||||
Less: Preopening expenses | (3,217 | ) | (603 | ) | (1,126 | ) | (1,204 | ) | (1,350 | ) | (4,283 | ) | (1,283 | ) | (1,506 | ) | (1,965 | ) | (1,217 | ) | (5,971 | ) | ||||||||||||||||||||||
Less: Partner investment expense | (1,274 | ) | 226 | (355 | ) | (531 | ) | (236 | ) | (896 | ) | (525 | ) | (285 | ) | (362 | ) | (174 | ) | (1,346 | ) | |||||||||||||||||||||||
Income from operations | 3,755 | 1,502 | (210 | ) | (568 | ) | 859 | 1,583 | 575 | 299 | (1,179 | ) | 89 | (216 | ) | |||||||||||||||||||||||||||||
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