EX-99.1 2 p70093exv99w1.htm EX-99.1 exv99w1
 

EXHIBIT 99.1

(P.F. CHANG'S CHINA BISTRO LOGO)

P.F. CHANG’S FOURTH QUARTER REVENUES GROW 36%

SCOTTSDALE, ARIZONA (January 5, 2005) P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today that revenues increased 36% to $199.3 million for the fourth quarter ended January 2, 2005 from $146.1 million in the fourth quarter of 2003. The company had an additional week in fiscal 2004 (a 53-week year versus the typical 52-week year) which is reflected in the fourth-quarter revenues noted above. Sales at the company’s P.F. Chang’s China Bistro units accounted for $169.7 million of consolidated revenues while sales at the company’s Pei Wei Asian Diner units accounted for $29.6 million of consolidated revenues.

Comparable store sales at the Bistro increased 2.0% for the fourth quarter of 2004 as compared to the fourth quarter of 2003. The increase was the result of customer traffic growth as well as a price increase of approximately one percent. Comparable store sales for the months of October, November and December increased 2.8%, 1.7% and 1.2%, respectively.

During the fourth quarter of 2004, the company opened seven new Bistro units (Hillsboro, OR; West NY, NJ; Lynnwood, WA; Fort Worth, TX; Lakewood, CO; Atlantic City, NJ; and Oklahoma City, OK) and six new Pei Wei units (Webster, TX; San Antonio, TX; Oklahoma City, OK; Lakewood, CO; Austin, TX; and Houston, TX).

The company intends to release its fourth quarter earnings results on February 16, 2005 at approximately 7:00 am ET. A conference call will be held later that same day at 12:00 pm ET. A webcast of the conference call can be accessed at 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 combines 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 served in a relaxed, warm environment offering attentive counter service and take-out flexibility.

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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, 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.

             
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

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       18       115  
 
                                                                        

Sales (000)
 
                                                                        
1Q04
     21,212       15,241       18,758       23,801       19,194       17,970       24,724       3,901       144,799  
2Q04
     20,898       14,962       18,803       23,680       18,573       17,340       24,114       8,842       147,211  
3Q04
     20,591       15,185       19,036       23,974       18,258       17,293       24,285       11,142       149,764  
4Q04
     22,459       16,296       20,536       25,749       19,912       18,908       25,640       20,196       169,695  
2004
     85,159       61,683       77,133       97,203       75,936       71,511       98,762       44,082       611,469  
 
                                                                        

Average Weekly Sales (AWS)
 
                                                                        
1Q04
     125,514       117,235       110,996       114,427       113,573       98,734       105,656       95,145       111,213  
2Q04
     123,655       115,091       111,261       113,844       109,898       95,276       103,049       93,074       108,562  
3Q04
     121,838       116,805       112,637       115,260       108,037       95,018       103,781       92,086       108,367  
4Q04
     123,402       116,398       112,832       114,949       109,404       96,469       101,747       93,937       107,880  
2004
     123,598       116,382       111,949       114,626       110,212       96,376       103,524       93,394       108,938  
 
                                                                        

Year-Over-Year Change in AWS(3)
 
                                                                        
1Q04
     2.7 %     0.4 %     3.7 %     6.1 %     5.7 %     3.9 %     -21.7 %     —       1.4 %
2Q04
     1.3 %     -0.1 %     2.6 %     3.3 %     3.6 %     4.5 %     -14.0 %     —       -0.5 %
3Q04
     1.2 %     2.2 %     5.2 %     4.2 %     4.4 %     6.5 %     -5.9 %     —       0.9 %
4Q04
     2.1 %     0.1 %     4.3 %     2.3 %     0.9 %     3.2 %     -5.9 %     —       -1.4 %
2004
     1.8 %     0.7 %     3.9 %     4.0 %     3.7 %     4.5 %     -7.9 %     —       -2.0 %
 
                                                                        

Year-Over-Year Change Comp Store Sales(2)(3)
 
                                                                        
Units
     13       10       13       16       13       14       7       —       86  
1Q04
     2.7 %     0.4 %     3.7 %     6.1 %     5.7 %     6.7 %     —       —       4.2 %
2Q04
     1.3 %     -0.1 %     2.6 %     3.3 %     3.6 %     5.0 %     -13.0 %     —       2.5 %
3Q04
     1.2 %     2.2 %     5.2 %     4.2 %     4.4 %     6.5 %     -1.7 %     —       3.6 %
4Q04
     2.1 %     0.1 %     4.3 %     2.3 %     0.9 %     3.2 %     -1.1 %     —       2.0 %
2004
     1.8 %     0.7 %     3.9 %     4.0 %     3.7 %     5.2 %     -2.1 %     —       3.0 %

(1)   Includes all restaurants opened in the period indicated.
 
(2)   A unit becomes comparable in the eighteenth month of operation.
 
(3)   The 53rd week of fiscal 2004 has been excluded for comparative purposes.

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Pei Wei Asian Diner

Supplemental Sales Information

Year of Unit Opening (1)

                                                 
    2000     2001     2002     2003     2004     Total  
 
    
 
                                                
Units
     1       4       11       17       20       53  
 
                                                

Sales (000)
 
                                                
1Q04
     873       2,297       5,918       8,935       1,234       19,257  
2Q04
     864       2,203       5,750       8,758       4,816       22,391  
3Q04
     834       2,094       5,583       8,853       6,886       24,249  
4Q04
     945       2,332       6,151       9,486       10,661       29,575  
2004
     3,517       8,926       23,402       36,031       23,597       95,473  
 
                                                

Average Weekly Sales (AWS)
 
                                                
1Q04
     67,145       44,170       41,385       40,427       41,147       41,954  
2Q04
     66,490       42,368       40,210       39,628       43,388       41,466  
3Q04
     64,145       40,263       39,042       40,059       40,985       40,618  
4Q04
     67,526       41,649       39,943       39,857       41,002       40,963  
2004
     66,349       42,104       40,141       39,990       41,470       41,188  
 
                                                

Year-Over-Year Change in AWS(3)
 
                                                
1Q04
     1.7 %     -2.3 %     4.1 %     -21.4 %     —       -4.7 %
2Q04
     4.1 %     -0.3 %     1.8 %     -23.2 %     —       -6.5 %
3Q04
     3.9 %     -0.2 %     1.2 %     -14.5 %     —       -4.9 %
4Q04
     7.3 %     2.6 %     3.4 %     -0.9 %     —       1.3 %
2004
     4.2 %     -0.1 %     2.6 %     -10.9 %     —       -3.3 %
 
                                                

Year-Over-Year Change Comp Store Sales(2)(3)
 
                                                
Units
     1       4       11       8       —       24  
1Q04
     1.7 %     -2.3 %     3.4 %     —       —       1.6 %
2Q04
     4.1 %     -0.3 %     1.8 %     -2.7 %     —       1.3 %
3Q04
     3.9 %     -0.2 %     1.2 %     0.5 %     —       1.0 %
4Q04
     7.3 %     2.6 %     3.4 %     3.7 %     —       3.6 %
2004
     4.2 %     -0.1 %     2.4 %     2.1 %     —       2.0 %

(1)   Includes all restaurants opened in the period indicated.
 
(2)   A unit becomes comparable in the eighteenth month of operation.
 
(3)   The 53rd week of fiscal 2004 has been excluded for comparative purposes.

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Reconciliation of fiscal 2003 52-week year to fiscal 2004 53-week year

Bistro

Year-Over-Year Change in AWS

                                                                         
    Pre-1998     1998     1999     2000     2001     2002     2003     2004     Total  
 
    
Units
     13       10       13       16       13       14       18       18       115  
 
                                                                        
4Q04
     3.9 %     1.8 %     6.4 %     4.4 %     3.3 %     5.8 %     -3.7 %     —       0.7 %
2004
     2.3 %     1.1 %     4.5 %     4.5 %     4.2 %     5.1 %     -7.2 %     —       0.6 %
 
                                                                        

Year-Over-Year Change Comp Store Sales
 
                                                                        
Units
     13       10       13       16       13       14       7       —       86  
 
                                                                        
4Q04
     11.9 %     9.6 %     14.6 %     12.4 %     11.3 %     13.9 %     10.2 %     —       12.2 %
2004
     4.2 %     3.0 %     6.5 %     6.5 %     6.3 %     8.2 %     3.7 %     —       5.7 %

Pei Wei

Year-Over-Year Change in AWS

                                                 
    2000     2001     2002     2003     2004     Total  
 
    
Units
     1       4       11       17       20       53  
 
                                                
4Q04
     8.4 %     3.8 %     4.1 %     0.0 %     —       2.2 %
2004
     4.5 %     0.2 %     2.8 %     -10.7 %     —       -3.0 %
 
                                                

Year-Over-Year Change Comp Store Sales
 
                                                
Units
     1       4       11       8       —       24  
 
                                                
4Q04
     16.8 %     11.8 %     12.2 %     13.1 %     —       12.7 %
2004
     6.5 %     2.1 %     4.7 %     7.6 %     —       4.8 %

The Company’s 2003 fiscal year was 52 weeks long, and its 2004 fiscal year was 53 weeks long. Management believes that the presentation on the previous pages of the year-over-year changes in average weekly sales and comp store sales for the 4th Quarter of 2004 and the entire year 2004 (excluding the 53rd week in the 4th Quarter of 2004) is a more meaningful and useful gauge of the Company’s performance because it makes consistent the length of the periods on which the comparison is based. The information set forth above is a reconciliation of the year-over-year changes in average weekly sales and comp store sales for the periods indicated and as provided on the previous pages. The changes in average weekly sales and comp store sales for these periods are solely attributed to the inclusion of the 53rd week of sales in the 4th Quarter of 2004.

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