Exhibit 99.1

P.F. CHANG’S EARNS $0.40 PER SHARE

SCOTTSDALE, Arizona, April 27, 2005 – P.F. Chang’s China Bistro, Inc. (NASDAQ:PFCB) today reported earnings of $10.8 million for the first quarter ended April 3, 2005 compared to a net loss of $(0.7) million in the first quarter of the prior year after giving effect to certain special charges relating to partnership accounting changes. Earnings per share for the first quarter increased to $0.40 from a loss per share of $(0.03) in the first quarter of the prior year. The company had an additional week in fiscal 2004 (a 53-week year versus the typical 52-week year) which is included in the fourth quarter 2004 earnings amounts noted below.

(000 except per share data)	1Q05		4Q04		1Q04 (1)
Revenues	$	194,214	$	199,270	$	164,056
Net Income (loss)	$	10,826	$	10,165	$	(678	)
Diluted Earnings Per Share	$	0.40	$	0.38	$	(0.03	)
Shares Used in EPS calculation		26,893		26,786		25,559

(1)   The company’s first quarter 2004 net loss included non-recurring charges totaling $7.6 million (after-tax) relating to the modification of the company’s partnership agreements as well as certain legal settlement costs. First quarter 2004 amounts also reflect our lease accounting restatement which is more fully described in our annual report on Form 10-K filed on April 1, 2005.

2005 Expectations

The company anticipates opening 18 new Bistro units and 26 new Pei Wei units in 2005. Based on this development schedule, and modest revenue growth from existing stores of approximately 2%, the company expects consolidated revenues of $822 million, net income of $41 million and earnings per share of $1.52. Lease accounting changes decreased previous earnings per share expectations by $0.04 for 2005. The company will release its second quarter 2005 revenue results on July 7, 2005 and its second quarter 2005 earnings results on July 27, 2005.

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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 first quarter. A webcast of the call can be accessed through the company’s website at http://www.pfchangs.com.

P.F. Chang’s China Bistro, Inc. owns and operates two restaurant concepts in the Asian niche. P.F. Chang’s China Bistro features a blend of high-quality, traditional Chinese cuisine and American hospitality in a sophisticated, contemporary bistro setting. Pei Wei Asian Diner offers a modest menu of freshly prepared Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility.

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)

	13 Weeks Ended			14 Weeks Ended			13 Weeks Ended
	Apr 3			Jan 2			Mar 28
	2005			2005			2004
							Restated
Revenues	$	194,214		$	199,270		$	164,056
Cost of sales		53,982			57,157			46,860
Labor		63,404			64,235			54,632
Partner bonus expense, imputed		466			508			378
Operating		28,364			28,430			22,617
Occupancy		10,274			10,816			8,507
Restaurant operating profit		37,724			38,124			31,062
General & administrative		10,126			8,766			8,709
Depreciation & amortization		8,134			8,316			6,523
Preopening expenses		1,334			2,218			2,355
Partner investment expense		273			1,615			13,471
Income from operations		17,857			17,209			4
Interest income, net and other income		458			374			91
Minority interest		(2,276	)		(2,831	)		(2,280	)
Income (losses) before (provision for) benefit from income taxes		16,039			14,752			(2,185	)
(Provision for) benefit from income taxes		(5,213	)		(4,587	)		1,507
Net income (loss)	$	10,826		$	10,165		$	(678	)
Basic net income (loss) per share	$	0.41		$	0.39		$	(0.03	)
Diluted net income (loss) per share	$	0.40		$	0.38		$	(0.03	)
Shares used in calculation of basic EPS		26,117			25,977			25,559
Shares used in calculation of diluted EPS		26,893			26,786			25,559
	Percentage of Revenues
	Apr 3			Jan 2			Mar 28
	2005			2005			2004
							Restated
Revenues		100.0	%		100.0	%		100.0	%
Cost of sales		27.8	%		28.7	%		28.6	%
Labor		32.6	%		32.2	%		33.3	%
Partner bonus expense, imputed		0.2	%		0.3	%		0.2	%
Operating		14.6	%		14.3	%		13.8	%
Occupancy		5.3	%		5.4	%		5.2	%
Restaurant operating profit		19.4	%		19.1	%		18.9	%
General & administrative		5.2	%		4.4	%		5.3	%
Depreciation & amortization		4.2	%		4.2	%		4.0	%
Preopening expenses		0.7	%		1.1	%		1.4	%
Partner investment expense		0.1	%		0.8	%		8.2	%
Income from operations		9.2	%		8.6	%		0.0	%
Interest income, net and other income		0.2	%		0.2	%		0.1	%
Minority interest		-1.2	%		-1.4	%		-1.4	%
Income (loss) before (provision for) benefit from income taxes		8.3	%		7.4	%		-1.3	%
(Provision for) benefit from income taxes		-2.7	%		-2.3	%		0.9	%
Net income (loss)		5.6	%		5.1	%		-0.4	%

     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)

	13 Weeks Ended April 3, 2005
										Shared
	Total			Bistro			Pei Wei			Services
Revenues	$	194,214		$	163,579		$	30,635		$	—
Cost of sales		53,982			45,317			8,665			—
Labor		63,404			53,439			9,965			—
Partner bonus expense, imputed		466			431			35			—
Operating		28,364			23,711			4,653			—
Occupancy		10,274			8,465			1,809			—
Restaurant operating profit		37,724			32,216			5,508			—
General & administrative		10,126			3,705			1,526			4,895
Depreciation & amortization		8,134			6,679			1,306			149
Preopening expenses		1,334			965			369			—
Partner investment expense		273			208			65			—
Income (loss) from operations		17,857			20,659			2,242			(5,044	)
Interest income, net and other income		458			115			—			343
Minority interest		(2,276	)		(1,935	)		(341	)		—
Income (loss) before provision for income taxes		16,039			18,839			1,901			(4,701	)
Provision for income taxes		(5,213	)
Net income	$	10,826
Basic net income per share	$	0.41
Diluted net income per share	$	0.40
Shares used in calculation of basic EPS		26,117
Shares used in calculation of diluted EPS		26,893

	Percentage of Revenues
	Total *			Bistro			Pei Wei
Revenues		100.0	%		100.0	%		100.0	%
Cost of sales		27.8	%		27.7	%		28.3	%
Labor		32.6	%		32.7	%		32.5	%
Partner bonus expense, imputed		0.2	%		0.3	%		0.1	%
Operating		14.6	%		14.5	%		15.2	%
Occupancy		5.3	%		5.2	%		5.9	%
Restaurant operating profit		19.4	%		19.7	%		18.0	%
General & administrative		5.2	%		2.3	%		5.0	%
Depreciation & amortization		4.2	%		4.1	%		4.3	%
Preopening expenses		0.7	%		0.6	%		1.2	%
Partner investment expense		0.1	%		0.1	%		0.2	%
Income from operations		9.2	%		12.6	%		7.3	%
Interest income, net and other income		0.2	%		0.1	%		0.0	%
Minority interest		-1.2	%		-1.2	%		-1.1	%
Income before provision for income taxes		8.3	%		11.5	%		6.2	%
Provision for income taxes		-2.7	%
Net income		5.6	%

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			1
Units under construction					4		5
Units in development									6
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			1
Units under construction					5		4
Units in development							4		11
Total new unit development		1			6		8		11
Existing units		53			54		60		68
Total units		54			60		68		79

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