exv99w1

P.F. Chang’s China Bistro, Inc.(480) 888-3000

Laura Cherry

laurac@pfchangs.com

Bert Vivian

bertv@pfchangs.com

EXHIBIT 99.1

P.F. CHANG’S EARNS $0.34 PER SHARE

SCOTTSDALE, Arizona, February 15, 2006 — P.F. Chang’s China Bistro, Inc. (NASDAQ:PFCB) today reported earnings of $9.3 million for the fourth quarter ended January 1, 2006 compared to $10.2 million for the fourth quarter of the prior year. Earnings per share for the fourth quarter were $0.34 as compared to $0.38 for the fourth 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 earnings amounts noted above.


(000 except per share data)	4Q05		3Q05		4Q04
Revenues	$	213,834	$	203,049	$	199,270
Net Income	$	9,279	$	8,439	$	10,165
Diluted Earnings Per Share	$	0.34	$	0.31	$	0.38
Shares Used in diluted EPS calculation		27,058		27,073		26,786

2006 Expectations

Revenue is expected to increase approximately 18% to $957 million in 2006. The primary assumptions underlying this revenue forecast are:


1. New unit development:	Bistro	19 units	340 sales weeks
	Pei Wei	30 units	649 sales weeks
	Taneko	1 unit	15 sales weeks

2. Comp store sales gains:	Bistro	1.9%
	Pei Wei	2.1%

3. Reopening Bistro in Metairie, Louisiana with reduced hours of operation.

4. Six month closure of the Bistro in the Planet Hollywood Hotel and Casino.

Earnings per share will decline in 2006 from the $1.40 earned in 2005 due to equity-based compensation expense. Excluding any prospective grants in 2006, equity-based compensation expense is expected to approximate $9.2 million in the current year. Given

Page 1 of 10

this current estimate of equity-based compensation, earnings per share are expected to be $1.39 in 2006.

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 as well as its expectations for the balance of the year. 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.

Note with respect to nonGAAP financial measures contained within Supplemental Financial Information

In addition to using GAAP results in evaluating our business, management also believes it is useful to measure results excluding equity-based compensation, which impacts both labor and G&A costs, due to the unpredictability of equity based compensation charges which can create great variability from period to period. The pro forma presentation (which excludes equity based compensation from labor and G&A costs and the related percentages of sales) highlights the operations of our existing restaurants for comparability purposes and also allows investors, as well as management to focus on the cash generating capacity and performance of our restaurant concepts, both of which are material to our rate of growth and ability to finance that growth from our operations. Please see the GAAP to nonGAAP reconciliation on page ten of this press release, for a comparison of each nonGAAP measure to the most comparable GAAP measure, as well as a reconciliation of the two measures.

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 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, labor and the inherent unpredictability of estimating equity-based compensation expense under FAS 123(R); changes to existing accounting rules or differing interpretations to our current accounting practices and other risks described in the company’s recent SEC filings.

Page 2 of 10

P.F. Chang’s China Bistro, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)


	13 Weeks Ended			13 Weeks Ended			14 Weeks Ended
	Jan 1			Oct 2			Jan 2
	2006			2005			2005

Revenues	$	213,834		$	203,049		$	199,270
Cost of sales		60,149			56,010			57,157
Labor		70,495			68,210			64,743
Operating		33,125			31,619			28,430
Occupancy		10,570			11,182			10,816

Restaurant operating profit		39,495			36,028			38,124
General & administrative		9,774			9,256			8,766
Depreciation & amortization		11,039			9,258			8,316
Preopening expenses		2,706			2,712			2,218
Partner investment expense		1,474			1,472			1,615

Income from operations		14,502			13,330			17,209
Interest income, net and other income		406			530			374
Minority interest		(1,801	)		(1,974	)		(2,831	)

Income before provision for income taxes		13,107			11,886			14,752
Provision for income taxes		(3,828	)		(3,447	)		(4,587	)

Net income	$	9,279		$	8,439		$	10,165

Basic net income per share	$	0.35		$	0.32		$	0.39
Diluted net income per share	$	0.34		$	0.31		$	0.38
Shares used in calculation of basic EPS		26,385			26,359			25,977
Shares used in calculation of diluted EPS		27,058			27,073			26,786


	Percentage of Revenues
	Jan 1			Oct 2			Jan 2
	2006			2005			2005

Revenues		100.0	%		100.0	%		100.0	%
Cost of sales		28.1	%		27.6	%		28.7	%
Labor		33.0	%		33.6	%		32.5	%
Operating		15.5	%		15.6	%		14.3	%
Occupancy		4.9	%		5.5	%		5.4	%

Restaurant operating profit		18.5	%		17.7	%		19.1	%
General & administrative		4.6	%		4.6	%		4.4	%
Depreciation & amortization		5.2	%		4.6	%		4.2	%
Preopening expenses		1.3	%		1.3	%		1.1	%
Partner investment expense		0.7	%		0.7	%		0.8	%

Income from operations		6.8	%		6.6	%		8.6	%
Interest income, net and other income		0.2	%		0.3	%		0.2	%
Minority interest		-0.8	%		-1.0	%		-1.4	%

Income before provision for income taxes		6.1	%		5.9	%		7.4	%
Provision for income taxes		-1.8	%		-1.7	%		-2.3	%

Net income		4.3	%		4.2	%		5.1	%

Certain percentage amounts do not sum to total due to rounding.

Page 3 of 10

P.F. Chang’s China Bistro, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)


	52 Weeks Ended			53 Weeks Ended
	Jan 1			Jan 2
	2006			2005

Revenues	$	809,153		$	706,941
Cost of sales		224,634			200,736
Labor		267,681			233,325
Operating		122,742			99,528
Occupancy		42,793			37,693

Restaurant operating profit		151,303			135,659
General & administrative		39,181			34,662
Depreciation & amortization		36,950			29,155
Preopening expenses		9,248			7,995
Partner investment expense		4,800			17,671

Income from operations		61,124			46,176
Interest income and other income		1,841			612
Minority interest		(8,227	)		(10,078	)

Income before provision for income taxes		54,738			36,710
Provision for income taxes		(16,942	)		(10,656	)

Net income	$	37,796		$	26,054

Basic net income per share	$	1.44		$	1.01
Diluted net income per share	$	1.40		$	0.98
Shares used in calculation of basic EPS		26,271			25,727
Shares used in calculation of diluted EPS		27,000			26,575


	Percentage of Revenues
	Jan 1			Jan 2
	2006			2005

Revenues		100.0	%		100.0	%
Cost of sales		27.8	%		28.4	%
Labor		33.1	%		33.0	%
Operating		15.2	%		14.1	%
Occupancy		5.3	%		5.3	%

Restaurant operating profit		18.7	%		19.2	%
General & administrative		4.8	%		4.9	%
Depreciation & amortization		4.6	%		4.1	%
Preopening expenses		1.1	%		1.1	%
Partner investment expense		0.6	%		2.5	%

Income from operations		7.6	%		6.5	%
Interest income and other income		0.2	%		0.1	%
Minority interest		-1.0	%		-1.4	%

Income before provision for income taxes		6.8	%		5.2	%
Provision for income taxes		-2.1	%		-1.5	%

Net income		4.7	%		3.7	%

Certain percentage amounts do not sum to total due to rounding.

Page 4 of 10

P.F. Chang’s China Bistro, Inc.

Supplemental Financial Information — Pro Forma Forecast


				53 weeks																		Forecast															YOY
	2003			2004			1Q05			2Q05			3Q05			4Q05			2005			1Q06			2Q06			3Q06			4Q06			2006			Change

Units		130			168			170			182			193			208			208			213			220			244			259			259
Sales weeks		5,749			7,931			2,190			2,273			2,438			2,596			9,497			2,742			2,816			2,975			3,304			11,837			24.6	%
AWS		93,915			89,136			88,682			87,134			83,285			82,371			85,201			83,477			81,398			79,526			79,435			80,861			-5.1	%

Sales		539,917			706,941			194,214			198,056			203,049			213,834			809,153			228,895			229,218			236,589			262,454			957,156			18.3	%
per FDS	$	20.57		$	26.60		$	7.22		$	7.34		$	7.50		$	7.90		$	29.97		$	8.42		$	8.43		$	8.70		$	9.65		$	35.19

Operating costs
COS		152,788			200,736			53,982			54,493			56,010			60,149			224,634			64,040			64,074			65,619			72,457			266,190
Labor *		176,428			233,325			63,870			65,106			68,210			70,495			267,681			74,845			74,099			77,186			86,068			312,198
Operating		73,660			99,528			28,364			29,634			31,619			33,125			122,742			35,304			34,476			36,579			38,503			144,863
Occupancy		28,914			37,693			10,274			10,767			11,182			10,570			42,793			12,555			12,523			12,978			14,459			52,514
Minority interest		7,887			10,078			2,276			2,176			1,974			1,801			8,227			2,466			2,508			2,558			2,893			10,426
G&A *		28,692			34,662			10,126			10,025			9,256			9,774			39,181			10,944			11,258			11,641			12,250			46,094


Concept Operating Metric		71,548			90,919			25,322			25,855			24,798			27,920			103,895			28,741			30,280			30,027			35,823			124,871			20.2	%

Development costs
Preopening		8,790			7,995			1,334			2,496			2,712			2,706			9,248			1,279			2,509			5,456			3,466			12,710			37.4	%
Partner investment expense		4,196			17,671			273			1,581			1,472			1,474			4,800			805			761			2,824			2,199			6,589			37.3	%

Other expenses
Depreciation & amortization		21,817			29,155			8,134			8,519			9,258			11,039			36,950			10,461			10,554			10,829			11,620			43,464			17.6	%
Equity-based compensation *		—			—			—			—			—			—			—			2,300			2,300			2,300			2,300			9,200
Interest (income) expense		(466	)		(612	)		(458	)		(447	)		(530	)		(406	)		(1,841	)		(440	)		(440	)		(485	)		(480	)		(1,845	)		0.2	%
Tax provision		12,424			10,656			5,213			4,454			3,447			3,828			16,942			4,444			4,525			2,822			5,182			16,974			0.2	%


Net income		24,787			26,054			10,826			9,252			8,439			9,279			37,796			9,892			10,071			6,281			11,535			37,780			0.0	%
per FDS	$	0.94		$	0.98		$	0.40		$	0.34		$	0.31		$	0.34		$	1.40		$	0.36		$	0.37		$	0.23		$	0.42		$	1.39			-0.8	%

Fully diluted shares (FDS)		26,250			26,575			26,893			26,977			27,073			27,058			27,000			27,200			27,200			27,200			27,200			27,200			0.7	%

Sales		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
COS		28.3	%		28.4	%		27.8	%		27.5	%		27.6	%		28.1	%		27.8	%		28.0	%		28.0	%		27.7	%		27.6	%		27.8	%
Labor *		32.7	%		33.0	%		32.9	%		32.9	%		33.6	%		33.0	%		33.1	%		32.7	%		32.3	%		32.6	%		32.8	%		32.6	%
Operating		13.6	%		14.1	%		14.6	%		15.0	%		15.6	%		15.5	%		15.2	%		15.4	%		15.0	%		15.5	%		14.7	%		15.1	%
Occupancy		5.4	%		5.3	%		5.3	%		5.4	%		5.5	%		4.9	%		5.3	%		5.5	%		5.5	%		5.5	%		5.5	%		5.5	%
Minority interest		1.5	%		1.4	%		1.2	%		1.1	%		1.0	%		0.8	%		1.0	%		1.1	%		1.1	%		1.1	%		1.1	%		1.1	%
G&A *		5.3	%		4.9	%		5.2	%		5.1	%		4.6	%		4.6	%		4.8	%		4.8	%		4.9	%		4.9	%		4.7	%		4.8	%

Restaurant cash operating income		13.3	%		12.9	%		13.0	%		13.1	%		12.2	%		13.1	%		12.8	%		12.6	%		13.2	%		12.7	%		13.6	%		13.0	%

Preopening		1.6	%		1.1	%		0.7	%		1.3	%		1.3	%		1.3	%		1.1	%		0.6	%		1.1	%		2.3	%		1.3	%		1.3	%
Partner investment expense		0.8	%		2.5	%		0.1	%		0.8	%		0.7	%		0.7	%		0.6	%		0.4	%		0.3	%		1.2	%		0.8	%		0.7	%
Depreciation & amortization		4.0	%		4.1	%		4.2	%		4.3	%		4.6	%		5.2	%		4.6	%		4.6	%		4.6	%		4.6	%		4.4	%		4.5	%
Equity-based compensation *		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		1.0	%		1.0	%		1.0	%		0.9	%		1.0	%
Interest (income) expense		-0.1	%		-0.1	%		-0.2	%		-0.2	%		-0.3	%		-0.2	%		-0.2	%		-0.2	%		-0.2	%		-0.2	%		-0.2	%		-0.2	%
Tax provision		2.3	%		1.5	%		2.7	%		2.2	%		1.7	%		1.8	%		2.1	%		1.9	%		2.0	%		1.2	%		2.0	%		1.8	%

Net income		4.6	%		3.7	%		5.6	%		4.7	%		4.2	%		4.3	%		4.7	%		4.3	%		4.4	%		2.7	%		4.4	%		3.9	%


*		NonGAAP financial measure within 2006 forecast. See page ten for comparable GAAP measure and reconciliation.

Page 5 of 10

Shared Services

Supplemental Financial Information — Pro Forma Forecast


		53 weeks																Forecast
	2003	2004	1Q05			2Q05			3Q05			4Q05			2005			1Q06			2Q06			3Q06			4Q06			2006

Units
Sales weeks
AWS
Comp sales change
Sales
per FDS

Operating costs
COS
Labor
Operating
Occupancy
Minority interest
G&A (inc. in concepts for ‘03 & ‘04) *				4,895			4,906			4,384			4,513			18,698			4,852			5,002			5,265			5,780			20,898


Concept Operating Metric				(4,895	)		(4,906	)		(4,384	)		(4,513	)		(18,698	)		(4,852	)		(5,002	)		(5,265	)		(5,780	)		(20,898	)

Development costs
Preopening
Partner investment expense

Other expenses
Depreciation & amortization				149			142			263			326			880			297			294			290			290			1,171
Equity-based compensation *																			2,300			2,300			2,300			2,300			9,200
Interest (income) expense				(343	)		(420	)		(381	)		(431	)		(1,575	)		(440	)		(440	)		(485	)		(480	)		(1,845	)
Tax provision				(1,528	)		(1,504	)		(1,237	)		(1,303	)		(5,572	)		(2,173	)		(2,218	)		(2,285	)		(2,446	)		(9,121	)


Net income				(3,173	)		(3,124	)		(3,029	)		(3,105	)		(12,431	)		(4,836	)		(4,937	)		(5,085	)		(5,444	)		(20,302	)
per FDS			$	(0.12	)	$	(0.12	)	$	(0.11	)	$	(0.11	)	$	(0.46	)	$	(0.18	)	$	(0.18	)	$	(0.19	)	$	(0.20	)	$	(0.75	)

Fully diluted shares (FDS)				26,893			26,977			27,073			27,058			27,000			27,200			27,200			27,200			27,200			27,200


*		NonGAAP financial measure within 2006 forecast. See page ten for comparable GAAP measure and reconciliation.

Page 6 of 10

Concept: P.F. Chang’s China Bistro

Supplemental Financial Information — Pro Forma Forecast


				53 weeks																		Forecast															YOY
	2003			2004			1Q05			2Q05			3Q05			4Q05			2005			1Q06			2Q06			3Q06			4Q06			2006			Change

Units		97			115			116			121			125			131			131			132			134			143			151			151
Sales weeks		4,494			5,613			1,492			1,531			1,594			1,649			6,266			1,713			1,728			1,788			1,939			7,168			14.4	%
AWS		108,280			108,938			109,637			108,699			105,779			107,092			107,757			108,873			106,934			105,571			106,845			107,033			-0.7	%
Comp sales change		5.1	%		3.0	%		2.9	%		1.9	%		-0.8	%		1.0	%		1.2	%		1.7	%		1.7	%		2.6	%		1.5	%		1.9	%
Sales		486,609			611,468			163,579			166,418			168,612			176,595			675,204			186,500			184,782			188,761			207,172			767,215			13.6	%
per FDS	$	18.54		$	23.01		$	6.08		$	6.17		$	6.23		$	6.53		$	25.01		$	6.86		$	6.79		$	6.94		$	7.62		$	28.21

Operating costs
COS		136,983			173,128			45,317			45,726			46,359			49,671			187,073			52,014			51,604			52,340			57,122			213,080
Labor *		158,497			201,352			53,870			54,507			56,220			57,583			222,180			60,543			59,345			61,215			67,505			248,607
Operating		66,044			85,073			23,711			24,420			25,770			26,759			100,660			28,063			27,140			28,376			29,801			113,380
Occupancy		25,533			31,896			8,465			8,883			9,102			8,250			34,700			9,922			9,745			9,952			10,965			40,583
Minority interest		7,360			9,177			1,935			1,881			1,723			1,579			7,118			2,117			2,097			2,142			2,351			8,708
G&A *		24,767			28,555			3,705			3,437			3,278			3,577			13,997			4,029			4,028			4,028			4,133			16,217


Concept Operating Metric		67,425			82,287			26,576			27,564			26,160			29,176			109,476			29,813			30,824			30,708			35,295			126,640			15.7	%

Development costs
Preopening		7,026			5,852			965			1,544			1,651			1,868			6,028			638			1,491			3,369			2,340			7,838			30.0	%
Partner investment expense		3,941			15,075			208			1,126			1,303			889			3,526			545			436			1,744			1,744			4,469			26.7	%

Other expenses
Depreciation & amortization		19,414			24,778			6,679			7,033			7,462			8,919			30,093			8,271			8,282			8,396			8,808			33,756			12.2	%
Equity-based compensation * Interest (income) expense		(461	)		(612	)		(115	)		(20	)		(146	)		30			(251	)
Tax provision		12,523			10,797			6,123			5,811			4,608			5,148			21,690			6,311			6,391			5,332			6,945			24,979			15.2	%


Net income		24,982			26,397			12,716			12,070			11,282			12,322			48,390			14,048			14,224			11,868			15,458			55,598			14.9	%
per FDS	$	0.95		$	0.99		$	0.47		$	0.45		$	0.42		$	0.46		$	1.79		$	0.52		$	0.52		$	0.44		$	0.57		$	2.04

Fully diluted shares (FDS)		26,250			26,575			26,893			26,977			27,073			27,058			27,000			27,200			27,200			27,200			27,200			27,200

Sales		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
COS		28.2	%		28.3	%		27.7	%		27.5	%		27.5	%		28.1	%		27.7	%		27.9	%		27.9	%		27.7	%		27.6	%		27.8	%
Labor *		32.6	%		32.9	%		32.9	%		32.8	%		33.3	%		32.6	%		32.9	%		32.5	%		32.1	%		32.4	%		32.6	%		32.4	%
Operating		13.6	%		13.9	%		14.5	%		14.7	%		15.3	%		15.2	%		14.9	%		15.0	%		14.7	%		15.0	%		14.4	%		14.8	%
Occupancy		5.2	%		5.2	%		5.2	%		5.3	%		5.4	%		4.7	%		5.1	%		5.3	%		5.3	%		5.3	%		5.3	%		5.3	%
Minority interest		1.5	%		1.5	%		1.2	%		1.1	%		1.0	%		0.9	%		1.1	%		1.1	%		1.1	%		1.1	%		1.1	%		1.1	%
G&A *		5.1	%		4.7	%		2.3	%		2.1	%		1.9	%		2.0	%		2.1	%		2.2	%		2.2	%		2.1	%		2.0	%		2.1	%

Restaurant cash operating income		13.9	%		13.5	%		16.2	%		16.6	%		15.5	%		16.5	%		16.2	%		16.0	%		16.7	%		16.3	%		17.0	%		16.5	%

Preopening		1.4	%		1.0	%		0.6	%		0.9	%		1.0	%		1.1	%		0.9	%		0.3	%		0.8	%		1.8	%		1.1	%		1.0	%
Partner investment expense		0.8	%		2.5	%		0.1	%		0.7	%		0.8	%		0.5	%		0.5	%		0.3	%		0.2	%		0.9	%		0.8	%		0.6	%
Depreciation & amortization		4.0	%		4.1	%		4.1	%		4.2	%		4.4	%		5.1	%		4.5	%		4.4	%		4.5	%		4.4	%		4.3	%		4.4	%
Equity-based compensation *		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Interest (income) expense		-0.1	%		-0.1	%		-0.1	%		0.0	%		-0.1	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Tax provision		2.6	%		1.8	%		3.7	%		3.5	%		2.7	%		2.9	%		3.2	%		3.4	%		3.5	%		2.8	%		3.4	%		3.3	%

Net income		5.1	%		4.3	%		7.8	%		7.3	%		6.7	%		7.0	%		7.2	%		7.5	%		7.7	%		6.3	%		7.5	%		7.2	%


*		NonGAAP financial measure within 2006 forecast. See page ten for comparable GAAP measure and reconciliation.

Page 7 of 10

Concept: Pei Wei Asian Diner

Supplemental Financial Information — Pro Forma Forecast


				53 weeks																		Forecast															YOY
	2003			2004			1Q05			2Q05			3Q05			4Q05			2005			1Q06			2Q06			3Q06			4Q06			2006			Change

Units		33			53			54			61			68			77			77			81			86			100			107			107
Sales weeks		1,255			2,318			698			742			844			947			3,231			1,029			1,088			1,184			1,352			4,653			44.0	%
AWS		43,169			41,188			43,888			42,639			40,802			39,323			41,457			41,200			40,842			40,205			40,168			40,563			-2.2	%
Comp sales change		0.3	%		2.0	%		6.0	%		6.3	%		2.8	%		1.9	%		4.0	%		0.2	%		0.2	%		3.6	%		4.1	%		2.1	%
Sales		53,308			95,473			30,635			31,638			34,437			37,239			133,949			42,395			44,436			47,603			54,307			188,741			40.9	%
per FDS	$	2.03		$	3.59		$	1.14		$	1.17		$	1.27		$	1.38		$	4.96		$	1.56		$	1.63		$	1.75		$	2.00		$	6.94

Operating costs
COS		15,805			27,608			8,665			8,767			9,651			10,478			37,561			12,026			12,470			13,198			15,023			52,717
Labor *		17,844			31,973			10,000			10,599			11,990			12,912			45,501			14,302			14,754			15,872			18,213			63,141
Operating		7,616			14,455			4,653			5,214			5,849			6,366			22,082			7,241			7,336			8,153			8,519			31,249
Occupancy		3,381			5,797			1,809			1,884			2,080			2,320			8,093			2,633			2,778			3,010			3,429			11,850
Minority interest		614			901			341			295			251			222			1,109			349			411			416			542			1,718
G&A *		3,925			6,107			1,526			1,682			1,594			1,684			6,486			1,864			2,019			2,091			2,135			8,109


Concept Operating Metric		4,123			8,632			3,641			3,197			3,022			3,257			13,117			3,980			4,668			4,863			6,446			19,957			52.1	%

Development costs
Preopening		1,764			2,143			369			952			1,061			838			3,220			618			952			1,829			1,111			4,510			40.1	%
Partner investment expense		255			2,596			65			455			169			585			1,274			260			325			910			455			1,950			53.1	%

Other expenses
Depreciation & amortization		2,403			4,377			1,306			1,344			1,533			1,794			5,977			1,893			1,979			2,125			2,470			8,467			41.7	%
Equity-based compensation * Interest (income) expense		(5	)					—			(7	)		(3	)		(5	)		(15	)
Tax provision		(98	)		(141	)		618			147			76			(17	)		824			375			438			(0	)		747			1,559			89.2	%


Net income		(196	)		(343	)		1,283			306			186			62			1,837			834			974			(1	)		1,663			3,471			88.9	%
per FDS	$	(0.01	)	$	(0.01	)	$	0.05		$	0.01		$	0.01		$	0.00		$	0.07		$	0.03		$	0.04		$	(0.00	)	$	0.06		$	0.13

Fully diluted shares (FDS)		26,250			26,575			26,893			26,977			27,073			27,058			27,000			27,200			27,200			27,200			27,200			27,200

Sales		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
COS		29.6	%		28.9	%		28.3	%		27.7	%		28.0	%		28.1	%		28.0	%		28.4	%		28.1	%		27.7	%		27.7	%		27.9	%
Labor *		33.5	%		33.5	%		32.6	%		33.5	%		34.8	%		34.7	%		34.0	%		33.7	%		33.2	%		33.3	%		33.5	%		33.5	%
Operating		14.3	%		15.1	%		15.2	%		16.5	%		17.0	%		17.1	%		16.5	%		17.1	%		16.5	%		17.1	%		15.7	%		16.6	%
Occupancy		6.3	%		6.1	%		5.9	%		6.0	%		6.0	%		6.2	%		6.0	%		6.2	%		6.3	%		6.3	%		6.3	%		6.3	%
Minority interest		1.2	%		0.9	%		1.1	%		0.9	%		0.7	%		0.6	%		0.8	%		0.8	%		0.9	%		0.9	%		1.0	%		0.9	%
G&A *		7.4	%		6.4	%		5.0	%		5.3	%		4.6	%		4.5	%		4.8	%		4.4	%		4.5	%		4.4	%		3.9	%		4.3	%

Restaurant cash operating income		7.7	%		9.0	%		11.9	%		10.1	%		8.8	%		8.7	%		9.8	%		9.4	%		10.5	%		10.2	%		11.9	%		10.6	%

Preopening		3.3	%		2.2	%		1.2	%		3.0	%		3.1	%		2.3	%		2.4	%		1.5	%		2.1	%		3.8	%		2.0	%		2.4	%
Partner investment expense		0.5	%		2.7	%		0.2	%		1.4	%		0.5	%		1.6	%		1.0	%		0.6	%		0.7	%		1.9	%		0.8	%		1.0	%
Depreciation & amortization		4.5	%		4.6	%		4.3	%		4.2	%		4.5	%		4.8	%		4.5	%		4.5	%		4.5	%		4.5	%		4.5	%		4.5	%
Equity-based compensation *		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Interest (income) expense		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Tax provision		-0.2	%		-0.1	%		2.0	%		0.5	%		0.2	%		0.0	%		0.6	%		0.9	%		1.0	%		0.0	%		1.4	%		0.8	%

Net income		-0.4	%		-0.4	%		4.2	%		1.0	%		0.5	%		0.2	%		1.4	%		2.0	%		2.2	%		0.0	%		3.1	%		1.8	%


*		NonGAAP financial measure within 2006 forecast. See page ten for comparable GAAP measure and reconciliation.

Page 8 of 10

Concept: Taneko Japanese Tavern

Supplemental Financial Information — Pro Forma Forecast


	Forecast
	1Q06			2Q06			3Q06			4Q06			2006

Units								1			1			1
Sales weeks								3			13			16
AWS								75			75			75
Comp sales change
Sales								225			975			1,200
per FDS	$	—		$	—		$	0.01		$	0.04		$	0.04
Operating costs
COS								81			312			394
Labor *								100			351			450
Operating								50			183			233
Occupancy								16			65			81
Minority interest
G&A * G&A expenses incurred in 2005 are shown under Shared Services		200			210			257			202			870


Concept Operating Metric		(200	)		(210	)		(280	)		(138	)		(828	)
Development costs
Preopening		23			66			258			15			362
Partner investment expense								170						170
Other expenses
Depreciation & amortization								17			52			70
Equity-based compensation *
Interest (income) expense
Tax provision		(69	)		(85	)		(225	)		(64	)		(443	)

Net income		(154	)		(190	)		(501	)		(142	)		(987	)
per FDS	$	(0.01	)	$	(0.01	)	$	(0.02	)	$	(0.01	)	$	(0.04	)

Fully diluted shares (FDS)		27,200			27,200			27,200			27,200			27,200


Sales								100.0	%		100.0	%		100.0	%
COS								36.2	%		32.0	%		32.8	%
Labor *								44.2	%		36.0	%		37.5	%
Operating								22.4	%		18.8	%		19.4	%
Occupancy								7.2	%		6.7	%		6.8	%
Minority interest								0.0	%		0.0	%		0.0	%
G&A *								114.4	%		20.8	%		72.5	%

Restaurant cash operating income								-124.4	%		-14.2	%		-69.0	%

Preopening								114.7	%		1.6	%		30.2	%
Partner investment expense								75.6	%		0.0	%		14.2	%
Depreciation & amortization								7.7	%		5.4	%		5.8	%
Equity-based compensation *								0.0	%		0.0	%		0.0	%
Interest (income) expense								0.0	%		0.0	%		0.0	%
Tax provision								-99.9	%		-6.5	%		-36.9	%

Net income								-222.5	%		-14.6	%		-82.2	%


*		NonGAAP financial measure within 2006 forecast. See page ten for comparable GAAP measure and reconciliation.

Page 9 of 10

P.F. Chang’s China Bistro, Inc.

Supplemental Financial Information — Reconciliation of Pro Forma Forecast to GAAP Forecast


	Pro Forma Forecast															Adjustments															GAAP Forecast
	1Q06			2Q06			3Q06			4Q06			2006			1Q06			2Q06			3Q06			4Q06			2006			1Q06			2Q06			3Q06			4Q06			2006

Sales		228,895			229,218			236,589			262,454			957,156																		228,895			229,218			236,589			262,454			957,156
per FDS	$	8.42		$	8.43		$	8.70		$	9.65		$	35.19																	$	8.42		$	8.43		$	8.70		$	9.65		$	35.19

Operating costs
COS		64,040			64,074			65,619			72,457			266,190			—			—			—			—			—			64,040			64,074			65,619			72,457			266,190
Labor		74,845			74,099			77,186			86,068			312,198			350			350			350			350			1,400			75,195			74,449			77,536			86,418			313,598
Operating		35,304			34,476			36,579			38,503			144,863			—			—			—			—			—			35,304			34,476			36,579			38,503			144,863
Occupancy		12,555			12,523			12,978			14,459			52,514			—			—			—			—			—			12,555			12,523			12,978			14,459			52,514
Minority interest		2,466			2,508			2,558			2,893			10,426			—			—			—			—			—			2,466			2,508			2,558			2,893			10,426
G&A		10,944			11,258			11,641			12,250			46,094			1,950			1,950			1,950			1,950			7,800			12,894			13,208			13,591			14,200			53,894


Concept Operating Metric		28,741			30,280			30,027			35,823			124,871			(2,300	)		(2,300	)		(2,300	)		(2,300	)		(9,200	)		26,441			27,980			27,727			33,523			115,671

Development costs
Preopening		1,279			2,509			5,456			3,466			12,710															—			1,279			2,509			5,456			3,466			12,710
Partner investment expense		805			761			2,824			2,199			6,589															—			805			761			2,824			2,199			6,589

Other expenses
Depreciation & amortization		10,461			10,554			10,829			11,620			43,464															—			10,461			10,554			10,829			11,620			43,464
Equity-based compensation		2,300			2,300			2,300			2,300			9,200			(2,300	)		(2,300	)		(2,300	)		(2,300	)		(9,200	)		—			—			—			—			—
Interest (income) expense		(440	)		(440	)		(485	)		(480	)		(1,845	)														—			(440	)		(440	)		(485	)		(480	)		(1,845	)
Tax provision		4,444			4,525			2,822			5,182			16,974															—			4,444			4,525			2,822			5,182			16,974


Net income		9,892			10,071			6,281			11,535			37,780			—			—			—			—			—			9,892			10,071			6,281			11,535			37,780

per FDS	$	0.36		$	0.37		$	0.23		$	0.42		$	1.39																	$	0.36		$	0.37		$	0.23		$	0.42		$	1.39

Fully diluted shares (FDS)		27,200			27,200			27,200			27,200			27,200																		27,200			27,200			27,200			27,200			27,200

Sales		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%																	100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
COS		28.0	%		28.0	%		27.7	%		27.6	%		27.8	%																	28.0	%		28.0	%		27.7	%		27.6	%		27.8	%
Labor		32.7	%		32.3	%		32.6	%		32.8	%		32.6	%																	32.9	%		32.5	%		32.8	%		32.9	%		32.8	%
Operating		15.4	%		15.0	%		15.5	%		14.7	%		15.1	%																	15.4	%		15.0	%		15.5	%		14.7	%		15.1	%
Occupancy		5.5	%		5.5	%		5.5	%		5.5	%		5.5	%																	5.5	%		5.5	%		5.5	%		5.5	%		5.5	%
Minority interest		1.1	%		1.1	%		1.1	%		1.1	%		1.1	%																	1.1	%		1.1	%		1.1	%		1.1	%		1.1	%
G&A		4.8	%		4.9	%		4.9	%		4.7	%		4.8	%																	5.6	%		5.8	%		5.7	%		5.4	%		5.6	%

Restaurant cash operating income		12.6	%		13.2	%		12.7	%		13.6	%		13.0	%																	11.6	%		12.2	%		11.7	%		12.8	%		12.1	%

Preopening		0.6	%		1.1	%		2.3	%		1.3	%		1.3	%																	0.6	%		1.1	%		2.3	%		1.3	%		1.3	%
Partner investment expense		0.4	%		0.3	%		1.2	%		0.8	%		0.7	%																	0.4	%		0.3	%		1.2	%		0.8	%		0.7	%
Depreciation & amortization		4.6	%		4.6	%		4.6	%		4.4	%		4.5	%																	4.6	%		4.6	%		4.6	%		4.4	%		4.5	%
Equity-based compensation		1.0	%		1.0	%		1.0	%		0.9	%		1.0	%																	0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Interest (income) expense		-0.2	%		-0.2	%		-0.2	%		-0.2	%		-0.2	%																	-0.2	%		-0.2	%		-0.2	%		-0.2	%		-0.2	%
Tax provision		1.9	%		2.0	%		1.2	%		2.0	%		1.8	%																	1.9	%		2.0	%		1.2	%		2.0	%		1.8	%

Net income		4.3	%		4.4	%		2.7	%		4.4	%		3.9	%																	4.3	%		4.4	%		2.7	%		4.4	%		3.9	%

Page 10 of 10