Exhibit 99.1

P.F. Chang’s China Bistro, Inc.

P.F. CHANG’S EARNS $0.36 PER SHARE

SCOTTSDALE, Arizona, April 26, 2006 – P.F. Chang’s China Bistro, Inc. (NASDAQ:PFCB) today reported earnings of $9.8 million for the first quarter ended April 2, 2006 compared to $10.8 million for the first quarter of the prior year. Earnings per share for the first quarter were $0.36 as compared to $0.40 for the first quarter of the prior year.

(000 except per share data)	1Q06		1Q05
Revenues	$	228,613	$	194,214
Net Income	$	9,813	$	10,826
Diluted Earnings Per Share	$	0.36	$	0.40
Shares Used in diluted EPS calculation		27,239		26,893

2006 Expectations

Revenue is expected to increase approximately 18% to $954 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			16 sales weeks
2. Comp store sales gains:	Bistro		1.8	%
	Pei Wei		0.2	%

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 are expected to decline in 2006 from the $1.40 earned in 2005 due to equity-based compensation expense. Including anticipated grants in 2006, equity-based compensation expense is expected to approximate $11.1 million in the current year. Given this current estimate of equity-based compensation, earnings per share are expected to be $1.31 in 2006.

The Company is hosting a conference call today at 1:00 pm ET in which management will provide further details on the first 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.

Page 1 of 9

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 on a pro forma basis excluding estimated equity-based compensation. Estimated equity-based compensation, which impacts both labor and G&A costs, is excluded because of the unpredictability of equity based compensation charges. These charges are affected by factors that may change on each grant date, including the Company’s stock price, stock market volatility, expected option term, risk-free interest rates and expected dividends, all of 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) provides a more easily comparable set of financial performance measures for the Company and highlights the operations of our existing restaurants by eliminating the non-operational volatility of equity-based compensation. This 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. The non-GAAP pro forma 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 GAAP to non-GAAP reconciliation on page nine of this press release, for a comparison of each non-GAAP 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 shortages, our ability to develop and construct our restaurants within projected budgets and time periods; 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.

Contact:		P.F. Chang’s China Bistro, Inc.(480) 888-3000
	Media:	Laura Cherry	laurac@pfchangs.com
	Investor:	Bert Vivian	bertv@pfchangs.com

Page 2 of 9

P.F. Chang’s China Bistro, Inc.

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

	13 Weeks Ended			13 Weeks Ended
	Apr 2			Apr 3
	2006			2005
Revenues	$	228,613		$	194,214
Cost of sales		63,440			53,982
Labor		76,937			63,528
Operating		34,841			28,250
Occupancy		12,493			10,274
General & administrative		13,252			10,582
Depreciation & amortization		10,355			8,134
Preopening expenses		1,694			1,334
Partner investment expense		200			273
Total costs and expenses		213,212			176,357
Income from operations		15,401			17,857
Interest income, net and other income		492			458
Minority interest		(2,022	)		(2,276	)
Income before provision for income taxes		13,871			16,039
Provision for income taxes		(4,058	)		(5,213	)
Net income	$	9,813		$	10,826
Basic net income per share	$	0.37		$	0.41
Diluted net income per share	$	0.36		$	0.40
Shares used in calculation of basic EPS		26,485			26,117
Shares used in calculation of diluted EPS		27,239			26,893

	Percentage of Revenues
	Apr 2			Apr 3
	2006			2005
Revenues		100.0	%		100.0	%
Cost of sales		27.7	%		27.8	%
Labor		33.7	%		32.7	%
Operating		15.2	%		14.5	%
Occupancy		5.5	%		5.3	%
General & administrative		5.8	%		5.4	%
Depreciation & amortization		4.5	%		4.2	%
Preopening expenses		0.7	%		0.7	%
Partner investment expense		0.1	%		0.1	%
Total costs and expenses		93.3	%		90.8	%
Income from operations		6.7	%		9.2	%
Interest income, net and other income		0.2	%		0.2	%
Minority interest		-0.9	%		-1.2	%
Income before provision for income taxes		6.1	%		8.3	%
Provision for income taxes		-1.8	%		-2.7	%
Net income		4.3	%		5.6	%

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

Page 3 of 9

P.F. Chang’s China Bistro, Inc.

Supplemental Financial Information — Pro Forma Forecast

				53 weeks																		Forecast															YOY
	2003			2004			1Q05			2Q05			3Q05			4Q05			2005			1Q06A			2Q06			3Q06			4Q06			2006			Change
Units		130			168			170			182			193			208			208			214			222			241			259			259
Sales weeks		5,749			7,931			2,190			2,273			2,438			2,596			9,497			2,751			2,816			3,002			3,275			11,844			24.7	%
AWS		93,915			89,136			88,682			87,134			83,285			82,371			85,201			83,102			81,078			78,842			79,479			80,539			-5.5	%
Sales		539,917			706,941			194,214			198,056			203,049			213,834			809,153			228,613			228,316			236,685			260,295			953,909			17.9	%
per FDS	$	20.57		$	26.60		$	7.22		$	7.34		$	7.50		$	7.90		$	29.97		$	8.39		$	8.38		$	8.69		$	9.56		$	35.02
Operating costs
COS		152,788			200,736			53,982			54,493			56,010			60,149			224,634			63,440			63,225			65,005			71,081			262,752
Labor		176,428			233,325			63,528			64,765			67,836			70,114			266,243			76,593			74,722			77,952			85,863			315,130
Operating		73,660			99,528			28,250			29,505			31,490			33,002			122,247			34,841			34,495			36,098			38,032			143,466
Occupancy		28,914			37,693			10,274			10,767			11,182			10,570			42,793			12,493			12,548			13,029			14,386			52,456
Minority interest		7,887			10,078			2,276			2,176			1,974			1,801			8,227			2,022			2,039			2,195			2,474			8,730
G&A		28,692			34,662			10,582			10,495			9,759			10,281			41,117			11,406			12,006			12,407			13,008			48,827
Restaurant cash operating income		71,548			90,919			25,322			25,855			24,798			27,917			103,892			27,818			29,281			29,998			35,451			122,548			18.0	%
Development costs
Preopening		8,790			7,995			1,334			2,496			2,712			2,703			9,245			1,694			2,732			4,859			3,445			12,730			37.7	%
Partner investment expense		4,196			17,671			273			1,581			1,472			1,474			4,800			200			891			2,499			2,394			5,984			24.7	%
Other expenses
Depreciation & amortization		21,817			29,155			8,134			8,519			9,258			11,039			36,950			10,355			10,554			10,897			11,560			43,367			17.4	%
Equity-based compensation		—			—			—			—			—			—			—			2,190			2,429			3,222			3,222			11,063
Interest (income) expense		(466	)		(612	)		(458	)		(447	)		(530	)		(406	)		(1,841	)		(492	)		(440	)		(485	)		(480	)		(1,897	)		3.0	%
Tax provision		12,425			10,657			5,213			4,454			3,447			3,828			16,942			4,058			4,066			2,792			4,746			15,661			-7.6	%
Net income		24,786			26,053			10,826			9,252			8,439			9,279			37,796			9,813			9,049			6,215			10,564			35,640			-5.7	%
per FDS	$	0.94		$	0.98		$	0.40		$	0.34		$	0.31		$	0.34		$	1.40		$	0.36		$	0.33		$	0.23		$	0.39		$	1.31			-6.5	%
Fully diluted shares (FDS)		26,250			26,575			26,893			26,977			27,073			27,058			27,000			27,239			27,239			27,239			27,239			27,239			0.9	%
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	%		27.7	%		27.7	%		27.5	%		27.3	%		27.5	%
Labor		32.7	%		33.0	%		32.7	%		32.7	%		33.4	%		32.8	%		32.9	%		33.5	%		32.7	%		32.9	%		33.0	%		33.0	%
Operating		13.6	%		14.1	%		14.5	%		14.9	%		15.5	%		15.4	%		15.1	%		15.2	%		15.1	%		15.3	%		14.6	%		15.0	%
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	%		0.9	%		0.9	%		0.9	%		1.0	%		0.9	%
G&A		5.3	%		4.9	%		5.4	%		5.3	%		4.8	%		4.8	%		5.1	%		5.0	%		5.3	%		5.2	%		5.0	%		5.1	%
Restaurant cash operating income		13.3	%		12.9	%		13.0	%		13.1	%		12.2	%		13.1	%		12.8	%		12.2	%		12.8	%		12.7	%		13.6	%		12.8	%
Preopening		1.6	%		1.1	%		0.7	%		1.3	%		1.3	%		1.3	%		1.1	%		0.7	%		1.2	%		2.1	%		1.3	%		1.3	%
Partner investment expense		0.8	%		2.5	%		0.1	%		0.8	%		0.7	%		0.7	%		0.6	%		0.1	%		0.4	%		1.1	%		0.9	%		0.6	%
Depreciation & amortization		4.0	%		4.1	%		4.2	%		4.3	%		4.6	%		5.2	%		4.6	%		4.5	%		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	%		1.1	%		1.4	%		1.2	%		1.2	%
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	%		1.8	%		1.8	%		1.2	%		1.8	%		1.6	%
Net income		4.6	%		3.7	%		5.6	%		4.7	%		4.2	%		4.3	%		4.7	%		4.3	%		4.0	%		2.6	%		4.1	%		3.7	%

Page 4 of 9

Shared Services

Supplemental Financial Information — Pro Forma Forecast

		53 weeks																Forecast
	2003	2004	1Q05			2Q05			3Q05			4Q05			2005			1Q06A			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			4,631			5,002			5,265			5,780			20,677
Restaurant cash operating income				(4,895	)		(4,906	)		(4,384	)		(4,513	)		(18,698	)		(4,631	)		(5,002	)		(5,265	)		(5,780	)		(20,677	)
Development costs
Preopening
Partner investment expense
Other expenses
Depreciation & amortization				149			142			263			326			880			280			294			290			290			1,154
Equity-based compensation																			988			1,194			1,602			1,602			5,386
Interest (income) expense				(343	)		(420	)		(381	)		(431	)		(1,575	)		(489	)		(440	)		(485	)		(480	)		(1,894	)
Tax provision				(1,528	)		(1,504	)		(1,237	)		(1,303	)		(5,572	)		(1,677	)		(1,875	)		(2,068	)		(2,229	)		(7,850	)
Net income				(3,173	)		(3,124	)		(3,029	)		(3,105	)		(12,431	)		(3,733	)		(4,174	)		(4,604	)		(4,962	)		(17,473	)
per FDS			$	(0.12	)	$	(0.12	)	$	(0.11	)	$	(0.11	)	$	(0.46	)	$	(0.14	)	$	(0.15	)	$	(0.17	)	$	(0.18	)	$	(0.64	)
Fully diluted shares (FDS)				26,893			26,977			27,073			27,058			27,000			27,239			27,239			27,239			27,239			27,239

Page 5 of 9

Concept: P.F. Chang’s China Bistro

Supplemental Financial Information — Pro Forma Forecast

				53 weeks																		Forecast															YOY
	2003			2004			1Q05			2Q05			3Q05			4Q05			2005			1Q06A			2Q06			3Q06			4Q06			2006			Change
Units		97			115			116			121			125			131			131			133			134			143			151			151
Sales weeks		4,494			5,613			1,492			1,531			1,594			1,649			6,266			1,720			1,728			1,788			1,939			7,175			14.5	%
AWS		108,280			108,938			109,637			108,699			105,779			107,092			107,757			108,677			106,934			105,571			106,845			106,988			-0.7	%
Comp sales change		5.1	%		3.0	%		2.9	%		1.9	%		-0.8	%		1.0	%		1.2	%		1.3	%		1.7	%		2.6	%		1.5	%		1.8	%
Sales		486,609			611,468			163,579			166,418			168,612			176,595			675,204			186,924			184,782			188,761			207,172			767,639			13.7	%
per FDS	$	18.54		$	23.01		$	6.08		$	6.17		$	6.23		$	6.53		$	25.01		$	6.86		$	6.78		$	6.93		$	7.61		$	28.18
Operating costs
COS		136,983			173,128			45,317			45,726			46,359			49,671			187,073			51,771			51,035			51,758			56,483			211,047
Labor		158,497			201,352			53,601			54,250			55,947			57,328			221,126			62,308			59,933			61,824			68,209			252,273
Operating		66,044			85,073			23,599			24,298			25,654			26,648			100,199			27,897			26,968			28,204			29,629			112,698
Occupancy		25,533			31,896			8,465			8,883			9,102			8,250			34,700			9,859			9,745			9,952			10,965			40,520
Minority interest		7,360			9,177			1,935			1,881			1,723			1,579			7,118			1,733			1,713			1,750			1,921			7,117
G&A		24,767			28,555			4,086			3,816			3,667			3,943			15,512			4,386			4,565			4,565			4,670			18,185
Restaurant cash operating income		67,425			82,287			26,576			27,564			26,160			29,176			109,476			28,970			30,824			30,709			35,296			125,799			14.9	%
Development costs
Preopening		7,026			5,852			965			1,544			1,651			1,868			6,028			1,066			1,491			3,369			2,340			8,266			37.1	%
Partner investment expense		3,941			15,075			208			1,126			1,303			889			3,526			426			436			1,744			1,744			4,350			23.4	%
Other expenses
Depreciation & amortization		19,414			24,778			6,679			7,033			7,462			8,919			30,093			8,096			8,282			8,396			8,808			33,582			11.6	%
Equity-based compensation																							1,075			1,101			1,451			1,451			5,079
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			5,432			6,049			4,882			6,495			22,859			5.4	%
Net income		24,982			26,397			12,716			12,070			11,282			12,322			48,390			12,875			13,464			10,867			14,457			51,663			6.8	%
per FDS	$	0.95		$	0.99		$	0.47		$	0.45		$	0.42		$	0.46		$	1.79		$	0.47		$	0.49		$	0.40		$	0.53		$	1.90
Fully diluted shares (FDS)		26,250			26,575			26,893			26,977			27,073			27,058			27,000			27,239			27,239			27,239			27,239			27,239
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	%		27.7	%		27.6	%		27.4	%		27.3	%		27.5	%
Labor		32.6	%		32.9	%		32.8	%		32.6	%		33.2	%		32.5	%		32.7	%		33.3	%		32.4	%		32.8	%		32.9	%		32.9	%
Operating		13.6	%		13.9	%		14.4	%		14.6	%		15.2	%		15.1	%		14.8	%		14.9	%		14.6	%		14.9	%		14.3	%		14.7	%
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	%		0.9	%		0.9	%		0.9	%		0.9	%		0.9	%
G&A		5.1	%		4.7	%		2.5	%		2.3	%		2.2	%		2.2	%		2.3	%		2.3	%		2.5	%		2.4	%		2.3	%		2.4	%
Restaurant cash operating income		13.9	%		13.5	%		16.2	%		16.6	%		15.5	%		16.5	%		16.2	%		15.5	%		16.7	%		16.3	%		17.0	%		16.4	%
Preopening		1.4	%		1.0	%		0.6	%		0.9	%		1.0	%		1.1	%		0.9	%		0.6	%		0.8	%		1.8	%		1.1	%		1.1	%
Partner investment expense		0.8	%		2.5	%		0.1	%		0.7	%		0.8	%		0.5	%		0.5	%		0.2	%		0.2	%		0.9	%		0.8	%		0.6	%
Depreciation & amortization		4.0	%		4.1	%		4.1	%		4.2	%		4.4	%		5.1	%		4.5	%		4.3	%		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	%		0.6	%		0.6	%		0.8	%		0.7	%		0.7	%
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	%		2.9	%		3.3	%		2.6	%		3.1	%		3.0	%
Net income		5.1	%		4.3	%		7.8	%		7.3	%		6.7	%		7.0	%		7.2	%		6.9	%		7.3	%		5.8	%		7.0	%		6.7	%

Page 6 of 9

Concept: Pei Wei Asian Diner

Supplemental Financial Information — Pro Forma Forecast

				53 weeks																		Forecast															YOY
	2003			2004			1Q05			2Q05			3Q05			4Q05			2005			1Q06A			2Q06			3Q06			4Q06			2006			Change
Units		33			53			54			61			68			77			77			81			88			97			107			107
Sales weeks		1,255			2,318			698			742			844			947			3,231			1,031			1,088			1,211			1,323			4,653			44.0	%
AWS		42,476			41,188			43,888			42,639			40,802			39,323			41,457			40,435			40,013			39,388			39,416			39,774			-4.1	%
Comp sales change		0.3	%		2.0	%		6.0	%		6.3	%		2.8	%		1.9	%		4.0	%		-2.0	%		-1.6	%		1.4	%		2.4	%		0.2	%
Sales		53,308			95,473			30,635			31,638			34,437			37,239			133,949			41,689			43,534			47,699			52,148			185,070			38.2	%
per FDS	$	2.03		$	3.59		$	1.14		$	1.17		$	1.27		$	1.38		$	4.96		$	1.53		$	1.60		$	1.75		$	1.91		$	6.79
Operating costs
COS		15,805			27,608			8,665			8,767			9,651			10,478			37,561			11,669			12,190			13,166			14,286			51,311
Labor		17,931			31,973			9,927			10,515			11,889			12,786			45,117			14,285			14,789			16,029			17,304			62,407
Operating		7,616			14,455			4,651			5,207			5,836			6,354			22,048			6,944			7,527			7,844			8,220			30,535
Occupancy		3,381			5,797			1,809			1,884			2,080			2,320			8,093			2,634			2,803			3,061			3,356			11,854
Minority interest		527			901			341			295			251			222			1,109			289			326			445			553			1,613
G&A		3,925			6,107			1,601			1,773			1,708			1,825			6,907			2,194			2,230			2,320			2,356			9,100
Restaurant cash operating income		4,123			8,632			3,641			3,197			3,022			3,254			13,114			3,674			3,669			4,834			6,073			18,250			39.2	%
Development costs Preopening		1,764			2,143			369			952			1,061			835			3,217			603			1,175			1,232			1,090			4,100			27.4	%
Partner investment expense		255			2,596			65			455			169			585			1,274			(226	)		455			585			650			1,464			14.9	%
Other expenses Depreciation & amortization		2,403			4,377			1,306			1,344			1,533			1,794			5,977			1,979			1,979			2,193			2,410			8,561			43.2	%
Equity-based compensation																							105			110			145			145			506
Interest (income) expense		(5	)					—			(7	)		(3	)		(5	)		(15	)		(3	)											(3	)
Tax provision		(98	)		(141	)		618			147			76			(17	)		824			377			(16	)		210			551			1,123			36.3	%
Net income		(196	)		(343	)		1,283			306			186			62			1,837			839			(35	)		468			1,227			2,499			36.0	%
per FDS	$	(0.01	)	$	(0.01	)	$	0.05		$	0.01		$	0.01		$	0.00		$	0.07		$	0.03		$	(0.00	)	$	0.02		$	0.05		$	0.09
Fully diluted shares (FDS)		26,250			26,575			26,893			26,977			27,073			27,058			27,000			27,239			27,239			27,239			27,239			27,239
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	%		28.0	%		28.0	%		27.6	%		27.4	%		27.7	%
Labor		33.6	%		33.5	%		32.4	%		33.2	%		34.5	%		34.3	%		33.7	%		34.3	%		34.0	%		33.6	%		33.2	%		33.7	%
Operating		14.3	%		15.1	%		15.2	%		16.5	%		16.9	%		17.1	%		16.5	%		16.7	%		17.3	%		16.4	%		15.8	%		16.5	%
Occupancy		6.3	%		6.1	%		5.9	%		6.0	%		6.0	%		6.2	%		6.0	%		6.3	%		6.4	%		6.4	%		6.4	%		6.4	%
Minority interest		1.0	%		0.9	%		1.1	%		0.9	%		0.7	%		0.6	%		0.8	%		0.7	%		0.7	%		0.9	%		1.1	%		0.9	%
G&A		7.4	%		6.4	%		5.2	%		5.6	%		5.0	%		4.9	%		5.2	%		5.3	%		5.1	%		4.9	%		4.5	%		4.9	%
Restaurant cash operating income		7.7	%		9.0	%		11.9	%		10.1	%		8.8	%		8.7	%		9.8	%		8.8	%		8.4	%		10.1	%		11.6	%		9.9	%
Preopening		3.3	%		2.2	%		1.2	%		3.0	%		3.1	%		2.2	%		2.4	%		1.4	%		2.7	%		2.6	%		2.1	%		2.2	%
Partner investment expense		0.5	%		2.7	%		0.2	%		1.4	%		0.5	%		1.6	%		1.0	%		-0.5	%		1.0	%		1.2	%		1.2	%		0.8	%
Depreciation & amortization		4.5	%		4.6	%		4.3	%		4.2	%		4.5	%		4.8	%		4.5	%		4.7	%		4.5	%		4.6	%		4.6	%		4.6	%
Equity-based compensation		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.3	%		0.3	%		0.3	%		0.3	%		0.3	%
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	%		0.0	%		0.4	%		1.1	%		0.6	%
Net income		-0.4	%		-0.4	%		4.2	%		1.0	%		0.5	%		0.2	%		1.4	%		2.0	%		-0.1	%		1.0	%		2.4	%		1.4	%

Page 7 of 9

Concept: Taneko Japanese Tavern

Supplemental Financial Information — Pro Forma Forecast

								Forecast
		1Q06A			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		195			210			257			202			865
Restaurant cash operating income			(195	)		(210	)		(280	)		(138	)		(823	)
Development costs
Preopening			25			66			258			15			364
Partner investment expense									170						170
Other expenses
Depreciation & amortization									17			52			70
Equity-based compensation			22			23			23			23			91
Interest (income) expense
Tax provision			(74	)		(93	)		(232	)		(71	)		(470	)
Net income			(168	)		(206	)		(516	)		(158	)		(1,049	)
per FDS		$	(0.01	)	$	(0.01	)	$	(0.02	)	$	(0.01	)	$	(0.04	)
Fully diluted shares (FDS)			27,239			27,239			27,239			27,239			27,239
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	%		72.1	%
Restaurant cash operating income									-124.4	%		-14.2	%		-68.6	%
Preopening									114.7	%		1.6	%		30.4	%
Partner investment expense									75.6	%		0.0	%		14.2	%
Depreciation & amortization									7.7	%		5.4	%		5.8	%
Equity-based compensation									10.3	%		2.4	%		7.6	%
Interest (income) expense									0.0	%		0.0	%		0.0	%
Tax provision									-103.1	%		-7.3	%		-39.1	%
Net income									-229.5	%		-16.2	%		-87.4	%

Page 8 of 9

P.F. Chang’s China Bistro, Inc.

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

			Pro Forma Forecast													Adjustments															GAAP Forecast
	1Q06A			2Q06			3Q06			4Q06			2006			1Q06A			2Q06			3Q06			4Q06			2006			1Q06A			2Q06			3Q06			4Q06			2006
Sales		228,613			228,316			236,685			260,295			953,909																		228,613			228,316			236,685			260,295			953,909
per FDS	$	8.39		$	8.38		$	8.69		$	9.56		$	35.02																	$	8.39		$	8.38		$	8.69		$	9.56		$	35.02
Operating costs
COS		63,440			63,225			65,005			71,081			262,752																		63,440			63,225			65,005			71,081			262,752
Labor		76,593			74,722			77,952			85,863			315,130			344			350			350			350			1,394			76,937			75,072			78,302			86,213			316,524
Operating		34,841			34,495			36,098			38,032			143,466																		34,841			34,495			36,098			38,032			143,466
Occupancy		12,493			12,548			13,029			14,386			52,456																		12,493			12,548			13,029			14,386			52,456
Minority interest		2,022			2,039			2,195			2,474			8,730																		2,022			2,039			2,195			2,474			8,730
G&A		11,406			12,006			12,407			13,008			48,827			1,846			2,079			2,872			2,872			9,669			13,252			14,085			15,279			15,880			58,496
Restaurant cash operating income		27,818			29,281			29,998			35,451			122,548			(2,190	)		(2,429	)		(3,222	)		(3,222	)		(11,063	)		25,628			26,852			26,776			32,229			111,485
Development costs Preopening		1,694			2,732			4,859			3,445			12,730																		1,694			2,732			4,859			3,445			12,730
Partner investment expense		200			891			2,499			2,394			5,984																		200			891			2,499			2,394			5,984
Other expenses
Depreciation & amortization		10,355			10,554			10,897			11,560			43,367																		10,355			10,554			10,897			11,560			43,367
Equity-based compensation		2,190			2,429			3,222			3,222			11,063			(2,190	)		(2,429	)		(3,222	)		(3,222	)		(11,063	)		—			—			—			—			—
Interest (income) expense		(492	)		(440	)		(485	)		(480	)		(1,897	)																	(492	)		(440	)		(485	)		(480	)		(1,897	)
Tax provision		4,058			4,066			2,792			4,746			15,661																		4,058			4,066			2,792			4,746			15,661
Net income		9,813			9,049			6,215			10,564			35,640			—			—			—			—			—			9,813			9,049			6,215			10,564			35,640
per FDS	$	0.36		$	0.33		$	0.23		$	0.39		$	1.31																	$	0.36		$	0.33		$	0.23		$	0.39		$	1.31
Fully diluted shares (FDS)		27,239			27,239			27,239			27,239			27,239																		27,239			27,239			27,239			27,239			27,239
Sales		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%																	100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
COS		27.7	%		27.7	%		27.5	%		27.3	%		27.5	%																	27.7	%		27.7	%		27.5	%		27.3	%		27.5	%
Labor		33.5	%		32.7	%		32.9	%		33.0	%		33.0	%																	33.7	%		32.9	%		33.1	%		33.1	%		33.2	%
Operating		15.2	%		15.1	%		15.3	%		14.6	%		15.0	%																	15.2	%		15.1	%		15.3	%		14.6	%		15.0	%
Occupancy		5.5	%		5.5	%		5.5	%		5.5	%		5.5	%																	5.5	%		5.5	%		5.5	%		5.5	%		5.5	%
Minority interest		0.9	%		0.9	%		0.9	%		1.0	%		0.9	%																	0.9	%		0.9	%		0.9	%		1.0	%		0.9	%
G&A		5.0	%		5.3	%		5.2	%		5.0	%		5.1	%																	5.8	%		6.2	%		6.5	%		6.1	%		6.1	%
Restaurant cash operating income		12.2	%		12.8	%		12.7	%		13.6	%		12.8	%																	11.2	%		11.8	%		11.3	%		12.4	%		11.7	%
Preopening		0.7	%		1.2	%		2.1	%		1.3	%		1.3	%																	0.7	%		1.2	%		2.1	%		1.3	%		1.3	%
Partner investment expense		0.1	%		0.4	%		1.1	%		0.9	%		0.6	%																	0.1	%		0.4	%		1.1	%		0.9	%		0.6	%
Depreciation & amortization		4.5	%		4.6	%		4.6	%		4.4	%		4.5	%																	4.5	%		4.6	%		4.6	%		4.4	%		4.5	%
Equity-based compensation		1.0	%		1.1	%		1.4	%		1.2	%		1.2	%																	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		1.8	%		1.8	%		1.2	%		1.8	%		1.6	%																	1.8	%		1.8	%		1.2	%		1.8	%		1.6	%
Net income		4.3	%		4.0	%		2.6	%		4.1	%		3.7	%																	4.3	%		4.0	%		2.6	%		4.1	%		3.7	%

Page 9 of 9