EX-99.1 2 p73351exv99w1.htm EXHIBIT 99.1 exv99w1
 

Exhibit 99.1
P.F. Chang’s China Bistro, Inc.
P.F. CHANG’S FOURTH QUARTER REVENUES GROW 18%
SCOTTSDALE, ARIZONA (January 4, 2007) P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) reported today consolidated revenues of $252.0 million for the fourth quarter ended December 31, 2006 compared to $213.8 million for the fourth quarter of 2005. Sales at the company owned P.F. Chang’s China Bistro units accounted for $201.0 million of consolidated revenues, sales at the company’s Pei Wei Asian Diner units accounted for $50.2 million of consolidated revenues and sales at the company’s first Taneko Japanese Tavern unit accounted for $0.7 million of consolidated revenues. Additionally, included in consolidated revenues is the company’s share of revenues from its Hawaii Bistro joint venture arrangement.
For the 13 weeks ended December 31, 2006, comparable store sales decreased 0.9% at the Bistro (taking into account a 2% to 3% effective price increase) and decreased 0.7% at Pei Wei (taking into account a 2% to 3% effective price increase) as compared to the 13 weeks ended January 1, 2006. Comparable store sales decreased 0.6%, 1.7% and 0.5% for October, November and December, respectively, at the Bistro and decreased 0.9% and 2.0% for October and November, respectively, and increased 0.7% for December at Pei Wei.
During the fourth quarter of 2006, the company opened 10 new Bistro restaurants, 10 new Pei Wei restaurants and its first Taneko restaurant.
The company intends to release its fourth quarter earnings results on February 14, 2007 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.pfcb.com.
P.F. Chang’s China Bistro, Inc. owns and operates three 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 company’s first Taneko Japanese Tavern opened on October 2, 2006 and features natural, organic and seasonal ingredients highlighting the diverse cooking styles of Japan.
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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; 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
Supplemental Sales Information (Company Owned)
Year of Unit Opening (1)
                                                                                 
    Pre-1999     1999     2000     2001     2002     2003     2004     2005     2006     Total  
 
Units   22     13     16     13     14     18     18     18     20     152  
 
                    Sales (000)                                          
 
1Q06
     35,219       19,601       24,305       19,457       18,619       25,317       20,612       22,895       900       186,924  
2Q06
     35,003       19,072       23,712       18,567       17,679       24,593       20,345       21,388       3,345       183,705  
3Q06
     34,479       18,590       23,310       18,045       17,125       24,413       20,430       20,913       7,557       184,862  
4Q06
     34,734       19,062       23,809       18,387       17,778       24,522       20,319       20,968       21,470       201,049  
2006
     139,435       76,325       95,136       74,457       71,201       98,844       81,705       86,164       33,272       756,539  
Average Weekly Sales (AWS)
                                                                                 
1Q06
     125,783       115,983       116,851       115,129       102,303       108,191       88,083       97,841       90,015       108,677  
2Q06
     122,389       112,852       114,001       109,866       97,137       105,098       86,943       91,404       95,583       104,914  
3Q06
     120,557       109,999       112,067       106,778       94,091       104,329       87,308       89,373       94,457       102,930  
4Q06
     121,446       112,793       114,467       108,800       97,683       104,793       86,833       89,605       105,247       104,713  
2006
     122,527       112,907       114,346       110,143       97,803       105,602       87,292       92,056       101,132       105,265  
Year-Over-Year Change in AWS (2)
                                                                                 
1Q06
     1.8 %     1.3 %     0.2 %     1.1 %     1.8 %     3.0 %     -2.5 %     -5.2 %     —       0.9 %
2Q06
     0.0 %     -1.3 %     -2.3 %     -0.7 %     0.5 %     0.3 %     -3.7 %     -11.3 %     —       -1.3 %
3Q06
     -0.2 %     -1.9 %     -1.7 %     -0.3 %     0.6 %     1.0 %     -1.0 %     -11.4 %     —       -1.2 %
4Q06
     -1.4 %     -1.6 %     -0.6 %     -1.9 %     0.4 %     0.2 %     -0.4 %     -7.7 %     —       -1.4 %
2006
     0.1 %     -0.9 %     -1.1 %     -0.4 %     0.8 %     1.1 %     -1.9 %     -9.4 %             -0.8 %
Year-Over-Year Change Comp Store Sales (3)
                                                                                 
Units
     21       13       16       13       14       18       18       8       —       121  
 
1Q06
     1.3 %     1.3 %     0.2 %     1.1 %     1.8 %     3.0 %     0.1 %     —       —       1.3 %
2Q06
     -0.1 %     -1.3 %     -2.3 %     -0.7 %     0.5 %     0.3 %     -3.6 %     —       —       -1.0 %
3Q06
     -0.1 %     -1.9 %     -1.7 %     -0.3 %     0.6 %     1.0 %     -1.0 %     -2.6 %     —       -0.5 %
4Q06
     -1.3 %     -1.6 %     -0.6 %     -1.9 %     0.4 %     0.2 %     -0.4 %     -4.1 %     —       -0.9 %
2006
     -0.1 %     -0.9 %     -1.1 %     -0.4 %     0.8 %     1.1 %     -1.3 %     -3.7 %     —       -0.3 %
(1) Includes all restaurants opened in the period indicated.
(2) A unit is included in the year-over-year change in AWS in the thirteenth month of operation.
(3) A unit becomes comparable in the eighteenth month of operation.
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Pei Wei Asian Diner

Supplemental Sales Information
Year of Unit Opening (1)
                                                                 
    2000     2001     2002     2003     2004     2005     2006     Total  
 
Units   1     4     11     17     20     24     30     107  
 
                    Sales (000)                                           
 
1Q06
     810       2,332       6,315       9,244       10,670       11,084       1,233       41,689  
2Q06
     763       2,150       5,967       8,990       10,373       10,802       3,231       42,277  
3Q06
     744       2,097       5,887       8,950       10,257       10,814       7,360       46,109  
4Q06
     772       2,121       5,911       8,865       10,177       10,793       11,517       50,156  
2006
     3,089       8,701       24,081       36,049       41,478       43,493       23,340       180,230  
Average Weekly Sales (AWS)
                                                                 
1Q06
     62,282       44,839       44,164       41,828       41,040       35,527       41,105       40,435  
2Q06
     58,727       41,350       41,728       40,678       39,897       34,621       36,716       38,822  
3Q06
     57,240       40,334       41,170       40,499       39,449       34,659       35,726       38,201  
4Q06
     59,374       40,798       41,334       40,114       39,144       34,592       34,585       37,598  
2006
     59,406       41,830       42,099       40,780       39,882       34,850       35,526       38,668  
Year-Over-Year Change in AWS (2)
                                                                 
1Q06
     -13.3 %     -3.8 %     0.4 %     -1.7 %     -4.4 %     -16.5 %     —       -3.0 %
2Q06
     -15.0 %     -6.1 %     -2.1 %     -2.7 %     -4.4 %     -10.6 %     —       -4.3 %
3Q06
     0.8 %     -4.8 %     -1.1 %     -1.7 %     -0.5 %     -5.6 %     —       -2.1 %
4Q06
     -2.3 %     -4.5 %     -0.8 %     -2.3 %     0.2 %     -1.0 %     —       -1.2 %
2006
     -8.0 %     -4.8 %     -0.9 %     -2.1 %     -2.4 %     -4.1 %     —       -2.6 %
Year-Over-Year Change Comp Store Sales (3)
                                                                 
Units
     1       4       11       17       20       11       —       64  
 
1Q06
     -13.3 %     -3.8 %     0.4 %     -1.7 %     -2.3 %     —       —       -2.0 %
2Q06
     -15.0 %     -6.1 %     -2.1 %     -2.7 %     -4.4 %     -13.8 %     —       -3.9 %
3Q06
     0.8 %     -4.8 %     -1.1 %     -1.7 %     -0.5 %     -7.6 %     —       -1.5 %
4Q06
     -2.3 %     -4.5 %     -0.8 %     -2.3 %     0.2 %     3.1 %     —       -0.7 %
2006
     -8.0 %     -4.8 %     -0.9 %     -2.1 %     -1.8 %     0.9 %     —       -2.0 %
(1) Includes all restaurants opened in the period indicated.
(2) A unit is included in the year-over-year change in AWS in the thirteenth month of operation.
(3) A unit becomes comparable in the eighteenth month of operation.
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