Filed by Bowne Pure Compliance

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

Laura Cherry

laura.cherry@pfcb.com

Mark Mumford

mark.mumford@pfcb.com

Exhibit 99.1

P.F. Chang’s China Bistro, Inc.

P.F. CHANG’S EARNS $0.36 PER SHARE

SCOTTSDALE, ARIZONA, July 25, 2007 – P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today reported earnings of $9.3 million for the second quarter ended July 1, 2007 compared to $8.1 million for the second quarter of the prior year. Earnings per diluted share for the second quarter were $0.36 as compared to $0.30 for the second quarter of the prior year.


(000 except per share data)	2Q07		2Q06
Revenues	$	267,409	$	225,981
Net Income	$	9,277	$	8,089
Diluted Earnings Per Share	$	0.36	$	0.30
Shares used in diluted EPS calculation		26,129		27,258

Bistro Results

Revenues for the Company’s Bistro concept increased 13.3% to $208.2 million for the second quarter of 2007 compared to $183.7 million in the second quarter of 2006. Bistro revenues were $1.8 million below the Company’s forecast primarily due to reduced guest traffic. Comparable store sales for the Bistro declined 1.3% compared to a forecasted decline of 0.1%.

Pei Wei Results

Revenues for the Company’s Pei Wei concept increased 38.7% to $58.6 million for the second quarter of 2007 compared to $42.3 million in the second quarter of 2006. Pei Wei revenues were $2.0 million below the Company’s forecast due to lower than expected sales at stores opened during 2007. Comparable store sales increased 1.0% compared to a forecasted increase of 1.7%.

2007 Expectations

The Company has revised its full year forecast earnings per share from $1.38 to $1.34 due primarily to expectations of lower revenues driven by changes to anticipated comparable store sales growth at both concepts and lower than expected sales at 2007 new Pei Wei store openings.

Bistro Expectations

The Company plans to open 19 new Bistro restaurants during 2007, five of which were open by the end of the second quarter. Fiscal year 2007 revenues are expected to increase 12.0% over prior year to $847.2 million compared to the Company’s previous forecast of $850.4 million. Comparable store sales growth expectations have been modified to reflect reductions in anticipated guest traffic based on recent trends as follows:


	Previous			Revised
	Forecast			Forecast
Third Quarter		(0.2	%)		(1.3	%)
Fourth Quarter		(1.9	%)		(1.9	%)
Full Year		(1.2	%)		(1.6	%)

Page 1 of 9

Pei Wei Expectations

The Company plans to open 37 new Pei Wei restaurants during 2007, 19 of which were open by the end of the second quarter. Fiscal year 2007 revenues are expected to increase 37.4% over prior year to $247.6 million compared to the Company’s previous forecast of $253.9 million. The Company has lowered the full-year forecast of comparable store sales growth from 1.4% to 0.8%.

Authorization of Share Repurchase Program

On July 19, 2007, the Company’s Board of Directors authorized a program to repurchase up to $50.0 million of the Company’s outstanding shares of common stock from time to time in the open market or in private during the two-year period ending July 19, 2009, at prevailing market prices. The Company initially intends to use cash on hand and available credit lines to repurchase shares under the program.

The Company is hosting a conference call today at 1:00 pm ET in which management will provide further details on the second quarter results as well as expectations for the remainder of fiscal 2007. A webcast of the call can be accessed through the company’s website at http://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. Taneko Japanese Tavern opened on October 2, 2006 and features natural, organic and seasonal ingredients highlighting the diverse cooking styles of Japan.

Note with respect to non-GAAP financial measures contained within Supplemental Financial Information

In addition to using GAAP results in evaluating the Company’s business, management measures restaurant operating income to assess the performance of its existing restaurant concepts. Restaurant operating income includes all ongoing costs related to operating the Company’s restaurants but excludes preopening expenses and partner investment expense. Because these costs are solely related to expansion of the Company’s business, they make an accurate assessment of the health of its ongoing operations more difficult and are therefore excluded. As the Company’s expansion is funded entirely from its ongoing restaurant operations, restaurant operating income is a primary consideration when determining whether and when to open additional restaurants. The non-GAAP 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 non-GAAP to GAAP reconciliation at the bottom of pages five through nine of this press release for a reconciliation of restaurant operating income to the most directly comparable GAAP measure, income from operations.

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 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, changes in immigration laws; and other risks described in the Company’s recent SEC filings.

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
	July 1,			July 2,
	2007			2006

Revenues	$	267,409		$	225,981
Cost of sales		73,011			61,285
Labor		90,665			75,380
Operating		42,436			36,210
Occupancy		15,615			12,725
General & administrative		15,806			14,037
Depreciation & amortization		13,606			10,565
Preopening expenses		3,296			2,817
Partner investment expense		(468	)		925

Total costs and expenses		253,967			213,944

Income from operations		13,442			12,037
Interest and other income, net		179			568
Minority interest		(1,121	)		(2,033	)

Income before provision for income taxes		12,500			10,572
Provision for income taxes		(3,223	)		(2,483	)

Net income	$	9,277		$	8,089

Basic net income per share	$	0.36		$	0.30
Diluted net income per share	$	0.36		$	0.30
Shares used in calculation of basic EPS		25,708			26,546
Shares used in calculation of diluted EPS		26,129			27,258


	Percentage of Revenues
	July 1,			July 2,
	2007			2006

Revenues		100.0	%		100.0	%
Cost of sales		27.3	%		27.1	%
Labor		33.9	%		33.4	%
Operating		15.9	%		16.0	%
Occupancy		5.8	%		5.6	%
General & administrative		5.9	%		6.2	%
Depreciation & amortization		5.1	%		4.7	%
Preopening expenses		1.2	%		1.2	%
Partner investment expense		-0.2	%		0.4	%

Total costs and expenses		95.0	%		94.7	%

Income from operations		5.0	%		5.3	%
Interest and other income, net		0.1	%		0.3	%
Minority interest		-0.4	%		-0.9	%

Income before provision for income taxes		4.7	%		4.7	%
Provision for income taxes		-1.2	%		-1.1	%

Net income		3.5	%		3.6	%

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

Page 3 of 9

P.F. Chang’s China Bistro, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)


	26 Weeks Ended
	July 1,			July 2,
	2007			2006

Revenues	$	531,815		$	454,594
Cost of sales		145,926			124,725
Labor		179,899			152,317
Operating		83,630			71,051
Occupancy		30,523			25,218
General & administrative		32,528			27,289
Depreciation & amortization		26,285			20,920
Preopening expenses		5,836			4,511
Partner investment expense		(1,869	)		1,125

Total costs and expenses		502,758			427,156

Income from operations		29,057			27,438
Interest and other income, net		522			1,060
Minority interest		(2,768	)		(4,055	)

Income before provision for income taxes		26,811			24,443
Provision for income taxes		(7,069	)		(6,541	)

Net income	$	19,742		$	17,902

Basic net income per share	$	0.77		$	0.68
Diluted net income per share	$	0.76		$	0.66
Shares used in calculation of basic EPS		25,598			26,516
Shares used in calculation of diluted EPS		26,088			27,249


	Percentage of Revenues
	July 1,			July 2,
	2007			2006

Revenues		100.0	%		100.0	%
Cost of sales		27.4	%		27.4	%
Labor		33.8	%		33.5	%
Operating		15.7	%		15.6	%
Occupancy		5.7	%		5.5	%
General & administrative		6.1	%		6.0	%
Depreciation & amortization		4.9	%		4.6	%
Preopening expenses		1.1	%		1.0	%
Partner investment expense		-0.4	%		0.2	%

Total costs and expenses		94.5	%		94.0	%

Income from operations		5.5	%		6.0	%
Interest and other income, net		0.1	%		0.2	%
Minority interest		-0.5	%		-0.9	%

Income before provision for income taxes		5.0	%		5.4	%
Provision for income taxes		-1.3	%		-1.4	%

Net income		3.7	%		3.9	%

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

Page 4 of 9

P.F. Chang’s China Bistro, Inc.
Supplemental Financial Information - Forecast


																															Forecast
				53 weeks
	2003			2004			2005			1Q06			2Q06			3Q06			4Q06			2006			1Q07A			2Q07A			3Q07			4Q07			2007

Units		130			168			208			214			225			239			260			260			270			284			301			316			316
Sales weeks		5,749			7,931			9,497			2,751			2,840			3,003			3,267			11,861			3,438			3,601			3,793			4,084			14,916
AWS		93,915			89,136			85,201			83,102			79,571			76,931			77,131			79,049			76,907			74,260			71,964			71,629			73,566

Revenues		539,917			706,941			809,153			228,613			225,981			231,024			251,988			937,606			264,406			267,409			272,959			292,531			1,097,305
per FDS	$	20.57		$	26.60		$	29.97		$	8.39		$	8.29		$	8.70		$	9.73		$	35.07		$	10.15		$	10.23		$	10.42		$	11.12		$	41.93

Operating costs
Cost of sales		152,788			200,736			224,634			63,440			61,285			62,954			68,903			256,582			72,915			73,011			74,590			80,407			300,923
Labor		175,256			231,930			266,243			76,937			75,380			76,209			81,587			310,113			89,234			90,665			92,048			99,036			370,983
Operating		73,403			99,231			122,247			34,841			36,210			36,382			38,976			146,409			41,194			42,436			44,242			45,580			173,452
Occupancy		28,914			37,693			42,793			12,493			12,725			13,371			13,868			52,457			14,908			15,615			15,843			16,691			63,057
Minority interest		7,887			10,078			8,227			2,022			2,033			1,948			2,113			8,116			1,647			1,121			978			1,068			4,814
General and administrative		30,166			36,369			41,117			13,252			14,037			14,641			14,981			56,911			16,722			15,806			17,309			18,417			68,254
Depreciation & amortization		21,817			29,155			36,950			10,355			10,565			11,584			12,359			44,863			12,679			13,606			14,116			15,468			55,869
Restaurant operating income		49,686			61,749			66,942			15,273			13,746			13,935			19,201			62,155			15,107			15,149			13,833			15,864			59,953

Development costs
Preopening expenses		8,745			7,980			9,245			1,694			2,817			3,792			4,410			12,713			2,540			3,296			4,542			3,481			13,859
Partner investment expense		4,196			17,671			4,800			200			925			1,487			1,759			4,371			(1,401	)		(468	)		605			385			(879	)

Other expenses
Interest income, net and other income		(466	)		(612	)		(1,841	)		(492	)		(568	)		(344	)		89			(1,315	)		(343	)		(179	)		(250	)		(250	)		(1,022	)
Provision for income taxes		12,424			10,656			16,942			4,058			2,483			2,414			4,178			13,133			3,846			3,223			2,458			3,369			12,896
Net income		24,787			26,054			37,796			9,813			8,089			6,586			8,765			33,253			10,465			9,277			6,478			8,879			35,099

per FDS	$	0.94		$	0.98		$	1.40		$	0.36		$	0.30		$	0.25		$	0.34		$	1.24		$	0.40		$	0.36		$	0.25		$	0.34		$	1.34

Fully diluted shares (FDS)		26,250			26,575			27,000			27,239			27,258			26,558			25,893			26,737			26,046			26,129			26,200			26,300			26,169

Revenues		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales		28.3	%		28.4	%		27.8	%		27.7	%		27.1	%		27.2	%		27.3	%		27.4	%		27.6	%		27.3	%		27.3	%		27.5	%		27.4	%
Labor		32.5	%		32.8	%		32.9	%		33.7	%		33.4	%		33.0	%		32.4	%		33.1	%		33.7	%		33.9	%		33.7	%		33.9	%		33.8	%
Operating		13.6	%		14.0	%		15.1	%		15.2	%		16.0	%		15.7	%		15.5	%		15.6	%		15.6	%		15.9	%		16.2	%		15.6	%		15.8	%
Occupancy		5.4	%		5.3	%		5.3	%		5.5	%		5.6	%		5.8	%		5.5	%		5.6	%		5.6	%		5.8	%		5.8	%		5.7	%		5.7	%
Minority interest		1.5	%		1.4	%		1.0	%		0.9	%		0.9	%		0.8	%		0.8	%		0.9	%		0.6	%		0.4	%		0.4	%		0.4	%		0.4	%
General and administrative		5.6	%		5.1	%		5.1	%		5.8	%		6.2	%		6.3	%		5.9	%		6.1	%		6.3	%		5.9	%		6.3	%		6.3	%		6.2	%
Depreciation & amortization		4.0	%		4.1	%		4.6	%		4.5	%		4.7	%		5.0	%		4.9	%		4.8	%		4.8	%		5.1	%		5.2	%		5.3	%		5.1	%

Restaurant operating income		9.2	%		8.7	%		8.3	%		6.7	%		6.1	%		6.0	%		7.6	%		6.6	%		5.7	%		5.7	%		5.1	%		5.4	%		5.5	%

Preopening expenses		1.6	%		1.1	%		1.1	%		0.7	%		1.2	%		1.6	%		1.8	%		1.4	%		1.0	%		1.2	%		1.7	%		1.2	%		1.3	%
Partner investment expense		0.8	%		2.5	%		0.6	%		0.1	%		0.4	%		0.6	%		0.7	%		0.5	%		-0.5	%		-0.2	%		0.2	%		0.1	%		-0.1	%
Interest income, net and other income		-0.1	%		-0.1	%		-0.2	%		-0.2	%		-0.3	%		-0.1	%		0.0	%		-0.1	%		-0.1	%		-0.1	%		-0.1	%		-0.1	%		-0.1	%
Provision for income taxes		2.3	%		1.5	%		2.1	%		1.8	%		1.1	%		1.0	%		1.7	%		1.4	%		1.5	%		1.2	%		0.9	%		1.2	%		1.2	%

Net income		4.6	%		3.7	%		4.7	%		4.3	%		3.6	%		2.9	%		3.5	%		3.5	%		4.0	%		3.5	%		2.4	%		3.0	%		3.2	%


Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income		49,686			61,749			66,942			15,273			13,746			13,935			19,201			62,155			15,107			15,149			13,833			15,864			59,953
Add: Minority interest		7,887			10,078			8,227			2,022			2,033			1,948			2,113			8,116			1,647			1,121			978			1,068			4,814
Less: Preopening expenses		(8,745	)		(7,980	)		(9,245	)		(1,694	)		(2,817	)		(3,792	)		(4,410	)		(12,713	)		(2,540	)		(3,296	)		(4,542	)		(3,481	)		(13,859	)
Less: Partner investment expense		(4,196	)		(17,671	)		(4,800	)		(200	)		(925	)		(1,487	)		(1,759	)		(4,371	)		1,401			468			(605	)		(385	)		879

Income from operations		44,632			46,176			61,124			15,401			12,037			10,604			15,145			53,187			15,615			13,442			9,664			13,066			51,787

Page 5 of 9

Shared Services
Supplemental Financial Information - Forecast


																									Forecast
	2005			1Q06			2Q06			3Q06			4Q06			2006			1Q07A			2Q07A			3Q07			4Q07			2007

Units
Sales weeks
AWS
Comp sales change
Revenues
per FDS

Operating costs
Cost of sales
Labor
Operating
Occupancy
Minority interest
General and administrative		18,698			5,619			6,016			7,330			7,174			26,139			7,537			6,899			8,059			8,859			31,354
Depreciation & amortization		880			280			281			299			277			1,137			272			282			320			485			1,359
Restaurant operating income		(19,578	)		(5,899	)		(6,297	)		(7,629	)		(7,451	)		(27,276	)		(7,809	)		(7,181	)		(8,379	)		(9,344	)		(32,713	)

Development costs
Preopening expenses
Partner investment expense

Other expenses
Interest income, net and other income		(1,575	)		(489	)		(535	)		(391	)		(170	)		(1,585	)		(298	)		(137	)		(250	)		(250	)		(935	)
Provision for income taxes		(5,572	)		(1,677	)		(1,355	)		(1,941	)		(2,188	)		(7,161	)		(2,018	)		(1,816	)		(2,235	)		(2,501	)		(8,570	)
Net income		(12,431	)		(3,733	)		(4,407	)		(5,297	)		(5,093	)		(18,530	)		(5,493	)		(5,228	)		(5,894	)		(6,593	)		(23,208	)
per FDS	$	(0.46	)	$	(0.14	)	$	(0.16	)	$	(0.20	)	$	(0.20	)	$	(0.69	)	$	(0.21	)	$	(0.20	)	$	(0.22	)	$	(0.25	)	$	(0.89	)
Fully diluted shares (FDS)		27,000			27,239			27,258			26,558			25,893			26,737			26,046			26,129			26,200			26,300			26,169

Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income		(19,578	)		(5,899	)		(6,297	)		(7,629	)		(7,451	)		(27,276	)		(7,809	)		(7,181	)		(8,379	)		(9,344	)		(32,713	)
Add: Minority interest		—			—			—			—			—			—			—			—			—			—			—
Less: Preopening expenses		—			—			—			—			—			—			—			—			—			—			—
Less: Partner investment expense		—			—			—			—			—			—			—			—			—			—			—

Income from operations		(19,578	)		(5,899	)		(6,297	)		(7,629	)		(7,451	)		(27,276	)		(7,809	)		(7,181	)		(8,379	)		(9,344	)		(32,713	)

Page 6 of 9

Concept: P.F. Chang’s China Bistro
Supplemental Financial Information - Forecast


	53 weeks																														Forecast
	2003			2004			2005			1Q06			2Q06			3Q06			4Q06			2006			1Q07A			2Q07A			3Q07			4Q07			2007

Units		97			115			131			133			137			142			152			152			153			157			163			171			171
Sales weeks		4,494			5,613			6,266			1,720			1,751			1,796			1,920			7,187			1,979			2,028			2,082			2,205			8,294
AWS		108,280			108,938			107,757			108,677			104,914			102,930			104,713			105,265			104,592			102,615			100,672			100,849			102,143
Comp sales change		5.1	%		3.0	%		1.2	%		1.3	%		-1.0	%		-0.5	%		-0.9	%		-0.3	%		-2.5	%		-1.3	%		-1.3	%		-1.9	%		-1.6	%
Revenues		486,609			611,468			675,204			186,924			183,705			184,914			201,091			756,634			207,028			208,174			209,600			222,372			847,174
per FDS	$	18.54		$	23.01		$	25.01		$	6.86		$	6.74		$	6.96		$	7.77		$	28.30		$	7.95		$	7.97		$	8.00		$	8.46		$	32.37

Operating costs
Cost of sales		136,983			173,128			187,073			51,771			49,810			50,131			54,855			206,567			56,781			56,696			57,011			60,930			231,418
Labor		157,414			200,157			221,126			62,652			60,753			59,959			63,733			247,097			69,312			69,827			69,797			74,272			283,208
Operating		65,792			84,781			100,199			27,897			28,653			28,306			30,609			115,465			31,684			32,194			32,069			33,801			129,748
Occupancy		25,533			31,896			34,700			9,859			9,928			10,307			10,589			40,683			11,217			11,598			11,600			12,200			46,615
Minority interest		7,360			9,177			7,118			1,733			1,753			1,717			1,790			6,993			1,333			837			629			667			3,466
General and administrative		26,147			30,051			15,512			5,117			5,319			4,773			5,294			20,503			5,927			5,907			6,100			6,400			24,334
Depreciation & amortization		19,414			24,778			30,093			8,096			8,220			8,831			9,304			34,451			9,483			10,054			10,350			11,200			41,087
Restaurant operating income		47,966			57,500			79,383			19,799			19,269			20,890			24,917			84,875			21,291			21,061			22,044			22,902			87,298

Development costs
Preopening expenses		6,981			5,843			6,028			1,066			1,575			2,355			3,008			8,004			1,256			1,790			2,900			2,260			8,206
Partner investment expense		3,941			15,075			3,526			426			570			956			1,523			3,475			(1,926	)		(753	)		—			—			(2,679	)

Other expenses
Interest income, net and other income		(461	)		(612	)		(251	)		—			—			51			204			255			(51	)		(20	)		—			—			(71	)
Provision for income taxes		12,522			10,796			21,690			5,432			4,024			4,701			6,321			20,478			5,915			5,168			5,265			5,677			22,025
Net income		24,983			26,398			48,390			12,875			13,100			12,827			13,861			52,663			16,097			14,876			13,879			14,965			59,817

per FDS	$	0.95		$	0.99		$	1.79		$	0.47		$	0.48		$	0.48		$	0.54		$	1.97		$	0.62		$	0.57		$	0.53		$	0.57		$	2.29

Fully diluted shares (FDS)		26,250			26,575			27,000			27,239			27,258			26,558			25,893			26,737			26,046			26,129			26,200			26,300			26,169

Revenues		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales		28.2	%		28.3	%		27.7	%		27.7	%		27.1	%		27.1	%		27.3	%		27.3	%		27.4	%		27.2	%		27.2	%		27.4	%		27.3	%
Labor		32.3	%		32.7	%		32.7	%		33.5	%		33.1	%		32.4	%		31.7	%		32.7	%		33.5	%		33.5	%		33.3	%		33.4	%		33.4	%
Operating		13.5	%		13.9	%		14.8	%		14.9	%		15.6	%		15.3	%		15.2	%		15.3	%		15.3	%		15.5	%		15.3	%		15.2	%		15.3	%
Occupancy		5.2	%		5.2	%		5.1	%		5.3	%		5.4	%		5.6	%		5.3	%		5.4	%		5.4	%		5.6	%		5.5	%		5.5	%		5.5	%
Minority interest		1.5	%		1.5	%		1.1	%		0.9	%		1.0	%		0.9	%		0.9	%		0.9	%		0.6	%		0.4	%		0.3	%		0.3	%		0.4	%
General and administrative		5.4	%		4.9	%		2.3	%		2.7	%		2.9	%		2.6	%		2.6	%		2.7	%		2.9	%		2.8	%		2.9	%		2.9	%		2.9	%
Depreciation & amortization		4.0	%		4.1	%		4.5	%		4.3	%		4.5	%		4.8	%		4.6	%		4.6	%		4.6	%		4.8	%		4.9	%		5.0	%		4.8	%

Restaurant operating income		9.9	%		9.4	%		11.8	%		10.6	%		10.5	%		11.3	%		12.4	%		11.2	%		10.3	%		10.1	%		10.5	%		10.3	%		10.3	%

Preopening expenses		1.4	%		1.0	%		0.9	%		0.6	%		0.9	%		1.3	%		1.5	%		1.1	%		0.6	%		0.9	%		1.4	%		1.0	%		1.0	%
Partner investment expense		0.8	%		2.5	%		0.5	%		0.2	%		0.3	%		0.5	%		0.8	%		0.5	%		-0.9	%		-0.4	%		0.0	%		0.0	%		-0.3	%
Interest income, net and other income		-0.1	%		-0.1	%		0.0	%		0.0	%		0.0	%		0.0	%		0.1	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Provision for income taxes		2.6	%		1.8	%		3.2	%		2.9	%		2.2	%		2.5	%		3.1	%		2.7	%		2.9	%		2.5	%		2.5	%		2.6	%		2.6	%

Net income		5.1	%		4.3	%		7.2	%		6.9	%		7.1	%		6.9	%		6.9	%		7.0	%		7.8	%		7.1	%		6.6	%		6.7	%		7.1	%


Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income		47,966			57,500			79,383			19,799			19,269			20,890			24,917			84,875			21,291			21,061			22,044			22,902			87,298
Add: Minority interest		7,360			9,177			7,118			1,733			1,753			1,717			1,790			6,993			1,333			837			629			667			3,466
Less: Preopening expenses		(6,981	)		(5,843	)		(6,028	)		(1,066	)		(1,575	)		(2,355	)		(3,008	)		(8,004	)		(1,256	)		(1,790	)		(2,900	)		(2,260	)		(8,206	)
Less: Partner investment expense		(3,941	)		(15,075	)		(3,526	)		(426	)		(570	)		(956	)		(1,523	)		(3,475	)		1,926			753			—			—			2,679

Income from operations		44,404			45,759			76,947			20,040			18,877			19,296			22,176			80,389			23,294			20,861			19,773			21,309			85,237

Page 7 of 9

Concept: Pei Wei Asian Diner
Supplemental Financial Information - Forecast


	53 weeks																														Forecast
	2003			2004			2005			1Q06			2Q06			3Q06			4Q06			2006			1Q07A			2Q07A			3Q07			4Q07			2007

Units		33			53			77			81			88			97			107			107			116			126			137			144			144
Sales weeks		1,255			2,318			3,231			1,031			1,089			1,207			1,334			4,661			1,446			1,560			1,698			1,866			6,570
AWS		42,476			41,188			41,457			40,435			38,822			38,201			37,598			38,668			39,177			37,592			36,969			37,250			37,685
Comp sales change		0.3	%		2.0	%		4.0	%		-2.0	%		-3.9	%		-1.5	%		-0.7	%		-2.0	%		0.5	%		1.0	%		0.8	%		0.8	%		0.8	%
Revenues		53,308			95,473			133,949			41,689			42,276			46,110			50,155			180,230			56,656			58,649			62,774			69,509			247,588
per FDS	$	2.03		$	3.59		$	4.96		$	1.53		$	1.55		$	1.74		$	1.94		$	6.74		$	2.18		$	2.24		$	2.40		$	2.64		$	9.46

Operating costs
Cost of sales		15,805			27,608			37,561			11,669			11,475			12,823			13,725			49,692			15,851			16,070			17,333			19,204			68,458
Labor		17,842			31,773			45,117			14,285			14,627			16,250			17,515			62,677			19,551			20,480			21,958			24,439			86,428
Operating		7,611			14,450			22,048			6,944			7,557			8,076			8,205			30,782			9,382			10,004			11,968			11,584			42,938
Occupancy		3,381			5,797			8,093			2,634			2,797			3,064			3,230			11,725			3,636			3,963			4,198			4,442			16,239
Minority interest		527			901			1,109			289			280			231			323			1,123			314			284			349			401			1,348
General and administrative		4,019			6,318			6,907			2,299			2,485			2,276			2,327			9,387			3,030			2,878			2,969			2,963			11,840
Depreciation & amortization		2,403			4,377			5,977			1,979			2,064			2,454			2,708			9,205			2,823			3,164			3,363			3,692			13,042
Restaurant operating income		1,720			4,249			7,137			1,590			991			936			2,122			5,639			2,069			1,806			636			2,784			7,295

Development costs
Preopening expenses		1,764			2,137			3,217			603			1,126			1,204			1,350			4,283			1,283			1,506			1,642			1,221			5,652
Partner investment expense		255			2,596			1,274			(226	)		355			531			236			896			525			285			605			385			1,800

Other expenses
Interest income, net and other income		(5	)		—			(15	)		(3	)		(33	)		(4	)		55			15			6			(22	)		—			—			(16	)
Provision for income taxes		(98	)		(141	)		824			377			(107	)		(213	)		178			235			69			10			(443	)		324			(40	)
Net income		(196	)		(343	)		1,837			839			(350	)		(582	)		303			210			186			27			(1,168	)		854			(101	)

per FDS	$	(0.01	)	$	(0.01	)	$	0.07		$	0.03		$	(0.01	)	$	(0.02	)	$	0.01		$	0.01		$	0.01		$	—		$	(0.04	)	$	0.03		$	(0.00	)

Fully diluted shares (FDS)		26,250			26,575			27,000			27,239			27,258			26,558			25,893			26,737			26,046			26,129			26,200			26,300			26,169

Revenues		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales		29.6	%		28.9	%		28.0	%		28.0	%		27.1	%		27.8	%		27.4	%		27.6	%		28.0	%		27.4	%		27.6	%		27.6	%		27.6	%
Labor		33.5	%		33.3	%		33.7	%		34.3	%		34.6	%		35.2	%		34.9	%		34.8	%		34.5	%		34.9	%		35.0	%		35.2	%		34.9	%
Operating		14.3	%		15.1	%		16.5	%		16.7	%		17.9	%		17.5	%		16.4	%		17.1	%		16.6	%		17.1	%		19.1	%		16.7	%		17.3	%
Occupancy		6.3	%		6.1	%		6.0	%		6.3	%		6.6	%		6.6	%		6.4	%		6.5	%		6.4	%		6.8	%		6.7	%		6.4	%		6.6	%
Minority interest		1.0	%		0.9	%		0.8	%		0.7	%		0.7	%		0.5	%		0.6	%		0.6	%		0.6	%		0.5	%		0.6	%		0.6	%		0.5	%
General and administrative		7.5	%		6.6	%		5.2	%		5.5	%		5.9	%		4.9	%		4.6	%		5.2	%		5.3	%		4.9	%		4.7	%		4.3	%		4.8	%
Depreciation & amortization		4.5	%		4.6	%		4.5	%		4.7	%		4.9	%		5.3	%		5.4	%		5.1	%		5.0	%		5.4	%		5.4	%		5.3	%		5.3	%

Restaurant operating income		3.2	%		4.5	%		5.3	%		3.8	%		2.3	%		2.0	%		4.2	%		3.1	%		3.7	%		3.1	%		1.0	%		4.0	%		2.9	%

Preopening expenses		3.3	%		2.2	%		2.4	%		1.4	%		2.7	%		2.6	%		2.7	%		2.4	%		2.3	%		2.6	%		2.6	%		1.8	%		2.3	%
Partner investment expense		0.5	%		2.7	%		1.0	%		-0.5	%		0.8	%		1.2	%		0.5	%		0.5	%		0.9	%		0.5	%		1.0	%		0.6	%		0.7	%
Interest income, net and other income		0.0	%		0.0	%		0.0	%		0.0	%		-0.1	%		0.0	%		0.1	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Provision for income taxes		-0.2	%		-0.1	%		0.6	%		0.9	%		-0.3	%		-0.5	%		0.4	%		0.1	%		0.1	%		0.0	%		-0.7	%		0.5	%		0.0	%

Net income		-0.4	%		-0.4	%		1.4	%		2.0	%		-0.8	%		-1.3	%		0.6	%		0.1	%		0.3	%		0.0	%		-1.9	%		1.2	%		0.0	%


Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income		1,720			4,249			7,137			1,590			991			936			2,122			5,639			2,069			1,806			636			2,784			7,295
Add: Minority interest		527			901			1,109			289			280			231			323			1,123			314			284			349			401			1,348
Less: Preopening expenses		(1,764	)		(2,137	)		(3,217	)		(603	)		(1,126	)		(1,204	)		(1,350	)		(4,283	)		(1,283	)		(1,506	)		(1,642	)		(1,221	)		(5,652	)
Less: Partner investment expense		(255	)		(2,596	)		(1,274	)		226			(355	)		(531	)		(236	)		(896	)		(525	)		(285	)		(605	)		(385	)		(1,800	)

Income from operations		228			417			3,755			1,502			(210	)		(568	)		859			1,583			575			299			(1,262	)		1,579			1,191

Page 8 of 9

Concept: Taneko Japanese Tavern
Supplemental Financial Information - Forecast


																						Forecast
	1Q06			2Q06			3Q06			4Q06			2006			1Q07A			2Q07A			3Q07			4Q07			2007

Units											1			1			1			1			1			1			1
Sales weeks											13			13			13			13			13			13			52
AWS											57,077			57,077			55,538			45,077			45,000			50,000			48,904
Comp sales change
Revenues											742			742			722			586			585			650			2,543
per FDS										$	0.03		$	0.03		$	0.03		$	0.02		$	0.02		$	0.02		$	0.10

Operating costs
Cost of sales		—			—			—			323			323			283			245			246			273			1,047
Labor		—			—			—			339			339			371			358			293			325			1,347
Operating		—			—			—			162			162			128			238			205			195			766
Occupancy		—			—			—			49			49			55			54			45			49			203
Minority interest		—			—			—			—			—			—			—			—			—			—
General and administrative		217			217			262			186			882			228			122			181			195			726
Depreciation & amortization		—			—			—			70			70			101			106			83			91			381
Restaurant operating income		(217	)		(217	)		(262	)		(387	)		(1,083	)		(444	)		(537	)		(468	)		(478	)		(1,927	)

Development costs
Preopening expenses		25			116			233			52			426			1			—			—			—			1
Partner investment expense		—			—			—			—			—			—			—			—			—			—

Other expenses
Interest income, net and other income		—			—			—			—			—			—			—			—			—			—
Provision for income taxes		(74	)		(78	)		(133	)		(133	)		(418	)		(120	)		(139	)		(129	)		(131	)		(519	)
Net income		(168	)		(255	)		(362	)		(306	)		(1,091	)		(325	)		(398	)		(339	)		(347	)		(1,409	)

per FDS	$	(0.01	)	$	(0.01	)	$	(0.01	)	$	(0.01	)	$	(0.04	)	$	(0.01	)	$	(0.02	)	$	(0.01	)	$	(0.01	)	$	(0.05	)

Fully diluted shares (FDS)		27,239			27,258			26,558			25,893			26,737			26,046			26,129			26,200			26,300			26,169

Revenues											100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales											43.5	%		43.5	%		39.2	%		41.8	%		42.1	%		42.0	%		41.2	%
Labor											45.7	%		45.7	%		51.4	%		61.1	%		50.1	%		50.0	%		53.0	%
Operating											21.8	%		21.8	%		17.7	%		40.6	%		35.0	%		30.0	%		30.1	%
Occupancy											6.6	%		6.6	%		7.6	%		9.2	%		7.7	%		7.5	%		8.0	%
Minority interest											0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
General and administrative											25.1	%		118.9	%		31.6	%		20.8	%		30.9	%		30.0	%		28.5	%
Depreciation & amortization											9.4	%		9.4	%		14.0	%		18.1	%		14.2	%		14.0	%		15.0	%

Restaurant operating income											-52.2	%		-146.0	%		-61.5	%		-91.6	%		-80.0	%		-73.5	%		-75.8	%

Preopening expenses											7.0	%		57.4	%		0.1	%		0.0	%		0.0	%		0.0	%		0.0	%
Partner investment expense											0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Interest income, net and other income											0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Provision for income taxes											-17.9	%		-56.3	%		-16.6	%		-23.7	%		-22.1	%		-20.2	%		-20.4	%

Net income											-41.2	%		-147.0	%		-45.0	%		-67.9	%		-57.9	%		-53.4	%		-55.4	%


Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income		(217	)		(217	)		(262	)		(387	)		(1,083	)		(444	)		(537	)		(468	)		(478	)		(1,927	)
Add: Minority interest		—			—			—			—			—			—			—			—			—			—
Less: Preopening expenses		(25	)		(116	)		(233	)		(52	)		(426	)		(1	)		—			—			—			(1	)
Less: Partner investment expense		—			—			—			—			—			—			—			—			—			—

Income from operations		(242	)		(333	)		(495	)		(439	)		(1,509	)		(445	)		(537	)		(468	)		(478	)		(1,928	)

Page 9 of 9