8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 11, 2008

P.F. Chang’s China Bistro, Inc.
(Exact name of registrant as specified in its charter)

Delaware	0-25123	86-0815086
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

7676 E. Pinnacle Peak Road, Scottsdale, Arizona	85255
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (480) 888-3000

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 – Financial Information

Item 2.02 Results of Operations and Financial Condition.

On January 11, 2008, P.F. Chang’s China Bistro, Inc. (the “Company”) issued a press release updating earnings guidance of the Company for the fiscal quarter ended December 30, 2007. The press release is attached hereto as Exhibit 99.1 and, in addition to this Report on Form 8-K and pursuant to General Instruction B.2 of Form 8-K, is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Section 9 — Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	January 11, 2008 Press Release by P.F. Chang’s China Bistro, Inc.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

P.F. Chang’s China Bistro, Inc.

Date: January 14, 2008

/s/ Mark D. Mumford                                         
Mark D. Mumford
Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Description
99.1	January 11, 2008 Press Release by P.F. Chang’s China Bistro, Inc.

EX-99.1

Exhibit 99.1

P.F. CHANG’S CHINA BISTRO, INC.

P.F. Chang’s reports updated fourth quarter earnings guidance

SCOTTSDALE, ARIZONA (January 11, 2008) P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today reported updated estimates of consolidated earnings per share for the fourth quarter ended December 30, 2007 of $0.32 to $0.34 based on preliminary unaudited results, excluding an estimated charge of $0.08 related to the Company’s Taneko Japanese Tavern as discussed below ($0.24 to $0.26 per share including such charge). These revised estimates are $0.09 to $0.11 above previously reported fourth quarter earnings guidance of $0.23 per share.

As previously announced, the Company exceeded its revenue forecast for the fourth quarter by approximately $7 million, with the majority of the increase resulting from better than anticipated December activity. This incremental revenue enabled the Company to achieve improved leverage of its fixed operating expenses and reverse some of the cost pressure trends that were experienced during the first two periods of the quarter, accounting for roughly half of the favorable variance. In addition, the Company experienced favorable group medical and workers’ compensation adjustments resulting from better than expected claims development. Because the majority of these adjustments relate to prior periods’ claims, the Company does not expect to see similar adjustments going forward.
A higher annual effective tax rate resulting from greater than expected full-year pre-tax income is also reflected in these updated estimates.

As referenced above, the Company expects to record an approximate $0.08 per share charge related to the assets of its Taneko Japanese Tavern restaurant during the fourth quarter ended December 30, 2007. After accounting for the anticipated charge related to Taneko, consolidated earnings per share for the fourth fiscal quarter is expected to total approximately $0.24 to $0.26 per share. As announced yesterday, the Company has a memorandum of understanding with longtime Dallas restaurateur Jack Baum, for a sale of its sole Taneko Japanese Tavern restaurant. Under the proposed deal, Taneko’s current management team will partner with Jack Baum’s restaurant management company, Food, Friends & Co., on the development and growth of the Taneko business, and the Company will retain a minority interest in the business. Food, Friends & Co. currently operates 13 restaurants in 9 states, including Wapango, Mexico Cantina y Veracruz Cooking, Cozymel’s Mexican Grill and Woodlands.

The Company also today announced that it will be presenting at the Cowen & Company’s 6th Annual Consumer Conference on Tuesday, January 15, 2008 at the Westin Times Square Hotel in New York, NY.  The presentation will begin at 11:30 AM ET.  Investors and interested parties may listen to a live webcast of this presentation by visiting the Company’s website at www.pfcb.com under the investors section.

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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 served 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 features natural, organic and seasonal ingredients highlighting the diverse cooking styles of Japan.

The statements contained in this press release that are not purely historical, including the company’s estimates of its earnings and proposed sale of the Taneko Japanese Tavern store, 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; the ability of the parties to reach agreement on definitive documentation with respect to the sale of the Taneko Japanese Tavern store 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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