P.F. Chang's net grows 37%; raises FY'02 profit projections

Nation's Restaurant News, August 5, 2002

SCOTTSDALE, ARIZ. -- P.F. Chang's China Bistro Inc. reported a 37-percent rise in profits for the first six months ended June 30, to $9.99 million, compared with $7.28 million in the year-ago period.

The company, which operates 70 flagship restaurants and eight Pei Wei Asian Diners, posted a 34-percent increase in year-to-date revenue, to $199.15 million, from $148.88 million in the comparable period last year.

Same-store sales at the company's namesake concept rose 5.1 percent in the first half and 6.3 percent in the second quarter. However, same-store sales at Pei Wei, the company's fast-casual concept, fell 6.6 percent through the first half of fiscal 2002 and 9.1 percent in the second quarter.

Second-quarter profits rose 44 percent, to $4.87 million, on a revenue increase of 33 percent, to $101.65 million, vs. the year-ago period. P.F. Chang's boosted its full-year revenue expectations to $419 million from $414 million and boosted its fiscal 2002 earnings-per-share estimates by 1 cent, to 80 cents.

Adjusted for a 2-for-1 stock split May 1, fully diluted six-month EPS was 39 cents, compared with 29 cents in the year-ago period. Second quarter EPS was 19 cents, vs. 13 cents.