P.F. Chang’s Reports Third Quarter Earnings

By: P.F. Chang's China Bistro, Inc. via Business Wire News Releases

October 21, 2009 at 07:00 AM EDT

P.F. Chang’s China Bistro, Inc. (NASDAQ: PFCB) today reported consolidated income from continuing operations(1) of $6.2 million for the third quarter ended September 27, 2009 compared to $7.7 million for the third quarter of the prior year. Net income (2) for the third quarter of fiscal 2009 totaled $6.2 million compared to $3.0 million for the third quarter of the prior year.

Income from continuing operations(1) per diluted share for the third quarter of fiscal 2009 was $0.27 compared to $0.32 for the third quarter of the prior year. Net income (2) per diluted share was $0.27 compared to $0.12 in the prior year. Prior year net income includes $7.5 million in pre-tax, non-cash asset impairment charges included in discontinued operations that were recognized during the third quarter in connection with the closure of 10 Pei Wei restaurants during the fourth quarter of 2008.

(000 except per share data)	3Q09		3Q08
Revenues	$	290,329	$	295,877

Income from continuing operations(1)	$	6,225	$	7,655
Net income(2)	$	6,208	$	2,962

Diluted income per share:
Income from continuing operations(1)	$	0.27	$	0.32
Net income(2)	$	0.27	$	0.12

Weighted average shares - diluted		23,285		23,927

(1)		Income from continuing operations refers to Income from continuing operations, net of tax attributable to PFCB common stockholders
(2)		Net income refers to Net income attributable to PFCB common stockholders

For the third quarter of 2009, consolidated revenues were $290.3 million compared to $295.9 million for the third quarter of 2008. Sales at company-owned P.F. Chang’s China Bistro restaurants accounted for $217.1 million of consolidated revenues and sales at the Company’s Pei Wei Asian Diner restaurants accounted for $73.2 million of consolidated revenues.

For the 13 weeks ended September 27, 2009, comparable store sales declined 8.5% at the Bistro due to a 6% to 7% reduction in overall guest traffic combined with a slight decline in average check reflecting the net impact of menu mix changes. Comparable store sales at the Bistro decreased 8.0%, 9.4%, and 8.1% in July, August and September, respectively.

For the 13 weeks ended September 27, 2009, comparable store sales declined 0.7% at Pei Wei due to a slight decline in average check reflecting the net impact of menu mix changes partially offset by a flat to 1% increase in overall guest traffic. Comparable store sales at Pei Wei decreased 1.8% and 2.5% in July and August, respectively and increased 2.5% in September.

During the third quarter of 2009, the Company opened two new Bistro and three new Pei Wei restaurants.

2009 Expectations

The Company expects average weekly sales for the fourth quarter of fiscal 2009 to decline approximately 6% at the Bistro and increase approximately 1% at Pei Wei versus the prior year. The Company expects to open five new Bistro restaurants and two new Pei Wei restaurants during the fourth quarter of fiscal 2009. Based on the foregoing, consolidated revenues for the fourth quarter are anticipated to range from $318 million to $320 million. The Company has increased full year earnings expectations and now expects fiscal 2009 EPS from continuing operations to range from $1.70 to $1.75 per share.

2010 Development

The Company currently expects to open five new Bistro restaurants and five new Pei Wei restaurants during fiscal 2010.

The Company is hosting a conference call today at 1:00 pm ET in which management will provide further details on the current quarter results. 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 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 pan-Asian cuisine in a relaxed, warm environment offering attentive counter service and take-out flexibility.

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 preopening and partner investment expenses are solely related to expansion of the Company’s business and vary in timing and magnitude, they make an accurate assessment of the health of its ongoing operations more difficult and are therefore excluded. Additionally, general and administrative expenses are only included in the Company’s consolidated financial presentation as these costs relate to support of both restaurant concepts and are generally not specifically identifiable to individual restaurant operations. As the Company’s expansion is funded entirely from its ongoing restaurant operations, restaurant operating income is a primary consideration of management 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 5 through 7 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 earnings, revenues and anticipated new restaurants are forward-looking statements. The accuracy of these forward-looking statements may be affected by certain risks and uncertainties, including, but not limited to, failure of the Company’s existing or new restaurants to achieve expected results; changes in general economic and political conditions that affect consumer spending; changes in food costs; the financial performance of restaurants concentrated in certain geographic areas; litigation; the Company’s inability to retain key personnel; potential labor shortages that may delay planned openings; changes in government legislation that may increase labor costs; intense competition in the restaurant industry; tax returns that may be subjected to audits and could have material adverse impact; rising insurance costs; the inability to develop and construct the Company’s restaurants within projected budgets and time periods; failure to comply with governmental regulations; changes in how the Company accounts for certain aspects of the its partnership program; the Company’s ability to successfully expand its operations; and other risks described in the Company’s recent SEC filings.

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

	13 Weeks Ended						39 Weeks Ended
	September 27,			September 28,			September 27,			September 28,
	2009			2008			2009			2008
Revenues	$	290,329		$	295,877		$	901,526		$	903,327
Costs and expenses:
Cost of sales		76,364			80,368			239,093			246,030
Labor		95,713			98,059			294,531			301,411
Operating		50,883			52,201			150,383			149,628
Occupancy		17,566			17,270			52,347			52,407
General and administrative		20,408			18,152			60,745			55,801
Depreciation and amortization		19,055			17,235			56,126			50,755
Preopening expense		1,550			1,519			2,499			6,146
Partner investment expense		18			99			(537	)		10
Total costs and expenses		281,557			284,903			855,187			862,188
Income from operations		8,772			10,974			46,339			41,139
Interest and other income (expense), net		85			(895	)		(1,292	)		(2,778	)
Income from continuing operations before taxes		8,857			10,079			45,047			38,361
Provision for income taxes		(2,477	)		(2,057	)		(12,538	)		(9,274	)
Income from continuing operations, net of tax		6,380			8,022			32,509			29,087
Loss from discontinued operations, net of tax		(17	)		(4,693	)		(534	)		(5,547	)
Net income		6,363			3,329			31,975			23,540
Less: Net income attributable to noncontrolling interests		155			367			813			1,559
Net income attributable to PFCB	$	6,208		$	2,962		$	31,162		$	21,981

Basic income per share:
Income from continuing operations attributable to PFCB common stockholders	$	0.27		$	0.33		$	1.38		$	1.16
Loss from discontinued operations, net of tax, attributable to PFCB common stockholders		0.00			(0.20	)		(0.03	)		(0.24	)
Net income attributable to PFCB common stockholders	$	0.27		$	0.13		$	1.35		$	0.92

Diluted income per share:
Income from continuing operations attributable to PFCB common stockholders	$	0.27		$	0.32		$	1.35		$	1.14
Loss from discontinued operations, net of tax, attributable to PFCB common stockholders		0.00			(0.20	)		(0.03	)		(0.23	)
Net income attributable to PFCB common stockholders	$	0.27		$	0.12		$	1.32		$	0.91

Weighted average shares used in computation:
Basic		22,810			23,613			23,103			23,828
Diluted		23,285			23,927			23,535			24,156

Amounts attributable to PFCB:
Income from continuing operations, net of tax	$	6,225		$	7,655		$	31,696		$	27,528
Loss from discontinued operations, net of tax		(17	)		(4,693	)		(534	)		(5,547	)
Net income attributable to PFCB	$	6,208		$	2,962		$	31,162		$	21,981

P.F. Chang's China Bistro, Inc.
Supplemental Financial Information

			2007			1Q08			2Q08			3Q08			4Q08			2008			1Q09			2Q09			3Q09			YTD Q3 2009

Units				306			322			331			337			348			348			350			351			356			356
Sales weeks				14,443			4,122			4,256			4,328			4,464			17,170			4,531			4,563			4,604			13,698
AWS				75,067			74,216			70,849			68,363			66,039			69,780			68,382			66,044			63,060			65,814

Revenues				1,084,193			305,917			301,533			295,877			294,797			1,198,124			309,837			301,360			290,329			901,526

Operating costs
	Cost of sales			297,242			83,530			82,132			80,368			79,600			325,630			83,072			79,657			76,364			239,093
	Labor			364,074			103,381			99,971			98,059			95,500			396,911			100,707			98,111			95,713			294,531
	Operating			172,147			48,061			49,366			52,201			49,339			198,967			50,691			48,809			50,883			150,383
	Occupancy			62,164			17,626			17,511			17,270			17,402			69,809			17,378			17,403			17,566			52,347
	Net income attributable to noncontrolling interests			4,169			705			487			367			374			1,933			370			288			155			813
	Depreciation & amortization			55,988			16,370			17,150			17,235			17,956			68,711			18,496			18,575			19,055			56,126
Restaurant operating income				128,409			36,244			34,916			30,377			34,626			136,163			39,123			38,517			30,593			108,233

Development costs
	Preopening expenses			14,310			2,819			1,808			1,519			2,311			8,457			488			461			1,550			2,499
	Partner investment expense			(2,012	)		411			(500	)		99			(364	)		(354	)		(464	)		(91	)		18			(537	)

Other expenses
	General and administrative (1)			66,968			18,521			19,128			18,152			21,687			77,488			19,814			20,523			20,408			60,745
	Interest and other (income) expense, net			100			934			949			895			584			3,362			940			437			(85	)		1,292
	Provision for income taxes			12,420			3,581			3,636			2,057			2,919			12,193			4,953			5,108			2,477			12,538
Income from continuing operations				36,623			9,978			9,895			7,655			7,489			35,017			13,392			12,079			6,225			31,696
Loss from discontinued operations, net of tax				(4,560	)		(329	)		(525	)		(4,693	)		(2,044	)		(7,591	)		(43	)		(474	)		(17	)		(534	)
Net income attributable to PFCB				32,063			9,649			9,370			2,962			5,445			27,426			13,349			11,605			6,208			31,162

		Income from continuing operations per FDS	$	1.41		$	0.41		$	0.41		$	0.32		$	0.31		$	1.45		$	0.56		$	0.51		$	0.27		$	1.35

Fully diluted shares (FDS)				25,899			24,295			24,247			23,927			23,851			24,080			23,795			23,526			23,285			23,535

Revenues				100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales				27.4	%		27.3	%		27.2	%		27.2	%		27.0	%		27.2	%		26.8	%		26.4	%		26.3	%		26.5	%
Labor				33.6	%		33.8	%		33.2	%		33.1	%		32.4	%		33.1	%		32.5	%		32.6	%		33.0	%		32.7	%
Operating				15.9	%		15.7	%		16.4	%		17.6	%		16.7	%		16.6	%		16.4	%		16.2	%		17.5	%		16.7	%
Occupancy				5.7	%		5.8	%		5.8	%		5.8	%		5.9	%		5.8	%		5.6	%		5.8	%		6.1	%		5.8	%
Net income attributable to noncontrolling interests				0.4	%		0.2	%		0.2	%		0.1	%		0.1	%		0.2	%		0.1	%		0.1	%		0.1	%		0.1	%
Depreciation & amortization				5.2	%		5.4	%		5.7	%		5.8	%		6.1	%		5.7	%		6.0	%		6.2	%		6.6	%		6.2	%
Restaurant operating income				11.8	%		11.8	%		11.6	%		10.3	%		11.7	%		11.4	%		12.6	%		12.8	%		10.5	%		12.0	%
Preopening expenses				1.3	%		0.9	%		0.6	%		0.5	%		0.8	%		0.7	%		0.2	%		0.2	%		0.5	%		0.3	%
Partner investment expense				(0.2	%)		0.1	%		(0.2	%)		0.0	%		(0.1	%)		(0.0	%)		(0.1	%)		(0.0	%)		0.0	%		(0.1	%)
General and administrative (1)				6.2	%		6.1	%		6.3	%		6.1	%		7.4	%		6.5	%		6.4	%		6.8	%		7.0	%		6.7	%
Interest and other (income) expense, net				0.0	%		0.3	%		0.3	%		0.3	%		0.2	%		0.3	%		0.3	%		0.1	%		(0.0	%)		0.1	%
Provision for income taxes				1.1	%		1.2	%		1.2	%		0.7	%		1.0	%		1.0	%		1.6	%		1.7	%		0.9	%		1.4	%
Income from continuing operations				3.4	%		3.3	%		3.3	%		2.6	%		2.5	%		2.9	%		4.3	%		4.0	%		2.1	%		3.5	%
Loss from discontinued operations, net of tax				(0.4	%)		(0.1	%)		(0.2	%)		(1.6	%)		(0.7	%)		(0.6	%)		(0.0	%)		(0.2	%)		(0.0	%)		(0.1	%)
Net income attributable to PFCB				3.0	%		3.2	%		3.1	%		1.0	%		1.8	%		2.3	%		4.3	%		3.9	%		2.1	%		3.5	%

Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income				128,409			36,244			34,916			30,377			34,626			136,163			39,123			38,517			30,593			108,233
Add: Net income attributable to noncontrolling interests				4,169			705			487			367			374			1,933			370			288			155			813
Less: General and administrative (1)				(66,968	)		(18,521	)		(19,128	)		(18,152	)		(21,687	)		(77,488	)		(19,814	)		(20,523	)		(20,408	)		(60,745	)
Less: Preopening expenses				(14,310	)		(2,819	)		(1,808	)		(1,519	)		(2,311	)		(8,457	)		(488	)		(461	)		(1,550	)		(2,499	)
Less: Partner investment expense				2,012			(411	)		500			(99	)		364			354			464			91			(18	)		537
Income from operations				53,312			15,198			14,967			10,974			11,366			52,505			19,655			17,912			8,772			46,339

Note: Consolidated results include the impact of Shared Services and Other as well as the Bistro and Pei Wei concepts
(1)		Consolidated general and administrative expenses includes the costs of supporting the Company, including all concepts

Concept: P.F. Chang's China Bistro
Supplemental Financial Information

		2007		1Q08		2Q08		3Q08		4Q08		2008		1Q09		2Q09		3Q09		YTD Q3 2009

Units		172		177		182		182		189		189		190		190		192		192
Sales weeks		8,289		2,275		2,330		2,355		2,413		9,373		2,458		2,470		2,486		7,414
AWS		102,486		103,763		99,502		96,139		93,427		98,127		95,661		91,958		87,324		91,632
Revenues		849,743		236,089		231,972		226,443		225,459		919,963		235,141		227,144		217,093		679,378

Operating costs
	Cost of sales	232,578		64,410		62,999		61,430		61,072		249,911		62,963		59,749		56,624		179,336
	Labor	282,919		79,318		76,153		74,387		72,109		301,967		76,051		73,286		71,216		220,553
	Operating	131,863		36,324		36,603		38,556		37,600		149,083		36,973		36,373		37,487		110,833
	Occupancy	47,059		12,981		12,730		12,536		12,423		50,670		12,441		12,412		12,390		37,243
	Net income attributable to noncontrolling interests	3,351		497		370		271		223		1,361		179		145		104		428
	Depreciation & amortization	42,294		12,265		12,794		12,771		13,261		51,091		13,728		13,646		13,900		41,274
Restaurant operating income		109,679		30,294		30,323		26,492		28,771		115,880		32,806		31,533		25,372		89,711

Revenues		100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Cost of sales		27.4	%	27.3	%	27.2	%	27.1	%	27.1	%	27.2	%	26.8	%	26.3	%	26.1	%	26.4	%
Labor		33.3	%	33.6	%	32.8	%	32.9	%	32.0	%	32.8	%	32.3	%	32.3	%	32.8	%	32.5	%
Operating		15.5	%	15.4	%	15.8	%	17.0	%	16.7	%	16.2	%	15.7	%	16.0	%	17.3	%	16.3	%
Occupancy		5.5	%	5.5	%	5.5	%	5.5	%	5.5	%	5.5	%	5.3	%	5.5	%	5.7	%	5.5	%
Net income attributable to noncontrolling interests		0.4	%	0.2	%	0.2	%	0.1	%	0.1	%	0.1	%	0.1	%	0.1	%	0.0	%	0.1	%
Depreciation & amortization		5.0	%	5.2	%	5.5	%	5.6	%	5.9	%	5.6	%	5.8	%	6.0	%	6.4	%	6.1	%
Restaurant operating income		12.9	%	12.8	%	13.1	%	11.7	%	12.7	%	12.6	%	14.0	%	13.9	%	11.7	%	13.2	%



Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income		109,679		30,294		30,323		26,492		28,771		115,880		32,806		31,533		25,372		89,711
Add: Net income attributable to noncontrolling interests		3,351		497		370		271		223		1,361		179		145		104		428
Less: Preopening expenses		(9,012	)	(1,729	)	(1,271	)	(732	)	(1,945	)	(5,677	)	(294	)	(280	)	(1,004	)	(1,578	)
Less: Partner investment expense		3,358		245		500		103		218		1,066		148		20		-		168
Income from operations		107,376		29,307		29,922		26,134		27,267		112,630		32,839		31,418		24,472		88,729

Note: General and administrative expenses are reflected in the Company’s consolidated results

Concept: Pei Wei Asian Diner (A)
Supplemental Financial Information

		2007		1Q08		2Q08		3Q08		4Q08		2008		1Q09		2Q09		3Q09		YTD Q3 2009

Units		134		145		149		155		159		159		160		161		164		164
Sales weeks		6,154		1,847		1,926		1,973		2,051		7,797		2,073		2,093		2,118		6,284
AWS		38,095		37,806		36,117		35,192		33,806		35,675		36,011		35,459		34,578		35,344
Revenues		234,450		69,828		69,561		69,434		69,338		278,161		74,696		74,216		73,236		222,148

Operating costs
	Cost of sales	64,664		19,120		19,133		18,938		18,528		75,719		20,109		19,908		19,740		59,757
	Labor	81,155		24,063		23,818		23,672		23,391		94,944		24,656		24,825		24,497		73,978
	Operating	40,284		11,737		12,763		13,645		11,739		49,884		13,718		12,436		13,396		39,550
	Occupancy	15,105		4,645		4,781		4,734		4,979		19,139		4,937		4,991		5,176		15,104
	Net income attributable to noncontrolling interests	818		208		117		96		151		572		191		143		51		385
	Depreciation & amortization	12,278		3,774		3,995		4,119		4,270		16,158		4,350		4,440		4,647		13,437
Restaurant operating income		20,146		6,281		4,954		4,230		6,280		21,745		6,735		7,473		5,729		19,937

Revenues		100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Cost of sales		27.6	%	27.4	%	27.5	%	27.3	%	26.7	%	27.2	%	26.9	%	26.8	%	27.0	%	26.9	%
Labor		34.6	%	34.5	%	34.2	%	34.1	%	33.7	%	34.1	%	33.0	%	33.4	%	33.4	%	33.3	%
Operating		17.2	%	16.8	%	18.3	%	19.7	%	16.9	%	17.9	%	18.4	%	16.8	%	18.3	%	17.8	%
Occupancy		6.4	%	6.7	%	6.9	%	6.8	%	7.2	%	6.9	%	6.6	%	6.7	%	7.1	%	6.8	%
Net income attributable to noncontrolling interests		0.3	%	0.3	%	0.2	%	0.1	%	0.2	%	0.2	%	0.3	%	0.2	%	0.1	%	0.2	%
Depreciation & amortization		5.2	%	5.4	%	5.7	%	5.9	%	6.2	%	5.8	%	5.8	%	6.0	%	6.3	%	6.0	%
Restaurant operating income		8.6	%	9.0	%	7.1	%	6.1	%	9.1	%	7.8	%	9.0	%	10.1	%	7.8	%	9.0	%



Reconciliation of Non-GAAP Financial Information to GAAP measures:
Restaurant operating income		20,146		6,281		4,954		4,230		6,280		21,745		6,735		7,473		5,729		19,937
Add: Net income attributable to noncontrolling interests		818		208		117		96		151		572		191		143		51		385
Less: Preopening expenses		(5,298	)	(1,090	)	(537	)	(787	)	(366	)	(2,780	)	(194	)	(181	)	(546	)	(921	)
Less: Partner investment expense		(1,346	)	(656	)	-		(202	)	146		(712	)	316		71		(18	)	369
Income from operations		14,320		4,743		4,534		3,337		6,211		18,825		7,048		7,506		5,216		19,770

Note: General and administrative expenses are reflected in the Company’s consolidated results

(A)		All current and historical operating results related to closed Pei Wei restaurants are reflected within discontinued operations for all periods presented.

P.F. Chang's China Bistro

Supplemental Sales Information (Company Owned)

Year of Unit Opening (1)

	Pre-2002		2002		2003		2004		2005		2006		2007		2008		2009	Total

Units	64		14		18		18		18		20		20		17		3	192

Sales (000)

1Q09	90,049		17,380		23,552		18,967		19,752		22,320		23,344		19,653		118	235,135
2Q09	86,490		16,225		22,655		18,623		18,993		21,760		22,750		18,177		1,464	227,137
3Q09	81,993		15,296		21,744		18,361		17,980		20,414		21,743		16,698		2,858	217,087

2009	258,532		48,901		67,951		55,951		56,725		64,494		67,837		54,528		4,440	679,359



Average Weekly Sales (AWS)

1Q09	108,231		95,496		100,651		81,054		84,412		85,846		89,784		88,928		118,392	95,661
2Q09	103,955		89,147		96,814		79,587		81,165		83,691		87,501		82,249		112,615	91,958
3Q09	98,550		84,045		92,922		78,467		76,838		78,517		83,625		75,556		98,552	87,324

2009	103,578		89,563		96,796		79,703		80,805		82,684		86,970		82,245		103,265	91,632



Year-Over-Year Change in AWS (2)

1Q09	-6.6	%	-5.1	%	-6.4	%	-6.5	%	-6.5	%	-6.2	%	-13.5	%	-20.0	%	-	-7.4	%
2Q09	-6.3	%	-6.6	%	-7.1	%	-6.5	%	-6.6	%	-5.7	%	-9.4	%	-15.3	%	-	-7.1	%
3Q09	-8.4	%	-8.1	%	-7.6	%	-8.3	%	-7.0	%	-8.0	%	-10.1	%	-16.4	%	-	-8.7	%

2009	-7.1	%	-6.5	%	-7.0	%	-7.1	%	-6.7	%	-6.6	%	-11.1	%	-16.5	%	-	-7.7	%



Year-Over-Year Change Comp Store Sales (3)

Units	63		14		18		18		18		20		20		6		-	177

1Q09	-6.6	%	-5.1	%	-6.4	%	-6.5	%	-6.5	%	-6.2	%	-10.4	%	-		-	-6.6	%
2Q09	-6.3	%	-6.6	%	-7.1	%	-6.5	%	-6.6	%	-5.7	%	-9.4	%	-5.8	%	-	-6.8	%
3Q09	-8.9	%	-8.1	%	-7.6	%	-8.3	%	-7.0	%	-8.0	%	-10.1	%	-8.4	%	-	-8.5	%

2009	-7.2	%	-6.5	%	-7.0	%	-7.1	%	-6.7	%	-6.6	%	-9.9	%	-8.2	%	-	-7.3	%

(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.

Pei Wei Asian Diner

Supplemental Sales Information

Year of Unit Opening (1)

	Pre-2002		2002		2003		2004		2005		2006		2007		2008		2009	Total

Units	5		11		17		19		23		27		32		25		5	164

Sales (000)

1Q09	2,690		5,502		8,729		10,036		10,874		12,762		13,386		10,374		298	74,651
2Q09	2,597		5,312		8,464		9,816		10,832		12,681		13,437		10,171		906	74,216
3Q09	2,451		5,057		8,211		9,602		10,602		12,573		13,161		9,733		1,846	73,236

2009	7,738		15,871		25,404		29,454		32,308		38,016		39,984		30,278		3,050	222,103



Average Weekly Sales (AWS)

1Q09	41,380		38,474		39,498		40,632		36,367		36,359		32,179		31,920		49,652	36,011
2Q09	39,958		37,150		38,300		39,739		36,226		36,129		32,300		31,296		34,858	35,459
3Q09	37,709		35,365		37,155		38,875		35,457		35,820		31,637		29,947		36,199	34,578

2009	39,682		36,996		38,318		39,749		36,017		36,103		32,038		31,054		36,751	35,344



Year-Over-Year Change in AWS (2)

1Q09	-4.5	%	-3.9	%	-2.4	%	-2.3	%	-2.1	%	-0.3	%	-3.6	%	-22.7	%	-	-3.6	%
2Q09	-3.3	%	-1.5	%	-1.2	%	-1.5	%	1.0	%	2.1	%	0.9	%	-11.8	%	-	-1.0	%
3Q09	-5.0	%	-4.1	%	-2.1	%	-0.8	%	0.8	%	3.0	%	0.4	%	-8.8	%	-	-1.1	%

2009	-4.2	%	-3.2	%	-1.9	%	-1.6	%	-0.1	%	1.6	%	-0.8	%	-13.1	%	-	-1.9	%



Year-Over-Year Change Comp Store Sales (3)

Units	5		11		17		19		23		27		32		14		-	148

1Q09	-4.5	%	-3.9	%	-2.4	%	-2.3	%	-2.1	%	-0.3	%	-2.9	%	-		-	-2.2	%
2Q09	-3.3	%	-1.5	%	-1.2	%	-1.5	%	1.0	%	2.1	%	0.9	%	-10.6	%	-	-0.1	%
3Q09	-5.0	%	-4.1	%	-2.1	%	-0.8	%	0.8	%	3.0	%	0.4	%	-8.0	%	-	-0.7	%

2009	-4.2	%	-3.2	%	-1.9	%	-1.6	%	-0.1	%	1.6	%	-0.4	%	-8.5	%	-	-1.0	%

(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.

Contacts:

P.F. Chang's China Bistro, Inc.
Allison Schulder, 480-888-3000 (Investors)
allison.schulder@pfcb.com
or
Dig Communications
Pete Marino, 312-339-8833 (Media)
pmarino@digcommunications.com