Income from continuing operations(1) per diluted share for the second quarter of fiscal 2009 was $0.51 compared to $0.41 for the second quarter of the prior year. Net income (2) per diluted share was $0.49 compared to $0.39 in the prior year.

  (000 except per share data)              2Q09         2Q08                                                                                                                                                               Revenues                                 $  301,360   $  301,533                                                                                                                                                                                                                                                                                                                                                                                  Income from continuing operations((1))   $  12,079    $  9,895                                                                                                                                                           Net income((2))                          $  11,605    $  9,370                                                                                                                                                                                                                                                                                                                                                                                    Diluted income per share:                                                                                                                                                                                                Income from continuing operations((1))   $  0.51      $  0.41                                                                                                                                                            Net income((2))                          $  0.49      $  0.39                                                                                                                                                                                                                                                                                                                                                                                     Weighted average shares - diluted           23,526       24,247                                                                                                                                                                                                                                                                                                                                                                                   ((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 second quarter of 2009, consolidated revenues were $301.4 million compared to $301.5 million for the second quarter of 2008. Sales at company-owned P.F. Chang's China Bistro restaurants accounted for $227.1 million of consolidated revenues and sales at the Company's Pei Wei Asian Diner restaurants accounted for $74.2 million of consolidated revenues.

For the 13 weeks ended June 28, 2009, comparable store sales declined 6.8% at the Bistro due to a significant reduction in overall guest traffic combined with a very slight decline in average check reflecting the net impact of menu mix changes. Comparable store sales at the Bistro decreased 6.6%, 7.3%, and 6.5% in April, May and June, respectively.

For the 13 weeks ended June 28, 2009, comparable store sales declined 0.1% at Pei Wei due to a decline in average check reflecting the net impact of menu mix changes offset by an overall increase in guest traffic. Comparable store sales at Pei Wei were flat in April, increased 0.7% in May and decreased 1.0% in June.

During the second quarter of 2009, the Company opened one new Pei Wei restaurant.

2009 Expectations

The Company continues to expect a negative sales environment for the remainder of 2009. As a result, the Company anticipates average weekly sales for fiscal 2009 to decline approximately 6% to 7% at the Bistro and approximately 3% to 4% at Pei Wei. Consolidated revenues for fiscal 2009 are expected to increase 1% to 2% compared to fiscal 2008.

Despite lower anticipated average weekly sales, as a result of continued restaurant operating margin improvements, the Company has increased its estimate of fiscal 2009 EPS from continuing operations to a range of $1.60 to $1.65 per share.

The Company currently expects to open eight new Bistro restaurants and seven new Pei Wei restaurants during fiscal 2009. As a result, the Company continues to anticipate a significant reduction in preopening expenses for fiscal 2009 compared to fiscal 2008. Gross capital expenditures for fiscal 2009 are expected to approximate $45.0 million to $55.0 million.

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 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. 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                  26 Weeks Ended                                                                                                            June 28,        June 29,        June 28,        June 29,                                                                                                  2009            2008            2009            2008            Revenues                                                                                  $  301,360      $  301,533      $  611,197      $  607,450      Costs and expenses:                                                                                                                                       Cost of sales                                                                                79,657          82,132          162,729         165,662      Labor                                                                                        98,111          99,971          198,818         203,352      Operating                                                                                    48,809          49,366          99,500          97,427       Occupancy                                                                                    17,403          17,511          34,781          35,137       General and administrative                                                                   20,523          19,128          40,337          37,649       Depreciation and amortization                                                                18,575          17,150          37,071          33,520       Preopening expense                                                                           461             1,808           949             4,627        Partner investment expense                                                                   (91      )      (500     )      (555     )      (89      )   Total costs and expenses                                                                     283,448         286,566         573,630         577,285      Income from operations                                                                       17,912          14,967          37,567          30,165       Interest and other income (expense), net                                                     (437     )      (949     )      (1,377   )      (1,883   )   Income from continuing operations before taxes                                               17,475          14,018          36,190          28,282       Provision for income taxes                                                                   (5,108   )      (3,636   )      (10,061  )      (7,217   )   Income from continuing operations, net of tax                                                12,367          10,382          26,129          21,065       Loss from discontinued operations, net of tax                                                (474     )      (525     )      (517     )      (854     )   Net income                                                                                   11,893          9,857           25,612          20,211       Less: Net income attributable to noncontrolling interests                                    288             487             658             1,192        Net income attributable to PFCB                                                           $  11,605       $  9,370        $  24,954       $  19,019                                                                                                                                                                 Basic income per share:                                                                                                                                   Income from continuing operations attributable to PFCB common stockholders                $  0.52         $  0.41         $  1.10         $  0.83         Loss from discontinued operations, net of tax, attributable to PFCB common stockholders      (0.02    )      (0.02    )      (0.03    )      (0.04    )   Net income attributable to PFCB common stockholders                                       $  0.50         $  0.39         $  1.07         $  0.79                                                                                                                                                                   Diluted income per share:                                                                                                                                 Income from continuing operations attributable to PFCB common stockholders                $  0.51         $  0.41         $  1.08         $  0.82                                                                                                                                                                   Loss from discontinued operations, net of tax, attributable to PFCB common stockholders      (0.02    )      (0.02    )      (0.03    )      (0.04    )   Net income attributable to PFCB common stockholders                                       $  0.49         $  0.39         $  1.05         $  0.78                                                                                                                                                                   Weighted average shares used in computation:                                                                                                              Basic                                                                                        23,057          23,898          23,249          23,935       Diluted                                                                                      23,526          24,247          23,660          24,271                                                                                                                                                                 Amounts attributable to PFCB:                                                                                                                             Income from continuing operations, net of tax                                             $  12,079       $  9,895        $  25,471       $  19,873       Loss from discontinued operations, net of tax                                                (474     )      (525     )      (517     )      (854     )   Net income attributable to PFCB                                                           $  11,605       $  9,370        $  24,954       $  19,019                                                                                                                                                                  -------------------------------------------------------------------------------  

  P.F. Chang's China Bistro, Inc.