P.F. Chang’s Reports Second Quarter Earnings and Raises Fiscal 2009 Earnings Guidance

Wednesday, July 22, 2009 7:05 AM

P.F. Chang’s China Bistro, Inc. (NASDAQ:PFCB) today reported consolidated income from continuing operations⁽¹⁾ of $12.1 million for the second quarter ended June 28, 2009 compared to $9.9 million for the second quarter of the prior year. Net income⁽²⁾ for the second quarter of fiscal 2009 totaled $11.6 million compared to $9.4 million for the second quarter of the prior year.

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.
Supplemental Financial Information

		2007			1Q08			2Q08			3Q08			4Q08			2008			1Q09			2Q09			YTD Q2 2009

Units			306			322			331			337			348			348			350			351			351
Sales weeks			14,443			4,122			4,256			4,328			4,464			17,170			4,531			4,563			9,094
AWS			75,067			74,216			70,849			68,363			66,039			69,780			68,382			66,044			67,209

Revenues			1,084,193			305,917			301,533			295,877			294,797			1,198,124			309,837			301,360			611,197

Operating costs
	Cost of sales		297,242			83,530			82,132			80,368			79,600			325,630			83,072			79,657			162,729
	Labor		364,074			103,381			99,971			98,059			95,500			396,911			100,707			98,111			198,818
	Operating		172,147			48,061			49,366			52,201			49,339			198,967			50,691			48,809			99,500
	Occupancy		62,164			17,626			17,511			17,270			17,402			69,809			17,378			17,403			34,781
	Net income attributable to noncontrolling interests		4,169			705			487			367			374			1,933			370			288			658
	Depreciation & amortization		55,988			16,370			17,150			17,235			17,956			68,711			18,496			18,575			37,071
Restaurant operating income			128,409			36,244			34,916			30,377			34,626			136,163			39,123			38,517			77,640

Development costs
	Preopening expenses		14,310			2,819			1,808			1,519			2,311			8,457			488			461			949
	Partner investment expense		(2,012	)		411			(500	)		99			(364	)		(354	)		(464	)		(91	)		(555	)

Other expenses
	General and administrative⁽¹⁾		66,968			18,521			19,128			18,152			21,687			77,488			19,814			20,523			40,337
	Interest and other (income) expense, net		100			934			949			895			584			3,362			940			437			1,377
	Provision for income taxes		12,420			3,581			3,636			2,057			2,919			12,193			4,953			5,108			10,061
Income from continuing operations			36,623			9,978			9,895			7,655			7,489			35,017			13,392			12,079			25,471
Loss from discontinued operations, net of tax			(4,560	)		(329	)		(525	)		(4,693	)		(2,044	)		(7,591	)		(43	)		(474	)		(517	)
Net income attributable to PFCB			32,063			9,649			9,370			2,962			5,445			27,426			13,349			11,605			24,954

	Income from continuing operations per FDS	$	1.41		$	0.41		$	0.41		$	0.32		$	0.31		$	1.45		$	0.56		$	0.51		$	1.08

Fully diluted shares (FDS)			25,899			24,295			24,247			23,927			23,851			24,080			23,795			23,526			23,660

Revenues			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	%		26.6	%
Labor			33.6	%		33.8	%		33.2	%		33.1	%		32.4	%		33.1	%		32.5	%		32.6	%		32.5	%
Operating			15.9	%		15.7	%		16.4	%		17.6	%		16.7	%		16.6	%		16.4	%		16.2	%		16.3	%
Occupancy			5.7	%		5.8	%		5.8	%		5.8	%		5.9	%		5.8	%		5.6	%		5.8	%		5.7	%
Net income attributable to noncontrolling interests			0.4	%		0.2	%		0.2	%		0.1	%		0.1	%		0.2	%		0.1	%		0.1	%		0.1	%
Depreciation & amortization			5.2	%		5.4	%		5.7	%		5.8	%		6.1	%		5.7	%		6.0	%		6.2	%		6.1	%
Restaurant operating income			11.8	%		11.8	%		11.6	%		10.3	%		11.7	%		11.4	%		12.6	%		12.8	%		12.7	%
Preopening expenses			1.3	%		0.9	%		0.6	%		0.5	%		0.8	%		0.7	%		0.2	%		0.2	%		0.2	%
Partner investment expense			(0.2	%)		0.1	%		(0.2	%)		0.0	%		(0.1	%)		(0.0	%)		(0.1	%)		(0.0	%)		(0.1	%)
General and administrative (1)			6.2	%		6.1	%		6.3	%		6.1	%		7.4	%		6.5	%		6.4	%		6.8	%		6.6	%
Interest and other (income) expense, net			0.0	%		0.3	%		0.3	%		0.3	%		0.2	%		0.3	%		0.3	%		0.1	%		0.2	%
Provision for income taxes			1.1	%		1.2	%		1.2	%		0.7	%		1.0	%		1.0	%		1.6	%		1.7	%		1.6	%
Income from continuing operations			3.4	%		3.3	%		3.3	%		2.6	%		2.5	%		2.9	%		4.3	%		4.0	%		4.2	%
Loss from discontinued operations, net of tax			(0.4	%)		(0.1	%)		(0.2	%)		(1.6	%)		(0.7	%)		(0.6	%)		(0.0	%)		(0.2	%)		(0.1	%)
Net income attributable to PFCB			3.0	%		3.2	%		3.1	%		1.0	%		1.8	%		2.3	%		4.3	%		3.9	%		4.1	%

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			77,640
Add: Net income attributable to noncontrolling interests			4,169			705			487			367			374			1,933			370			288			658
Less: General and administrative (1)			(66,968	)		(18,521	)		(19,128	)		(18,152	)		(21,687	)		(77,488	)		(19,814	)		(20,523	)		(40,337	)
Less: Preopening expenses			(14,310	)		(2,819	)		(1,808	)		(1,519	)		(2,311	)		(8,457	)		(488	)		(461	)		(949	)
Less: Partner investment expense			2,012			(411	)		500			(99	)		364			354			464			91			555
Income from operations			53,312			15,198			14,967			10,974			11,366			52,505			19,655			17,912			37,567

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		YTD Q2 2009

Units			172			177		182		182		189		189			190		190		190
Sales weeks			8,289			2,275		2,330		2,355		2,413		9,373			2,458		2,470		4,928
AWS			102,486			103,763		99,502		96,139		93,427		98,127			95,661		91,958		93,805
Revenues			849,743			236,089		231,972		226,443		225,459		919,963			235,141		227,144		462,285

Operating costs
	Cost of sales		232,578			64,410		62,999		61,430		61,072		249,911			62,963		59,749		122,712
	Labor		282,919			79,318		76,153		74,387		72,109		301,967			76,051		73,286		149,337
	Operating		131,863			36,324		36,603		38,556		37,600		149,083			36,973		36,373		73,346
	Occupancy		47,059			12,981		12,730		12,536		12,423		50,670			12,441		12,412		24,853
	Net income attributable to noncontrolling interests		3,351			497		370		271		223		1,361			179		145		324
	Depreciation & amortization		42,294			12,265		12,794		12,771		13,261		51,091			13,728		13,646		27,374
Restaurant operating income			109,679			30,294		30,323		26,492		28,771		115,880			32,806		31,533		64,339

Revenues			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	%	26.5	%
Labor			33.3	%		33.6	%	32.8	%	32.9	%	32.0	%	32.8	%		32.3	%	32.3	%	32.3	%
Operating			15.5	%		15.4	%	15.8	%	17.0	%	16.7	%	16.2	%		15.7	%	16.0	%	15.9	%
Occupancy			5.5	%		5.5	%	5.5	%	5.5	%	5.5	%	5.5	%		5.3	%	5.5	%	5.4	%
Net income attributable to noncontrolling interests			0.4	%		0.2	%	0.2	%	0.1	%	0.1	%	0.1	%		0.1	%	0.1	%	0.1	%
Depreciation & amortization			5.0	%		5.2	%	5.5	%	5.6	%	5.9	%	5.6	%		5.8	%	6.0	%	5.9	%
Restaurant operating income			12.9	%		12.8	%	13.1	%	11.7	%	12.7	%	12.6	%		14.0	%	13.9	%	13.9	%





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		64,339
Add: Net income attributable to noncontrolling interests			3,351			497		370		271		223		1,361			179		145		324
Less: Preopening expenses			(9,012	)		(1,729	)	(1,271	)	(732	)	(1,945	)	(5,677	)		(294	)	(280	)	(574	)
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		64,257

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		YTD Q2 2009

Units			134			145		149		155		159		159			160		161		161
Sales weeks			6,154			1,847		1,926		1,973		2,051		7,797			2,073		2,093		4,166
AWS			38,095			37,806		36,117		35,192		33,806		35,675			36,011		35,459		35,734
Revenues			234,450			69,828		69,561		69,434		69,338		278,161			74,696		74,216		148,912

Operating costs
	Cost of sales		64,664			19,120		19,133		18,938		18,528		75,719			20,109		19,908		40,017
	Labor		81,155			24,063		23,818		23,672		23,391		94,944			24,656		24,825		49,481
	Operating		40,284			11,737		12,763		13,645		11,739		49,884			13,718		12,436		26,154
	Occupancy		15,105			4,645		4,781		4,734		4,979		19,139			4,937		4,991		9,928
	Net income attributable to noncontrolling interests		818			208		117		96		151		572			191		143		334
	Depreciation & amortization		12,278			3,774		3,995		4,119		4,270		16,158			4,350		4,440		8,790
Restaurant operating income			20,146			6,281		4,954		4,230		6,280		21,745			6,735		7,473		14,208

Revenues			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	%	26.9	%
Labor			34.6	%		34.5	%	34.2	%	34.1	%	33.7	%	34.1	%		33.0	%	33.4	%	33.2	%
Operating			17.2	%		16.8	%	18.3	%	19.7	%	16.9	%	17.9	%		18.4	%	16.8	%	17.6	%
Occupancy			6.4	%		6.7	%	6.9	%	6.8	%	7.2	%	6.9	%		6.6	%	6.7	%	6.7	%
Net income attributable to noncontrolling interests			0.3	%		0.3	%	0.2	%	0.1	%	0.2	%	0.2	%		0.3	%	0.2	%	0.2	%
Depreciation & amortization			5.2	%		5.4	%	5.7	%	5.9	%	6.2	%	5.8	%		5.8	%	6.0	%	5.9	%
Restaurant operating income			8.6	%		9.0	%	7.1	%	6.1	%	9.1	%	7.8	%		9.0	%	10.1	%	9.5	%





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		14,208
Add: Net income attributable to noncontrolling interests			818			208		117		96		151		572			191		143		334
Less: Preopening expenses			(5,298	)		(1,090	)	(537	)	(787	)	(366	)	(2,780	)		(194	)	(181	)	(375	)
Less: Partner investment expense			(1,346	)		(656	)	-		(202	)	146		(712	)		316		71		387
Income from operations			14,320			4,743		4,534		3,337		6,211		18,825			7,048		7,506		14,554

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	1	190

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

2009	176,539	33,605	46,207	37,590	38,745	44,080	46,094	37,830	1,582	462,272


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

2009	106,093	92,321	98,733	80,320	82,789	84,768	88,642	85,589	113,027	93,805


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%

2009	-6.5%	-5.8%	-6.7%	-6.5%	-6.5%	-5.9%	-11.5%	-16.7%	-	-7.3%


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

Units	64	14	18	18	18	20	20	2	-	174

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%

2009	-6.5%	-5.8%	-6.7%	-6.5%	-6.5%	-5.9%	-9.8%	-5.8%	-	-6.7%


(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	2	161

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

2009	5,287	10,814	17,193	19,852	21,706	25,443	26,823	20,545	1,204	148,867


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

2009	40,669	37,812	38,899	40,186	36,296	36,244	32,239	31,608	37,632	35,734


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%

2009	-3.9%	-2.7%	-1.8%	-1.9%	-0.6%	0.9%	-1.4%	-16.1%	-	-2.3%


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

Units	5	11	17	19	23	27	32	9	-	143

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%

2009	-3.9%	-2.7%	-1.8%	-1.9%	-0.6%	0.9%	-0.9%	-10.6%	-	-1.2%


(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.

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

(Source: Business Wire )

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