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P.F. Chang's Earns $0.40 Per Share |
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P.F. Chang's China Bistro, Inc. (NASDAQ:PFCB) today reported consolidated net income of $9.6 million for the first quarter ended March 30, 2008 compared to $10.5 million for the first quarter of the prior year. Net income per diluted share for the first quarter of both fiscal 2008 and the prior year was $0.40. |
Net income for both years includes a loss from discontinued operations related to the Company's previously announced decision to exit operation of its Taneko business. The Company did not reach a definitive agreement with the anticipated buyer announced in early January 2008 and continues to actively pursue the sale of Taneko's long-lived assets during 2008.
For the first quarter of 2008, consolidated revenues were $308.6 million compared to $263.7 million for the first quarter of 2007. Sales at company-owned P.F. Chang's China Bistro restaurants accounted for $236.1 million of consolidated revenues, and sales at the Company's Pei Wei Asian Diner restaurants accounted for $72.5 million of consolidated revenues.
For the 13 weeks ended March 30, 2008, comparable store sales increased 0.1% at the Bistro (including a 5% to 6% increase in the average check reflecting the net impact of price and menu mix changes) and decreased 2.4% at Pei Wei (including a slight increase in average check reflecting the net impact of price and menu mix changes) compared to the 13 weeks ended April 1, 2007. Comparable store sales at the Bistro increased 2.7% in January and decreased 1.5% and 1.2% for February and March, respectively. Comparable store sales at Pei Wei decreased 1.1%, 2.7%, and 3.5% for January, February and March, respectively.
During the first quarter of 2008, the Company opened five new Bistro restaurants and 11 new Pei Wei restaurants.
2008 Expectations
'Although revenues at both concepts for the first quarter surpassed our expectations, we continue to believe that consumers will remain under economic pressure for the rest of the year,' noted Rick Federico, CEO. 'We are pleased with our first quarter earnings which reflect better than anticipated operating results, particularly our cost of sales margins and general & administrative costs which were more favorable than expected during the quarter. While we remain optimistic regarding our business, given the level of uncertainty surrounding the macro consumer environment, we are modestly increasing our earnings expectations for the year from a range of $1.32 - $1.38 per share to a range of $1.34 - $1.40 per share.'
The Company plans to open a total of 17 new Bistro restaurants and 25 new Pei Wei restaurants during 2008 and continues to expect full year fiscal 2008 consolidated revenues to increase 13 to 14 percent.
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