SCOTTSDALE, Ariz.--(BUSINESS WIRE)--P.F. Chang's China Bistro, Inc. (NASDAQ: PFCB) today reported financial results for the first quarter ended April 1, 2012. In a separate press release, P.F. Chang's also announced today that it has entered into a definitive merger agreement with Centerbridge Partners (“Centerbridge”) that will result in P.F. Chang's becoming a private company.
Total revenues were $318.9 million in the first quarter of fiscal 2012 as compared to $317.4 million in the prior year. Net income for the first quarter of fiscal 2012 was $6.3 million as compared to $10.6 million for the first quarter of fiscal 2011, and diluted net income per share was $0.30 and $0.46, respectively.
Net income per share for the first quarter of fiscal 2012 would have been approximately $0.05 higher (or $0.35 per share) when adjusting for:
- The unfavorable impact of one-time professional fees ($0.05 per share).
- The unfavorable impact of non-cash share-based compensation expense adjustments ($0.04 per share).
- The net favorable benefit of additional state income tax credits ($0.04 per share).
Comparable store sales decreased 0.6% at the Bistro and 1.7% at Pei Wei in the first quarter of 2012 due, in both cases, to declines in guest traffic. Monthly comparable store sales trends for January, February and March were 0.7%, 0.1% and -2.8%, respectively, at the Bistro and -1.4%, -3.3% and -0.5%, respectively, at Pei Wei.
Net Income to EBITDA
The following
table sets forth a reconciliation of net income to EBITDA (amounts in
thousands, except percentages):
13 Weeks Ended | ||||||||
April 1, | April 3, | |||||||
2012 | 2011 | |||||||
Total revenues | $ | 318,908 | $ | 317,369 | ||||
Net income | $ | 6,276 | $ | 10,596 | ||||
Add: | ||||||||
Provision for income taxes | (322 | ) | 4,555 | |||||
Interest and other income (expense), net | (313 | ) | (204 | ) | ||||
Depreciation and amortization | 20,817 | 19,698 | ||||||
EBITDA | $ | 26,458 | $ | 34,645 | ||||
EBITDA as a percent of total revenues | 8.3 | % | 10.9 | % | ||||
Quarterly Dividend
The Board of
Directors authorized a cash dividend payment of $0.275 per share on the
Company's outstanding common stock. The next quarterly dividend is
payable on May 25, 2012 to shareholders of record at the close of
business on May 11, 2012.
Conference Call Information
As
a result of the announcement that P.F. Chang's has entered into a
definitive merger agreement with Centerbridge that will result in P.F.
Chang's becoming a private company, the first quarter 2012 earnings
conference call and webcast scheduled for 8:30 am Eastern Time on May 1,
2012, has been cancelled. During the pendency of the transaction, the
Company will make earnings releases consistent with its current
schedule, but will suspend earnings conference calls and webcasts.
Definitions
The following
definitions apply to these terms as used throughout this release:
- Net income refers to net income attributable to PFCB common stockholders.
- Comparable store sales changes include company-operated restaurants and represent the change in period-over-period sales for the comparable restaurant base. A restaurant becomes comparable in its eighteenth month of operation.
About the Company
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,
Chinese-inspired cuisine and attentive service in a high energy
contemporary bistro setting. Pei Wei Asian Diner offers a menu of
freshly prepared, wok-seared, contemporary pan-Asian cuisine in a
relaxed, warm environment with friendly attentive counter service and
take-out flexibility. In addition, the Company has extended its brands
to international markets, domestic airport locations and retail
products, all of which are operated under licensing agreements. The
Company has also announced an agreement to acquire a majority equity
ownership position in True Food Kitchen, a Fox Restaurant Concept
specializing in healthy, locally sourced and globally inspired meals.
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 believes that EBITDA provides useful information about the
Company's operating performance, its capacity to incur and service debt,
fund capital expenditures and other corporate uses. EBITDA, a non-GAAP
financial measure, is defined by the Company as net income before
provision for income taxes, interest and other income (expense), net and
depreciation and amortization. The non-GAAP financial information
presented in the table above should be considered in addition to, not as
a substitute for, or superior to, financial measures calculated in
accordance with GAAP. Management also 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. Preopening and partner investment expenses
are excluded because they vary in timing and magnitude and are not
related to the health of ongoing operations. Additionally, general and
administrative expenses are generally not specifically identifiable to
individual business units and are only included in the Company's
consolidated financial presentation as these costs relate to support of
both restaurant concepts and the extension of the Company's brands into
international markets, domestic airports and retail products. As the
Company's expansion is funded entirely from its ongoing restaurant
operations, restaurant operating income is one consideration 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 6 through 8 of this press release
for a reconciliation of restaurant operating income to the most directly
comparable GAAP measure, income from operations.
Forward Looking Statements
This press
release may contain “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve significant risks and uncertainties.
All statements other than statements of historical fact are statements
that could be deemed forward-looking statements, including all
statements regarding information regarding the intent, belief or current
expectation of the Company and members of its senior management team.
Forward-looking statements include, without limitation, statements
regarding business combinations and similar transactions, prospective
performance and opportunities and the outlook for the Company's
businesses, performance and opportunities and regulatory approvals, the
anticipated timing of filings and approvals relating to the transaction;
the expected timing of the completion of the transaction; the ability to
complete the transaction considering the various closing conditions; and
any assumptions underlying any of the foregoing. Investors are cautioned
that any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties and are cautioned not to
place undue reliance on these forward-looking statements. Actual results
may differ materially from those currently anticipated due to a number
of risks and uncertainties. Risks and uncertainties that could cause the
actual results to differ from expectations contemplated by forward
looking statements include: uncertainties as to the timing of the tender
offer and merger; uncertainties as to how many of the Company
stockholders will tender their stock in the offer; the possibility that
competing offers will be made; the possibility that various closing
conditions for the transaction may not be satisfied or waived, including
that a governmental entity may prohibit, delay or refuse to grant
approval for the consummation of the transaction; the effects of
disruption from the transaction making it more difficult to maintain
relationships with employees, customers, other business partners or
governmental entities; other business effects, including the effects of
industry, economic or political conditions outside of the Company's
control; transaction costs; actual or contingent liabilities. In
addition, the Company's actual performance and financial results may
differ materially from those currently anticipated due to a number of
risk and uncertainties, including, but not limited to, failure of the
Company's existing or new restaurants to achieve expected results;
damage to our brands or reputation; inability to successfully expand our
operations; changes in general economic conditions and dependence on
sales concentrated in certain geographic areas; intense competition in
the restaurant industry; changes in government legislation that may
increase labor costs; litigation; adverse public or medical opinions
about the health effects of consuming our products; failure to comply
with governmental regulations; changes in food costs; the inability to
retain key personnel; federal and state tax rules could negatively
impact results of operations and financial position; fluctuating
insurance requirements and costs; seasonality of the Company's business;
adverse impact if information technology and computer systems do not
perform properly. More detailed information about the Company and the
risk factors that may affect the realization of any forward-looking
statements is set forth in the Company's filings with the SEC, including
its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q,
as well as the tender offer documents to be filed by Wok Acquisition
Corp. (the “Purchaser”) and the solicitation/recommendation statement to
be filed by the Company. All of the materials related to the offer (and
all other offer documents filed with the SEC) will be available at no
charge from the SEC through its website at www.sec.gov.
Investors and security holders may also obtain free copies of the
documents filed by the Company with the SEC by contacting the Company
Investor Relations at 7676 E. Pinnacle Peak Road, Scottsdale, AZ 85255,
telephone number (480) 888-3000 or investorrelations@pfcb.com.
You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The Company does not
undertake any obligation to update any forward-looking statements as a
result of new information, future developments or otherwise, except as
expressly required by law.
Notice to Investors
The tender offer
described in this press release has not yet commenced. This press
release is neither an offer to purchase nor a solicitation of an offer
to sell any securities. The solicitation and the offer to buy shares of
the Company common stock will be made pursuant to an offer to purchase
and related materials that the Purchaser intends to file with the SEC.
At the time the offer is commenced, the Purchaser will file a tender
offer statement on Schedule TO with the SEC, and thereafter the Company
will file a solicitation/recommendation statement on Schedule 14D-9 with
respect to the offer. The tender offer statement (including an offer to
purchase, a related letter of transmittal and other offer documents) and
the solicitation/recommendation statement will contain important
information that should be read carefully and considered before any
decision is made with respect to the tender offer. These materials will
be sent free of charge to all stockholders of the Company when
available. In addition, all of these materials (and all other materials
filed by the Company with the SEC) will be available at no charge from
the SEC through its website at www.sec.gov.
Free copies of the offer to purchase, the related letter of transmittal
and certain other offering documents will be made available at
Centerbridge's offices at 375 Park Avenue, 12th Floor,
telephone number (212) 672-5000. Investors and security holders may also
obtain free copies of the documents filed by the Company with the SEC by
contacting the Company Investor Relations at 7676 E. Pinnacle Peak Road,
Scottsdale, AZ 85255, telephone number (480) 888-3000 or investorrelations@pfcb.com.
Additional Information about the Merger and Where
to Find It
In connection with the proposed transaction, the
Company will file a proxy statement with the SEC. Additionally, the
Company will file other relevant materials with the SEC in connection
with the proposed acquisition of the Company pursuant to the terms of an
Agreement and Plan of Merger by and among the Company, Wok Parent LLC, a
Delaware limited liability company, and the Purchaser, Wok Acquisition
Corp., a Delaware corporation and an indirect wholly-owned subsidiary of
Wok Parent LLC. The materials to be filed by the Company with the SEC
may be obtained free of charge at the SEC's web site at www.sec.gov.
After the Company's filing thereof, investors and stockholders will also
be able to obtain free copies of the proxy statement from the Company by
contacting the Company Investor Relations at 7676 E. Pinnacle Peak Road,
Scottsdale, AZ 85255, telephone number (480) 888-3000 or investorrelations@pfcb.com.
INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE
PROXY STATEMENT AND THE OTHER RELEVANT MATERIALS WHEN THEY BECOME
AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT
TO THE PROPOSED MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE MERGER AND THE PARTIES TO THE MERGER.
The Company and its respective directors, executive officers and other members of their management and employees, under the SEC rules, may be deemed to be participants in the solicitation of proxies of the Company stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of certain of the Company's executive officers and directors in the solicitation by reading the Company's proxy statement for its 2012 annual meeting of stockholders, the Annual Report on Form 10-K for the fiscal year ended January 1, 2012, and the proxy statement and other relevant materials which may be filed with the SEC in connection with the transaction when and if they become available. Information concerning the interests of the Company's potential participants, which may, in some cases, be different than those of the Company's stockholders generally, will be set forth in the proxy statement relating to the transaction when it becomes available.
P.F. Chang's China Bistro, Inc. | ||||||||
Consolidated Statements of Operations | ||||||||
(In thousands, except per share amounts) | ||||||||
(Unaudited) | ||||||||
13 Weeks Ended | ||||||||
April 1, | April 3, | |||||||
2012 | 2011 | |||||||
Revenues: | ||||||||
Restaurant sales | $ | 317,156 | $ | 316,304 | ||||
Restaurant licensing | 1,056 | 684 | ||||||
Retail licensing | 696 | 381 | ||||||
Total revenues | 318,908 | 317,369 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 86,681 | 83,322 | ||||||
Labor | 110,010 | 106,464 | ||||||
Operating | 54,286 | 53,807 | ||||||
Occupancy | 18,799 | 18,425 | ||||||
General and administrative | 22,481 | 20,280 | ||||||
Depreciation and amortization | 20,817 | 19,698 | ||||||
Preopening expense | 494 | 398 | ||||||
Partner investment expense | (330 | ) | (126 | ) | ||||
Total costs and expenses | 313,238 | 302,268 | ||||||
Income from operations | 5,670 | 15,101 | ||||||
Interest and other income (expense), net | 313 | 204 | ||||||
Income from continuing operations before taxes | 5,983 | 15,305 | ||||||
Provision for income taxes | 322 | (4,555 | ) | |||||
Income from continuing operations, net of tax | 6,305 | 10,750 | ||||||
Income from discontinued operations, net of tax | — |
3 |
|
|||||
Net income | 6,305 | 10,753 | ||||||
Less net income attributable to noncontrolling interests | 29 | 157 | ||||||
Net income attributable to PFCB | $ | 6,276 | $ | 10,596 | ||||
Basic income per share: | ||||||||
Income from continuing operations attributable to PFCB common stockholders | $ | 0.30 | $ | 0.47 | ||||
Income from discontinued operations, net of tax, attributable to PFCB common stockholders | 0.00 | 0.00 | ||||||
Net income attributable to PFCB common stockholders | $ | 0.30 | $ | 0.47 | ||||
Diluted income per share: | ||||||||
Income from continuing operations attributable to PFCB common stockholders | $ | 0.30 | $ | 0.46 | ||||
Income from discontinued operations, net of tax, attributable to PFCB common stockholders | 0.00 | 0.00 | ||||||
Net income attributable to PFCB common stockholders | $ | 0.30 | $ | 0.46 | ||||
Weighted average shares used in computation: | ||||||||
Basic | 21,171 | 22,523 | ||||||
Diluted | 21,263 | 22,901 | ||||||
Cash dividends declared per share | $ | 0.275 | $ | 0.21 | ||||
Amounts attributable to PFCB: | ||||||||
Income from continuing operations, net of tax | $ | 6,276 | $ | 10,593 | ||||
Income from discontinued operations, net of tax | — |
3 |
|
|||||
Net income attributable to PFCB | $ | 6,276 | $ | 10,596 | ||||
P.F. Chang's China Bistro, Inc. | |||||||||||||||||||||||||
Supplemental Financial Information | |||||||||||||||||||||||||
1Q11 | 2Q11 | 3Q11 | 4Q11 | 2011 | 1Q12 | ||||||||||||||||||||
Units | 372 | 374 | 375 | 377 | 377 | 374 | |||||||||||||||||||
Sales weeks | 4,819 | 4,852 | 4,859 | 4,885 | 19,415 | 4,855 | |||||||||||||||||||
Average weekly sales (AWS) | 65,637 | 63,817 | 61,530 | 63,082 | 63,512 | 65,326 | |||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Restaurant sales | 316,304 | 309,641 | 298,976 | 308,155 | 1,233,076 | 317,156 | |||||||||||||||||||
Restaurant licensing | 684 | 649 | 764 | 968 | 3,065 | 1,056 | |||||||||||||||||||
Retail licensing | 381 | 724 | 877 | 632 | 2,614 | 696 | |||||||||||||||||||
Total revenues | 317,369 | 311,014 | 300,617 | 309,755 | 1,238,755 | 318,908 | |||||||||||||||||||
Operating costs | |||||||||||||||||||||||||
Cost of sales | 83,322 | 82,175 | 77,821 | 82,453 | 325,771 | 86,681 | |||||||||||||||||||
Labor | 106,464 | 105,321 | 102,146 | 105,371 | 419,302 | 110,010 | |||||||||||||||||||
Operating | 53,807 | 52,471 | 54,456 | 53,316 | 214,050 | 54,286 | |||||||||||||||||||
Occupancy | 18,425 | 18,681 | 18,390 | 20,368 | 75,864 | 18,799 | |||||||||||||||||||
Net income attributable to noncontrolling interests | 157 | 120 | 39 | 30 | 346 | 29 | |||||||||||||||||||
Depreciation & amortization | 19,698 | 20,149 | 20,046 | 20,462 | 80,355 | 20,817 | |||||||||||||||||||
Asset impairment charges | — | 631 | 4,799 | 5,056 | 10,486 | — | |||||||||||||||||||
Restaurant operating income |
35,496 | 31,466 | 22,920 | 22,699 | 112,581 | 28,286 | |||||||||||||||||||
Development costs | |||||||||||||||||||||||||
Preopening expense | 398 | 213 | 629 | 808 | 2,048 | 494 | |||||||||||||||||||
Partner investment expense | (126 | ) | (50 | ) | (60 | ) | — | (236 | ) | (330 | ) | ||||||||||||||
Other expenses | |||||||||||||||||||||||||
General and administrative (1) | 20,280 | 19,164 | 12,664 | 17,980 | 70,088 | 22,481 | |||||||||||||||||||
Interest and other (income) expense, net | (204 | ) | (128 | ) | 947 | (327 | ) | 288 | (313 | ) | |||||||||||||||
Provision for income taxes | 4,555 | 3,143 | 2,439 | 116 | 10,253 | (322 | ) | ||||||||||||||||||
Income from continuing operations | 10,593 | 9,124 | 6,301 | 4,122 | 30,140 | 6,276 | |||||||||||||||||||
Income from discontinued operations, net of tax | 3 | (32 | ) | 10 | (44 | ) | (63 | ) | — | ||||||||||||||||
Net income attributable to PFCB | 10,596 | 9,092 | 6,311 | 4,078 | 30,077 | 6,276 | |||||||||||||||||||
Income from continuing operations per FDS | $ | 0.46 | $ | 0.40 | $ | 0.29 | $ | 0.19 | $ | 1.36 | $ | 0.30 | |||||||||||||
Fully diluted shares (FDS) | 22,901 | 22,581 | 21,758 | 21,175 | 22,104 | 21,263 | |||||||||||||||||||
Total revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||
Cost of sales | 26.3 | % | 26.4 | % | 25.9 | % | 26.6 | % | 26.3 | % | 27.2 | % | |||||||||||||
Labor | 33.5 | % | 33.9 | % | 34.0 | % | 34.0 | % | 33.8 | % | 34.5 | % | |||||||||||||
Operating | 17.0 | % | 16.9 | % | 18.1 | % | 17.2 | % | 17.3 | % | 17.0 | % | |||||||||||||
Occupancy | 5.8 | % | 6.0 | % | 6.1 | % | 6.6 | % | 6.1 | % | 5.9 | % | |||||||||||||
Net income attributable to noncontrolling interests | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||||||||
Depreciation & amortization | 6.2 | % | 6.5 | % | 6.7 | % | 6.6 | % | 6.5 | % | 6.5 | % | |||||||||||||
Asset impairment charges | 0.0 | % | 0.2 | % | 1.6 | % | 1.6 | % | 0.8 | % | 0.0 | % | |||||||||||||
Restaurant operating income | 11.2 | % | 10.1 | % | 7.6 | % | 7.3 | % | 9.1 | % | 8.9 | % | |||||||||||||
Preopening expense | 0.1 | % | 0.1 | % | 0.2 | % | 0.3 | % | 0.2 | % | 0.2 | % | |||||||||||||
Partner investment expense | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | (0.1 | )% | |||||||||||||
General and administrative (1) | 6.4 | % | 6.2 | % | 4.2 | % | 5.8 | % | 5.7 | % | 7.0 | % | |||||||||||||
Interest and other (income) expense, net | (0.1 | )% | 0.0 | % | 0.3 | % | (0.1 | )% | 0.0 | % | (0.1 | )% | |||||||||||||
Provision for income taxes | 1.4 | % | 1.0 | % | 0.8 | % | 0.0 | % | 0.8 | % | (0.1 | )% | |||||||||||||
Income from continuing operations | 3.3 | % | 2.9 | % | 2.1 | % | 1.3 | % | 2.4 | % | 2.0 | % | |||||||||||||
Income from discontinued operations, net of tax | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||||||||
Net income attributable to PFCB | 3.3 | % | 2.9 | % | 2.1 | % | 1.3 | % | 2.4 | % | 2.0 | % | |||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | |||||||||||||||||||||||||
Restaurant operating income | 35,496 | 31,466 | 22,920 | 22,699 | 112,581 | 28,286 | |||||||||||||||||||
Add: Net income attributable to noncontrolling interests | 157 | 120 | 39 | 30 | 346 | 29 | |||||||||||||||||||
Less: General and administrative (1) | (20,280 | ) | (19,164 | ) | (12,664 | ) | (17,980 | ) | (70,088 | ) | (22,481 | ) | |||||||||||||
Less: Preopening expense | (398 | ) | (213 | ) | (629 | ) | (808 | ) | (2,048 | ) | (494 | ) | |||||||||||||
Less: Partner investment expense | 126 | 50 | 60 | — | 236 | 330 | |||||||||||||||||||
Income from operations | 15,101 | 12,259 | 9,726 | 3,941 | 41,027 | 5,670 | |||||||||||||||||||
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 as well as Global Brand Development initiatives. |
Concept: P.F. Chang's China Bistro | ||||||||||||||||||||||||
Supplemental Financial Information | ||||||||||||||||||||||||
1Q11 | 2Q11 | 3Q11 | 4Q11 | 2011 | 1Q12 | |||||||||||||||||||
Units | 201 | 201 | 202 | 204 | 204 | 204 | ||||||||||||||||||
Sales weeks | 2,613 | 2,613 | 2,610 | 2,636 | 10,472 | 2,652 | ||||||||||||||||||
AWS | 90,181 | 88,487 | 85,494 | 87,725 | 87,972 | 89,696 | ||||||||||||||||||
Year-over-year change comparable store sales (A) | 0.5 | % | -2.5 | % | -3.7 | % | -2.4 | % | -2.1 | % | -0.6 | % | ||||||||||||
Total revenues | 235,782 | 231,226 | 223,118 | 231,253 | 921,379 | 237,976 | ||||||||||||||||||
Operating costs | ||||||||||||||||||||||||
Cost of sales | 61,333 | 60,759 | 57,677 | 61,660 | 241,429 | 64,865 | ||||||||||||||||||
Labor | 79,792 | 78,442 | 76,273 | 79,120 | 313,627 | 83,147 | ||||||||||||||||||
Operating | 38,783 | 38,442 | 40,602 | 38,367 | 156,194 | 39,772 | ||||||||||||||||||
Occupancy | 13,074 | 13,125 | 12,955 | 13,602 | 52,756 | 13,388 | ||||||||||||||||||
Net income attributable to noncontrolling interests | 79 | 69 | 20 | 18 | 186 | 21 | ||||||||||||||||||
Depreciation & amortization | 14,384 | 14,550 | 14,455 | 14,989 | 58,378 | 15,149 | ||||||||||||||||||
Asset impairment charges | — | — | 3,503 | 5,056 | 8,559 | — | ||||||||||||||||||
Restaurant operating income | 28,337 | 25,839 | 17,633 | 18,441 | 90,250 | 21,634 | ||||||||||||||||||
Total revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||
Cost of sales | 26.0 | % | 26.3 | % | 25.9 | % | 26.7 | % | 26.2 | % | 27.3 | % | ||||||||||||
Labor | 33.8 | % | 33.9 | % | 34.2 | % | 34.2 | % | 34.0 | % | 34.9 | % | ||||||||||||
Operating | 16.4 | % | 16.6 | % | 18.2 | % | 16.6 | % | 17.0 | % | 16.7 | % | ||||||||||||
Occupancy | 5.5 | % | 5.7 | % | 5.8 | % | 5.9 | % | 5.7 | % | 5.6 | % | ||||||||||||
Net income attributable to noncontrolling interests | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||
Depreciation & amortization | 6.1 | % | 6.3 | % | 6.5 | % | 6.5 | % | 6.3 | % | 6.4 | % | ||||||||||||
Asset impairment charges | 0.0 | % | 0.0 | % | 1.6 | % | 2.2 | % | 0.9 | % | 0.0 | % | ||||||||||||
Restaurant operating income | 12.0 | % | 11.2 | % | 7.9 | % | 8.0 | % | 9.8 | % | 9.1 | % | ||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | ||||||||||||||||||||||||
Restaurant operating income | 28,337 | 25,839 | 17,633 | 18,441 | 90,250 | 21,634 | ||||||||||||||||||
Add: Net income attributable to noncontrolling interests | 79 | 69 | 20 | 18 | 186 | 21 | ||||||||||||||||||
Less: Preopening expense | 2 | (28 | ) | (604 | ) | (721 | ) | (1,351 | ) | (12 | ) | |||||||||||||
Less: Partner investment expense | — | — | — | — | — | — | ||||||||||||||||||
Income from operations | 28,418 | 25,880 | 17,049 | 17,738 | 89,085 | 21,643 | ||||||||||||||||||
Note: General and administrative expenses are reflected in the Company’s consolidated results. |
|
(A) |
A unit becomes comparable in the eighteenth month of operation. |
Concept: Pei Wei Asian Diner (A) | |||||||||||||||||||||||||
Supplemental Financial Information | |||||||||||||||||||||||||
1Q11 | 2Q11 | 3Q11 | 4Q11 | 2011 | 1Q12 | ||||||||||||||||||||
Units | 171 | 173 | 173 | 173 | 173 | 170 | |||||||||||||||||||
Sales weeks | 2,206 | 2,239 | 2,249 | 2,249 | 8,943 | 2,203 | |||||||||||||||||||
AWS | 36,501 | 35,022 | 33,730 | 34,194 | 34,854 | 35,942 | |||||||||||||||||||
Year-over-year change comparable store sales (B) | -0.2 | % | -2.7 | % | -3.6 | % | -1.9 | % | -2.1 | % | -1.7 | % | |||||||||||||
Total revenues | 80,522 | 78,415 | 75,858 | 76,902 | 311,697 | 79,180 | |||||||||||||||||||
Operating costs | |||||||||||||||||||||||||
Cost of sales | 21,989 | 21,416 | 20,144 | 20,793 | 84,342 | 21,816 | |||||||||||||||||||
Labor | 26,672 | 26,879 | 25,873 | 26,251 | 105,675 | 26,863 | |||||||||||||||||||
Operating | 15,024 | 14,029 | 13,854 | 14,949 | 57,856 | 14,514 | |||||||||||||||||||
Occupancy | 5,351 | 5,556 | 5,435 | 6,766 | 23,108 | 5,411 | |||||||||||||||||||
Net income attributable to noncontrolling interests | 78 | 51 | 19 | 12 | 160 | 8 | |||||||||||||||||||
Depreciation & amortization | 4,767 | 4,929 | 4,910 | 4,772 | 19,378 | 4,955 | |||||||||||||||||||
Asset impairment charges | — | 631 | 1,296 | — | 1,927 | — | |||||||||||||||||||
Restaurant operating income | 6,641 | 4,924 | 4,327 | 3,359 | 19,251 | 5,613 | |||||||||||||||||||
Total revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||
Cost of sales | 27.3 | % | 27.3 | % | 26.6 | % | 27.0 | % | 27.1 | % | 27.6 | % | |||||||||||||
Labor | 33.1 | % | 34.3 | % | 34.1 | % | 34.1 | % | 33.9 | % | 33.9 | % | |||||||||||||
Operating | 18.7 | % | 17.9 | % | 18.3 | % | 19.4 | % | 18.6 | % | 18.3 | % | |||||||||||||
Occupancy | 6.6 | % | 7.1 | % | 7.2 | % | 8.8 | % | 7.4 | % | 6.8 | % | |||||||||||||
Net income attributable to noncontrolling interests | 0.1 | % | 0.1 | % | 0.0 | % | 0.0 | % | 0.1 | % | 0.0 | % | |||||||||||||
Depreciation & amortization | 5.9 | % | 6.3 | % | 6.5 | % | 6.2 | % | 6.2 | % | 6.3 | % | |||||||||||||
Asset impairment charges | 0.0 | % | 0.8 | % | 1.7 | % | 0.0 | % | 0.6 | % | 0.0 | % | |||||||||||||
Restaurant operating income | 8.2 | % | 6.3 | % | 5.7 | % | 4.4 | % | 6.2 | % | 7.1 | % | |||||||||||||
Reconciliation of Non-GAAP Financial Information to GAAP measures: | |||||||||||||||||||||||||
Restaurant operating income | 6,641 | 4,924 | 4,327 | 3,359 | 19,251 | 5,613 | |||||||||||||||||||
Add: Net income attributable to noncontrolling interests | 78 | 51 | 19 | 12 | 160 | 8 | |||||||||||||||||||
Less: Preopening expense | (400 | ) | (185 | ) | (25 | ) | (87 | ) | (697 | ) | (482 | ) | |||||||||||||
Less: Partner investment expense | 126 | 50 | 60 | — | 236 | 330 | |||||||||||||||||||
Income from operations | 6,445 | 4,840 | 4,381 | 3,284 | 18,950 | 5,469 | |||||||||||||||||||
Note: General and administrative expenses are reflected in the Company’s consolidated results. | ||
(A) | All results related to the ten Pei Wei restaurants that closed during 2008 are reflected within discontinued operations for all periods presented. | |
(B) | A unit becomes comparable in the eighteenth month of operation. |