Scottsdale, Arizona-based P.F. Chang's China Bistro Inc. has reported earnings of US$5.1m for the Q1 ended 31 March 2002 compared to US$3.9m in the Q1 of the prior year.

Earnings per share for the Q1 increased to US$0.20 from US$0.15 in the prior year after consideration of the two-for-one stock split payable in the form of a stock dividend on 1 May 2002 for holders of record as of 17 April 2002.

(000 except per share data, US$)       1Q02         4Q01         1Q01
                                 ------------------------------------
 Revenues                        $   97,500   $   89,344   $   72,420
 Net Income                      $    5,120   $    4,771   $    3,890
 Diluted Earnings Per Share      $     0.20   $     0.19   $     0.15
 Shares Used in EPS calculation      25,894       25,706       25,108

During the Q1, the company opened two new Bistro restaurants (Sherman Oaks, Calif. and Naples, Fla.). Additionally, the company opened two new Pei Wei Asian Diner restaurants, both in the Phoenix market.

2002 expectations

Based on current sales trends, the company has increased its FY revenue expectations to US$414m from US$401m. These revenue expectations assume comp store sales growth of roughly 3% for the remainder of the year, new store development at the Bistro of 14 units in 2002 (two of which are already open) and new store development at Pei Wei of 10 units in 2002 (two of which are also already open).

Given these revenue assumptions, the company has also increased its FY earnings expectations to US$0.79 from US$0.76. The company will report its Q2 2002 revenue results on 3 July 2002 and its Q2 2002 earnings results on 24 July 2002.