Scottsdale-based P.F. Chang's China Bistro , owner and operater of two restaurant concepts in the Asian niche, has reported earnings of US$4.9m for its Q2 ended 30 June 2002, compared to US$3.4m year on year.

Earnings per share (EPS) for the Q2 increased to US$0.19 from US$0.13 year on year after consideration of the two-for-one stock split payable in the form of a stock dividend on 1 May 2002.

(000 except per share data)             2Q02        1Q02         2Q01
                                    ----------------------------------
 Revenues                         $    101,650 $    97,500   $ 76,457
 Net Income                       $      4,871 $     5,120   $  3,390
 Diluted Earnings Per Share       $       0.19 $      0.20   $   0.13
 Shares Used in EPS calculation         26,008      25,894     25,458

During the Q2 2002, the company opened three new Bistro restaurants (Palo Alto, Calif., Franklin, Tenn. and Orem, Utah). Additionally, it opened one new Pei Wei Asian Diner restaurant in Irvine, Calif.

2002 expectations

Given actual revenue results for the second quarter, the company has increased its FY revenue expectations to US$419m from US$414m.

These revenue expectations assume comp store sales growth at the Bistro of roughly 3.5% for the remainder of the year, new store development at the Bistro of 14 units in 2002 (six of which are already open) and new store development at Pei Wei of 11 units in 2002 (five of which are already open).

Given these revenue assumptions, as well as actual earnings results for the H1 2002, the company has increased its FY earnings expectations to US$0.80 from US$0.79. The company will report its Q3 2002 revenue results on 2 October 2002 and its Q3 2002 earnings results on 23 October 2002.

2003 expectations

The company anticipates opening 13 to 15 new Bistro units and 13 to 15 new Pei Wei units in 2003. Based on this development schedule, it expects consolidated revenues of US$530m in 2003, net income of US$27m and earnings per share of US$1.02. Included in these assumptions are Pei Wei pre-tax losses of about US$750,000.