On April 25, P.F. Chang's China Bistro
- Revenues increased 15.7%. It's a good thing the company opened more Bistro and Pei Wei restaurants, because same-store sales growth just wasn't there.
- The company could not make the most of those sales, as higher maintenance costs, incentives, and wage rates resulted in lower operating and net margins.
- P.F. Chang's carries a two-star rating in Motley Fool CAPS, while competitors Brinker International
(NYSE:EAT) and Cheesecake Factory(NASDAQ:CAKE) come in with three stars. Darden Restaurants(NYSE:DRI) trails the pack with a single star. (The top rating is five stars.)
(Figures in millions, except per-share data.)
Income Statement Highlights
|
Q1 2007 |
Q1 2006 |
Change |
|
|---|---|---|---|
|
Sales |
$264.4 |
$228.6 |
15.7% |
|
Net Profit |
$10.5 |
$9.8 |
6.6% |
|
EPS |
$0.40 |
$0.36 |
11.1% |
|
Diluted Shares |
26.0 |
27.2 |
(4.4%) |
Get back to basics with the income statement.
Margin Checkup|
Q1 2007 |
Q1 2006 |
Change* |
|
|---|---|---|---|
|
Gross Margin |
72.4% |
72.3% |
0.1 |
|
Operating Margin |
5.9% |
6.7% |
(0.8) |
|
Net Margin |
4% |
4.3% |
(0.3) |
Margins are the earnings engine.
Balance Sheet Highlights
|
Assets |
Q1 2007 |
Q1 2006 |
Change |
|---|---|---|---|
|
Cash + ST Invest. |
$21.0 |
$52.1 |
(59.7%) |
|
Inventory |
$4.2 |
$3.5 |
19.1% |
|
Liabilities |
Q1 2007 |
Q1 2006 |
Change |
|---|---|---|---|
|
Accounts Payable |
$11.8 |
$10.4 |
12.7% |
|
Long-Term Debt* |
$88.8 |
$58.1 |
53% |
The balance sheet reflects the company's health.
Cash Flow Highlights
|
Q1 2007 |
Q1 2006 |
Change |
|
|---|---|---|---|
|
Cash From Ops. |
$21.0 |
$17.1 |
22.9% |
|
Capital Expenditures |
$28.7 |
$17.4 |
64.8% |
|
Free Cash Flow |
($7.7) |
($0.3) |
N/A |
Free cash flow is a Fool's best friend.
Related Foolishness:
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