(RTTNews) - Restaurant chain operator P.F. Chang's China Bistro, Inc. (PFCB: News ) Wednesday reported a surge in profit for the third quarter, reflecting narrower loss from discontinued Pei Wei restaurants operations, despite a decline in revenues. On a per share basis, earnings missed analysts' estimates. Further, the company raised earning view for the full year 2009. In the morning hours of trading P.F. Chang's shares are down more than 6% on the nasdaq.

Net income attributable to shareholders of the company were $6.21 million or $0.27 per share, much higher than $2.96 million or $0.12 per share in the previous year.

Last year net income included $7.5 million in pre-tax, non-cash asset impairment charges related to discontinued operations that were recognized during the third quarter in connection with the closure of 10 Pei Wei restaurants during the fourth quarter of 2008.

Income from continuing operations, net of tax, declined to $6.38 million or $0.27 per share from $8.02 million or $0.32 per share in the year-ago quarter. Loss from discontinued operations, net of tax, was $17 thousand, narrower than $4.69 million in the prior year.

On average, 20 analysts polled by Thomson Reuters expected the company to report profit of $0.31 per share for the quarter. Analysts' estimates typically exclude special items.

The Scottsdale, Arizona-based company's quarterly revenues were $290.33 million, down from $295.88 million in the comparable period. Analysts expected revenues of $295.76 million.

Sales at company-owned P.F. Chang's China Bistro restaurants accounted for $217.1 million of consolidated revenues and sales at the Company's Pei Wei Asian Diner restaurants accounted for $73.2 million of consolidated revenues.
The company noted that, comparable store sales for the 13 weeks ended September 27 declined 8.5% at the Bistro due to a 6% to 7% reduction in overall guest traffic combined with a slight decline in average check reflecting the net impact of menu mix changes. Pei Wei comparable store sales declined 0.7%.

In the preceding second quarter, P.F. Chang's reported net income attributable to shareholders of $11.61 million or $0.49 per share, on revenues of $301.36 million.

Total costs and expenses decreased to $281.56 million from $284.90 million last year.

Looking ahead to the fourth quarter, P.F. Chang's said it expects consolidated revenues for the fourth quarter in a range of $318 million to $320 million. Analysts currently expects revenues of $320.92 million for the fourth quarter.

To receive FREE breaking news email alerts for P.F. Chang`s China Bistro Inc. and others in your portfolio

 1   2   Next Page