California Pizza Kitchen, Inc. (Nasdaq:CPKI) announced that revenues increased 16.4% to $158.6 million for the second quarter ended July 1, 2007 versus $136.2 million in the second quarter of 2006. Comparable restaurant sales increased approximately 5.4% compared to 4.8% in the second quarter a year ago.
During its May 10, 2007 conference call, the Company forecasted a comparable restaurant sales increase of 5.0% to 6.0% and second quarter 2007 earnings in the range of $0.23-$0.24 per diluted share after adjusting for the three-for-two stock split effective June 19, 2007. Based upon second quarter 2007 revenues, comparable restaurant sales results and $0.02 per diluted share in early termination costs related to one unopened CPK/ASAP, management now expects earnings of $0.21 per diluted share. Earnings per diluted share excluding the early termination costs are expected to be $0.23, within the previously announced guidance range.
In the second quarter of 2007, the Company added two full service restaurants in Coral Gables, Florida and New York City. The Company's domestic franchise partner, HMSHost, opened a CPK/ASAP location in Oakland International Airport, while an international franchise partner, Golden Pillars (H.K.) Ltd, opened a full service restaurant in Hong Kong, China.
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