California Pizza Kitchen Reports Preliminary First Quarter 2008 Results
Comparable Restaurant Sales Increase 0.4%, Increases First Quarter Earnings Guidance to $0.07-$0.08 Per Diluted Share
California Pizza Kitchen, Inc. (Nasdaq:CPKI) announced today that revenues increased 10.2% to $164.7 million for the first quarter ended March 30, 2008 versus $149.4 million in the first quarter of 2007. Comparable restaurant sales increased approximately 0.4% compared to 4.7% in the first quarter a year ago.
During its February 14, 2008 fourth quarter conference call, the company forecasted a comparable sales range of negative 1.0% to 0.0% and first quarter earnings in the range of $0.04-$0.06 per diluted share. Based on first quarter revenues, comparable sales and operating efficiencies, the Company now expects earnings of $0.07-$0.08 per diluted share.
During the first quarter, the Company added five full service restaurants in Anaheim, California, Boca Raton, Florida, Philadelphia, Pennsylvania, Tukwila, Washington and Marietta, Georgia. In addition, the Company's international franchise partner Grupo Calpik, S.A. de C.V added one full service restaurant in the Santa Fe area of Mexico City, Mexico.
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