California Pizza Kitchen, Inc. Reports Preliminary Third Quarter 2008 Results
Comparable Restaurant Sales Decrease 2.4%, Maintains Third Quarter Earnings Guidance of $0.18-$0.21 Per Diluted Share
California Pizza Kitchen, Inc. (Nasdaq:CPKI) announced today that revenues increased 7.4% to $174.0 million for the third quarter ended September 28, 2008 versus $162.0 million in the third quarter of 2007. Comparable restaurant sales decreased approximately 2.4% compared to an increase of 3.5% in the third quarter a year ago.
During its August 7, 2008 second quarter conference call, the Company forecasted negative 2% comparable restaurant sales and earnings of $0.18 to $0.21 per diluted share for the third quarter. Based on third quarter revenues and a continued focus on operating efficiencies, the Company is maintaining earnings guidance of $0.18-$0.21 per diluted share.
Rick Rosenfield and Larry Flax, co-CEOs of California Pizza Kitchen, Inc., stated, 'The third quarter was marked by several major events that impacted sales. These ranged from anticipated events such as the July 4th holiday shift, the Olympics and the political conventions to unexpected events such as hurricanes Ike and Gustav, gas shortages in the Southeast and the historic financial market volatility in September. In light of these events, we are very pleased to maintain our third quarter earnings guidance and will address the fourth quarter outlook in greater detail on our third quarter conference call on November 6, 2008.'
During the third quarter, the Company added four full service restaurants in Novi, Michigan, Albuquerque, New Mexico, Baton Rouge, Louisiana and Roseville, California. In addition, the Company's international franchise partners Iris Co. Ltd., Grupo Calpik and WDI Corporation each added one full service restaurant in Seoul, South Korea, Mexico City, Mexico and Tumon Bay, Guam, respectively.
The Company intends to release its third quarter earnings on November 6, 2008 at approximately 4:00 pm ET with a conference call to follow on the same day at approximately 4:30 pm ET. A webcast of the conference call will be accessible at www.cpk.com.
California Pizza Kitchen, Inc., founded in 1985, is a leading casual dining chain. The Company's full service restaurants feature an imaginative line of hearth-baked pizzas, including the original BBQ Chicken Pizza, and a broad selection of distinctive pastas, salads, soups, appetizers and sandwiches. The average guest check is approximately $13.95. As of October 7, 2008 the company operates, licenses or franchises 249 locations, of which 204 are company-owned and 45 operate under franchise or license agreements. The Company also has a licensing agreement with Kraft Pizza Company which manufactures and distributes a line of California Pizza Kitchen premium frozen pizzas.
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