California Pizza Kitchen Reports Preliminary First Quarter 2009 Results, Raises EPS Guidance to $0.09-$0.10
California Pizza Kitchen, Inc. (Nasdaq:CPKI) announced today that revenues decreased 2.2% to $161.1 million for the first quarter ended March 29, 2009 versus $164.7 million in the first quarter of 2008. Comparable restaurant sales decreased approximately 5.9% compared to a 0.4% increase in the first quarter a year ago.
During its February 12, 2009 conference call, the Company forecasted comparable restaurant sales of negative 5.5% to negative 6.5% and first quarter earnings in the range of $0.03 to $0.05 per diluted share. Based on first quarter revenues, comparable restaurant sales results and cost saving initiatives, management is increasing its earnings guidance range to $0.09 to $0.10 per diluted share.
Rick Rosenfield and Larry Flax, co-CEOs of California Pizza Kitchen, Inc., stated, 'The enduring strength of our culture, menu innovation and outstanding customer service are more important than ever during these difficult times. These core drivers, combined with our rapid implementation of cost saving initiatives, bolstered our first quarter results which exceeded expectations.'
During the first quarter, the Company added one full service restaurant in Wellesley, Massachusetts. In addition, the Company's franchise partners opened full service restaurants in Dubai, United Arab Emirates, and Lomas Verdes, a residential suburb of Mexico City, Mexico.
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