California Pizza Kitchen, Inc. Reports Preliminary Third Quarter 2009 Results

California Pizza Kitchen, Inc. (Nasdaq: CPKI) announced today that revenues decreased 5.3% to $164.8 million for the third quarter ended September 27, 2009 versus $174.0 million in the third quarter ended September 28, 2008. Full service comparable restaurant sales decreased approximately 8.0% compared to a 2.4% decrease in the third quarter last year.

During its August 6, 2009 conference call, the Company forecasted comparable restaurant sales of negative 6.5% to negative 7.5% and third quarter earnings in the range of $0.19-$0.21 per diluted share. Based on third quarter results, the Company's continued focus on operating efficiencies, and a reduced tax rate which provided an estimated benefit of approximately $0.01 for the quarter, management is increasing its earnings guidance range to $0.22-$0.24 per diluted share.

Rick Rosenfield and Larry Flax, co-CEOs of California Pizza Kitchen, Inc., stated, 'While comparable restaurant sales were slightly below our previous estimates, we are pleased to revise our earnings guidance upwards which underscores the progress we've made in driving sustainable operating efficiencies. Most importantly, we've spent much of the third quarter testing and refining sales building initiatives such as our sales productivity report, take-out call center, catering and an expanded wine program. These initiatives are rolling out company-wide in the fourth quarter and unlike broad discounting, which we believe ultimately diminishes brand equity, we plan to grow the business and maximize shareholder value by maintaining a longer term perspective.'

During the third quarter, the Company added one full service restaurant in Cherry Hill, New Jersey. In addition, one of the Company's franchise partners launched the first California Pizza Kitchen on a college campus, opening a fast-casual location at Hofstra University in Hempstead, New York.

The Company also reduced its outstanding debt by an additional $13.0 million during the third quarter totaling a $37.0 million reduction for the year and resulting in a quarter end debt balance of $37.0 million.

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