California Pizza Kitchen Announces Financial Results For the Second Quarter of 2010
Total revenues decreased 4.6% to $163.1 million, Comparable restaurant sales decreased 5.9%, Net income of $4.2 million, or $0.17 per diluted share
Rick Rosenfield and Larry Flax, co-CEOs of California Pizza Kitchen, stated “Earnings were at the high end of our recent guidance, but reflect the impact of not conducting the Thank You Card Program during the second quarter, as we did in 2009. With that challenging comparison behind us, we are encouraged that third quarter comparable restaurant sales to date are negative 0.9% and we are excited that our 2010 Thank You Card Program is now underway and runs through October 8th. The program has proven to be popular with guests and we are thrilled to raise the level of excitement this year with a cash grand prize of $100,000.”
Rosenfield and Flax continued, “Additionally, the new menu items rolled out in June continue to perform extremely well. Product innovation remains a hallmark of our brand and we will continue to create unique, craveable menu items to drive traffic. We also look forward to the August launch of two new licensed products outside the frozen category in line with our strategy of leveraging the brand in this higher margin channel.”
Rosenfield and Flax added, “As we look to the remainder of this year and into 2011, we plan to maximize long-term value for our shareholders by driving the brand through menu innovation and by enhancing free cash flow and return on invested capital, both inside and outside the restaurants’ four walls.”
Rosenfield and Flax concluded, "As a reminder, on April 12, 2010, we announced that the Company was exploring strategic alternatives. This process is continuing and the Company does not expect to make further comment unless its Board of Directors has approved a specific course of action."
Average weekly sales for the Company’s 196 full service restaurants were $61,491 in the second quarter of 2010 compared to $64,171 in the same quarter last year.
During the second quarter, the Company opened a new full-service restaurant in Murray, UT. The Company’s franchise partners also opened quick-service restaurants in the King of Prussia Service Plaza in Philadelphia, PA; the Honolulu International Airport in Honolulu, HI; the Kahului Airport (OGG) in Maui, HI; a kiosk in the Fresno Yosemite Airport in Fresno, CA; and in Dodger Stadium in Los Angeles, CA; as well as a full service restaurant in the Coyoacán neighborhood of Mexico City, Mexico.
Finally, the Company outlined its financial guidance for the third quarter of 2010 based on the following assumptions:
- Comparable restaurant sales between negative 1.0% and positive 1.0%
- Opening four Company-owned full service restaurants
- Opening two international franchised full service restaurants
- Opening one domestic franchise restaurant
- Earnings estimated in the range of $0.17-$0.19 per diluted share
Logos, product and company names mentioned are the property of their respective owners.
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