LOS ANGELES (RestaurantNewsRelease.com) California Pizza Kitchen, Inc. (Nasdaq: CPKI) today reported revenues and net income for the first quarter ending April 4, 2010.

Highlights for the first quarter of 2010 relative to the first quarter of 2009 were as follows:

  • Total revenues decreased 2.7% to $156.7 million
  • Full service comparable restaurant sales decreased 2.7%
  • Net income of $2.5 million, or $0.10 per diluted share

Rick Rosenfield and Larry Flax, co-CEOs of California Pizza Kitchen, stated “We were pleased that first quarter sales performance exceeded our expectations, while earnings were at the high-end of our previously guided range. Restaurant operations improved across dine-in, take-out, and delivery channels for the quarter and we credit our call center, expansion of our wine selections and our catering programs, along with the February rollout of our new and successful Small Cravings menu.”

Average weekly sales for the Company’s 196 full service restaurants were $59,082 in the first quarter of 2010 compared to $61,308 in the same quarter last year.

During the first quarter, the Company’s franchise partners opened a second full service restaurant in Dubai, UAE as well as a quick-serve location at Stony Brook University in Long Island, New York.

The Company outlined its financial guidance for the second quarter of 2010 based on the following assumptions:

  • Comparable restaurant sales between negative 2.5% and negative 0.5%
  • Opening one international full service franchised restaurant
  • Opening three domestic franchised restaurants
  • Earnings estimated in the range of $0.24-$0.26 per diluted share

The Company will host a conference call today at approximately 4:30 pm ET. A webcast of the conference call can be accessed 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 $15.00. As of May 6, 2010 there are 253 California Pizza Kitchen locations system-wide. 204 are company-owned domestic locations, and 49 operate under franchise or license agreements, of which 28 locations operate internationally and 21 domestically. The Company also has a licensing agreement with Nestle S.A. which manufactures and distributes a line of California Pizza Kitchen premium frozen products. More information about California Pizza Kitchen, Inc. can be found on the Company’s website at www.cpk.com.

This release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include projections of earnings, revenue or other financial items, statements of the plans, strategies and objectives of management for future operations, statements concerning proposed new products or developments, statements regarding future economic conditions or performance, statements of belief and statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect,” “anticipate,” “guidance” and similar words.

This release may also include measures that are not based on any standardized methodology prescribed by U.S. generally accepted accounting principles (“GAAP”) and are not necessarily comparable to similar measures presented by other companies. This may include non-GAAP earnings per diluted share or other information. The Company believes that this non-GAAP information is useful as an additional means for investors to evaluate the Company’s operating performance, when reviewed in conjunction with the Company’s GAAP financial statements. This amount is not determined in accordance with GAAP and therefore, should not be used exclusively in evaluating the Company’s business and operations.

Investors are cautioned that forward-looking statements are not guarantees of future performance and, therefore, undue reliance should not be placed on them. Our actual results may and will likely differ materially from the expectations referred to herein. Among the key factors that may have a direct bearing on our operating results, performance and financial condition are deteriorating economic conditions, revenue from third party licensees and franchisees, changing consumer preferences and demands, the success of new initiatives aimed at revenue growth, the continued availability of qualified employees and our management team, the maintenance of reasonable food and supply costs, our exposure to the California market and numerous other matters discussed in the Company’s filings with the Securities and Exchange Commission. California Pizza Kitchen undertakes no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.