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CPK boasts jump in 3rd-Q revenue

LOS ANGELES Third-quarter revenue for California Pizza Kitchen Inc. increased 13.5 percent from a year ago, aided by a same-store sales increase of 3.5 percent, the company reported Tuesday.

Revenue for the quarter ended Sept. 30 totaled $162 million, compared with $142.8 million booked in the same period last year. The same-store sales increase of 3.5 percent beat earlier company expectations of a 2-percent to 3-percent gain. CPK opened six full-service restaurants during the quarter.

Because of the better-than-expected top-line results, the company upped by one cent its projected per-share earnings for the third quarter. Earnings should now total between 4 cents and 5 cents per share, including a 19-cents-per-share charge from the previously announced closure of up to four California Pizza Kitchen/ASAP units, the company reported.

Excluding that charge, CPK said it expects to earn between 23 cents and 24 cents per share, which is basically unchanged from the company's year-ago third-quarter profit of 23 cents per share.

Full quarterly results are expected Nov. 8.

CPK, based here, operates, franchises or licenses 221 restaurants under the California Pizza Kitchen, CPK/ASAP and L.A. Food Show brands.

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