CPK's 1st-Q profit drops on higher costs

LOS ANGELES Blaming higher food costs, California Pizza Kitchen Inc. reported a 30-percent drop in first-quarter profit Thursday, and predicted that the industry has yet to see the “bottom” of the current tough economic times.

For the quarter ending March 30, the casual-dining chain reported net income of $2.5 million, or 9 cents per share, compared with $3.6 million, or 12 cents a share, in the year-ago period. Results, however, exceeded projected earnings of 7

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