LOS ANGELES — California Pizza Kitchen Inc. (Nasdaq:CPKI) reported that its revenue at the close of the third quarter 2004, which ended Sept. 26, revealed a 14 percent increase over last year, from $264 million to $307 million.
The company's earnings for the quarter were $106.1 million, up from $93 million in '03, according to a news release.
Other increases highlighted in the release include a comparable restaurant sales increase of nearly 8 percent on a 12-month basis — which includes restaurants closed for remodeling and the Florida hurricanes — as well as a net income of $2.3 million, compared to a net loss of $4.8 million for the third quarter last year.
"We believe these results are a by-product of the many initiatives we've implemented over the past year to revitalize operations and improve the customer experience," said Rick Rosenfield and Larry Flax, co-chief operating officers of CPK. "As we enter the last three months of 2004 and look to next year, our goal is to continue our momentum and focus on operations, prudent real estate decisions, marketing and menu development."
Average weekly sales of CPK's 136 full-service restaurants increased 6.7 percent during the third quarter, from $55,492 in '03 to $59,237, the release noted.
According to the release, CPK also opened a new restaurant in Irvine, Calif., and completed a "new prototype model" at one of its existing restaurants. The prototype was used to remodel two CPK locations this year.
The released added that the company expects to open two new restaurants during the fourth quarter of the year, bringing the total number of new locations opened in '04 to six.
Looking toward the future, CPK expects revenue growth between 9 and 10 percent in 2005 as well as the opening of 10 new locations during the first two quarters of the year, the release stated.