Getlowfees.com

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.

See the full earnings report ...

 

Read related CPK stories ...

Related Content

User Comments – Give us your opinion!
Products & Services

ExpressNet

http://global.networldalliance.com/new/images/products/ExpressNet_iix.gif

1428/ExpressNet

Digital Menu Boards

http://global.networldalliance.com/new/images/products/6681.png

6681/Digital-Menu-Boards

Remote Service | Content Management Service

http://global.networldalliance.com/new/images/products/6685.png

6685/Remote-Service-Content-Management-Service

Leapfrog POS App

http://global.networldalliance.com/new/images/products/4559.png

4559/Leapfrog-POS-App

MVR Reports

http://global.networldalliance.com/new/images/products/MVR_Report_iix.gif

1252/MVR-Reports

Customized Menu Board Content

http://global.networldalliance.com/new/images/products/6689.png

6689/Customized-Menu-Board-Content

Free Menu Board Media Player Promotion

http://global.networldalliance.com/new/images/products/6675.png

6675/Free-Menu-Board-Media-Player-Promotion

Cured Meats

http://global.networldalliance.com/new/images/products/6791.png

6791/Cured-Meats

DriverAdvisor Fleet Monitoring

http://global.networldalliance.com/new/images/products/DriverAdvisor_iix.gif

1425/DriverAdvisor-Fleet-Monitoring

Mexican-Style Meats

http://global.networldalliance.com/new/images/products/6795.png

6795/Mexican-Style-Meats

Fast Casual Executive Summit
Request Information From Suppliers
Save time looking for suppliers. Complete this form to submit a Request for Information to our entire network of partners.