LOS ANGELES -- California Pizza Kitchen's co-chairmen, its CEO, its CFO and its majority shareholder sold 1.46 million shares of the company's stock on Nov. 11.
According to Dow Jones Newswires, the shares sold at $24.63 each, 5.5 percent below the Friday, Nov. 8 closing price of $26.07.
Following the sale, CPK's stock closed at $23.71, down $2.36 or 9 percent.
According to CPK CFO Gregory Levin, co-founders and co-chairmen Larry Flax and Richard Rosenfield each sold 340,000 shares to help fund a new restaurant they are opening. Following the sale, Flax has 628,029 shares and Rosenfield has 586,733.
CEO and president Fred Hipp sold 100,000 shares, leaving him owning 471,546 shares.
Bruckmann Rosser Sherrill & Co., which bought PepsiCo Inc.'s majority stake in California Pizza Kitchen in 1997, sold 680,000 shares, leaving owning 173,068 shares. Levin (who sold 7,000 of his own shares one week earlier, and still holds 2,078) said that BRS stated long ago that it intended to divest its CPK holdings.
In its most recent report, CPK said same-store sales rose 5.5 percent in October '02, and that it is on track to open a total of 18 company-owned stores in 2002.