LOS ANGELES -- California Pizza Kitchen Inc., (Nasdaq:CPKI) announced on April 4 that revenues increased 23 percent to $70.2 million for the first quarter ended March 31, 2002, versus $57 million in the same period last year. Comparable restaurant sales increased approximately 2.7 percent, due mostly to menu price increases applied from May to November 2001.
In its Jan. 29 conference call, the company forecasted first-quarter same-store sales growth of approximately 1 percent and earnings-per-share guidance in the range of $0.17 to $0.19. CPK management said in a release that it is now comfortable with the high-end of that range. In addition, based on the current development schedule and economic outlook, management remains comfortable with full year fiscal 2002 earnings per share guidance between $0.80 and $0.84.
During the first quarter CPK opened three new restaurants, and it plans to open a minimum of 14 others during the remainder of the year. Four of those stores are slated for the second quarter.
As of April 4, California Pizza Kitchen operates, licenses or franchises 131 restaurants of which 102 are company-owned. Twenty-nine operate under franchise or license agreements.