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True to predictions the company released at the end of June, California Pizza Kitchen Inc. has announced that revenues decreased 4.6 percent to $163.1 million for the second quarter ended July 4, 2010 versus $170.9 million in the second quarter of 2009. Comparable restaurant sales decreased approximately 5.9 percent compared to a 6.5 percent decrease in the second quarter a year ago.
In a June 21, 2010 press release, the Company forecasted comparable restaurant sales for the second quarter of negative 6 percent to negative 7 percent, and earnings in the range of $0.10 to $0.15 per diluted share. Based upon preliminary results, management now expects earnings in the range of $0.15 to $0.17 per diluted share for the second quarter.
Second quarter new store openings help to defray the declines. The company opened a new full service restaurant in Murray, Utah. The company’s franchise partners also opened four quick-service restaurants in King of Prussia Service Plaza in Philadelphia, Penn.; Honolulu International Airport in Honolulu; Kahului Airport in Maui; Fresno Yosemite International Airport in Fresno, Calif.; as well as one full service restaurant in the Coyoacán neighborhood of Mexico City, Mexico.
California Pizza Kitchen intends to release its full second quarter earnings on August 5, 2010 at approximately 4 p.m. Eastern Standard Time with a conference call to follow on the same day at approximately 4:30 p.m. Eastern Standard Time. A webcast of the conference call will be accessible at www.cpk.com.
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