Sept. 22, 2002
LOS ANGELES -- California Pizza Kitchen Inc., (Nasdaq:CPKI) announced that same-store sales through the first 11 weeks of its third quarter are at the high end of the company's predicted guidance range of 3.5 percent to 4.5 percent.
Actual sales figures for the period were not reported in the company's release.
CPK also announced it will incur a one-time, after-tax charge of approximately $1.6 million, (or 8 cents per share), stemming from the write down of one full-service and one ASAP restaurant.
Based on the strength of the current sales performance and excluding the one-time impairment charge, management remains comfortable with its previous earnings-per-share guidance of 21 cents to 23 cents for the current quarter, and 85 cents to 88 cents for 2002.
During the third quarter, CPK opened four new restaurants (one each in Minneapolis, Chicago, Raleigh, N.C. and Orlando, Fla.) and anticipates opening two more restaurants before the end of September. It expects to open a total of 18 new restaurants before the end of the year, 11 of which have already opened.