California Pizza Kitchen comps off nearly 6 percent

During a Feb. 12 conference call, company officials forecasted comparable restaurant sales of negative 5.5 percent to negative 6.5 percent and first quarter earnings in the range of 3 to 5 cents per diluted share. Based on first quarter revenues, comparable restaurant sales results and cost saving initiatives, management is increasing its earnings guidance range to 9 to 10 cents per diluted share.

 

During the first quarter, CPK added one full-service restaurant in Wellesley, Mass. In addition, the company's franchise partners opened full-service restaurants in Dubai, United Arab Emirates and Lomas Verdes, a residential suburb of Mexico City.

The company intends to release its first quarter earnings on May 7 at approximately 4 p.m. Eastern time with a conference call to follow on the same day at approximately 4:30 p.m. Eastern time. A webcast of the conference call will be accessible at www.cpk.com.