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California Pizza Kitchen net off 31%
May 8, 2008
LOS ANGELES — Comparable-store sales at California Pizza Kitchen restaurants increased 0.4 percent in the 2008 first quarter ended March 30, the company has announced.
Revenues for the quarter were $164.7 million, up 10 percent from revenues of $149.4 million for the 2007 first quarter. Average weekly sales for the company's 188 full-service restaurants were $65,489 in the first quarter of 2008 compared to $65,904 for the same quarter last year.
Net income for the quarter was $2.5 million, down 31 percent from net income of $3.6 million for the 2007 first quarter.
California Pizza Kitchen also updated its projections for 2008. For the year, the company is projecting comps of -1 percent to flat. CPK plans to open approximately 12 full-service restaurants, a minimum of six international full-service franchise restaurants, a minimum of four domestic CPK/ASAP franchise restaurants and one LA Food Show restaurant.
The company also revised its earnings projections for the full year 2008 to between 59 cents and 65 cents per diluted share.
CPK has entered into a new $150 million credit facility with a syndicate of banks, the company also announced. The five-year facility includes an option to increase the amount by an additional $50 million and matures May 7, 2013. The facility replaces the company's existing $100 million line of credit. The proceeds of the new facility will be used for working capital, capital expenditures, share repurchases and other general corporate purposes
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