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California Pizza Kitchen net off 79%
November 8, 2007
LOS ANGELES — Comparable-store sales at California Pizza Kitchen Inc. increased 3.5 percent for the third quarter ended Sept. 30, 2007, the company announced. Average weekly sales for the company's 176 full-service restaurants increased 3 percent to $68,972 for the quarter, compared with $66,971 for the same quarter last year.
Revenue for the quarter was $162 million, up 14 percent compared with revenue of $142.8 million for the 2006 third quarter. Year-to-date, revenue was $470 million, up 15 percent from revenue of $408.6 million for the first nine months of 2006.
Net income for the third quarter was $1.4 million, off 79 percent compared with net income of $6.7 million for the 2006 third quarter. Year-to-date, net income was $11.3 million, off 34 percent from net income of $17.2 percent for the same period last year.
The company attributed much of the net income drop to charges related to the closing of four CPK/ASAP restaurants.
The company added six full-service restaurants in the third quarter. The company's domestic franchise partner, HMSHost, opened a CPK/ASAP location in Los Angeles International Airport, while an international franchise partner, Grupo Calpik, S.A. de C.V. of Mexico, opened a full-service restaurant in Mexico City.
CPK plans to add seven full-service and two international franchise restaurants in the fourth quarter. As of Sept. 30, the company operated a total of 220 full-service and ASAP restaurants around the world.
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