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California Pizza Kitchen reports preliminary results
April 8, 2008
LOS ANGELES — Comparable-store sales for California Pizza Kitchen Inc. restaurants increased 0.4 percent for the first quarter ended March 30, the company announced.
Revenues for the quarter increased to $164.7 million, up 10 percent compared with revenues of $149.4 million for the 2007 first quarter.
During its Feb.14, 2008, fourth quarter conference call, the company forecasted a comparable sales range of -1.0 percent to flat and first quarter earnings in the range of 4 cents to 6 cents per diluted share. Based on first quarter revenues, comparable sales and operating efficiencies, the company now expects earnings of 7 cents to 8 cents per diluted share.
During the first quarter, California Pizza Kitchen added five full service restaurants in the United States. Additionally, the company's international franchise partner, Grupo Calpik, S.A. de C.V, added one full service restaurant in the Santa Fe area of Mexico City.
The company plans to release its first quarter earnings May 8, 2008.
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