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California Pizza Kitchen revises '08 estimates
January 15, 2008
LOS ANGELES — Revenues at California Pizza Kitchen Inc. increased 12 percent to $162.9 million for the fourth quarter ended Dec. 30, 2007, compared with $146 million for the fourth quarter of 2006. Comparable restaurant sales increased approximately 1.8 percent, compared with 6.9 percent in the fourth quarter a year ago.
During its Nov. 8, 2007, conference call, the company had forecast a comps increase of 2 percent to 3 percent and Q4 '07 earnings in the range of 22 cents to 23 cents per diluted share. Based on fourth quarter 2007 revenues and comp sales of 2.8 percent, 1.7 percent and 0.7 percent in October, November and December, respectively, the company now expects earnings of 16 cents to 18 cents per diluted share.
California Pizza Kitchen added seven fullservice restaurants in the fourth quarter. Additionally, the company's international franchise partners Global Restaurant Concepts Inc. and Iris Co. Ltd. each added one fullservice restaurant in Makati City, Philippines and Seoul, South Korea, respectively.
The company has revised estimates for fiscal 2008 to -1 percent to flat comparable restaurant sales with corresponding earnings of 54 cents to 60 cents per diluted share. The company had forecast a comps increase of 2 percent to 3 percent and 2008 earnings in the range of 85 cents to 92 cents per diluted share.
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