News

Strong top line numbers help California Pizza Kitchen in ''04

February 2, 2005

LOS ANGELES — California Pizza Kitchen, Inc. announced strong performances for its fourth quarter and full fiscal year 2004.

For the 12 weeks ended Jan. 2, 2005, comparable-store sales rose 6.3 percent. Revenues were $115.2 million, 19.9 percent higher than in the comparable period, while net income was $6.2 million, compared to $4.4 million last year.

For all of 2004 (a 53-week fiscal year), comps rose 6.9 percent. Revenues were $422.5 million, up 17.4 percent over the prior year, and net income was $17.7 million, compared to $8 million in 2003.

According to a regulatory filing, net income for the year took a $20 million hit tied to the build-up of a legal settlement reserve, accelerated depreciation, store closure costs and certain severance and impairment charges.

The company appears to be bouncing back steadily from a flat spell suffered over the past two years, when the company made some poor site selections and had to retool some failed menu enhancements.