California Pizza Kitchen Reports Preliminary Fourth Quarter 2007 Results and Revises Fiscal 2008 Guidance
California Pizza Kitchen, Inc. (Nasdaq:CPKI) announced today that revenues increased 11.6% to $162.9 million for the fourth quarter ended December 30, 2007 versus $146.0 million in the fourth quarter of 2006. Comparable restaurant sales increased approximately 1.8% compared to 6.9% in the fourth quarter a year ago.
During its November 8, 2007 conference call, the Company forecasted a comparable restaurant sales increase of 2.0%-3.0% and fourth quarter 2007 earnings in the range of $0.22-$0.23 per diluted share. Based on fourth quarter 2007 revenues and comparable restaurant sales of 2.8%, 1.7% and 0.7% in October, November and December, respectively, management now expects earnings of $0.16-$0.18 per diluted share.
For the fourth quarter of 2007, the Company added seven full service restaurants in San Bernardino, California, Clinton Township, Michigan, Stamford, Connecticut, Mesa, Arizona, Leawood, Kansas, Brandon, Florida, and Las Vegas, Nevada. In addition, the Company's international franchise partners Global Restaurant Concepts Inc. and Iris Co. Ltd. each added one full service restaurant in Makati City, Philippines and Seoul, South Korea, respectively.
The Company also announced that due to continuing challenges in the macroeconomic environment, it is revising estimates for fiscal 2008 to negative 1.0% to 0.0% comparable restaurant sales with corresponding earnings of $0.54-$0.60 per diluted share. During its November 8, 2007 conference call, the Company forecasted a comparable restaurant sales increase of 2.0%-3.0% and 2008 earnings in the range of $0.85-$0.92 per diluted share.
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