CPK increases e.p.s. guidance
July 13, 2010
by Eric Schroeder
LOS ANGELES — Revenues at California Pizza Kitchen, Inc. fell nearly 5% to $163.1 million in the second quarter ended July 4, according to preliminary results issued July 13 by the Los Angeles-based casual dining chain. The company said it now expects earnings per share of between 15c and 17c in the second quarter, up from earlier guidance of 10c to 15c per share.
“Second-quarter preliminary results are consistent with our previous comments, which indicated that comparisons would be negatively impacted by strong results from the Thank You Card Program conducted in the second quarter of 2009,” said Rick Rosenfield and Larry Flax, co-chief executive officers of California Pizza Kitchen. “As we move past lapping last year’s program and into the third quarter, we are pleased that same-store sales through Sunday, July 11, have improved to approximately negative 0.6%. We are also excited that our 2010 Thank You Card Program will launch on July 28 and this year includes a cash prize of $100,000.”
Full second-quarter earnings will be released on Aug. 5.