California Pizza Kitchen Announces Financial Results for the Third Quarter Ended October 1, 2006.

LOS ANGELES -- California Pizza Kitchen, Inc. (Nasdaq: CPKI) today reported revenues and net income for the third quarter ended October 1, 2006. Highlights for the third quarter of 2006 relative to the same quarter a year ago were as follows:

* Total revenues up approximately 14.7% to $142.8 million

* Comparable restaurant sales increase of 5.6%

* Net income of $6.7 million, or $0.34 per diluted share, including the effects of stock-based compensation expense and the October 6, 2005 lease accounting pronouncement

Rick Rosenfield and Larry Flax, co-CEOs of California Pizza Kitchen, Inc., stated, "Once again, we are pleased with our third quarter results which were driven by higher than anticipated comparable restaurant sales. We credit our commitment to menu innovation, guest satisfaction and the lifestyle component of our brand which creates a lasting connection with our customers. We also credit operational improvements and a more strategic real estate approach, two factors that have contributed to our profitability."

Average weekly sales for the Company's 158 full service restaurants increased 5.3% to a record-setting $66,971 for the third quarter of 2006 compared to $63,615 for the same quarter last year.

Rosenfield and Flax continued, "Although we're primarily focused on full service expansion, we continue to analyze and develop our entire portfolio. To that point, our average weekly sales at ASAP have improved materially from the beginning of the year and we anticipate continued momentum as we refine the concept during 2007. In terms of full service, we are excited about our sites for the coming year, and with only 158 company-owned California Pizza Kitchens across the country, we are confident that our development pipeline will remain substantial for many years. To complement this unit expansion, we understand the need to focus on execution in all areas of our business and continue with the development of our brand."

During the third quarter of 2006, the Company added three new full service restaurants in Hoover, Alabama; San Luis Obispo, California; and Short Hills, New Jersey, as well as one ASAP in Chicago, Illinois. The Company's franchise partner, WDI Corporation, also opened its first full service restaurant in Tokyo, Japan.

For the fourth quarter of 2006, the Company expects to add nine full service restaurants and two ASAPs. These openings, together with a comparable restaurant sales increase of 5.0% to 6.0%, are expected to result in earnings per diluted share of $0.13-$0.15. This is a reduction from management's prior estimated range of $0.25 to $0.27 and is driven by four key factors. First, the Company now anticipates that delays in new restaurant opening dates will reduce fourth quarter results by approximately $0.06 per diluted share. Second, management has recently concluded negotiations to secure early lease termination and close the final negative cash flow restaurant previously identified in 2003. This will adversely affect fourth quarter earnings by $0.03 per diluted share however will be accretive in 2007. Third, the Company will accelerate depreciation on three restaurants it plans to remodel in 2007 in conjunction with lease renewals and other requirements. This is expected to affect earnings by $0.01 per diluted share. Finally, in line with the October 6, 2005 lease accounting pronouncement FSP 13-1, management will take a non-cash charge of approximately $0.02 per diluted share for pre-opening rent expense associated with seven restaurants that will open in 2007.

The Company also announced guidance for fiscal 2007 based on the following assumptions:

--Restaurant revenue growth of approximately 19.0% to 20.0%

--Eighteen month comparable restaurant sales growth of approximately 4.5% to 5.5%

--16 to 18 new full service restaurants for 2007

--Six to seven new ASAP restaurants for 2007

--One new LA Food Show restaurant

--Earnings per diluted share of $1.31-$1.33

The Company will hold a conference call today at approximately 5:00 pm EST to discuss third quarter 2006 results. A webcast of the conference call can be accessed at www.cpk.com.

California Pizza Kitchen, Inc., founded in 1985, is a leading casual dining chain. The Company's full service restaurants feature an imaginative line of hearth-baked pizzas, including the original BBQ Chicken Pizza, and a broad selection of distinctive pastas, salads, soups and sandwiches. The average guest check is approximately $12.85. As of November 9, 2006 the Company operates, licenses or franchises 201 restaurants, of which 171 are company-owned and 30 operate under franchise or license agreements. The Company also has a licensing arrangement with Kraft Pizza Company, which manufactures and distributes a line of California Pizza Kitchen premium frozen pizzas.

California Pizza Kitchen, Inc. can be found on the internet at www.cpk.com.

This release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include projections of earnings, revenue or other financial items, statements of the plans, strategies and objectives of management for future operations, statements concerning proposed new products or developments, statements regarding future economic conditions or performance, statements of belief and statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words "may," "will," "estimate," "intend," "continue," "believe," "expect," "anticipate" and similar words.

Investors are cautioned that forward-looking statements are not guarantees of future performance and, therefore, undue reliance should not be placed on them. Our actual results may and will likely differ materially from the expectations referred to herein. Among the key factors that may have a direct bearing on our operating results, performance and financial condition are changing consumer preferences and demands, the execution of our expansion strategy, the continued availability of qualified employees and our management team, the maintenance of reasonable food and supply costs, our relationships with our distributors and numerous other matters discussed in the Company's filings with the Securities and Exchange Commission. California Pizza Kitchen undertakes no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

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