California Pizza Kitchen INC. (CPKI).

CALIFORNIA PIZZA KITCHEN INC. (CPKI)

Business Overview

California Pizza Kitchen Inc. is a casual dining restaurant chain with a particular focus on the premium pizza segment. As of February 27, 2006, the company owned, licensed or franchised 190 restaurants under the names California Pizza Kitchen, California Pizza Kitchen ASAP and LA Food Show in 27 states, the District of Columbia and five foreign countries, of which 159 were Company-owned and 31 operated under franchise or license arrangements. California Pizza Kitchen's restaurants, which feature an exhibition-style kitchen centered on an open-flame oven, provide a casual dining experience that is family friendly and has broad consumer appeal. The company's menu focuses on toppings and showcases recipes that capture tastes and flavors that customers readily identify, but do not typically associate with pizza, pasta or salads. The menu showcases, such dishes as The Original BBQ Chicken Pizza, Thai Chicken Pizza, Kung Pao Spaghetti and The Original BBQ Chicken Chopped Salad, as well as the Thai Crunch Salad, Waldorf Chicken Salad, Milan Pizza, Shanghai Garlic Noodles, Avocado Club Egg Rolls and Orange Chicken Lettuce Wraps.

Income Statement              LTM *    2006 **   Summary

Revenue (millions)            $534.0   $479.6    Headquarters: Los
                                                   Angeles
Operating Income (millions)   30.7     28.6      Market Cap: $689
                                                   million
Net Income (millions)         20.8     19.5      Dividend Yield: N/A%
EPS                           $1.04    $0.99     P/E Ratio: 33

* Latest Twelve Months Ending 10/2006 ** Fiscal Year Ending 1/2006