California Pizza Kitchen Reports Financial Results For The First Quarter Ended March 31, 2002; Earnings Exceed Pre-Announced Range.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--April 23, 2002

California Pizza Kitchen, Inc., (Nasdaq:CPKI) today reported revenues and earnings for the first quarter ended March 31, 2002. Highlights for the first quarter of 2002 relative to the same quarter last year were as follows:

-- Total revenues up 23% to $70.2 million

-- Comparable restaurant sales up 2.7%

-- Operating income before pre-opening expenses of $6.2 million, compared to
operating income before pre-opening expenses of $5.3 million

-- Diluted net income per share of $0.20, compared to diluted net income per
share of $0.18

Fred Hipp, President and CEO of California Pizza Kitchen, commented, "We are extremely pleased with CPK's performance in the first quarter of 2002. We anticipated that exceeding strong prior-year sales under these economic conditions would be a challenge. Fortunately, we met that challenge and generated 2.7% comparable sales, a result that not only exceeded our own expectations but those in the financial community. Ultimately, we credit the brand and our ongoing commitment to operational excellence." Hipp concluded, "Looking to the remainder of 2002, we will continue to rely on our experienced management team, our philosophy of accelerated yet disciplined unit growth, and our state of the art restaurant performance measurement systems to create value for our shareholders. Combined with an overall focus on our core customer, we believe this creates a powerful platform for 2003."

Average weekly sales for the Company's full service restaurants was $54,420 for the first quarter of 2002 compared to $53,996 for the same quarter last year.

During the first quarter of 2002, the Company opened three new restaurants in Phoenix, Arizona; Long Beach, California; and Raleigh-Durham, North Carolina. The Company plans to open four new restaurants in the second quarter, one of which opened earlier today in Detroit, Michigan. The remaining three restaurants for the second quarter (Louisville, Kentucky; Seattle, Washington; and Wayne, New Jersey) are scheduled to open in late May and June. The Company expects to open a minimum of 10 more restaurants in the second half of the year for a total of 17 new restaurants in 2002.

Based on the new unit development and current economic conditions, the Company anticipates diluted earnings per share for the second quarter of $0.19 to $0.21. Implicit in this second quarter forecast is comparable restaurant sales of 1%.

California Pizza Kitchen, Inc., founded in 1985, is a leading casual dining chain in the premium pizza segment. 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 $11.30. The chain operates, licenses or franchises 132 restaurants of which 103 are company-owned and 29 operate under franchise or license agreements. The Company also has a strategic alliance with Kraft Pizza Company to manufacture and distribute a line of California Pizza Kitchen premium frozen pizzas.

California Pizza Kitchen can be found on the World Wide Web at www.cpk.com.

This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are not guarantees of future performance and, therefore, undue reliance should not be placed on them. Forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Our actual results may 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 the execution of our expansion strategy, the continued availability of qualified employees, the maintenance of reasonable food and supply costs 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.

     Selected Unaudited Consolidated Financial and Operating Data
   (Dollars in thousands, except for per share and operating data)

                                              Quarter Ended
                                         March 31,       April 1,
                                           2002            2001
 Statement of Income
 Revenues:
    Restaurant sales                     $ 69,541         $56,376
    Franchise and other revenues              675             651
      Total revenues                       70,216          57,027

 Costs and expenses:
    Cost of sales                          17,091          13,797
    Labor                                  25,120          20,299
    Direct operating and occupancy         14,016          11,257
      Total restaurant operating costs     56,227          45,353

    General and administrative              4,326           3,669
    Depreciation and amortization           3,468           2,740
    Pre-opening                               529             392

          Operating income                  5,666           4,873

 Other income (expense)
    Interest income                            82             219
    Interest expense                            -              (3)
       Total other income (expense)            82             216


 Income before income tax provision         5,748           5,089
 Income tax provision                      (2,012)         (1,781)


 Net income                               $ 3,736         $ 3,308


 Net income per common share:
    Basic                                 $  0.20          $ 0.18
    Diluted                               $  0.20          $ 0.18


 Shares used in computing net income
  per common share:
    Basic                                  18,497          18,137
    Diluted                                18,775          18,572


 Selected Operating Data

 System-wide restaurants open at end
  of quarter                                  131             113
 Company-owned restaurants open at
  end of quarter                              102              83
 Average weekly company-owned full
  service restaurant sales for the
  quarter                                 $54,420         $53,996
 Comparable company-owned restaurant
  sales increase                              2.7%            6.3%


                                               Quarter Ended
                                         March 31,       April 1,
                                           2002            2001

 Statement of Income Percentages (1)
 Revenues
    Restaurant sales                        99.0%           98.9%
    Franchise and other revenues             1.0             1.1
      Total revenues                       100.0           100.0

 Restaurant costs and expenses
    Cost of sales                           24.6            24.5
    Labor                                   36.1            36.0
    Direct operating and occupancy          20.2            20.0
      Total restaurant operating costs      80.9            80.4

    General and administrative               6.2             6.4
    Depreciation and amortization            4.9             4.8
    Pre-opening                              0.8             0.7

 Operating income                            8.1             8.5

 Other income (expense)
    Interest income                          0.1             0.4
    Interest (expense)                         -               -
      Total other income (expense)           0.1             0.4


Income before income tax provision           8.2             8.9
 Income tax provision                       (2.9)           (3.1)

 Net income                                  5.3%            5.8%



            Selected Consolidated Balance Sheet Information
                        (Dollars in thousands)

                                             March 31,   December 30,
Selected  Balance Sheet Data                   2002          2001


Cash and cash equivalents                   $  20,327    $  19,788

Total assets                                  150,377      145,335

Total debt, including current portion               -            -

Shareholders' equity                          118,969      114,106

(1) Percentages are expressed as a percentage of total revenues, except for restaurant costs and expenses, which are expressed as a percentage of restaurant sales.