California Pizza Kitchen Reports First Quarter Comparable Store Sales of 6.2%; Raises Guidance for First Quarter to $0.19 - $0.20.Business Editors LOS ANGELES--(BUSINESS WIRE)--March 29, 2004 Management to Present at Banc of America Securities Conference on March 31, 2004 California Pizza Kitchen California Pizza Kitchen (NASDAQ: CPKI, known within the food industry as CPK) is a casual dining restaurant chain that specializes in California-style pizza. The restaurant was started in 1985 by attorneys Rick Rosenfield and Larry Flax in Beverly Hills, California, Inc., (Nasdaq:CPKI CPKI California Pizza Kitchen, Inc ) announced today that revenues were approximately $98.6 million for the first quarter ended March 28, 2004 versus $82.9 million in the first quarter of 2003. Comparable restaurant sales during the period increased approximately 6.2% compared to 2.7% in the first quarter a year ago. In January, the Company had forecast first quarter same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of growth of approximately 2.0% to 3.0% and earnings guidance in the range of $0.17 to $0.19 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. Based on preliminary first quarter results, however, management is now comfortable with fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of in the range of $0.19 to $0.20. The Company intends to release its first quarter earnings on April 22, 2004 at approximately 4:00 pm EST EST electroshock therapy. EST abbr. electroshock therapy with a conference call to follow at approximately 5:00 pm EST. Management will specifically address full year and second quarter guidance at that time. A webcast of the conference call can be accessed at http://www.cpk.com. The Company also announced today that Co-CEOs, Rick Rosenfield and Larry Flax flax, common name for members of the Linaceae, a family of annual herbs, especially members of the genus Linum, and for the fiber obtained from such plants. The flax of commerce (several varieties of L. , and Chief Financial Officer, Sue Collyns will address the investment community at the Banc of America Securities Consumer Conference on March 31, 2004 at 4:20 pm EST. Interested parties can listen to an audio webcast of the Banc of America Conference presentation by going to www.cpk.com. The replay of the presentation will be available by the end of the day and will be archived for thirty days. 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 BBQ barbecue Chicken Pizza, and a broad selection of distinctive pastas, salads, soups, and sandwiches. The average guest check is approximately $11.76. The chain operates, licenses or franchises 168 restaurants as of March 29, 2004 of which 139 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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