California Pizza Kitchen Reports First Quarter Revenues Grow 23%; Management Comfortable With Previously Announced Earnings Guidance for Quarter and Full-Year.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--April 4, 2002

CPK Presenting at Banc of America Securities

Consumer Conference on April 10, 2002

California Pizza Kitchen Inc., (Nasdaq:CPKI) announced today that revenues increased 23% to $70.2 million for the first quarter ended March 31, 2002 versus $57.0 million in the first quarter of 2001. Comparable restaurant sales increased approximately 2.7% for the three month period. The increase for the quarter was primarily due to menu price increases that took effect in May and November 2001.

In its January 29th, 2002 year-end conference call, the Company had forecast same store sales growth of approximately 1% and earnings per share guidance in the range of $0.17 to $0.19 for the first quarter. Based on the first quarter same store sales results, management is now comfortable with the high-end of this previously announced range.

In addition, based on the current development schedule and economic outlook, management remains comfortable with full year fiscal 2002 earnings per share guidance between $0.80 and $0.84. Management will specifically address full year and second quarter guidance along with growth assumptions on its first quarter earnings call to be held on April 23, 2002 at approximately 5:00 pm ET. A webcast of the conference call can be accessed at http://www.cpk.com.

During the first quarter ended March 31, 2002, California Pizza Kitchen opened three new restaurants in Chandler, AZ; Long Beach, CA; and Raleigh-Durham, NC. The Company expects to open a minimum of 14 additional restaurants during the remainder of 2002, of which four are expected to open in the second quarter.

The Company intends to release its first quarter earnings on April 23, 2002 at approximately 1:00 pm ET. As stated, a conference call will be held later that day and webcast at http://www.cpk.com.

President and CEO, Fred Hipp will address the investment community at the Banc of America Securities Consumer Conference on April 10, 2002 at 3:30 pm EST. The presentation will provide an overview of the Company, new restaurant development pipeline, same-store sales outlook and earnings prospects for the remainder of the year.

Interested investors can listen to an audio replay 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.

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.

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 hearth-baked pizzas, salads, soups and sandwiches. The chain operates, licenses or franchises 131 restaurants of which 102 are Company-owned, and 29 operate under franchise or license agreements. The California Pizza Kitchen website is http://www.cpk.com.