California Pizza Kitchen Reports Preliminary Fourth Quarter Results; Reiterates Comfort with Previously Announced Range.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--Jan. 6, 2003

California Pizza Kitchen, Inc., (Nasdaq:CPKI) reported today that revenues increased approximately 21% to $81.5 million for the fourth quarter ended December 29, 2002 versus $67.6 million in the fourth quarter of 2001. Comparable restaurant sales increased approximately 4.2% for the three-month period versus 2.0% for the same period a year ago. The increase in comparable restaurant sales was comprised primarily from an increase in average check due to a 1.1% price increase taken in November 2002 and changes in the menu mix associated with the Company's new menu and wine program.

During the fourth quarter, the Company opened five new restaurants for a total of 18 new restaurants in 2002. The new restaurants that opened in the fourth quarter include Orlando, FL; Las Vegas, NV; Lakewood, CO; Emeryville, CA; and Cambridge, MA. The Company anticipates opening 22 new restaurants in 2003, with four expected to open in the first quarter.

In its October 22, 2002 earnings release, the Company had forecast same store sales growth of approximately 2.0% to 3.0% and earnings per share guidance in the range of $0.20 to $0.22 for the fourth quarter ended December 29, 2002. The Company expects any incremental profitability from the better than expected same store sales to be offset by training costs related to the Company's new menu and wine program implemented in November 2002. Therefore, the Company is maintaining its previously announced earnings guidance of $0.20 to $0.22 per share for the fourth quarter.

Based on the current development schedule and economic outlook, the Company is reiterating its comfort level with previously announced earnings per share guidance for 2003 in the range of $1.03 to $1.06. Implicit in this forecast is a comparable restaurant sales increase of 2.0% to 3.0%.

Management will specifically address 2003 guidance on its fourth quarter earnings call to be held on January 28, 2003 at approximately 5:00 p.m. EST . The Company intends to release its fourth quarter earnings earlier that same day. A web cast of the conference call can be accessed at http://www.cpk.com.

Additionally, management will address the investment community at the ICR Xchange, a consumer focused investor conference on January 16, 2003, at 11:55 am EST. The presentation will provide an overview of the Company, new restaurant development and company initiatives. Interested investors can listen to an audio replay of the presentation by going to the www.cpk.com web site. 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 Chicken Pizza, and a broad selection of distinctive pastas, salads, soups, and sandwiches. The average guest check is approximately $11.50. The chain operates, licenses or franchises 149 restaurants of which 117 are company-owned and 32 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.