California Pizza Kitchen Updates Third Quarter Guidance; Same Store Sales at High End of the Previous Guidance; Management to Present at the Banc of America Conference.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--Sept. 23, 2002

California Pizza Kitchen Inc., (Nasdaq:CPKI) announced today that same store sales through the first eleven weeks of the third quarter are at the high end of the previous guidance range of 3.5% to 4.5%. The Company also announced that it will incur a one-time, after tax charge of approximately $1.6 million, or $0.08 per share, stemming from the write down of one full service and one ASAP restaurant.

Based on the strength of the current sales performance and excluding the one-time impairment charge, management remains comfortable with its previous earnings per share guidance of $0.21 to $0.23 for the current quarter and $0.85 to $0.88 for the year. Additionally, management remains comfortable with its fiscal 2003 growth objectives and therefore anticipates earnings per share to grow by approximately 20% with a corresponding earnings per share range of $1.01 to $1.05.

During the third quarter, the Company has opened four new restaurants including Minneapolis, MN; Chicago, IL; Raleigh, NC; and Orlando, FL and anticipates opening two more restaurants before the end of September. The Company expects to open a total of 18 new restaurants before the end of the year, of which 11 have already opened.

Management will address the investment community at the Banc of America Conference in San Francisco on September 25, 2002 at 2:15 pm PDT. The presentation will provide an overview of the Company, new restaurant development pipeline, same-store sales outlook and earnings prospects for the remainder of this year and 2003.

Interested investors can listen to an audio replay of the Conference 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 143 restaurants of which 111 are Company-owned, and 32 operate under franchise or license agreements. The California Pizza Kitchen website is http://www.cpk.com.