California Pizza Kitchen Announces Financial Results for the Fourth Quarter and Fiscal Year 2009
Total revenues increased 3.8% to $167.8 million;
California Pizza Kitchen, Inc. (Nasdaq: CPKI) reported revenues and net income for the fourth quarter and the fiscal year 2009 ending January 3, 2010.
Highlights for the 14-week fourth quarter of 2009 relative to the 13-week fourth quarter of 2008 were as follows:
* Total revenues increased 3.8% to $167.8 million
* Full service comparable restaurant sales decreased 5.8%
* Net loss of $9.9 million, or negative $0.41 per diluted share, including the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits.
* Net income of $4.1 million, or $0.17 per diluted share, excluding the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits (please refer to the reconciliation table).
Highlights for the 53-week fiscal year 2009 relative to the 52-week fiscal year 2008 were as follows:
* Total revenues decreased 1.8% to $664.7 million
* Full service comparable restaurant sales decreased 6.6%
* Net income of $4.6 million, or $0.19 per diluted share, including the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits.
* Net income of $18.6 million, or $0.77 per diluted share, excluding the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits (please refer to reconciliation table).
Rick Rosenfield and Larry Flax, co-CEOs of California Pizza Kitchen, Inc., stated, 'Despite sales challenges for new restaurants in the high unemployment states of California, Michigan and Florida, we were very pleased that our fourth quarter comparable sales and proforma earnings results were within our previously guided ranges. While the quarter benefited from easier comparisons, the year-over-year and sequential quarter improvements mark what we believe may be the first signs of a comp turnaround. Comparable sales improvements were widespread across our dine-in, take-out, and delivery channels, and we credit the turnaround to the successful launch of our wine, call center, and catering programs along with November
