News for California Pizza Kitchen
Jan 14 · 7:03:00 AM · Source: Company Press Release
California Pizza Kitchen announced that revenues increased 3.8% to $167.8 million for the fourth quarter ended January 3, 2010 versus $161.7 million in the fourth quarter of 2008. Full service comparable restaurant sales decreased approximately 5.8% compared to a 7.2% decrease in the fourth quarter a year ago. Based on preliminary results, management expects earnings of $0.15 to $0.17 per diluted share excluding the effect of non-cash impairment write-downs for 13 full service restaurants. The net loss for the fourth quarter, including the effects of non-cash impairment write-downs and projected tax benefits, is estimated to be negative $0.43 to negative $0.46 per diluted share.
The impairment write-downs are expected to create a $3.2 million benefit in depreciation expense in 2010 while the Company estimates termination costs in 2010 for the closure of approximately three restaurants to be $1 million. 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 were within our previously guided range. 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's new menu rollout. Looking towards 2010, we are cautiously optimistic that these programs and other new revenue initiatives will continue to drive guest traffic and comparable sales."
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by Rich Pike
Jan 14 · 6:58:00 AM · Source: Company Press Release
California Pizza Kitchen announced the expansion of their original agreement with Gourmet Gulf Company, an existing franchise partner.
Under the new agreement, Gourmet Gulf Company will develop 19 restaurants throughout the Middle East over the next 10 years. During the term of the agreement at least one California Pizza Kitchen restaurant is planned to open in each of the following Persian Gulf countries: United Arab Emirates, State of Kuwait, Sultanate of Oman, Kingdom of Saudi Arabia, State of Qatar and the Kingdom of Bahrain.
"We are pleased with the work Gourmet Gulf Company has done to bring our innovative brand to the UAE," stated Rick Rosenfield and Larry Flax, co-founders and co-CEOs of California Pizza Kitchen. "We look forward to further expansion throughout the Middle East under this new agreement."
Headquartered in Dubai, UAE, Gourmet Gulf Company is a joint venture between Daud Arabian Trading Co. LLC and Itihad International Investment Company. It is a leading regional restaurant holding group that owns and manages concept brands such as Gourmet Burger Kitchen, Morelli's Gelato, and Yo! Sushi.
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by Rich Pike
Jan 11 · 3:40:00 PM · Source: Company Press Release
Nestle announced today it has agreed to acquire Kraft Foods' frozen pizza business in the US and Canada. The acquisition includes the California Pizza Kitchen brand license for frozen pizza and related products sold in grocery stores. This transaction is subject to regulatory approval and is expected to be completed in 2010.
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by Rich Pike
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