Calif. Pizza Kitchen Releases 1Q Results

California Pizza Kitchen, Inc. announced today that revenues increased 15.2 percent to $149.4 million for the first quarter ended April 1, 2007 versus $129.7 million in the first quarter of 2006. Comparable restaurant sales increased approximately 4.7 percent compared to 6.4 percent in the first quarter a year ago. The company estimates that unfavorable weather during the period negatively impacted comparable restaurant sales by 0.4 percent and resulted in approximately $300,000 in lost revenues.

For the period, the company incurred $600,000, or $0.02 per diluted share, of additional compensation expense related to accelerated restricted stock vesting. This relates to 10,000 shares of restricted stock granted to each of the Company’s co-Chief Executive Officers pursuant to the terms of their April 2005 employment agreements. The additional compensation expense was triggered in the first quarter by the company’s stock price maintaining a $35.00 average for 30 days.

During its February 15, 2007 conference call, the company forecasted a comparable restaurant sales increase of 3.0 percent to 4.0 percent and first quarter 2007 earnings in the range of $0.17-$0.19 per diluted share. Based on first quarter 2007 revenues and comparable restaurant sales results, management now expects earnings of $0.19-$0.20 per diluted share excluding additional compensation expense related to accelerated restricted stock vesting and between $0.17-$0.18 per diluted share including the additional compensation expense.

In the first quarter of 2007, the company added two new full-service restaurants in Austin, Texas and San Francisco as well as two CPK/ASAP restaurants in Anaheim, California and Kailua, Hawaii. The company’s franchise partner, WDI Corporation, also opened its second full-service restaurant in Japan.

The company intends to release its first quarter earnings on May 10 at 4:00 pm ET with a conference call to follow on the same day at approximately 5:00 pm ET. A webcast of the conference call can be accessed at www.cpk.com.

Mr Gatti’s Pizza Celebrates Grand Opening of Store in Victoria, Texas

Mr Gatti’s Pizza, the beloved pizza restaurant chain, is celebrating the grand opening of its new Victoria location at 2804 N. Laurent St. with a special event on May 1 at 5 p.m. The jam-packed celebration is open to the public and will feature a ribbon-cutting ceremony with the local Chamber of Commerce, children’s entertainment with bounce houses and a […]

Wienerschnitzel Appoints Doug Koob as Chief Development Officer

Wienerschnitzel, the world’s largest hot dog concept, announced today a new addition to its executive leadership team, Doug Koob. In this new role, Koob will oversee sales and business development teams for both domestic and international growth, real estate, along with restaurant design and construction. Koob’s background of 40-plus years in the hospitality industry led […]

Daddy’s Chicken Shack Names Dave Liniger Jr. CEO

Daddy’s Chicken Shack, the quick-service concept dedicated to serving up good livin’ and better chicken, announced today two new promotions within their executive team. Tony Adams, who previously served as the Vice President and Chief of Staff for Area 15 Ventures, will now be taking on the role of President for Daddy’s Chicken Shack while […]

Abbott’s Frozen Custard Announces Opening of First Franchised Store in Texas

Abbott’s Frozen Custard, the oldest frozen custard franchise in the nation, is celebrating the grand opening of its first franchise location in the state of Texas. Located in the Dallas suburb of McKinney, at 1520 N Hardin Boulevard, it is the first of more than 100 locations throughout Texas to be opened by owner-operator Southern […]

Shake Shack Expands Partnership on Carbon Neutral Whole Milk

Neutral Foods, the first certified carbon neutral food company in the U.S, announced the expansion of its partnership with Shake Shack to supply its certified Carbon Neutral Whole Milk to over 90 Shake Shack locations in the U.S. Shake Shack is the first fast casual restaurant partner for Neutral Foods and is using Neutral Milk […]

Wendy’s Promises to Increase Access to Solar Energy for Franchisees

Wendy’s on Tuesday shared progress in sourcing renewable energy through its participation in community solar programs. Emissions reductions from these programs will advance progress against Wendy’s science-based targets to reduce absolute Scope 1 and 2 emissions by 47 percent, and Scope 3 emissions from franchisees by 47 percent per restaurant by 2030, both from a […]

Alberto Sosa Bringing Pollo Campero to Smyrna, Tennessee

Alberto Sosa, who already owns two Pollo Campero franchises in Tennessee, is bringing the Central American chicken concept to the Nashville suburb of Smyrna. With over 100 U.S. locations and another 350 worldwide, the Central American chicken franchise is growing quickly, bringing family-recipe-inspired, flavorful chicken meals to the markets it enters. Smyrna’s new Pollo Campero […]

Chick N Max Named One of the Fastest-Growing Companies in Wichita, Kanas

Chick N Max – a next generation fast casual franchise specializing in almond wood smoked chicken and wings, chef-crafted sandwiches, and fried tenders – recently landed at the top of the Wichita Business Journal’s 2024 fastest-growing companies list. The burgeoning brand secured the top spot in the annual ranking with revenue growth of 89.5% last year. “We’re absolutely […]

You might also like...

Get daily updates on quick-serve industry news, tips, and events.