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.
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