CORRECTED - UPDATE 1-California Pizza sees flattish Q4 sales

Thu Nov 11, 2010 5:57pm EST

(Corrects fourth paragraph to show same-restaurant sales were up in Q3)

* Q3 EPS 23 cents vs Street view of 19 cents

* Revenue dips 0.2 pct to $164.5 million

* Shares down 2 percent

LOS ANGELES, Nov 11 (Reuters) - California Pizza Kitchen Inc CPKI.O forecast fourth-quarter sales at established restaurants would be flat to down 1 percent, and its shares fell 2 percent in extended trading.

The Los Angeles-based chain reported a net loss of $7.5 million, or 31 cents per share, for its fiscal third-quarter, ended Oct. 3. A year earlier, it earned $5.8 million, or 24 cents per share.

Excluding items, it earned 23 cents per share, which topped analysts' average estimate of 19 cents per share, according to Thomson Reuters I/B/E/S.

Revenue slipped 0.2 percent to $164.5 million and sales at established full-service restaurants were up 0.7 percent.

The company said it expects per-share results in the range of a 1-cent loss to a 1-cent profit, including a 6-cent hit from higher taxes.

Company shares closed at $16.37 on the Nasdaq and fell to $16 in extending trading. (Reporting by Lisa Baertlein and Martinne Geller in New York)

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