* Sees Q2 EPS $0.15-$0.17 vs est $0.13
* Q2 sales down 5 pct, but beat Street view
* Q2 comp sales slip 5.9 pct
* Shares up 5 pct before the bell
(Adds details, background on Thank You Card promotion, updates
July 13 California Pizza Kitchen Inc CPKI.O,
which has put itself up for sale, raised its second-quarter
earnings view, and reported quarterly sales that beat market
expectations, sending its shares up 5 percent in trading before
The company, which offers roasted artichoke and spinach
pizza and other offbeat menu items, revised its earnings view
for a second time to 15 cents to 17 cents a share, up from an
earlier forecast of 10 cents to 15 cents a share.
Analysts were expecting the company to report earnings of 13
cents a share during the quarter, according to Thomson Reuters
In June, the company cut its second-quarter profit forecast
after the absence of its popular Thank You Card promotion
contributed to weaker-than-expected sales. [ID:nN21231561]
The promotion gave consumers prizes ranging from discounts
off a meal, to $50,000.
On Tuesday, the company said it was re-launching its Thank
You Card Program on July 28, and will include a cash prize of
It also reported a 5 percent drop in second-quarter sales
to $163.1 million, but surpassed analysts' expectation of sales
of $159.3 million.
California Pizza Kitchen also posted a 5.9 percent drop in
comparable restaurant sales, slightly below its forecast of a 6
percent to 7 percent dip.
It added that same-restaurant sales through July 11 fell
only 0.6 percent.
The 25-year-old restaurant chain in April said it had hired
investment bank Moelis & Company as its exclusive financial
adviser to consider changes in its capital structure, a
possible sale or other business combination.
Shares of the company were up at $15.50 in pre-market trade
on Tuesday. They closed at $14.72 Monday on Nasdaq.
(Reporting by Shradhha Sharma in Bangalore; Editing by Jarshad