UPDATE 2-California Pizza Kitchen profit tops Street view

Thu May 7, 2009 5:20pm EDT
 
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* Q1 EPS $0.11 vs Wall St view $0.10

* Same-restaurant sales fell 5.9 percent

* Sees Q2 EPS of $0.18-$0.20 (Adds outlook, updates shares)

LOS ANGELES, May 7 (Reuters) - California Pizza Kitchen Inc (CPKI.O) posted better-than-expected first-quarter profit as cost controls and lower cheese costs helped make up for a 5.9 percent decline in sales at established restaurants.

The chain, which has 250 restaurants around the world, reported net income of $2.6 million, or 11 cents per share, for the fiscal first quarter ended March 29. It had net profit of $2.5 million, or 9 cents per share, in the year-ago quarter.

On April 8, California Pizza Kitchen said it expected to post a profit of 9 cents to 10 cents a share for the quarter. Analysts, on average, were expecting a profit of 10 cents per share, according to Reuters Estimates.

The Los Angeles-based purveyor of unconventional menu items such as Thai Chicken and Barbecue Chicken pizzas said total revenue fell 2.2 percent to $161.1 million.

Sales at company-owned restaurants open at least 18 months were down fell 5.9 percent after rising 0.4 percent in the year-earlier period.

For the current second quarter, the company forecast earnings of 18 cents to 20 cents per share and same-store sales down 5.5 percent to 6.5 percent.

California Pizza Kitchen shares, which fell 3.4 percent to $14.81 on the Nasdaq during the regular session, were unchanged in extended trading. (Reporting by Lisa Baertlein)

 

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