UPDATE 1-California Pizza Kitchen profit up, forecast light

* Q3 EPS 24 cents, in line with Street view

* Revenue in line with expectations at $164.8 mln

* Shares unchanged after-hours

NEW YORK, Nov 5 (Reuters) - California Pizza Kitchen Inc (CPKI.O) reported a nearly 17 percent increase in third quarter earnings, helped by cost controls and a lower tax rate, but forecast current quarter earnings that were below analysts estimates.

The company reported third-quarter net income of $5.8 million, or 24 cents per share, compared with net income of nearly $5 million, or 20 cents a year earlier. It had raised its view for the third quarter last month. [ID:nN07490640]

Analysts, on average, expected 24 cents per share, according to Thomson Reuters I/B/E/S.

During the third quarter, revenue fell 5.3 percent to $164.8 million. Sales at company-owned restaurants open at least 18 months fell about 8 percent.

California Pizza Kitchen said it expects fourth-quarter earnings per share of 16 cents to 18 cents, based on comparable restaurant sales declines of 5.5 percent to 6.5 percent. Analysts had expected earnings per share of 20 cents.

Company shares rose to $13.86 after-hours from its close of $13.84 earlier on Thursday. (Reporting by Michele Gershberg; editing by Carol Bishopric)