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California Pizza Kitchen: Companys
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California Pizza Kitchen, Inc., founded in 1985, is a leading casual dining chain in the premium pizza segment. The company's full-service restaurants feature an imaginative line of hearth-baked pizzas, including the original BBQ Chicken Pizza, and a broad selection of distinctive pastas, salads, soups and sandwiches. CPK offers Dine-In, Take-Out and Delivery. Children who dine at California Pizza Kitchen choose from an extensive menu, recently named "The Best Kids Menu in America" by Restaurant Hospitality Magazine.
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California Pizza Kitchen, Inc., founded in 1985, is a leading casual dining chain in the premium pizza segment. The restaurant features hearth-baked pizzas, pastas, salads, soups and sandwiches. The chain operates 141 restaurants of which 109 are company-owned, and 32 operate under franchise or license agreements. CPK is planning to open seven additional locations nationwide through the end of 2002.
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In 1992 PepsiCo, Inc., located in Purchase, New York, bought a 50 percent interest in California Pizza Kitchen, which it later increased to 67 percent. In addition to its line of soft drink products, PepsiCo owned Pizza Hut, KFC (formerly known as Kentucky Fried Chicken), and Taco Bell. Management at PepsiCo wanted to gain more experience in operating full-service, moderately priced, casual-dining restaurants. The deal was finalized for $97 million, with Flax and Rosenfield receiving $20 million apiece, and PepsiCo assumed two seats out of the four on California Pizza Kitchen's board of directors. Not surprisingly, two of Taco Bell's officers were chosen for the two seats on the board. Flax and Rosenfield remained as co-chairs of the board of directors, with 50 percent voting control, and continued to direct the day-to-day operations of the company.
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California Pizza Kitchen added two new full-service restaurants in Austin, Texas, and San Francisco as well as two CPK/ASAP restaurants in Anaheim, Calif. and Kailua, Hawaii. The company's franchise partner, WDI Corp.... opened its second full-service restaurant in Japan.
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California Pizza Kitchen Inc. was created in 1985 by attorneys Rick Rosenfield and Larry Flax. The company operates more than 150 full-service restaurants and 24 ASAP quick-service locations in 27 states and five countries. California Pizza Kitchen's menu was innovative from inception, offering unique pizzas topped with everything from barbecued chicken and duck, to grilled shrimp and Jamaican jerk chicken. It ... serves a variety of salads, soups, pastas, sandwiches, appetizers, and desserts. California Pizza Kitchen's pizzas can be found in grocery store freezers as well, thanks to a partnership with Kraft Foods Inc.
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California Pizza Kitchen Inc. reported earnings results for the fourth quarter and year ended December 31, 2007. For the quarter, the company reported net income of $4,845,000 or $0.17 per diluted share on total revenues of $162,932,000 against net income of $3,731,000 or $0.13 per diluted share on total revenues of $145,971,000 in the previous year. For the year, the company reported net income of $16,166,000 or $0.55 per diluted share on total revenues of $632,884,000 against net income of $21,000,000 or $0.70 per diluted share on total revenues of $554,601,000 in the previous year. The company updates earnings guidance for the fiscal 2008. For the period, the company expects earnings of $0.56-$0.62 per diluted share, including approximately $0.02 accretion related to the accelerated stock repurchase.
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