California Pizza Kitchen Inc. said it achieved a nearly 17 percent increase in third quarter earnings due to cost controls and a lower tax rate.

After Thursday’s market close, the casual restaurant chain reported net income of $5.8 million (24 cents per share), compared with net income of nearly $5 million (20 cents) a year ago. Revenue fell 5.3 percent to less than $165 million, with same-store sales at company-owned restaurants down 8 percent.

The results were right in line with Wall Street’s expectations. Analysts surveyed by Thomson Reuters on average expected earnings of 24 cents per share on sales of nearly $165 million.

“Our ability to drive bottom-line results in the current environment was largely due to the sustainable operating efficiencies we realized throughout 2009,” co-Chief Executives Rick Rosenfield and Larry Flax said in a statement.

California Pizza Kitchen said it launched several initiatives in the current quarter to improve traffic and revenue, including a new menu, a take-out call center, a catering program and expanded wine offerings.

The company gave fourth quarter guidance below Wall Street expectations. It expects net income per share of 16 cents to 18 cents, compared with the average analyst forecast of 20 cents.

Shares were down 78 cents, or 5.6 percent, to $13.06 in midday trading on the Nasdaq.