California Pizza Kitchen Reports Loss

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California Pizza Kitchen Inc. late Thursday said it lost money in its third quarter, hurt by lower sales at established restaurants and some one-time charges.

The Los Angeles casual restaurant chain reported a net loss of $7.5 million (-31 cents per share) for the quarter ended Oct. 3, compared with net income of $5.8 million (24 cents). Revenue fell 0.2 percent to $164.5 million, with sales at established full-service restaurants down 0.7 percent.

Excluding charges for impairment, legal settlements and several closures, the company earned 23 cents per share, better than the 19 cents consensus forecast of analysts surveyed by Thomson Reuters. The chain now has 264 locations.

“We delivered a strong financial performance for our shareholders for the quarter, exceeding the top-end of our earnings guidance range by 4 cents per share,” said Co-Chief Executives Rick Rosenfield and Larry Flax in a statement.

The company expects fourth-quarter sales at established restaurants will be flat to down by 1 percent.

Shares earlier closed down 24 cents, or 1.4 percent, to $16.37 on the Nasdaq and fell another 2.3 percent in after-market trading.

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