LOS ANGELES--(BUSINESS WIRE)--California Pizza Kitchen, Inc. (Nasdaq: CPKI) announced today that revenues decreased 2.7% to $156.7 million for the first quarter ended April 4, 2010 versus $161.1 million in the first quarter of 2009. Comparable full service restaurant sales decreased approximately 2.7% compared to a 5.9% decrease in the first quarter a year ago. Management estimates that the Easter shift and adverse weather conditions during the quarter negatively affected comparable sales by approximately 1.3%.
During its February 18, 2010 conference call, the Company forecasted first quarter comparable full service restaurant sales in the range of negative 3.0% to negative 4.0% and earnings of $0.05 to $0.07 per diluted share. Based on preliminary results, management has raised its earnings estimate to $0.10 per diluted share for the first quarter which includes an approximate $0.03 benefit for gift card breakage.
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