California Pizza Sees Wider Loss

According to the Los Angeles Business Journal, “California Pizza Kitchen Inc. reported a larger fourth-quarter loss on charges and slower sales at its casual dining restaurants.”

“The Los Angeles restaurant chain late Thursday reported a loss of $9.9 million (-41 cents per share), compared with a loss of $5.3 million (-22 cents) a year earlier. Revenue rose 3.8 percent to nearly $168 million. (The 2009 quarter was a week longer than the previous year’s.) Same store sales were down 5.8 percent. The company expects 2010 same-store sales to be flat or down slightly. Excluding one-time items the company earned $4.1 million (17 cents). Analysts surveyed by Thomson Reuters on average expected the company to reported adjusted per-share earnings of 17 cents on revenue of nearly $168 million.”