California Pizza Kitchen Inc. (CPKI) announced its preliminary third-quarter results. Revenues decreased 5.3% to $164.8 million from $174.0 million last year. Analysts expect revenue of $167.39 million for the quarter.
Full service comparable restaurant sales decreased approximately 8.0%.
The company has increased its third-quarter earnings guidance range to $0.22-$0.24 per share from prior range of $0.19-$0.21 per share. On average, 17 analysts polled by Thomson Reuters expect the company to report earnings of $0.21 per share for the quarter.
The company also noted that it has reduced its outstanding debt by an additional $13.0 million during the third quarter totaling a $37.0 million reduction for the year and resulting in a quarter end debt balance of $37.0 million.
For comments and feedback: editorial@rttnews.com