CPK Stung After Revised Guidance

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Shares in California Pizza Kitchen Inc. lost more than 7 percent Wednesday after the company lowered its guidance for the second quarter.


The Los Angeles-based gourmet pizza chain owner and operator said it expects to earn 21 cents per share, down from an estimate given in May of 23 cents per share to 24 cents per share. A Thomson Financial poll found that Wall Street was expecting 24 cents per share.


The company based the downgrade on a 2 cent per share charge for an unopened restaurant. However, CPK expects sales to rise 16 percent for the quarter. The company will release its second-quarter financial report Aug. 9.


Shares in California Pizza Kitchen closed down $1.53 to $20.31 Wednesday on the Nasdaq.

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