California Pizza Kitchen Expects Loss

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California Pizza Kitchen Inc. Wednesday said it will report a fourth-quarter loss next month as it absorbs impairment charges, but said it otherwise would have had a higher than expected profit for the period.

The Los Angeles-based restaurant chain said after the market close that it expects total losses to range from 22 cents to 25 cents per share, including noncash impairment charges related to seven full-service restaurants and three “express” locations. The company said same-store sales dropped about 7 percent in the quarter ended Dec. 28.

Excluding the impact of the charges, which were offset by tax credit gains, the company now forecasts adjusted earnings of 8 cents to 10 cents per share, up from its previous forecast of adjusted earnings of 6 cents to 9 cents.

Analysts surveyed by Thomson Reuters, who generally exclude special items, forecast earnings of 7 cents per share.

California Pizza plans to release its complete results for the quarter on Feb. 12. Prior to the announcement, its shares closed down 55 cents, or 6.4 percent, to $8.05 on the Nasdaq.

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