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.
“Despite sales challenges for new restaurants in the high unemployment states of California, Michigan and Florida, we were very pleased that our fourth quarter comparable sales were within our previously guided ranges,” Rick Rosenfield and Larry Flax, the company co-chief executives said in a press release.
Shares were up 52 cents, or 3.6 percent, to $14.78 in midday trading on the Nasdaq.
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