Optimistic financial projections and high marks from analysts pushed up shares of California Pizza Kitchen nearly 10 percent in mid-morning trading Thursday.

The Century City-based restaurant chain announced preliminary third-quarter results after the market closed on Wednesday. In the announcement, management predicted earnings of 22 to 24 cents per share. The company previously expected earnings in the 19 to 21 cent range.

Based on preliminary numbers, revenue at the company declined 5.3 percent to $165 million in the quarter, but earnings improved because of lower costs for foodstuffs, lower taxes and improved efficiencies.

The improved guidance “underscores the progress we’ve made in driving sustainable operating efficiencies,” the company said in a statement.

Analysts responded positively to the better outlook. Brad Ludington at KeyBanc upgraded his rating of the stock to “Buy” from “Hold.” Destin Thompkins at Morgan Keegan & First Look Co. maintained his rating but increased his estimates for future financial performance.

“Based on ongoing cost savings, we are raising our third quarter earning per share by 4 cents to 24 cents, full year 2009 by 4 cents to 80 cents, and full year 2010 by 3 cents to 85 cents,” Thompkins wrote in a note to investors. “We maintain our outperform rating.”

In mid-morning trading, California Pizza share had increased $1.38 or nearly 10 percent to trade at $15.40.