California Pizza Kitchen Inc. on Monday said it was considering strategic alternatives, essentially confirming media reports last week that it might sell itself.

The Los Angeles casual restaurant chain said it had hired Moelis & Co., an investment bank. A Wall Street Journal report on Friday said the company was considering auctioning itself, prompting shares to jump 14 percent.

“Financial and strategic alternatives may include, but are not limited to, changes in the company’s capital structure, or a possible sale, merger or other business combination,” the company said in a statement. “There can be no assurance that this review will result in any action.”

The company announced in a separate press release that Co-Chief Executives Rick Rosenfield and Larry Flax and Chief Financial Officer Sue Collyns had extended their employment agreements for another three years, through December 2012.

California Pizza also previewed its first quarter earnings report, which is scheduled to be released May 6. It expects a first-quarter net income of 10 cents per share, including a benefit of 3 cents from gift cards that were purchased but not redeemed. Wall Street analysts on average expect net income of about 8 cents per share.

For the quarter ended April 4, California Pizza said revenue fell 3 percent to $156.7 million. Analysts expected predicted revenue of $157 million. Same-store sales fell 2.7 percent overall, with the impact of bad weather in January blunted by better-than-expected performance in February and March.

The company reiterated its 2010 outlook of full-year net income of 68 cents to 73 cents per share. Analysts expect per-share earnings of 74 cents

“We are pleased that fundamentals continue to improve and we remain confident in our outlook for the full year,” Rosenfield and Flax said.

Shares were up 24 cents, or 1 percent, to $20.98 in midday trading on the Nasdaq.