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18.02.2010 21:05:00
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California Pizza Kitchen Announces Financial Results for the Fourth Quarter and Fiscal Year 2009
California Pizza Kitchen, Inc. (Nasdaq: CPKI) today reported revenues and net income for the fourth quarter and the fiscal year 2009 ending January 3, 2010.
Highlights for the 14-week fourth quarter of 2009 relative to the 13-week fourth quarter of 2008 were as follows:
- Total revenues increased 3.8% to $167.8 million
- Full service comparable restaurant sales decreased 5.8%
- Net loss of $9.9 million, or negative $0.41 per diluted share, including the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits.
- Net income of $4.1 million, or $0.17 per diluted share, excluding the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits (please refer to the reconciliation table).
Highlights for the 53-week fiscal year 2009 relative to the 52-week fiscal year 2008 were as follows:
- Total revenues decreased 1.8% to $664.7 million
- Full service comparable restaurant sales decreased 6.6%
- Net income of $4.6 million, or $0.19 per diluted share, including the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits.
- Net income of $18.6 million, or $0.77 per diluted share, excluding the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits (please refer to reconciliation table).
Rick Rosenfield and Larry Flax, co-CEOs of California Pizza Kitchen, Inc., stated, "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 and proforma earnings results were within our previously guided ranges. While the quarter benefited from easier comparisons, the year-over-year and sequential quarter improvements mark what we believe may be the first signs of a comp turnaround. Comparable sales improvements were widespread across our dine-in, take-out, and delivery channels, and we credit the turnaround to the successful launch of our wine, call center, and catering programs along with November’s new menu rollout. Looking towards 2010, we are cautiously optimistic that these programs and other new revenue initiatives such as our ‘Small Cravings Menu’ will continue to drive guest traffic and comparable sales.”
Rosenfield and Flax continued, "We were very proud to have been ranked the #1 ‘Most Recommended Casual Dining Chain’ in a recent independent marketing survey. This type of recognition adds to our confidence for future growth, not only with full service restaurants, but with our Kraft partnership, international and domestic franchising, and licensing. These businesses provide CPK with a unique model within the casual dining industry and the ability to balance our portfolio with higher margin revenue streams positions us to maximize financial performance and build shareholder value over time.”
Average weekly sales for the Company's 196 full service restaurants were $57,949 in the fourth quarter of 2009 compared to $61,034 in the same quarter last year.
During the fourth quarter of 2009, one of the Company's franchise partners opened the first California Pizza Kitchen in Cancun, which is the seventh location in Mexico.
The Company outlined its financial guidance for the first quarter of 2010 based on the following assumptions:
- Comparable restaurant sales between negative 3.0% and negative 4.0%
- Opening one international franchised full service restaurant
- Opening one domestic franchised restaurant
- Earnings estimated in the range of $0.05-$0.07 per diluted share
Additionally, the Company outlined guidance for fiscal 2010 based on the following assumptions:
- Comparable restaurant sales between negative 2% and 0%
- Opening eight new full service restaurants
- Opening eight international franchised full service restaurants
- Opening five domestic franchised restaurants
- Earnings estimated in the range of $0.68-$0.73 per diluted share
The Company will host a conference call today at approximately 4:30 pm ET. A webcast of the conference call can be accessed at www.cpk.com.
California Pizza Kitchen, Inc., founded in 1985, is a leading casual dining chain. The Company's full service restaurants feature an imaginative line of hearth-baked pizzas, including the original BBQ Chicken Pizza, and a broad selection of distinctive pastas, salads, soups, appetizers and sandwiches. The average guest check for 2009 was approximately $14.49. As of February 18, 2010 the company operates, licenses or franchises 252 locations, of which 205 are company-owned and 47 operate under franchise or license agreements. The Company also has a licensing agreement with Kraft Pizza Company which manufactures and distributes a line of California Pizza Kitchen premium frozen products. More information about California Pizza Kitchen, Inc. can be found on the Company’s website at www.cpk.com.
This release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include projections of earnings, revenue or other financial items, statements of the plans, strategies and objectives of management for future operations, statements concerning proposed new products or developments, statements regarding future economic conditions or performance, statements of belief and statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words "may," "will," "estimate," "intend," "continue," "believe," "expect," "anticipate," "guidance” and similar words.
This release also includes non-GAAP earnings per diluted share information. This measure is not based on any standardized methodology prescribed by U.S. generally accepted accounting principles ("GAAP") and is not necessarily comparable to similar measures presented by other companies. The Company believes that this non-GAAP information is useful as an additional means for investors to evaluate the Company's operating performance, when reviewed in conjunction with the Company's GAAP financial statements. This amount is not determined in accordance with GAAP and therefore, should not be used exclusively in evaluating the Company's business and operations.
Investors are cautioned that forward-looking statements are not guarantees of future performance and, therefore, undue reliance should not be placed on them. Our actual results may and will likely differ materially from the expectations referred to herein. Among the key factors that may have a direct bearing on our operating results, performance and financial condition are deteriorating economic conditions, revenue from third party licensees and franchisees, changing consumer preferences and demands, the success of new initiatives aimed at revenue growth, the continued availability of qualified employees and our management team, the maintenance of reasonable food and supply costs, our exposure to the California market and numerous other matters discussed in the Company's filings with the Securities and Exchange Commission. California Pizza Kitchen undertakes no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
| Selected Unaudited Consolidated Financial and Operating Data | |||||||||||||||||
| (Dollars in thousands, except for per share and operating data) | |||||||||||||||||
| 14 Weeks Ended | 13 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | ||||||||||||||
| January 3, | December 28, | January 3, | December 28, | ||||||||||||||
| 2010 | 2008 | 2010 | 2008 | ||||||||||||||
| Statement of Income: | |||||||||||||||||
| Revenues: | |||||||||||||||||
| Restaurant sales | $ | 164,326 | $ | 158,260 | $ | 652,185 | $ | 665,616 | |||||||||
| Royalties from Kraft licensing agreement | 2,314 | 2,332 | 7,739 | 6,580 | |||||||||||||
| Domestic franchise revenues | 645 | 637 | 2,684 | 2,757 | |||||||||||||
| International franchise revenues | 563 | 542 | 2,078 | 2,121 | |||||||||||||
| Total revenues | 167,848 | 161,771 | 664,686 | 677,074 | |||||||||||||
| Costs and expenses: | |||||||||||||||||
| Food, beverage and paper supplies | 39,088 | 39,974 | 154,181 | 165,526 | |||||||||||||
| Labor (1) | 62,742 | 58,443 | 247,350 | 247,276 | |||||||||||||
| Direct operating and occupancy | 35,340 | 36,917 | 141,973 | 140,367 | |||||||||||||
| Cost of sales | 137,170 | 135,334 | 543,504 | 553,169 | |||||||||||||
| General and administrative (2) | 13,676 | 12,937 | 52,400 | 52,378 | |||||||||||||
| Depreciation and amortization | 11,454 | 7,823 | 40,181 | 40,299 | |||||||||||||
| Pre-opening costs | (101 | ) | 766 | 1,843 | 4,478 | ||||||||||||
| Loss on impairment of property and equipment | 22,941 | 13,336 | 22,941 | 13,336 | |||||||||||||
| Store closure costs | 354 | 194 | 539 | 1,033 | |||||||||||||
| Total costs and expenses | 185,494 | 170,390 |
661,408 |
664,693 | |||||||||||||
| Operating income (loss) | (17,646 | ) | (8,619 | ) | 3,278 | 12,381 | |||||||||||
| Interest expense, net | (125 | ) | (555 | ) | (788 | ) | (1,324 | ) | |||||||||
| Income (loss) before income tax provision (benefit) | (17,771 | ) | (9,174 | ) | 2,490 | 11,057 | |||||||||||
| Income tax provision (benefit) | (7,871 | ) | (3,862 | ) | (2,091 | ) | 2,395 | ||||||||||
| Net income (loss) | $ | (9,900 | ) | $ | (5,312 | ) | $ | 4,581 | $ | 8,662 | |||||||
| Net income (loss) per common share: | |||||||||||||||||
| Basic | $ | (0.41 | ) | $ | (0.22 | ) | $ | 0.19 | $ | 0.34 | |||||||
| Diluted | $ | (0.41 | ) | $ | (0.22 | ) | $ | 0.19 | $ | 0.34 | |||||||
| Shares used in computing net income (loss) per common share (in thousands): | |||||||||||||||||
| Basic | 24,173 | 24,050 | 24,061 | 25,193 | |||||||||||||
| Diluted | 24,285 | 24,050 | 24,140 | 25,211 | |||||||||||||
| Operating Data: | |||||||||||||||||
| Locations open at end of period | 253 | 252 | 253 | 252 | |||||||||||||
| Company-owned full service restaurants open at end of period | 196 | 193 | 196 | 193 | |||||||||||||
| Average weekly company-owned full service restaurant sales | $ | 57,949 | $ | 61,034 | $ | 61,029 | $ | 65,481 | |||||||||
| 18-month comparable company-owned full service restaurant sales decrease | -5.8 | % | -7.2 | % | -6.6 | % | -2.0 | % | |||||||||
| (1) Labor expense for the three and twelve months ended January 3, 2010 includes approximately $107,000 and $475,000 of stock-based compensation, respectively, compared to $156,000 and $722,000 in the three and twelve months ended December 28, 2008, respectively. | |||||||||||||||||
| (2) General and administrative expense for the three and twelve months ended January 3, 2010 includes approximately $1.7 million and $6.4 million of stock-based compensation, respectively, compared to $1.5 million and $6.1 million in the three and twelve months ended December 28, 2008, respectively. | |||||||||||||||||
| 14 Weeks Ended | 13 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | ||||||||||
| January 3, | December 28, | January 3, | December 28, | ||||||||||
| 2010 | 2008 | 2010 | 2008 | ||||||||||
| Statement of Income Percentages (1): | |||||||||||||
| Revenues: | |||||||||||||
| Restaurant sales | 97.9 | % | 97.8 | % | 98.1 | % | 98.3 | % | |||||
| Royalties from Kraft licensing agreement | 1.4 | % | 1.5 | % | 1.2 | % | 1.0 | % | |||||
| Domestic franchise revenues | 0.4 | % | 0.4 | % | 0.4 | % | 0.4 | % | |||||
| International franchise revenues | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | |||||
| Total revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||
| Costs and expenses: | |||||||||||||
| Food, beverage and paper supplies | 23.8 | % | 25.3 | % | 23.6 | % | 24.9 | % | |||||
| Labor (2) | 38.2 | % | 36.9 | % | 37.9 | % | 37.1 | % | |||||
| Direct operating and occupancy | 21.5 | % | 23.3 | % | 21.8 | % | 21.1 | % | |||||
| Cost of sales | 83.5 | % | 85.5 | % | 83.3 | % | 83.1 | % | |||||
| General and administrative (3) | 8.1 | % | 8.0 | % | 7.9 | % | 7.7 | % | |||||
| Depreciation and amortization | 6.8 | % | 4.8 | % | 6.0 | % | 6.0 | % | |||||
| Pre-opening costs | -0.1 | % | 0.5 | % | 0.3 | % | 0.7 | % | |||||
| Loss on impairment of property and equipment | 13.7 | % | 8.2 | % | 3.5 | % | 2.0 | % | |||||
| Store closure costs | 0.2 | % | 0.1 | % | 0.1 | % | 0.2 | % | |||||
| Total costs and expenses | 110.5 | % | 105.3 | % | 99.5 | % | 98.2 | % | |||||
| Operating income (loss) | -10.5 | % | -5.3 | % | 0.5 | % | 1.8 | % | |||||
| Interest expense, net | -0.1 | % | -0.4 | % | -0.1 | % | -0.2 | % | |||||
| Income (loss) before income tax provision (benefit) | -10.6 | % | -5.7 | % | 0.4 | % | 1.6 | % | |||||
| Income tax provision (benefit) | -4.7 | % | -2.4 | % | -0.3 | % | 0.3 | % | |||||
| Net income (loss) | -5.9 | % | -3.3 | % | 0.7 | % | 1.3 | % | |||||
| (1) Percentages are expressed as a percentage of total revenues, except for cost of sales which is expressed as a percentage of restaurant sales. | |||||||||||||
| (2) Labor percentage includes approximately 10 basis points attributable to stock-based compensation in both the three and twelve months ended January 3, 2010 and the three and twelve months ended December 28, 2008. | |||||||||||||
| (3) General and administrative percentage includes approximately 100 basis points attributable to stock-based compensation in both the three and twelve months ended January 3, 2010 compared to 90 basis points in the three and twelve months ended December 28, 2008. | |||||||||||||
| Selected Consolidated Balance Sheet Information | ||||||
| (Dollars in thousands) | ||||||
| Selected Consolidated Balance | January 3, | December 28, | ||||
| Sheet Information | 2010 | 2008 | ||||
| Cash and cash equivalents | $ | 21,424 | $ | 14,392 | ||
| Total assets | 350,258 | 368,413 | ||||
| Total debt | 22,300 | 74,000 | ||||
| Stockholders' equity | 189,250 | 174,532 | ||||
| California Pizza Kitchen, Inc. | |||||||||||
| Units Summary | |||||||||||
| Total Units at | Total Units at | ||||||||||
| Fourth Quarter 2009 | September 27, 2009 | Opened | Acquired | Closed | January 3, 2010 | ||||||
| Company-owned full service domestic | 197 | - | - | 1 | 196 | ||||||
| Company-owned ASAP domestic | 9 | - | - | 2 | 7 | ||||||
| Company-owned LA Food Show | 2 | - | - | - | 2 | ||||||
| Franchised domestic | 18 | - | - | - | 18 | ||||||
| Franchised international | 27 | 1 | - | - | 28 | ||||||
| Sports and entertainment venues | 2 | - | - | - | 2 | ||||||
| Total | 255 | 1 | - | 3 | 253 | ||||||
The following reconciliation of net income is provided to assist the reader with understanding the financial impact of the impairment charges and store closure costs during the quarter and year (unaudited, in thousands, except per share data):
| 14 Weeks Ended | 13 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | |||||||||||||
| January 3, | December 28, | January 3, | December 28, | |||||||||||||
| 2010 | 2008 | 2010 | 2008 | |||||||||||||
| Net income (loss) as reported | $ | (9,900 | ) | $ | (5,312 | ) | $ | 4,581 | $ | 8,662 | ||||||
| Impairment of property, plant and equipment | 22,941 | 13,336 | 22,941 | 13,336 | ||||||||||||
| Store closure costs | 354 | 194 | 539 | 1,033 | ||||||||||||
| Income tax provision | (9,295 | ) | (5,087 | ) | (9,479 | ) | (5,818 | ) | ||||||||
| Net income excluding impairment charges | ||||||||||||||||
| and store closure costs | $ | 4,100 | $ | 3,131 | $ | 18,582 | $ | 17,213 | ||||||||
| Basic net income (loss) per common share: | ||||||||||||||||
| Net income | $ | (0.41 | ) | $ | (0.22 | ) | $ | 0.19 | $ | 0.34 | ||||||
| Impairment of property, plant and equipment | 0.95 | 0.55 | 0.95 | 0.53 | ||||||||||||
| Store closure costs | 0.01 | 0.01 | 0.02 | 0.04 | ||||||||||||
| Income tax provision | (0.38 | ) | (0.21 | ) | (0.39 | ) | (0.23 | ) | ||||||||
| Basic net income excluding impairment charges and store closure costs | $ | 0.17 | $ | 0.13 | $ | 0.77 | $ | 0.68 | ||||||||
| Diluted net income (loss) per common share: | ||||||||||||||||
| Net income | $ | (0.41 | ) | $ | (0.22 | ) | $ | 0.19 | $ | 0.34 | ||||||
| Impairment of property, plant and equipment | 0.95 | 0.55 | 0.95 | 0.53 | ||||||||||||
| Store closure costs | 0.01 | 0.01 | 0.02 | 0.04 | ||||||||||||
| Income tax provision | (0.38 | ) | (0.21 | ) | (0.39 | ) | (0.23 | ) | ||||||||
| Diluted net income excluding impairment charges and store closure costs | $ | 0.17 | $ | 0.13 | $ | 0.77 | $ | 0.68 | ||||||||
| Basic | 24,173 | 24,050 | 24,061 | 25,193 | ||||||||||||
| Diluted | 24,285 | 24,050 | 24,140 | 25,211 | ||||||||||||
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