California Pizza Kitchen Inc. (Nasdaq:
CPKI) is more than 8% higher in today’s pre-market trading after the restaurant chain announced better-than-expected preliminary second-quarter earnings after the close on Wednesday. The Los Angeles-based company said its revenues were $176.6 million for the quarter ended June 29, compared with $158.6 million for the same quarter a year ago. The company also said its earnings per share should be between $0.25 and $0.26, versus previous estimates for $0.16 to $0.17. Wall Street was expecting $0.18 per share on revenues of $175.3 million. California Pizza Kitchen will release its second-quarter earnings on Aug. 7.
California Pizza Kitchen also announced after Wednesday’s close that its board of directors had authorized the repurchase of up to $50 million of common stock over the next two years.
In pre-market trading, California Pizza Kitchen is at $12.10, up $0.92 from Wednesday’s close. Shares of the company have ranged from $9.32 to $22.44 during the past year.
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