EARNINGS ROUNDUP / CALIFORNIA PIZZA KITCHEN
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California Pizza Kitchen Inc. reported a jump in third-quarter profit despite a sales decline because of the slump in the restaurant industry.
The Los Angeles-based chain of 256 pizza and pasta houses said its net income jumped 16.8% to $5.8 million from a year earlier. Earnings per share rose to 24 cents from 20 cents. But sales fell 5.3% to $164.8 million. Same-store sales dropped 8%.
Rick Rosenfield, who along with Larry Flax is co-chief executive of the company, attributed the gain in profits to lower expenses, mostly through better management of energy and labor costs, and a reduction in employee turnover.
He said the company was working to reverse declining sales by offering a new menu.
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