California Pizza Kitchen opened its first restaurant In Beverly Hills in 1985. Almost immediately after...
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California Pizza Kitchen opened its first restaurant In Beverly Hills in 1985. Almost immediately after the first location opened, it expanded from California to more than 250 locations in more than 30 states and 11 countries. California Pizza Kitchen completed an initial public offering in August 2000 and traded on the NASDAQ National Market under the ticker symbol CPKI. On July 7, 2011, Golden Gate Capital completed the acquisition of California Pizza Kitchen and, as a result of the acquisition, the companys common stock is no longer publicly traded. |
CALIFORNIA PIZZA KITCHEN, INC., AND SUBSIDIARIES Consolidated Statements of Operations Years ended January 2, 2011, January 3, 2010, and December 28, 2008 (amounts in thousands, except for per share data) | ||||||||||
2010 | 2009 | 2008 | ||||||||
Revenues: | ||||||||||
Restaurant sales | $ | 644,061 | $ | 665,250 | $ | 685,571 | ||||
Royalties from licensing agreement | 6,772 | 8,389 | 7,230 | |||||||
Domestic franchise revenues | 3,945 | 3,529 | 3,602 | |||||||
International franchise revenues | 2,598 | 2,273 | 2,316 | |||||||
Total revenues | 657,376 | 679,441 | 698,719 | |||||||
Costs and expenses: | ||||||||||
Food, beverage and paper supplies | 150,747 | 156,196 | 167,541 | |||||||
Labor | 241,878 | 249,495 | 249,421 | |||||||
Direct operating and occupancy | 149,570 | 143,949 | 142,343 | |||||||
Cost of sales | 542,195 | 549,640 | 559,305 | |||||||
General and administrative | 53,656 | 53,716 | 54,567 | |||||||
Depreciation and amortization | 39,021 | 42,196 | 42,314 | |||||||
Pre-opening costs | 3,464 | 2,038 | 4,673 | |||||||
Loss on impairment of property and equipment | 19,064 | 23,266 | 13,661 | |||||||
Store closure costs | 1,916 | 747 | 1,241 | |||||||
Litigation, settlement and other costs | 8,824 | 1,674 | 801 | |||||||
Total costs and expenses | 668,140 | 673,277 | 676,562 | |||||||
Operating (loss)/income | (10,764) | 6,164 | 22,157 | |||||||
Interest expense, net | (15) | (983) | (1,519) | |||||||
(Loss)/income before income tax (benefit)/provision | (10,779) | 5,181 | 20,638 | |||||||
Income tax (benefit)/provision | (9,333) | (2,260) | 4,540 | |||||||
Net (loss)/income | $ | (1,446) | $ | 7,441 | $ | 16,098 | ||||
Net (loss)/income per common share: | ||||||||||
Basic | $ | (0.06) | $ | 0.29 | $ | 0.42 | ||||
Diluted | $ | (0.06) | $ | 0.29 | $ | 0.42 | ||||
Weighted average shares used in calculating net (loss)/income per common share: | ||||||||||
Basic | 24.683 | 24.259 | 25.388 | |||||||
Diluted | 24.683 | 24.338 | 25.406 | |||||||
CALIFORNIA PIZZA KITCHEN, INC., AND SUBSIDIARIES Consolidated Balance Sheets January 2, 2011, and January 3 2010 (in thousands, except for share data) | |||||||||
2010 | 2009 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 47,230 | $ | 47,424 | |||||
Other receivables | 19,939 | 20,886 | |||||||
Inventories | 8,942 | 8,612 | |||||||
Current deferred tax asset, net | 9,850 | 8,701 | |||||||
Prepaid rent | 556 | 8,012 | |||||||
Other prepaid expenses | 8,433 | 4,046 | |||||||
Total current assets | 94,950 | 97,681 | |||||||
Property and equipment, net | 287,661 | 292,631 | |||||||
Noncurrent deferred tax asset, net | 23,869 | 26,779 | |||||||
Goodwill | 7,677 | 7,677 | |||||||
Other intangibles, net | 6,865 | 6,742 | |||||||
Other assets | 10,068 | 8,664 | |||||||
Total assets | $ | 431,090 | $ | 440,174 | |||||
Liabilities and stockholders equity | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 25,720 | $ | 14,708 | |||||
Accrued compensation and benefits | 25,431 | 25,359 | |||||||
Accrued rent | 27,392 | 22,355 | |||||||
Deferred rent credits | 7,243 | 6,930 | |||||||
Other accrued liabilities | 37,090 | 34,315 | |||||||
Gift card liability | 23,327 | 29,090 | |||||||
Store closure reserve | 80 | 1,041 | |||||||
Total current liabilities | 146,283 | 133,798 | |||||||
Long-term debt | --- | 23,600 | |||||||
Other liabilities | 22,758 | 16,091 | |||||||
Deferred rent credits, net of current portion | 36,431 | 35,732 | |||||||
Income taxes payable, net of current portion | 644 | 11,140 | |||||||
Commitments and contingencies | - | - | |||||||
Stockholders equity: | |||||||||
Common stock$0.01 par value, 80,000,000 shares authorized, 25,879,797 and 25,495,800 shares issued and outstanding at January 2, 2011, and January 3, 2010, respectively | 259 | 255 | |||||||
Additional paid-in capital | 192,563 | 187,000 | |||||||
Retained earnings | 32,152 | 32,558 | |||||||
Total stockholders equity | 224,974 | 219,813 | |||||||
Total liabilities and stockholders equity | $ | 431,090 | $ | 440,174 | |||||
Compute the following ratios using information from the company annual report that was issued before California Pizza Kitchen was acquired. (Round your answers to 2 decimal places. Enter percentage answers rounded to 2 decimal places (i.e. 0.1234 should be entered as 12.34). Negative amounts should be indicated by a minus sign.)
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