Case Study Cali

Week3-CaliforniaPizzaKitchenWorkbook-Student.xlsx

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Title

UVA-S-F-1553.xls
		This spreadsheet supports STUDENT analysis of the case, "California Pizza Kitchen" (UVA-F-1553)
	March 31, 2008
	Copyright (C) 2008, by the University of Virginia Darden School Foundation.

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Exh. 2

Exhibit 2
California Pizza Kitchen, Inc.
Consolidated Balance Sheet (in thousands)
	As of
	1/1/06	12/31/06	7/1/07
Assets
Current assets
Cash and cash equivalents	$ 11,272	$ 8,187	$ 7,178
Investments in marketable securities	11,408
Other receivables	4,109	7,876	10,709
Inventories	3,776	4,745	4,596
Current deferred tax asset, net	8,437	11,721	11,834
Prepaid income tax	1,428		8,769
Other prepaid expenses & other current assets	5,492	5,388	6,444
Total current assets	45,922	37,917	49,530
Property and equipment, net	213,408	255,382	271,867
Noncurrent deferred tax asset, net	4,513	5,867	6,328
Goodwill and other intangibles	5,967	5,825	5,754
Other assets	4,444	5,522	6,300
Total assets	$ 274,254	$ 310,513	$ 339,779
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable	$ 7,054	$ 15,044	$ 14,115
Accrued compensation and benefits	13,068	15,042	15,572
Accrued rent	13,253	14,532	14,979
Deferred rent credits	4,056	4,494	5,135
Other accrued liabilities	9,294	13,275	13,980
Accrued income tax		3,614	9,012
Total current liabilities	46,725	66,001	72,793
Other liabilities	5,383	8,683	8,662
Deferred rent credits, net of current portion	24,810	27,486	32,436
Shareholders' equity:
Common stock	197	193	291
Additional paid-in-capital	231,159	221,163	228,647
Accumulated deficit	(34,013)	(13,013)	(3,050)
Accumulated comprehensive loss	(7)
Total shareholders' equity	197,336	208,343	225,888
Total liabilities & Shareholders' Equity	$ 274,254	$ 310,513	$ 339,779
Sources of data: Company Annual and Quarterly Reports.

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Exh. 3

Exhibit 3
California Pizza Kitchen, Inc.
Consolidated Income Statements (in thousands, except per-share data)

	Fiscal Year(1)				Three Months Ended
	2003	2004	2005	2006	7/2/06	7/1/07
Restaurant sales	$ 356,260	$ 418,799	$ 474,738	$ 547,968	$ 134,604	$ 156,592
Franchise and other revenues	3,627	3,653	4,861	6,633	1,564	1,989
Total revenues	359,887	422,452	479,599	554,601	136,168	158,581
Food, beverage and paper supplies	87,806	103,813	118,480	135,848	33,090	38,426
Labor	129,702	152,949	173,751	199,744	49,272	56,912
Direct operating and occupancy	70,273	83,054	92,827	108,558	26,214	30,773
Cost of Sales	287,781	339,816	385,058	444,150	108,576	126,111
General and administrative	21,488	28,794	36,298	43,320	11,035	12,206
Depreciation and amortization	20,714	23,975	25,440	29,489	7,070	9,022
Pre-opening costs	4,147	737	4,051	6,964	800	852
Severance charges(2)	1,221
Loss on impairment of PP&E	18,984		1,160
Store closure costs		2,700	152	707		768
Legal settlement reserve		1,333	600
Operating income	5,552	25,097	26,840	29,971	8,687	9,622
Interest income	317	571	739	718	287	91
Other income			1,105
Equity in loss of unconsolidated JV	(349)	(143)	(22)
Total other income (expense)	(32)	428	1,822	718	287	91
Income before income tax provision	5,520	25,525	28,662	30,689	8,974	9,713
Income tax provision (benefit)	(82)	7,709	9,172	9,689	2,961	3,393
Net income	$ 5,602	$ 17,816	$ 19,490	$ 21,000	$ 6,013	$ 6,320
Net income per common share:
Basic	$ 0.30	$ 0.93	$ 1.01	$ 1.08	$ 0.20	$ 0.22
Diluted	$ 0.29	$ 0.92	$ 0.99	$ 1.06	$ 0.20	$ 0.21
Selected Operating Data:
Restaurants open at end of period	168	171	188	205	193	213
Company-owned open at end of period(3)	137	141	157	176	162	182
Avg weekly full service rest. sales(3)	$ 54,896	$ 57,509	$ 62,383	$ 65,406	$ 65,427	$ 68,535
18-mo. comparable rest. sales growth(3)	3.4%	8.0%	7.5%	5.9%	4.8%	5.4%
Notes:
(1) For the Years Ended December 31, 2006, January 1, 2006 and January 2, 2005, December 28, 2003.
(2) Severance charges represent payments to former President/CEO and former SVP/Senior Development Officer under terms of their separation agreements.
(3) Data for company-owned restaurants.
Sources of data: Company Annual and Quarterly Reports and quarterly company earnings conference calls.

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Exh. 4

Exhibit 4
California Pizza Kitchen, Inc.
Selected Historical Comparable Store Sales (Calendarized)
				CY06				CY07
	CY03	CY04	CY05	Q1	Q2	Q3	Q4	Q1
California Pizza Kitchen	3.4%	9.3%	6.4%	4.8%	5.9%	5.6%	6.9%	4.7%
Applebee's International, Inc.	4.1%	4.8%	1.8%	2.6%	-1.8%	-2.3%	-1.1%	-4.0%
BJ's Restaurants, Inc.	3.3%	4.0%	4.6%	6.8%	5.9%	5.3%	5.5%	6.9%
Brinker International(1)	2.1%	1.9%	3.2%	2.7%	-2.0%	-2.1%	-2.1%	-4.4%
The Cheesecake Factory, Inc.	0.7%	3.9%	1.7%	-1.3%	-0.8%	-1.6%	0.8%	0.4%
Chipotle Mexican Grill, Inc.	24.4%	13.3%	10.2%	19.7%	14.5%	11.6%	10.1%	8.3%
Darden Restaurants, Inc. -- Red Lobster	0.0%	-3.9%	4.2%	1.6%	9.4%	-2.1%	0.7%	4.6%
Darden Restaurants, Inc. -- Olive Garden	2.2%	4.7%	8.6%	5.7%	2.5%	2.9%	2.9%	1.0%
McCormick & Schmick's Seafood Restaurants, Inc.	1.1%	3.8%	3.0%	4.1%	2.8%	2.9%	2.0%	2.8%
Panera Bread Company	0.2%	2.7%	7.8%	9.0%	3.2%	2.8%	2.0%	0.0%
P.F. Chang's China Bistro	5.1%	3.0%	1.2%	1.3%	-1.0%	-0.5%	-0.9%	-2.5%
RARE -- Longhorn Steakhouse	4.6%	5.0%	2.8%	3.7%	-0.4%	-0.3%	1.5%	-1.0%
Red Robin Gourmet Burgers	4.1%	7.5%	3.8%	4.8%	3.3%	0.8%	0.2%	-0.5%
Ruth's Chris Steak House, Inc.	1.4%	11.6%	10.4%	6.8%	6.0%	4.3%	7.4%	1.9%
Sonic Corporation	1.6%	7.0%	5.4%	5.5%	4.3%	4.0%	3.4%	2.0%
Texas Roadhouse, Inc.	3.5%	7.6%	5.6%	6.4%	1.2%	2.3%	3.3%	0.9%
Note:
(1) Brinker's comparable store sales is a blended rate for its various brands.
Source of data: KeyBanc Capital Markets equity research.

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Exh. 5

Exhibit 5
California Pizza Kitchen, Inc.
Selected Forecasts for California Pizza Kitchen
	Date of	Price	2007E		2008E		2009E
Firm	Report	Target	Revenues	EPS	Revenues	EPS	Revenues	EPS
Oppenheimer and Co. Inc.	4/9/07	$ 40	$ 652.9	$ 1.33	NA	NA	NA	NA
CIBC World Markets	4/12/07	37	647.5	1.29	755.1	1.57	NA	NA
KeyBanc Capital Markets	5/11/07	NA	NA	1.28	NA	1.55	NA	NA
RBC Capital Markets	5/11/07	37	650.7	1.31	753.1	1.59	878.2	1.90
Morgan Keegan & Co., Inc.	5/11/07	NA	644.2	1.33	742.1	1.58	NA	NA
MKM Partners	5/11/07	39	647.5	1.34	754.3	1.69	NA	NA
Source of data: Selected firms' equity research.

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Exh. 6

Exhibit 6	Date	CPK	S&P SmallCap 600 Restaurants
California Pizza Kitchen, Inc.	3"-"Jul"-"06	100	100
Stock Price Comparison	5"-"Jul"-"06	99	99
	6"-"Jul"-"06	97	98
	7"-"Jul"-"06	96	97
	10"-"Jul"-"06	101	98
	11"-"Jul"-"06	100	97
	12"-"Jul"-"06	103	95
	13"-"Jul"-"06	98	92
	14"-"Jul"-"06	97	92
	17"-"Jul"-"06	98	92
	18"-"Jul"-"06	96	92
	19"-"Jul"-"06	99	94
	20"-"Jul"-"06	94	91
	21"-"Jul"-"06	95	90
	24"-"Jul"-"06	97	93
	25"-"Jul"-"06	98	95
	26"-"Jul"-"06	96	92
	27"-"Jul"-"06	95	90
	28"-"Jul"-"06	95	91
	31"-"Jul"-"06	97	91
	1"-"Aug"-"06	94	90
	2"-"Aug"-"06	93	91
	3"-"Aug"-"06	95	92
	4"-"Aug"-"06	95	93
	7"-"Aug"-"06	96	92
	8"-"Aug"-"06	100	92
	9"-"Aug"-"06	95	90
	10"-"Aug"-"06	98	91
	11"-"Aug"-"06	97	92
	14"-"Aug"-"06	99	94
	15"-"Aug"-"06	102	96
	16"-"Aug"-"06	105	98
	17"-"Aug"-"06	105	99
	18"-"Aug"-"06	105	99
Note:	21"-"Aug"-"06	102	98
Adjusted for the June 2007 50% stock dividend. With such a dividend, an owner of two shares of CPK stock was given an additional share.	22"-"Aug"-"06	101	98
The effect was to increase CPK shares by a third yet maintain the overall capitalization of the equity.	23"-"Aug"-"06	99	97
	24"-"Aug"-"06	99	97
Sources of data: Yahoo! Finance and Datastream.	25"-"Aug"-"06	97	96
	28"-"Aug"-"06	100	97
	29"-"Aug"-"06	102	99
	30"-"Aug"-"06	104	100
	31"-"Aug"-"06	104	99
	1"-"Sep"-"06	106	100
	5"-"Sep"-"06	106	101
	6"-"Sep"-"06	103	99
	7"-"Sep"-"06	102	99
	8"-"Sep"-"06	104	100
	11"-"Sep"-"06	104	101
	12"-"Sep"-"06	109	104
	13"-"Sep"-"06	109	105
	14"-"Sep"-"06	109	105
	15"-"Sep"-"06	110	106
	18"-"Sep"-"06	108	105
	19"-"Sep"-"06	109	105
	20"-"Sep"-"06	112	107
	21"-"Sep"-"06	110	106
	22"-"Sep"-"06	109	105
	25"-"Sep"-"06	109	106
	26"-"Sep"-"06	109	106
	27"-"Sep"-"06	111	106
	28"-"Sep"-"06	111	105
	29"-"Sep"-"06	109	104
	2"-"Oct"-"06	110	104
	3"-"Oct"-"06	111	104
	4"-"Oct"-"06	117	109
	5"-"Oct"-"06	118	109
	6"-"Oct"-"06	117	109
	9"-"Oct"-"06	118	109
	10"-"Oct"-"06	117	108
	11"-"Oct"-"06	115	107
	12"-"Oct"-"06	120	110
	13"-"Oct"-"06	120	111
	16"-"Oct"-"06	121	112
	17"-"Oct"-"06	120	111
	18"-"Oct"-"06	120	111
	19"-"Oct"-"06	119	110
	20"-"Oct"-"06	118	109
	23"-"Oct"-"06	119	110
	24"-"Oct"-"06	120	111
	25"-"Oct"-"06	120	111
	26"-"Oct"-"06	120	112
	27"-"Oct"-"06	118	110
	30"-"Oct"-"06	120	111
	31"-"Oct"-"06	118	110
	1"-"Nov"-"06	116	109
	2"-"Nov"-"06	115	109
	3"-"Nov"-"06	112	106
	6"-"Nov"-"06	118	108
	7"-"Nov"-"06	118	108
	8"-"Nov"-"06	119	109
	9"-"Nov"-"06	116	107
	10"-"Nov"-"06	114	108
	13"-"Nov"-"06	111	108
	14"-"Nov"-"06	112	110
	15"-"Nov"-"06	112	111
	16"-"Nov"-"06	111	112
	17"-"Nov"-"06	112	111
	20"-"Nov"-"06	113	111
	21"-"Nov"-"06	113	111
	22"-"Nov"-"06	113	111
	24"-"Nov"-"06	112	111
	27"-"Nov"-"06	108	108
	28"-"Nov"-"06	112	108
	29"-"Nov"-"06	116	109
	30"-"Nov"-"06	115	109
	1"-"Dec"-"06	115	108
	4"-"Dec"-"06	118	111
	5"-"Dec"-"06	116	111
	6"-"Dec"-"06	116	110
	7"-"Dec"-"06	118	110
	8"-"Dec"-"06	118	110
	11"-"Dec"-"06	119	110
	12"-"Dec"-"06	119	109
	13"-"Dec"-"06	120	109
	14"-"Dec"-"06	120	109
	15"-"Dec"-"06	119	109
	18"-"Dec"-"06	119	108
	19"-"Dec"-"06	118	108
	20"-"Dec"-"06	118	109
	21"-"Dec"-"06	117	109
	22"-"Dec"-"06	117	109
	26"-"Dec"-"06	120	110
	27"-"Dec"-"06	122	111
	28"-"Dec"-"06	122	111
	29"-"Dec"-"06	122	110
	3"-"Jan"-"07	123	110
	4"-"Jan"-"07	124	110
	5"-"Jan"-"07	122	108
	8"-"Jan"-"07	123	108
	9"-"Jan"-"07	124	109
	10"-"Jan"-"07	126	110
	11"-"Jan"-"07	131	112
	12"-"Jan"-"07	134	112
	16"-"Jan"-"07	133	112
	17"-"Jan"-"07	132	111
	18"-"Jan"-"07	130	110
	19"-"Jan"-"07	129	110
	22"-"Jan"-"07	129	109
	23"-"Jan"-"07	129	110
	24"-"Jan"-"07	130	111
	25"-"Jan"-"07	129	109
	26"-"Jan"-"07	130	108
	29"-"Jan"-"07	130	108
	30"-"Jan"-"07	131	109
	31"-"Jan"-"07	130	111
	1"-"Feb"-"07	131	112
	2"-"Feb"-"07	132	112
	5"-"Feb"-"07	131	111
	6"-"Feb"-"07	131	111
	7"-"Feb"-"07	130	112
	8"-"Feb"-"07	131	112
	9"-"Feb"-"07	130	111
	12"-"Feb"-"07	129	111
	13"-"Feb"-"07	130	112
	14"-"Feb"-"07	129	113
	15"-"Feb"-"07	129	113
	16"-"Feb"-"07	120	113
	20"-"Feb"-"07	120	115
	21"-"Feb"-"07	123	117
	22"-"Feb"-"07	122	117
	23"-"Feb"-"07	122	118
	26"-"Feb"-"07	121	116
	27"-"Feb"-"07	116	112
	28"-"Feb"-"07	117	113
	1"-"Mar"-"07	117	113
	2"-"Mar"-"07	116	111
	5"-"Mar"-"07	114	109
	6"-"Mar"-"07	118	111
	7"-"Mar"-"07	118	111
	8"-"Mar"-"07	117	111
	9"-"Mar"-"07	117	112
	12"-"Mar"-"07	117	112
	13"-"Mar"-"07	117	110
	14"-"Mar"-"07	118	111
	15"-"Mar"-"07	117	111
	16"-"Mar"-"07	115	110
	19"-"Mar"-"07	117	111
	20"-"Mar"-"07	117	111
	21"-"Mar"-"07	116	113
	22"-"Mar"-"07	115	113
	23"-"Mar"-"07	115	113
	26"-"Mar"-"07	118	112
	27"-"Mar"-"07	117	112
	28"-"Mar"-"07	117	111
	29"-"Mar"-"07	118	111
	30"-"Mar"-"07	120	112
	2"-"Apr"-"07	120	112
	3"-"Apr"-"07	122	114
	4"-"Apr"-"07	120	113
	5"-"Apr"-"07	121	113
	9"-"Apr"-"07	121	113
	10"-"Apr"-"07	119	113
	11"-"Apr"-"07	117	112
	12"-"Apr"-"07	119	112
	13"-"Apr"-"07	120	112
	16"-"Apr"-"07	122	114
	17"-"Apr"-"07	121	114
	18"-"Apr"-"07	121	113
	19"-"Apr"-"07	122	112
	20"-"Apr"-"07	124	114
	23"-"Apr"-"07	125	113
	24"-"Apr"-"07	121	113
	25"-"Apr"-"07	121	114
	26"-"Apr"-"07	122	114
	27"-"Apr"-"07	124	113
	30"-"Apr"-"07	122	110
	1"-"May"-"07	124	111
	2"-"May"-"07	126	112
	3"-"May"-"07	125	112
	4"-"May"-"07	123	112
	7"-"May"-"07	125	113
	8"-"May"-"07	124	113
	9"-"May"-"07	126	113
	10"-"May"-"07	125	111
	11"-"May"-"07	135	113
	14"-"May"-"07	132	112
	15"-"May"-"07	130	111
	16"-"May"-"07	130	112
	17"-"May"-"07	128	111
	18"-"May"-"07	129	112
	21"-"May"-"07	134	113
	22"-"May"-"07	133	113
	23"-"May"-"07	132	113
	24"-"May"-"07	133	112
	25"-"May"-"07	133	113
	29"-"May"-"07	133	113
	30"-"May"-"07	133	113
	31"-"May"-"07	134	113
	1"-"Jun"-"07	135	114
	4"-"Jun"-"07	135	115
	5"-"Jun"-"07	134	114
	6"-"Jun"-"07	132	111
	7"-"Jun"-"07	126	109
	8"-"Jun"-"07	128	110
	11"-"Jun"-"07	126	109
	12"-"Jun"-"07	124	108
	13"-"Jun"-"07	124	109
	14"-"Jun"-"07	124	110
	15"-"Jun"-"07	125	110
	18"-"Jun"-"07	124	110
	19"-"Jun"-"07	123	109
	20"-"Jun"-"07	121	108
	21"-"Jun"-"07	118	105
	22"-"Jun"-"07	117	104
	25"-"Jun"-"07	115	104
	26"-"Jun"-"07	115	104
	27"-"Jun"-"07	117	106
	28"-"Jun"-"07	117	105
	29"-"Jun"-"07	118	104
	2"-"Jul"-"07	121	105

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Value of $100 invested in CPK and S&P SmallCap 600 Restaurants Index

CPK

3-Jul-06 5-Jul-06 6-Jul-06 7-Jul-06 10-Jul-06 11-Jul-06 12-Jul-06 13-Jul-06 14-Jul-06 17-Jul-06 18-Jul-06 19-Jul-06 20-Jul-06 21-Jul-06 24-Jul-06 25-Jul-06 26-Jul-06 27-Jul-06 28-Jul-06 31-Jul-06 1-Aug-06 2-Aug-06 3-Aug-06 4-Aug-06 7-Aug-06 8-Aug-06 9-Aug-06 10-Aug-06 11-Aug-06 14-Aug-06 15-Aug-06 16-Aug-06 17-Aug-06 18-Aug-06 21-Aug-06 22-Aug-06 23-Aug-06 24-Aug-06 25-Aug-06 28-Aug-06 29-Aug-06 30-Aug-06 31-Aug-06 1-Sep-06 5-Sep-06 6-Sep-06 7-Sep-06 8-Sep-06 11-Sep-06 12-Sep-06 13-Sep-06 14-Sep-06 15-Sep-06 18-Sep-06 19-Sep-06 20-Sep-06 21-Sep-06 22-Sep-06 25-Sep-06 26-Sep-06 27-Sep-06 28-Sep-06 29-Sep-06 2-Oct-06 3-Oct-06 4-Oct-06 5-Oct-06 6-Oct-06 9-Oct-06 10-Oct-06 11-Oct-06 12-Oct-06 13-Oct-06 16-Oct-06 17-Oct-06 18-Oct-06 19-Oct-06 20-Oct-06 23-Oct-06 24-Oct-06 25-Oct-06 26-Oct-06 27-Oct-06 30-Oct-06 31-Oct-06 1-Nov-06 2-Nov-06 3-Nov-06 6-Nov-06 7-Nov-06 8-Nov-06 9-Nov-06 10-Nov-06 13-Nov-06 14-Nov-06 15-Nov-06 16-Nov-06 17-Nov-06 20-Nov-06 21-Nov-06 22-Nov-06 24-Nov-06 27-Nov-06 28-Nov-06 29-Nov-06 30-Nov-06 1-Dec-06 4-Dec-06 5-Dec-06 6-Dec-06 7-Dec-06 8-Dec-06 11-Dec-06 12-Dec-06 13-Dec-06 14-Dec-06 15-Dec-06 18-Dec-06 19-Dec-06 20-Dec-06 21-Dec-06 22-Dec-06 26-Dec-06 27-Dec-06 28-Dec-06 29-Dec-06 3-Jan-07 4-Jan-07 5-Jan-07 8-Jan-07 9-Jan-07 10-Jan-07 11-Jan-07 12-Jan-07 16-Jan-07 17-Jan-07 18-Jan-07 19-Jan-07 22-Jan-07 23-Jan-07 24-Jan-07 25-Jan-07 26-Jan-07 29-Jan-07 30-Jan-07 31-Jan-07 1-Feb-07 2-Feb-07 5-Feb-07 6-Feb-07 7-Feb-07 8-Feb-07 9-Feb-07 12-Feb-07 13-Feb-07 14-Feb-07 15-Feb-07 16-Feb-07 20-Feb-07 21-Feb-07 22-Feb-07 23-Feb-07 26-Feb-07 27-Feb-07 28-Feb-07 1-Mar-07 2-Mar-07 5-Mar-07 6-Mar-07 7-Mar-07 8-Mar-07 9-Mar-07 12-Mar-07 13-Mar-07 14-Mar-07 15-Mar-07 16-Mar-07 19-Mar-07 20-Mar-07 21-Mar-07 22-Mar-07 23-Mar-07 26-Mar- 07 27-Mar-07 28-Mar-07 29-Mar-07 30-Mar-07 2-Apr-07 3-Apr-07 4-Apr-07 5-Apr-07 9-Apr-07 10-Apr-07 11-Apr-07 12-Apr-07 13-Apr-07 16-Apr-07 17-Apr-07 18-Apr-07 19-Apr-07 20-Apr-07 23-Apr-07 24-Apr-07 25-Apr-07 26-Apr-07 27-Apr-07 30-Apr-07 1-May-07 2-May-07 3-May-07 4-May-07 7-May-07 8-May-07 9-May-07 10-May-07 11-May-07 14-May-07 15-May-07 16-May-07 17-May-07 18-May-07 21-May-07 22-May-07 23-May-07 24-May-07 25-May-07 29-May-07 30-May-07 31-May-07 1-Jun-07 4-Ju n-07 5-Jun-07 6-Jun-07 7-Jun-07 8-Jun-07 11-Jun-07 12-Jun-07 13-Jun-07 14-Jun-07 15-Jun-07 18-Jun-07 19-Jun-07 20-Jun-07 21-Jun-07 22-Jun-07 25-Jun-07 26-Jun-07 27-Jun-07 28-Jun-07 29-Jun-07 2-Jul-07 100.000000 98.829190 97.439471 96.415149 100.621616 100.218910 102.669710 97.622170 97.220012 98.024876 96.232450 99.268107 94.330296 94.513543 96.927584 97.988116 96.268661 95.135159 94.952460 96.597848 94.367055 93.415703 95.171369 95.427587 95.829744 99.926481 95.135159 97.768658 97.329742 98.829190 101.755117 104.718353 104.901052 105.083751 102.230793 101.352960 98.682702 98.609732 97.402711 99.816752 101.938365 104.169158 104.462135 105.669156 105.705366 103.474573 102.377282 104.352406 104.242677 108.814541 108.887511 108.814541 110.277779 108.485354 108.704812 111.886957 109.838863 108.741571 109.436705 108.961030 110.533997 111.375071 109.472916 110.095080 111.228582 116.532340 117.702601 117.153955 117.849090 117.300444 114.813433 119.567996 120.482589 120.702047 119.897184 119.933943 118.836652 118.434494 118.873411 119.824214 120.116642 119.933943 117.775571 119.531786 118.031789 116.459370 115.471259 111.959927 118.031789 117.922059 118.982591 115.508018 113.935051 110.752906 111.521010 111.521010 111.411830 111.777228 113.386954 113.459924 112.582091 111.959927 108.375625 112.472362 115.764236 114.703155 115.142072 117.629631 116.093423 115.727477 117.922059 118.251247 118.982591 119.092321 120.189612 120.299890 119.311779 118.982591 118.251247 118.324765 117.446384 117.080986 119.970702 121.762579 121.689609 121.835549 123.006359 123.920951 122.457713 122.603653 123.884192 125.749587 131.345773 133.503596 133.211168 131.784689 130.175512 129.297679 128.529575 129.443618 130.138752 129.333889 129.699836 130.175512 130.577669 130.394421 131.199285 132.223606 130.979826 130.943616 130.467940 131.052796 129.955505 129.077672 130.138752 129.297679 128.968491 119.970702 120.445829 122.932840 121.616639 121.982037 120.702047 116.349092 116.971256 116.642069 115.764236 114.191269 117.995578 117.629631 116.678280 116.642069 117.153955 116.898287 118.434494 117.263685 115.288560 117.080986 116.751798 115.581537 114.666945 115.435049 117.739360 116.934497 117.300444 117.885300 120.299890 120.153401 121.872308 120.079883 121.213933 120.884746 118.909622 116.971256 118.690163 119.824214 122.164736 121.323663 120.775017 121.579880 124.323108 124.871754 120.994475 120.775017 122.275014 123.847433 122.201496 123.627974 126.334443 125.127972 123.043118 124.542567 124.250139 126.444173 125.310671 134.600888 132.443064 129.772806 129.516588 127.651193 128.675514 133.576566 133.064680 132.223606 133.284138 133.174409 132.625763 132.589553 134.125761 134.710617 135.076564 134.418189 131.711720 126.407962 128.017140 126.444173 124.250139 124.176620 124.359868 124.725266 124.323108 122.622307 121.250693 117.849090 117.135850 115.215590 115.215590 117.026121 117.190715 117.849090 121.250693 S & P SmallCap 600 Restaurants

3-Jul-06 5-Jul-06 6-Jul-06 7-Jul-06 10-Jul-06 11-Jul-06 12-Jul-06 13-Jul-06 14-Jul-06 17-Jul-06 18-Jul-06 19-Jul-06 20-Jul-06 21-Jul-06 24-Jul-06 25-Jul-06 26-Jul-06 27-Jul-06 28-Jul-06 31-Jul-06 1-Aug-06 2-Aug-06 3-Aug-06 4-Aug-06 7-Aug-06 8-Aug-06 9-Aug-06 10-Aug-06 11-Aug-06 14-Aug-06 15-Aug-06 16-Aug-06 17-Aug-06 18-Aug-06 21-Aug-06 22-Aug-06 23-Aug-06 24-Aug-06 25-Aug-06 28-Aug-06 29-Aug-06 30-Aug-06 31-Aug-06 1-Sep-06 5-Sep-06 6-Sep-06 7-Sep-06 8-Sep-06 11-Sep-06 12-Sep-06 13-Sep-06 14-Sep-06 15-Sep-06 18-Sep-06 19-Sep-06 20-Sep-06 21-Sep-06 22-Sep-06 25-Sep-06 26-Sep-06 27-Sep-06 28-Sep-06 29-Sep-06 2-Oct-06 3-Oct-06 4-Oct-06 5-Oct-06 6-Oct-06 9-Oct-06 10-Oct-06 11-Oct-06 12-Oct-06 13-Oct-06 16-Oct-06 17-Oct-06 18-Oct-06 19-Oct-06 20-Oct-06 23-Oct-06 24-Oct-06 25-Oct-06 26-Oct-06 27-Oct-06 30-Oct-06 31-Oct-06 1-Nov-06 2-Nov-06 3-Nov-06 6-Nov-06 7-Nov-06 8-Nov-06 9-Nov-06 10-Nov-06 13-Nov-06 14-Nov-06 15-Nov-06 16-Nov-06 17-Nov-06 20-Nov-06 21-Nov-06 22-Nov-06 24-Nov-06 27-Nov-06 28-Nov-06 29-Nov-06 30-Nov-06 1-Dec-06 4-Dec-06 5-Dec-06 6-Dec-06 7-Dec-06 8-Dec-06 11-Dec-06 12-Dec-06 13-Dec-06 14-Dec-06 15-Dec-06 18-Dec-06 19-Dec-06 20-Dec-06 21-Dec-06 22-Dec-06 26-Dec-06 27-Dec-06 28-Dec-06 29-Dec-06 3-Jan-07 4-Jan-07 5-Jan-07 8-Jan-07 9-Jan-07 10-Jan-07 11-Jan-07 12-Jan-07 16-Jan-07 17-Jan-07 18-Jan-07 19-Jan-07 22-Jan-07 23-Jan-07 24-Jan-07 25-Jan-07 26-Jan-07 29-Jan-07 30-Jan-07 31-Jan-07 1-Feb-07 2-Feb-07 5-Feb-07 6-Feb-07 7-Feb-07 8-Feb-07 9-Feb-07 12-Feb-07 13-Feb-07 14-Feb-07 15-Feb-07 16-Feb-07 20-Feb-07 21-Feb-07 22-Feb-07 23-Feb-07 26-Feb-07 27-Feb-07 28-Feb-07 1-Mar-07 2-Mar-07 5-Mar-07 6-Mar-07 7-Mar-07 8-Mar-07 9-Mar-07 12-Mar-07 13-Mar-07 14-Mar-07 15-Mar-07 16-Mar-07 19-Mar-07 20-Mar-07 21-Mar-07 22-Mar-07 23-Mar-07 26-Mar-07 27-Mar-07 28-Mar-07 29-Mar-07 30-Mar-07 2-Apr-07 3-Apr-07 4-Apr-07 5-Apr-07 9-Apr-07 10-Apr-07 11-Apr-07 12-Apr-07 13-Apr-07 16-Apr-07 17-Apr-07 18-Apr-07 19-Apr-07 20-Apr-07 23-Apr-07 24-Apr-07 25-Apr-07 26-Apr-07 27-Apr-07 30-Apr-07 1-May-07 2-May-07 3-May-07 4-May-07 7-May-07 8-May-07 9-May-07 10-May-07 11-May-07 14-May-07 15-May-07 16-May-07 17-May-07 18-May-07 21-May-07 22-May-07 23-May-07 24-May-07 25-May-07 29-May-07 30-May-07 31-May-07 1-Jun-07 4-Jun-07 5-Jun-07 6-Jun-07 7-Jun-07 8-Jun-07 11-Jun-07 12-Jun-07 13-Jun-07 14-Jun-07 15-Jun-07 18-Jun-07 19-Jun-07 20-Jun-07 21-Jun-07 22-Jun-07 25-Jun-07 26-Jun-07 27-Jun-07 28-Jun-07 29-Jun-07 2-Jul-07 100.000000 98.673264 98.444892 96.922408 97.574901 97.158936 94.646838 92.490892 92.248926 92.463705 92.015116 94.383122 91.093470 90.218041 92.857920 95.370018 92.050459 90.185417 91.109782 91.392529 89.633516 91.082595 92.267957 92.887826 92.205427 92.229895 89.764015 91.376217 92.012397 94.092219 96.098635 97.536839 98.632483 99.208852 98.330705 98.260018 97.259529 96.607036 95.688108 96.669567 99.026698 99.793377 99.062041 99.641129 100.644337 99.320320 98.714045 100.377902 101.152738 104.192268 105.018759 104.532108 106.174216 105.187320 105.127508 107.362297 105.546191 104.567451 106.293839 106.255777 106.114404 105.035072 103.852428 103.836115 104.453265 108.694470 109.327932 108.691751 109.017998 108.240444 107.139362 110.448045 111.424066 112.340275 111.160350 110.502420 109.526399 108.699908 110.010331 111.032570 111.464847 112.046653 109.855364 110.918384 110.170736 109.162090 108.517753 105.665815 108.392692 108.379098 109.189277 107.123049 108.365505 108.395411 109.852645 111.116851 111.505628 111.040726 110.989071 111.241912 111.407754 110.942852 108.047414 107.957697 108.955467 108.623783 108.022946 110.706324 110.885759 109.836333 109.928770 109.9233 32 109.953238 109.007123 108.593877 109.216465 108.860312 108.302974 108.229569 109.031592 108.650971 108.827687 109.939644 111.383285 111.100538 110.154423 110.208798 109.757490 108.221413 108.308412 109.417650 109.896145 111.793812 112.133652 111.815562 111.114132 110.227829 110.268610 109.172965 109.953238 110.744386 108.740688 108.245881 108.294818 109.257245 111.111413 111.636126 112.236964 111.043445 111.443097 112.168996 112.166277 111.353379 110.790604 112.250557 113.098798 113.354358 113.435920 114.509815 117.051819 116.809853 117.530314 116.486325 112.381056 113.033549 112.696428 111.364254 109.425806 111.152194 110.665543 111.386004 111.954217 112.459899 110.116361 110.681855 110.690011 109.561742 110.820510 111.464847 112.636616 112.753521 113.041705 112.103746 111.565440 110.564950 110.953727 111.763906 112.253276 114.384753 113.400576 113.408733 112.862270 113.253765 111.521940 111.524659 111.801968 113.862759 113.552825 113.427764 112.405524 113.669730 112.930238 112.508836 113.835572 113.77576 0 112.511555 110.355609 111.402316 112.288619 111.516503 111.728563 112.519711 112.805176 113.351639 111.103257 112.560492 112.092872 111.027133 112.261432 110.896634 111.603502 112.772552 113.487575 112.590397 112.323963 113.416889 112.903050 112.930238 113.324452 114.191724 115.094340 114.420097 110.937415 108.784188 110.108205 109.469306 108.120820 109.287151 110.002175 110.151705 109.621554 109.053341 107.590669 105.342287 104.407047 103.743679 104.412484 105.532597 104.994291 104.439672 104.931760

Exh. 7

Exhibit 7
California Pizza Kitchen, Inc.
Comparative Restaurant Financial Data, 2006 Fiscal Year (in millions, except per-share data)
	Fiscal Year End	7/2/07		EBITDA	Net Profit	Earnings	Dividends	Book Value
	Month	Share Price	Revenue	Margin	Margin	Per Share	Per Share	Per Share	Beta
California Pizza Kitchen	Dec.	$ 22.10	$ 555	10.7%	3.8%	$ 0.71	$0.00	$ 7.20	0.85
Applebee's International, Inc.	Dec.	24.28	1,338	15.9%	6.5%	1.17	0.20	6.49	0.80
BJ's Restaurants, Inc.	Dec.	20.05	239	9.6%	4.1%	0.41	0.00	7.78	1.05
Brinker International(1)	June	29.37	4,151	12.0%	4.7%	1.49	0.20	8.59	0.90
Buffalo Wild Wings, Incorporated	Dec.	41.78	278	13.3%	5.8%	0.93	0.00	6.61	1.10
The Cheesecake Factory, Inc.	Dec.	24.57	1,315	12.2%	6.2%	1.02	0.00	9.09	1.00
Chipotle Mexican Grill, Inc.	Dec.	86.00	823	13.0%	5.0%	1.28	0.00	14.56	NA
Darden Restaurants, Inc.(2)	May	44.14	5,721	13.2%	5.9%	2.16	0.40	8.37	1.00
Frisch's Restaurants, Inc.	May	30.54	291	31.6%	3.1%	1.78	0.44	19.84	0.60
McCormick & Schmick's	Dec.	25.66	308	9.7%	4.3%	0.92	0.00	11.20	1.10
Panera Bread Company	Dec.	46.02	829	16.3%	7.2%	1.87	0.00	12.53	1.25
P.F. Chang's China Bistro	Dec.	35.37	938	10.5%	3.6%	1.24	0.00	11.41	1.10
RARE Hospitality International Inc.(3)	Dec.	26.76	987	11.6%	5.1%	1.45	0.00	11.17	0.57
Red Robin Gourmet Burgers	Dec.	40.19	619	13.7%	4.9%	1.82	0.00	14.68	1.05
Ruth's Chris Steak House, Inc.	Dec.	16.80	272	15.6%	8.7%	1.01	0.00	2.93	NA
Sonic Corporation	Aug.	22.00	693	24.9%	11.4%	0.88	0.00	4.66	0.90
Texas Roadhouse, Inc.	Dec.	12.81	597	12.5%	5.7%	0.44	0.00	4.30	0.90
	Current	Current	Total	Shr.	Debt/	Interest	T. Capital	Return On
	Assets	Liabilities	Debt	Equity	Capital	Coverage	Turnover	Capital	Equity
California Pizza Kitchen	$ 38	$ 66	$0	$ 208	0.0%	NMF	2.7	10.1%	10.1%
Applebee's International, Inc.	105	187	175	487	26.5%	11.7	2.0	14.0%	18.0%
BJ's Restaurants, Inc.	96	36	0	203	0.0%	NMF	1.2	4.9%	4.9%
Brinker International(1)	242	497	502	1,076	31.8%	14.4	2.6	13.2%	18.0%
Buffalo Wild Wings, Incorporated	75	26	0	116	0.0%	NMF	2.4	14.0%	14.0%
The Cheesecake Factory, Inc.	203	163	0	712	0.0%	NMF	1.8	11.4%	11.4%
Chipotle Mexican Grill, Inc.	179	61	0	474	0.0%	NMF	1.7	8.8%	8.7%
Darden Restaurants, Inc.(2)	378	1,026	645	1,230	34.4%	10.9	3.1	20.6%	27.5%
Frisch's Restaurants, Inc.	12	31	43	101	30.1%	5.9	2.0	7.9%	9.1%
McCormick & Schmick's	30	40	0	160	0.2%	NMF	1.9	8.3%	8.3%
Panera Bread Company	128	110	0	398	0.0%	NMF	2.1	15.1%	15.1%
P.F. Chang's China Bistro	65	104	19	290	6.2%	NMF	3.0	11.1%	11.5%
RARE Hospitality International Inc.(3)	125	134	166	360	31.6%	29.2	1.9	9.8%	13.9%
Red Robin Gourmet Burgers	29	70	114	244	31.9%	7.7	1.7	9.3%	12.5%
Ruth's Chris Steak House, Inc.	26	59	68	68	50.0%	12.8	2.0	18.6%	34.9%
Sonic Corporation	43	78	159	392	28.9%	15.0	1.3	15.3%	20.1%
Texas Roadhouse, Inc.	53	78	36	319	10.2%	19.9	1.7	9.7%	10.7%
Notes:
(1) Brinker's restaurant brands include Chili's Grill & Bar, Romano's Macaroni Grill, On The Border and Maggiano's.
(2) Darden's restaurant brands include Red Lobster and The Olive Garden.
(3) RARE's restaurant brands include LongHorn Steakhouse, The Capital Grille and Bugaboo Creek Steak House.
Sources of data: Value Line Investment Survey, 2007; Standard & Poor's Stock Report, 2007 and company Annual Reports and websites.

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Exh. 8

Exhibit 8
California Pizza Kitchen, Inc.
Interest Rates and Yields
	U.S. Treasury Securities							Average	Average
	Bills		Notes & Bonds			Corporate bonds (Moody's)		Prime	LIBOR
	3-month	6-month	3-year	10-year	30-year	Aaa 3	Baa	Lending	3-month
2000	5.85%	5.92%	6.22%	6.03%	5.94%	7.62%	8.36%	9.23%	6.55%
2001	3.45%	3.39%	4.09%	5.02%	5.49%	7.08%	7.95%	6.91%	3.63%
2002	1.62%	1.69%	3.10%	4.61%	......	6.49%	7.80%	4.67%	1.79%
2003	1.02%	1.06%	2.10%	4.01%	......	5.67%	6.77%	4.12%	1.22%
2004	1.38%	1.58%	2.78%	4.27%	......	5.63%	6.39%	4.34%	1.67%
2005	3.16%	3.40%	3.93%	4.29%	......	5.24%	6.06%	6.19%	3.63%
2006: Jan.	4.20%	4.30%	4.35%	4.42%	......	5.29%	6.24%	7.38%	4.68%
Feb.	4.41%	4.51%	4.64%	4.57%	4.54%	5.35%	6.27%	7.50%	4.82%
Mar.	4.51%	4.61%	4.74%	4.72%	4.73%	5.53%	6.41%	7.63%	4.99%
Apr.	4.59%	4.72%	4.89%	4.99%	5.06%	5.84%	6.68%	7.75%	5.15%
May.	4.72%	4.81%	4.97%	5.11%	5.20%	5.95%	6.75%	7.88%	5.23%
June	4.79%	4.95%	5.09%	5.11%	5.15%	5.89%	6.78%	7.13%	5.51%
July	4.96%	5.09%	5.07%	5.09%	5.13%	5.85%	6.76%	8.25%	5.49%
Aug.	4.98%	4.99%	4.85%	4.88%	5.00%	5.68%	6.59%	8.25%	5.40%
Sept.	4.82%	4.90%	4.69%	4.72%	4.85%	5.51%	6.43%	8.25%	5.37%
Oct.	4.89%	4.91%	4.72%	4.73%	4.85%	5.51%	6.42%	8.25%	5.37%
Nov.	4.95%	4.96%	4.64%	4.60%	4.69%	5.33%	6.20%	8.25%	5.37%
Dec.	4.85%	4.88%	4.58%	4.56%	4.68%	5.32%	6.22%	8.25%	5.36%
2007: Jan.	4.96%	4.94%	4.79%	4.76%	4.85%	5.40%	6.34%	8.25%	5.36%
Feb.	5.02%	4.97%	4.75%	4.72%	4.82%	5.39%	6.28%	8.25%	5.36%
Mar.	4.97%	4.90%	4.51%	4.56%	4.72%	5.30%	6.27%	8.25%	5.35%
Apr.	4.88%	4.87%	4.60%	4.69%	4.87%	5.47%	6.39%	8.25%	5.36%
May.	4.77%	4.80%	4.69%	4.75%	4.90%	5.47%	6.39%	8.25%	5.36%
June	4.63%	4.77%	5.00%	5.10%	5.20%	5.79%	6.70%	8.25%	5.36%
Sources of data: Economic Report of the President and Fannie Mae website.
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Exh. 9

Exhibit 9
CALIFORNIA PIZZA KITCHEN
Pro Forma Tax Shield Effect of Recapitalization Scenarios
(Dollars in thousands, except share data; figures based on end of June 2007)
		Debt/Total Capital
	Actual	10%	20%	30%
Interest rate (1)	6.16%	6.16%	6.16%	6.16%
Tax rate	32.5%	32.5%	32.5%	32.5%
Earnings before income taxes and interest(2)	30,054	30,054	30,054	30,054
Interest expense	0	1,391	2,783	4,174
Earnings before taxes	30,054	28,663	27,271	25,880
Income taxes	9,755	9,303	8,852	8,400
Net income	20,299	19,359	18,419	17,480
Book value:
Debt	0	22,589	45,178	67,766
Equity	225,888	203,299	180,710	158,122
Total capital	225,888	225,888	225,888	225,888
Market value:
Debt(3)	0	22,589	45,178	67,766
Equity(4)	643,773	628,516	613,259	598,002
Market value of capital	643,773	651,105	658,437	665,769
Notes:
(1) Interest rate of CPK's credit facility with Bank of America: LIBOR + 0.80%.
(2) EBIT includes interest income.
(3) Market values of debt equal book values.
(4) Actual market values of equity equals the share price ($22.10) multiplied by the current number of shares outstanding (29.13 million).
Source: Case writer analysis based on CPK financial data.

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